| With the development of the stock market,especially the entry and change of the stock market in the emerging market economy countries,there are many market phenomena which can not be explained by the traditional financial theory,that is,the so-called "financial anomaly".The sharp rise and fall of China's stock market and the uncertainty of policy expectations undoubtedly increase the difficulty of the state's economic management departments to regulate the stock market and reduce the ability and efficiency of the state to regulate the stock market through economic means.Therefore,the government's proper regulation and intervention aimed at the current situation of the stock market in our country.It is particularly important.The fiscal expenditure policy is the basic means for the government to realize the financial functions such as resource allocation,income distribution,economic stability and development.It has an important impact on the economy,society and politics of the country.Therefore,through the financial support system,the analysis of the fluctuation of the stock market price in China is of great significance to improve the effectiveness of the national macro-control and further promote the steady and stable development of the financial market.At present,the research on the impact of financial expenditure on the stock market is very comprehensive and deep,but all of them are analyzed from the whole,and the overall financial expenditure of the country is theoretically and empirically studied with the Shanghai stock index.There is a very obvious "28 law" in China's stock market,that is,the stock price of 20% of the listed companies in A shares of our country.The impact of the Shanghai stock index on Shanghai stock index is even more than the impact of the stock price fluctuation on the stock index of the remaining 80% listed companies,especially the banks,insurance,securities and other financial sectors have great influence on the stock market,but the financial expenditure directly acts on the financial industry is very small,so it is studied from the macro overall.The result of the relationship between government expenditure and Shanghai stock index is still open to question.Therefore,in order to study the influence of financial expenditure and stock price fluctuation more carefully,we choose the industry which is directly affected by the financial expenditure in the stock market,so as to eliminate the influence of the weight plate on the price fluctuation of the stock market.At present,the development of sports in China mainly relies on financial appropriation,and has developed rapidly in recent years.Therefore,based on the view of sports industry,this paper takes the monthly data of December 2014-December 2017 as the sample space,taking the monthly data of December 2014-December 2017 as the sample space,taking the 45 listed companies with the concept of sports industry as the research object,making the sports financial expenditure as the explanatory variable and the sports industry(885615).Taking the closing price of price index as an explanatory variable,this paper uses the VAR model to make an empirical study on the relationship between sports expenditure and the fluctuation of concept price index of sports industry,including unit root test,Granger causality test,impulse response function analysis and variance decomposition.The relationship between stock prices shows that,in the short term,there is a weak negative correlation between the sports financial expenditure and the price fluctuation of the concept of the sports industry concept in the short term,which has a positive effect in the long run. |
PDF Full Text Request