Study On The Influencing Factors Of The Wheeled Effect Between Big And Small Share In Chinese Stock Market

China's securities market, there are many regular phenomenon, these phenomena Chinese scholars have also done a lot of research to give a very rich research results, for example, the size of the share capital, the stock price-earnings ratio changes and other factors will affect earnings. With the development of China's securities market, improve the quality of the investors so that investors from the perspective of individual stocks and gradually expand the concept to chase the plate in style transformation, to find their own investment logic. Let the hot theme of China's stock market volatility increased, various wheeled effects are more obvious. In this paper, targeted to select the size of the disk wheeled effect as the research object, the size of the plate wheeled effect refers to the large-cap stocks and small cap stocks in certain economic and market conditions, both of which reflect the shift in the relative profitability of state. Research on the effects of academic research can supplement the relevant direction, on the other hand can provide a viable configuration recommendations for securities investors in the market.By selecting January 2005 to January 2016 monthly data from the huge influx of small cap index and the market index as the huge influx of research samples, the two relative income as a measure of the difference between the variable size of the disk wheeled effect by drawing, etc. size of the disk wheeled rough effect descriptive method to prove the existence in China's securities market, the paper on the issue for the introduction of the cointegration test to obtain evidence of the existence of the effect size of the disk wheeled through the measurement methods, and by Granger causality test the relative change of the huge influx of revenue market index will make the huge influx of small cap index relative returns fluctuate. This paper further studied the size of the disk-related factors wheeled effect, in which a total of six variables macro economic factors, the market is characterized by a total of four variables, a variable investor sentiment altogether, these 11 variables multiple regression first, preliminary results conclusion, there is a final result in multicollinearity, multicollinearity of variables by stepwise regression excluded not significant and there is the conclusion that the Size of the disk wheeled Effect most remarkable six variables, namely narrow money, raised partial shares fund positions, broad money, the average market turnover, purchasing managers index, the gross national product. To further analyze the impact of each variable on the extent and timing characteristics and size of the disk wheeled effect, the paper chooses.The results from the final analysis, the macroeconomic factors can be drawn for the long size tray wheeled effect in the cycle, to a lesser extent, compared to macroeconomic factors, market factors are the size of the disc features wheeled effect in a short time and will be able to reflect, and to a large extent.Based on the above conclusions, the paper puts forward a few investment proposals in different securities market, securities assets specifically shows the configuration of the policy, hoping to give investors workable recommendations. Overall, however, there are some disadvantages of this article, and finally briefly pointed out the direction inadequacies in-depth study and later.