An Empirical Analysis Of Relationship Between Stock Market And Macro Economic Operation In China

After more than 20 years of development,the chinese stock market has become the core of modem finance and occupies a more and more important position in the national economy.How-ever,it is undeniable that chinese stock market is still not yet mature,in aspects such as system construction,operation mechanism and so on have defects which cannot be ignored.The rela-tionship between the stock market and the macroeconomic operation has always been a topic of interest to economists.In countries such as the United States and the United Kingdom which have mature and perfect capital market systems,the relationship between the two is not yet unified con-clusion,and there is no consensus in our country.Therefore,the in-depth research and analysis of the relationship between the stock market and the macroeconomic operation is not only beneficial to understand the relationship and mutual influence mechanism between them,but also to provide scientific and effective theoretical basis for the future economic development and stock market reform in our country.This paper is divided into three parts:The first part briefly introduces the research background and significance,research purpose,research ideas and methods of this paper,and gives a brief introduction to the relevant research results at home and abroad.In the second part,the paper selects the quarterly data of stock market development and macroeconomic operation index from 1997 to 2016.Before the conventional VAR modeling,the paper uses factor analysis method to reduce the dimension of macroeconomic indicators,and then combines with the stock market indicators for empirical analysis.The third part analyzes the results of the empirical analysis of the second part,combining with the corresponding economic theory,the paper makes a reasonable explanation on the phe-nomenon,and gives corresponding suggestions for the future development of stock market and macroeconomic.