| A health stock market is an important guarantee for the stable development of national economy.As an merging capital markets,the operating mechanism of China's stock market is still not mature,the stock price has been in unusually fluctuating all the time.Over the past ten years,China's stock market experienced in 2008 and 2015 two stock market crash,violent and frequent fluctuations not only hinders the normal functioning of the stock market but also affects economic development.Therefore,in order to ensure our stock market orderly development,we need in-depth research on the fluctuation of stock price.This paper first analyzes the main performance and consequence of the two stock market crash,the stock price fluctuates violently and frequently and existence excessive speculation behavior.After the stock market crash,the market value of the stock has shrunk dramatically,the financial risk coefficient increased and the level of wealth residents declined,dragged down the development of the economy;Then contrasts different cause reasons between the twice stock market crash,the conclusion is macroeconomic factors,monetary policy and the stock market system's flaw caused the stock market crash,which the institutional defect is an important factor.Regulators should improve the construction of the stock market system to provide institutional development of the securities market.this paper combinied with empirical research to further test the results of theory analysis,which analyzed the contribution of three factors to stock index volatility by VAR model.The results show that the stock market system defects and the changes of the external environment are the important factors that cause of stock market crash,macroeconomic factors and monetary policy factors are secondary factors.The results of the empirical analysis are consistent with the theoretical analysis.Finally,based on the theoretical and empirical analysis,the paper puts forward some suggestions on how to stabilize the stock market. |
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