Empirical Study On The Long-term Impact Of The "National Team" In The Stock Market In 2015

2015 is destined to become extraordinary to China’s stock market.In the first half of the year,an unprecedented positive situation changed in the second half of the year.The Shanghai index,Sme index and Chinext have both fallen by more than the "5.30" stock market crash in 2007.In such circumstances,the Chinese government has launched a series of intervention policies in a row.Among them,the "national team" to inject a large amount of funds into the market with its direct and efficient features received wide attention from the academic community.The long-term impact of this policy on stock liquidity is the main focus of this paper.Firstly,this paper gives a brief description of the research background and defines the composition of "national team",and based on the existing research,We did a theoretical analysis : In the short term,the government intervention in the "national team" has indeed boosted the liquidity of stocks,The mechanism of action has two ways: One is to restore trading,and the second is to boost market confidence.From a long-term perspective,there are three problems with the intervention measures of the "national team " : One is the "national team" fund withdrawal,the second is to raise moral hazard,the third is to increase the herd effect.These problems can have a negative effect on liquidity.In view of this,this paper puts forward the corresponding research hypothesis.To verify the hypothesis,this article through the PSM-DID the structure of the double difference model is based on tend to score matching to the "national team" long-term effects of liquidity in the market behavior of individual stocks has carried on the empirical analysis,obtained the following conclusions:(1)In the year after the "national team" entered the market,the total market liquidity decreased significantly.After excluding the sample selection error and so on,The "national team" held by the stock liquidity is still lower than the rate of "national team" holding the stock liquidity.(2)This paper divides the shareholding strength of "national team" and carries out the heterogeneity test,The empirical results show that there is no heterogeneity in the influence of the "national team" shareholding ratio on the liquidity,and the higher the proportion of the shareholding ratio is,the higher the degree of liquidity reduction.Finally,to solve the problems of "financial withdrawal","moral hazard" and "lack of supervision mechanism" and "information disclosure",this paper put forward "develop national love stable financial crisis emergency mechanism of legal framework","will this kind of market behavior into daily specification and supervision","properly formulate inner capital exit mechanism",and "establish capital market systemic risk monitor system" four aspects of policy recommendations.The innovation point of this paper is as follows.First of all,this paper elaborates on the influence of "national team" in the market behavior of the "national team",and has filled of academic research on the behavior of "salvation".Second,there is not much research on the long-term impact of government intervention on the liquidity of the stock market.Second,there is not much research on the long-term impact of direct government intervention on the liquidity of the stock market.And through the way of empirical test,this paper around the stock liquidity,in 2015 China crash rescue stock liquidity before and after change as the breakthrough point,to study government behavior of shareholding nonmarket impact on stock liquidity.And some gaps in the empirical research of crisis emergency mechanism are filled in.Finally,the article dialectically looks at the influence of "national team" into market behavior.On the basis of proving whether the "national team" entry into the market can have a negative impact on the liquidity of the stock market,it analyzes the positive influence and necessity of the measures to stabilize the market in the occurrence of the stock market.To help readers to understand this emergency mechanism more fully,some policy Suggestions have been put forward to provide a meaningful reference for the construction and supervision time of China’s securities market system.