An Empirical Study On The Influential Factors Of A-Share Return In Shanghai Stock Exchange

Stock market is an important barometer of national economy and an important value investment center.It is of great significance to study the influencing factors and changing rules of stock market in order to promote the steady development of stock market in China.However,stock is one of the most challenging and difficult investment methods among all existing investment instruments because of its unpredictable price and unpredictable price.Based on the review and analysis of relevant research and literature at home and abroad,this paper analyzes the basic factors affecting the stock market,including macro economy,political factors,business achievements,investor psychology and so on.This paper expounds the factors that cause the fluctuation of stock value,and on this basis,selects the representative variables from the macro society,the meso industry,the micro enterprise and the investor.Explore how the factors affect the volatility of stock value.From 2010 to 2017,Shanghai A-share stock is chosen as the research object.Through()coefficient,(NAVPS),amplitude(Volty),price-earnings ratio per share(E / P),circulating stock ratio(Struc),net value ratio(B / P),The new model is constructed by eight explanatory variables such as(Size),net asset return rate of current market value(ROE)and so on.The factors influencing stock return rate are analyzed and regression analysis is carried out according to different industry attributes.The conclusions are as follows:(1)among the 8 indexes selected to affect the stock return rate,there is a multiple linear relationship among the variables.By stepwise regression,the adverse effects of multiple co-linearity on the model can be basically eliminated.(2)for the total sample,Beta value(),amplitude(Volty),circulating market value,(Size),circulating proportion,(Struc)have significant influence on stock return.(3)Industry attribute has significant influence on stock return.And with the characteristics of various industries.