The Impact Of Economic Policy Uncertainty On My Country's Stock Yield

China's stock market has emerged from scratch,gradually showing weak-form efficiency and obvious "policy market" characteristics.In order to adapt to different stages of economic development and achieve different macroeconomic goals,the government will timely adjust the policy tool combination and implementation of the economic policies adopted.In this way,economic policies will inevitably affect the development of the stock market during the adjustment process In recent years,more and more investors and researchers have begun to pay attention to the relationship between the two.Studying the relationship between economic policy uncertainty and stock returns is of great significance for China to maintain the stability of the stock market as well as policy formulation and supervision.This article takes the first quarter of 2015 to the third quarter of 2019 as the research interval,selects A-shares of Shanghai and Shenzhen stocks as a sample,and uses the economic policy uncertainty index compiled by Baker et al.To study its relationship with stock returns.At the same time,it will be classified according to the different nature of the enterprise and industry to study the difference in the impact of economic policy uncertainty on stocks.In addition,this paper introduces the cross-variables of company size and turnover rate to study how their interaction with economic policy uncertainty affects the degree of stock returns.The study found that economic policy uncertainty has a significant positive effect on stock returns,that is,as economic policy uncertainty increases,stock returns also increase,and this effect is more pronounced in state-owned enterprises.In view of different industries,economic policy uncertainty in industries such as water conservancy,environment and public facilities management,and accommodation and catering has a greater impact on stock returns,while it has less impact on agriculture,forestry,animal husbandry and fisheries.As the company size and turnover rate increase,it will amplify the impact of economic policy uncertainty on stock returns.