The Research on the Liquidity of China Stock Market
|School||Xi'an University of Science and Technology|
|Keywords||Mobility Factor Analysis Goodness of fit test Stationary test|
Financial crisis since 2008 and from 2005 to 2010 , nearly six years the trend of the stock market roller coaster , so that we began to focus on capital markets for all ? Mobility is considered to be the most important properties of the capital markets ? For the stock , poor mobility means investors to spend a higher cost of transactions , also means that the function of the stock market allocation of resources will be compromised ? , China's stock market liquidity conditions from the point of view of theoretical and empirical analysis and testing , and some policy recommendations ? paper is divided into four parts ? first part consists of chapters I and II , is a summary of the relevant theoretical and empirical research , including their use of indicators and conclusions ? second part consists of Chapter III , factor analysis method to build a more comprehensive measure of liquidity indicators , and defines it as YS ratio , in order to solve the existing most of the studies used a single index of the one-sidedness of the study ? third part consists of the fourth and Chapter five chapters , mainly using data from June 2005 to September 2010 , the 71 stocks of the Shanghai and Shenzhen stock markets and 28 of the GEM stocks through the goodness of fit test methods such as the mobility of the Shanghai and Shenzhen stock markets and GEM empirical analysis and testing ? in addition, in the fifth chapter , the article also differences in liquidity on the Shanghai and Shenzhen stock markets in different market situation ? different sizes and other characteristics of the liquidity of the stock difference of the empirical analysis and testing ? the four parts including the sixth chapter , is to make some policy recommendations for empirical research carried out in this paper ?