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, there were collected 60×30×9=16200 trading day closing price of date. But which need to pay attention is, in the collection of data, in case of stop plate, holidays or others, then move the date forward delivery.And also because of this feature, prompting many companies blindly financing, malicious financing, such as the cases of Ping An Insurance Company’s high finance, likely to make the stock market become the ATM of companys development.

Table 1 Empirical Analysis on Stock Policy Market Model
Level of Significance Good Policy Bad Policy No Effect Policy
Policy 1 Policy 3 Policy 8 Policy 2 Policy 6 Policy 7 Policy 4 Policy 5 Policy 9
Day 0 3.90* 1.29 3.06* -1.33 -5.38 -5.75* -0.38 -0.16 0.11
Day 1 7.31* 6.47* 2.42* -0.85 -5.32* -5.32* 0.0076 -0.1 -0.45
Day 0 3.90* 1.29 3.06* -1.33 -5.38* -5.75* -0.38 -0.16 0.11
Day 1 7.31* 6.46* 2.42* -0.85 -5.32* -5.32* 0.0076 -0.1 -0.45
Note: ① Data in the table are the statistics of t; ② the symbol “*” below the statistic data indicates the corresponding level of significance by one tailed test; ③ While the policy 2 did not pass the significant test of 2.5% and 5%, but through the 10% significance test all the same.
2.3 Econometric Analysis and Conclusions
Based on the measurement model and transaction data above, using SPSS statistical analysis software, and running a simulated operation on the 16200 raw data, we found that no matter good policy or bad one, the non-normal returns of policy at various stages has the following statistics features:
① Both good and bad policies in the policy announcement 0 Day (or the first day after announcement), the apparent change in stock index shows that policies do have a significant impact on Chinas stock market;
② In the stage of the absence of governmental, non-normal return was basically revolved around 0, and then wander around the state;
③ In the stage of policy leaked, non-normal return showed a sharp rise (or a sharp decline in) state, but to a lesser extent.
④ In the stage of policy transfer and diffusion, abnormal returns continue to show up (or down) ,and the trend rate is in increase;
⑤ In the stage of policy publicity, non-normal returns showed a sharp rise (or a sharp decline in) state, abnormal returns of good policy gradually return to 0 in the vicinity, but the bad policy continues go lower along the trend, fully embodies the phenomenon characteristic of “avoid its evils greater than the benefits or reduce “ in Chinese Stock Market.

3 The Reason Why “Policy Market” Appears
3.1 The Emergence and Development of the Stock Market Has a Specific Institution Context
The mainstream view of Economics is: in a mature market economy environment, we should try to play the role of market mechanism, but only when the market failure of the department, then need to draw the power of government control. Therefore, in the securities market in the west countries, the governments frequent intervention in the stock market is very rare.
However, China is an emerging market economy country, capital market is relatively immature, imperfect, and is not standardized. Chinas stock market is not naturally occurred as Western stock markets in the process of a highly developed market economy. Until the 20th century late 80s, our economic system is still in a “planned commodity economy”. Since the year of 1992,本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。