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The Empirical Research of China's Securities Market and Macroeconomy under the Financial Crisis

机译：金融危机下中国证券市场与宏观经济的实证研究

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According to the monthly data over the period 2006 to March 2010, this paper empirically analyzed the relation of China's economical development from the financial crisis. For the data series of gross domestic product (GDP) existing seasonal effect, this paper first propose a model based on X-ll process to do seasonal adjustments. Then the result of the unit root test, co-integration indicated that a long-term equilibrium relationship existed between the stock price index and macroeconomic variables and we finally established the co-integration regression model. The results showed that there is a negative correlation between the stock price index and China's gross domestic product, and meanwhile the stock price is closely related to money supply and the exchange rate for the same period in the context of the financial crisis.
机译：根据2006年至2010年3月的月度数据，本文从金融危机的角度对中国经济发展的关系进行了实证分析。对于现有的国内生产总值（GDP）的季节性影响数据系列，本文首先提出了一种基于X-ll过程的模型来进行季节性调整。然后通过单位根检验，协整的结果表明，股价指数与宏观经济变量之间存在长期均衡关系，最终建立了协整回归模型。结果表明，股票价格指数与中国国内生产总值之间存在负相关关系，同时在金融危机的背景下，股票价格与同期的货币供应量和汇率密切相关。

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