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Co integration analysis of macroeconomic policies on stock market returns of industrial enterprises

Lili Jiang

Macroeconomic policies can produce corresponding influence for stock market of China's industrial enterprises, which is the certain mutual relationship between the two. From the policy perspective view of macroeconomic, since there are some loopholes and defects in the operation system of the early stock market, making corresponding structural contradictions in the establishment process of the stock market. However, in today's society, with the establishment of China's securities market institution, the macroeconomic policies can generate the decisive role to the stock market gains of industrial enterprises, which can promote the stock market to promote China's economic development. This paper combined vector auto regression model, cointegration test and vector error correction model to make the effective analysis for the cointegration that macroeconomic policies on stock market returns of industrial enterprises, which can provide a solid theoretical foundation for long-term development of China's stock market.