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| On the Warning Index System of China’s Stock Market |
| WEI Wei1, GUO Shi-ping2 |
1.School of Economics, Liaoning University, Shenyang, Liaoning, 110136;
2.Financial Research Institute of School of Economics, Shenzhen University, Shenzhen, Guangdong, 518060 |
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Abstract In China, it is imperative to establish a warning index system for the stock market to prevent and monitor financial risks. What constrains the warning index system of the stock market includes price-earnings ratio, general monetary growth rate, stock volatility, and high transaction volume. These elements can be further classified into the international factors index, the domestic economic factors index, the stock market factors index, the external factors index, and the risk index of financial sectors and so forth. This kind of warning index system based on factor analysis which can reflect the true condition of the risks of securities is objective, and can reveal what factors have greater impact upon the stock market. Empirical analyses indicate the crash of Chinese stock market in 2015 was the result of a glut of money entering the stock market because of the financial leverage and the inadequate response of the warning index. Therefore, the establishment of the warning index system for Chinese stock market will effectively mitigate risks at the stock market, and will be beneficial for the healthy and sustainable development of Chinese stock market.
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Received: 07 February 2017
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2017, Vol. 34 
