Interactive relationship between macro-policy and efficiency of securities market in China

Macro-policy of securities market is a kind of important markets information. The utility of this information closely related to the effectiveness of the securities market, and they present an interactive relationship. Starting from the test of the securities market efficiencies, the interactive relationship in market efficiencies and 51 macro-policy information has been sorted by Eviews within 35 days before and after. It is concluded that 5490% of macro policies have significant positive relationship with the effectiveness of the securities market, while 4510% of the macroscopic policy reduce the efficiency of market operation. It means that the efficiency of the securities market in China is in little weak level, and with obvious non-linear features, so the securities market should be further perfected.