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´´Òµ°åÊг¡ÓëÖ÷°åÊг¡µÄÐÕû¹ØϵÑо¿Study on the Cointegration Relationship between the Growth Enterprise Market and
the Motherboard Market
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Study on the Cointegration Relationship between the Growth Enterprise Market and the Motherboard Market Abstract: After a decade-long preparation ,China's GEM market finally built up on the Shenzhen Stock Exchange board officially on October 30, 2009. In the backdrop of China's macroeconomic,the launch of the GEM market has a major role in the promotion to build a multi-level and matual capital market of China. The GEM market provides a new financing channel for many small or medium enterprises in China's real economy,it could be said that, the launch of the GEM is arising from China's economic development when it attained a certain stage,it is also a historical necessity, which has a great practical significance. But many people worry about the launch of the GEM may hurt the motherboard market,which may have a certain impact on the motherboard market.Therefore,in this article,according to the GEM Index and the Shanghai Composite Index, we make a quantitative analysis of the data by using the unit root tests, cointegration and Granger causality testing, and other models of metrology.So that we could prove that there are (1,1) cointegration relationship between the two board.That is,the long-term equilibr- -ium relationship between the GEM and the motherboard did exist.Compared with developed capital markets,the independence of our two board is relatively poor.So that our capital market is not perfect. Keywords: GEM;The Main Board;unit root test;cointegration;ECM
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