论文部分内容阅读
[Abstract] As the reform and opening up of China， the national economy get a rapid development， so as the stock market. At the same time， the contact between financial sector and macroeconomic is getting closer， and the development of the stock market is playing an more and more important role in the economy of China. The research of relationship between the mobility of China's stock market and macroeconomic will promote economic development.Though the stock market itself is unstable， it plays a positive role in the development of the country， serving the country's economic construction in the way of raising funds.Taking full use of the advantages of the market economy， the development of the stock market also promote the deepening of the reform of economy.This paper gives an analyzation of the current situation of the liquidity of China's stock market， and a study of the relationship of the liquidity of stock market and macroeconomic， and also give some strategic measures to improve the liquidity of the stock market in order to promote the economic growth.
[Keywords] Stock market； Liquidity； Macroeconomic； Relationship
The development of stock market can raise funds from the market for the capital construction， it will broaden the scale of production and promote the development of economy to a certain extent. The development of the stock market can help to straighten out the relations of property right， and promote the reform and development of China's economic system.The mobility of China's stock market cause certain influence to the macroeconomic.Macroeconomic actually refers to the total amount of economic activities， it is the overall activities of the national economy.So the mobility of the stock market of China has a certain relevance to the macroeconomic development， thus the research of the liquidity of the stock， the analysis of the factors affecting the development of economy， and the exploration of the relationship between the two， and putting forward strategies to improve the stock market liquidity， can promote the growth of the national economy.
1.Analysis of the status of China's stock market liquidity
Liquidity of the stock market refers to the phenomenon that the stock market transactions can be executed quickly at low cost that won't change drastically.In the stock market of China， the liquidity mainly manifests in these aspects： the timeliness when trading， raising funds at low cost， the large amount of stock trading， etc.And these are also the cause of the liquidity of the stock market.In recent years， there is a large fluctuation in the stock market development in our country. After the rapid development， the stock market gradually tend to be stable. Generally speaking，the overall development of Chinese stock market still has a long distance with the international market mobility.There are several reasons of why the liquidity of the stock market is not strong. First，after the outbreak of the international financial crisis， the economy of our country's got a negative influence， so the Chinese government strengthened the management of the stock market in the macro-control， and that cause a certain impact on the mobility of the stock market， the stock market liquidity is getting poorer. Second， most individual investors in the stock market of our country are lack of corresponding investment concept and professional knowledge of finance， leading to a phenomenon of following suit blindly in the investment market， that makes it difficult to take use of the advantages of the equity financing， and the institutional investors take some improper means to affect the motivation of the stock market， so the phenomenon of the rotation appeared.Generally speaking， the liquidity of the stock market in our country is low. And the trading mechanism and system in Chinese stock market， to a certain extent， also affect the liquidity of the stock market.Now the amount of stock provided in the market in our country is more and more， but the corresponding variety of trading is less and less， the operating condition of companies share stocks on the market are not flexible， all those factors cause the low liquidity of the stock market. In the aspect of system， there are some problems in the trading system and supervision system of the Chinese stock market. Such as the imperfection of the innovation of the stock market， the excessive adjustment of financial derivatives， the late starting of securities market， and the instability of the development of stock market.Besides， the limitation of the delisting system in Chinese stock market directly influence the development of the stock market liquidity.Overall， the stock market our country has a low opening degree. The involvement in the stock market of China by foreign institutional investors through the value investment would have a great positive impact on the development of the stock market， improving the liquidity of the stock market.But Chinese government has a strict restriction in foreign institutional investments， so the impact in this way is not significant， the liquidity of the stock market is still relatively low. In the legal aspect， for the establishment of the stock market related legal system is not complete， and the legal consciousness of the investors is low， the stock market is greatly lack of legal protection in the operation and development. Investor's weak legal consciousness， the lack of regulatory role and regulation department in the development of stock market， and the incomplete of overall system settings， also lead to the low level of liquidity of the Chinese stock market.
2. The relationship between the stock market liquidity and macroeconomic
The development of the stock market has a certain influence on macroeconomy.There are some certain researches in this aspect by the domestic and foreign scholars， mainly from the scale， liquidity and the volatility of the stock market. This paper mainly analysis the relationship between the liquidity of the stock market and macroeconomic.
（1） General description of liquidity of the stock market
a. The meaning of the mobility of the stock market
Liquidity often refers to things that can quickly turned into cash with a certain capacity that can resist loss，such as credit instruments or securities perseverance.The liquidity of the stock market is affected by many factors， which are of great multiplicity.Today，there is still not a unified conclusion in the liquidity of the stock market.We can conclude the liquidity of the stock market from the analysis of the following aspects，if the success of the transaction， the problems of trading time， as well as the trading price.Analyzing the stock market liquidity in the financial theory， dealers can trade in a low but a reasonable transaction cost， accordance with a reasonable price level， causing small influence on the price on the market， that is the liquidity of the stock market.In the stock market， the stock can be quickly converted into cash， with the ability of resisting loss. b. Influence factors of the stock market liquidity
The liquidity of the stock market is affected by many factors. In terms of trading mechanism， the price of the investors is transferred into reality trading price. And the market structure is also a factor that impact the stock market liquidity， the system and rules established in the process of trading also have a certain influence on the quality of the stock market.In terms of transaction cost， it can be divided into apparent trading and implicit trading，and the reduction of transaction cost will make the market liquidity stronger.The transparency of the market also affects the liquidity of the stock market. The main body trades in the market mainly because of the advantage of asymmetric information. While the transparency of the market can reduce the asymmetry phenomenon of information， and then increase the liquidity of the stock market.The participants in the stock market also played an important role in it.There are some differences in the standardization of the behavior of participants， the sensitivity of the participants and the operation of the market， which can also affect the liquidity of the stock market.
c. Function of the stock market liquidity
The liquidity of stock market has increased the flexibility of it， as the main financing channel，the stock market has played an important role in the economy.As the enhancement of the liquidity of the stock market， the cost will decrease and the capital reserves and accumulation will increase.By raising funds，it can mobilize the funds to optimize resources configuration in the largest extent.By transferring the capital， the market can provide a big convenience for the construction and development of the economy and promote the optimization and allocation of social resources.The stock market is not only a place for investment， but also a tool that can promote the risk management and the allocation of resources reasonably， as well as enhance the enthusiasm of investment. The liquidity of the stock market can affect the management， the financial structure and technology of risk management of the company.
（2） Relationship between the stock market liquidity and macroeconomy
There is a correlation between Liquidity of the stock market and macroeconomic.In the macroeconomic aspects， the change of economic development situation， the relation of monetary supply， and conditions of inflation have some certain relevances with the development of the stock market.By expecting the changes in the economic development， the investors in the stock market， can find the correlation of the liquidity of the stock market and macroeconomy from the data， then be ahead of macroeconomic，through assets configuration and conversion. The investors in the stock market decide the allocation of stock to assets， and they can adjust the assets. Under the condition that the expected macroeconomic become worse， different types of stock assets have the different way of configuration， and the liquidity of the stock market will decline.But in the case that the expected macroeconomic circumstance is good， the liquidity of the stock market will increase， and investors are likely to choose high-risk growing stocks.From the point of investors structure， the institutional investors often have a more accurate forecast than individual investors to the of economic form. Before the investment，institutional investors usually give a consideration to the operating conditions of the macroeconomic， and get a better grasp of the liquidity of the stock market. 3.Impact of the stock market liquidity on the macroeconomy
The strength of the liquidity of the stock market has a significant impact on the macroeconomy development， the liquidity of the stock market can keep a short-term held to the assets， investors can choose a potentially high-profitable stock， promoting the macroeconomic growth. The liquidity of the stock market can be obtained through information， analysis of the risk management and the listed company， which can promote the development of science and technology and is beneficial to optimization and configuration of the resources， promoting the macroeconomic growth.
（1） perfect information system， promote economic growth
The liquidity of the stock market can reduce the asymmetry of information， increase the transparency of information.The asymmetry of information of the stock market may cause a market malfunction.Because of the unequal information got by the buyer and seller， the buyer may get more information， and then get high profits.This way of trading will disrupt the trading rules of the stock market， and so hinder the development of macroeconomy.Under the market economy， allocating the resources through the market， can improve the efficiency of resource allocation and quality. The liquidity of stocks is beneficial to reduce the level of information asymmetry， and enhance the transparency of information， promote the growth of economy， and reduce the cost of grasping information.The enhancement of the liquidity of the stock market， to a certain extent， could increase the time and frequency of communication， which can help to the concentrate of capital and optimize the allocation， improve the efficiency of resource allocation， thus promote the macroeconomic growth. [3]
（2） Control the management risk and strengthen the technology innovation
The enhancement of the tock market liquidity is helpful to strengthen the management of risk. The main function of the stock market liquidity is to disperse the risk of the funds， which help to promote the innovation and development of the enterprise， eventually to promote economic growth. In the stock market， when other conditions remain unchanged， the benefits investors get is decreasing progressively. The internal implementation of technical innovation in the enterprise can improve labor productivity and promote economic growth. For the investors， the most important thing is to strengthen the management of risk of liquidity and specificity.For institutional investors， the specificity risk is more significant. The agency should support technical innovation. The research on the innovation of the technical skills is a high-risk activities， for the uncertain factors one will face in technical researches. With the increase of the economic development level， the factors influencing investment and innovation also gradually increased. To strengthen technological innovation in the stock market can affect economic growth. For small and medium-sized enterprises， the liquidity of market is needed to solve the problem of risk， by combining and differentiate the risk of innovation activities. In addition， the entrepreneurs should also pursue innovation actively， which is also an important impetus and source of economic growth. Entrepreneurs can improve the productive efficiency of enterprises by taking use of the new way of organization to organize the resources.There are two conditions needed by the entrepreneurs in innovation，one is the innovation capital， the other is the marketing information about innovation.The liquidity of stock market allows entrepreneurs to invest with the concentration of capital to a maximum level. Liquidity of the stock market can reduce the cost of information， help the entrepreneurs to access relevant information， reduce the risk of technology innovation， and eventually promote the macroeconomic growth.
（3） Manage the company， perfect the management system
The increase of the stock market liquidity can not only optimize the allocation of resources， it can also strengthen the management of the company. In pursuit of economic interests， managers in the stock market nowadays， often enlarge their power， or executive internal control， these phenomenons will seriously damage the interests of shareholders. The process of the management of stocks have a certain influence on the system of the company. Strengthening the management of the company can improve the efficiency of funds allocation.
4.Strategies to improve market liquidity
（1） From the government level， formulating scientific system
To improve the liquidity of the stock market， changes must be made from the government level， establishing and perfecting the legal system， as well as the measures， to improve the liquidity of the stock market. There is a certain connection between the governmental decision-making and the development of the stock market， in which the government's decisions directly affect the stock market， so the government should formulate reasonable policies and loose the restricting policy， improve the management level and quality. To strengthen the macro-control， for the stability of macroeconomic development can promote the development of the stock market， while the development of the stock market can also promote the progress and development of macroeconomy. When the government formulate a policy on the stock market development， it is wise to learn the rules and strategies of the stock market from developed countries， and combining with the actual situation of the market economy development of our country.The government should strengthen the supervision and management of the stock market， and take the right guidelines to the stock market. When formulating the relative system and measures， the government should carry on a further study of the rules of China's stock market， according to the status and characteristics of the stock market development， and then make scientific and rational policies， to improve the liquidity of the stock market in our country. To solve the problem of the circulation of the state-owned shares and legal person shares reasonably.Today the economic development in our country is far beyond fast， both the state-owned shares and legal person shares play an important role， but it also brings some problems at the same time， restricts the economic development and growth.The government should improve the development and construction of the stock market， by， for example， building multi-level stock markets to meet the different needs of development in different stages. The new adjustment of the market economy of the main board， is beneficial to increase the allocating efficiency of the centralized resource， promote the macroeconomic growth. To strengthen the innovation of science and technology， and establish the independent business market is also a important strategy. The government should formulate relevant policies for small and medium-sized enterprises， as well as the GEM enterprises， giving them encouragement and policy support.Analyze the development of Chinese stock market and set the overall orientation， standardize the trading results in the market. The government should establish relevant supervision and management system， to strengthen the adjustment of the unreasonable rules of the stock market， adjusting the stock market properly. （2） Consider from the investor's point of view
To consider from the angle of investors， in order to improve the liquidity of the stock market， it is essential to strengthen the training of investors. Investors must master the professional knowledge relevant to the stock market， improve skills and abilities in investing in stock market， under the professional investment conditions， investors can make reasonable adjustment when facing an emergency. Investors have to form a good investment concept， and avoid following suit blindly and excessive speculation before the investment. Before the investment， a market assessment of the company is necessary， which can prevent blind investment to the enterprise. Strengthen the supervision over the investment and management， and resolutely put an end to the illegal market transaction behavior， guarantee the efficiency of market supervision. At the same time of keeping the normal operation of the stock market， the government should strengthen the protection of the the interests of investors， to ensure the impartiality and openness of the stock market.
（3） Consider from the aspect of enterprise
The investment and management of the enterprises also have a big impact on the liquidity of stock market in our country， so， in order to improve the liquidity of the stock market， it is possible to start with the enterprise. Deepen the reform and innovation of the economy in the domestic enterprise， and accelerate the listing of the foreign enterprises of high quality. If the economic situation of the enterprise is poor， it is possible to make a scientific system to delist these enterprise in time， so to expand the operating space of China's stock market. Formulating scientific delisting system is beneficial to improve the liquidity of the stock market and enhance the efficiency of resource optimization and configuration. But bringing in foreign capital according to the actual condition of market development， to a certain extent， is an expansion of the exploitation level of of foreign capital.To release control of the overseas investment， such as allowing foreign investors to trade in the stock market trading， and allowing foreign companies to list on the stock market in our country. To establish a multi-level market management system， improve the investment value of listed companies， broaden the variety of different types of stock， and so as to increase the market liquidity.
（4） Consider from the aspect of system The government in our country should strengthen the institutionalized management， perfect the legal measures， and strengthen the legislation and supervision of the stock market， providing a good system for the development and operation of the stock market. In the terms of system management， firstly， the government should strengthen the legislation and supervision of the stock market， supervising the trading behavior and the exploration of the financial products in the financial markets. To maximally ensure the equivalence of information when trading. For the price of the stock market in our country， it is necessary to establish certain rules to avoid the phenomenon of rising too much. Supervise and control the trading principle of the market in the everyday day sales of trading. All these provide a systematic insurance to the normal operation of the Chinese stock market.In the process of the supervision of the stock market， both to provide a good environment and to provide a strict management on market trading activities are expected.
5.Conclusion
This paper give an analyzation of the present situation and problems of the development of Chinese stock market liquidity. The liquidity of the stock market has a certain contact with the macroeconomy， and has a influence on the development of macroeconomy. The development of stock market in China started relatively late， the establishment of the overall system is not perfect， so the liquidity of the stock market is lower， and that cause certain problems in the running of the stock market. The strength of the liquidity of the stock market has a certain impact on the development of macro economy. To improve the liquidity of the stock market， can improve the efficiency of resource allocation， and eventually promote the development of the macroeconomic. So some measures must be taken to improve the liquidity of stock market in our country， and promote the development of economic actively. Government departments should improve the management system， and provide China's stock market a certain legal protection， establishing and perfecting supervision and management system， standardize and supervise the behavior of the trading on the stock market. The investors must obtain certain professional knowledges and skills， which allow them to adjust in time when facing the unexpected condition， avoiding the blind investment.Enterprises should establish and perfect the management system， and broaden the management system of overseas listing. They can set up multi-level market management， improve the liquidity of the stock market. Perfect system is the guarantee of the normal operation of the stock market， which can promote the construction and development of macroeconomy. It is possible to adjust the structure of the enterprise， and improve the technical innovation of the enterprises. At the same time of perfecting the system， destroying law of the stock market development is not allowed. Reference：
1. Shaobo Liu， Juhong Ding.The “Three Stages of Evolution Path” Analysis of Relationship Between Chinese Stock Market and Macroeconomic [J].Financial Research，2005，（07）：57-66.
2. Mingxia Pan， Yongxin Cheng.Analysis of the Deviation of China's Stock Market to the Macroeconomic Situation and the Reason [J]. Journal of Yunnan Institute of Finance and Trade， 2005， （02） ： 34-38.
3. Shen Liu.Relevance Analysis of China's Stock Market and Macroeconomic Based on the Volatility of High Frequency Estimation [J]. Journal of Academic BBS， 2015， （02） ： 61-65.
4. Fenghang Zhou， Lei Zhang. Suggestions for Improvement of the Stock Market Liquidity [J]. Journal of Senior Correspondence （ Edition of Philosophy and Social Sciences ）， 2012， （10） ： 25-26.
5. Dongxuan Wang， Zhen Zhang， Xianjun Yin.Stock Market Liquidity and Macroeconomy- the New Evidence about the Chinese Stock Market [J]. Journal of Economic Science， 2014， （03） ： 61-71.
6. Xiaohui Wang.Global Imbalances， Global Excess of Liquidity and Asset Prices： the Analysis of the Micro and Macro Mechanism [D]. Southwest University of Finance and Economics， 2011.
[Keywords] Stock market； Liquidity； Macroeconomic； Relationship
The development of stock market can raise funds from the market for the capital construction， it will broaden the scale of production and promote the development of economy to a certain extent. The development of the stock market can help to straighten out the relations of property right， and promote the reform and development of China's economic system.The mobility of China's stock market cause certain influence to the macroeconomic.Macroeconomic actually refers to the total amount of economic activities， it is the overall activities of the national economy.So the mobility of the stock market of China has a certain relevance to the macroeconomic development， thus the research of the liquidity of the stock， the analysis of the factors affecting the development of economy， and the exploration of the relationship between the two， and putting forward strategies to improve the stock market liquidity， can promote the growth of the national economy.
1.Analysis of the status of China's stock market liquidity
Liquidity of the stock market refers to the phenomenon that the stock market transactions can be executed quickly at low cost that won't change drastically.In the stock market of China， the liquidity mainly manifests in these aspects： the timeliness when trading， raising funds at low cost， the large amount of stock trading， etc.And these are also the cause of the liquidity of the stock market.In recent years， there is a large fluctuation in the stock market development in our country. After the rapid development， the stock market gradually tend to be stable. Generally speaking，the overall development of Chinese stock market still has a long distance with the international market mobility.There are several reasons of why the liquidity of the stock market is not strong. First，after the outbreak of the international financial crisis， the economy of our country's got a negative influence， so the Chinese government strengthened the management of the stock market in the macro-control， and that cause a certain impact on the mobility of the stock market， the stock market liquidity is getting poorer. Second， most individual investors in the stock market of our country are lack of corresponding investment concept and professional knowledge of finance， leading to a phenomenon of following suit blindly in the investment market， that makes it difficult to take use of the advantages of the equity financing， and the institutional investors take some improper means to affect the motivation of the stock market， so the phenomenon of the rotation appeared.Generally speaking， the liquidity of the stock market in our country is low. And the trading mechanism and system in Chinese stock market， to a certain extent， also affect the liquidity of the stock market.Now the amount of stock provided in the market in our country is more and more， but the corresponding variety of trading is less and less， the operating condition of companies share stocks on the market are not flexible， all those factors cause the low liquidity of the stock market. In the aspect of system， there are some problems in the trading system and supervision system of the Chinese stock market. Such as the imperfection of the innovation of the stock market， the excessive adjustment of financial derivatives， the late starting of securities market， and the instability of the development of stock market.Besides， the limitation of the delisting system in Chinese stock market directly influence the development of the stock market liquidity.Overall， the stock market our country has a low opening degree. The involvement in the stock market of China by foreign institutional investors through the value investment would have a great positive impact on the development of the stock market， improving the liquidity of the stock market.But Chinese government has a strict restriction in foreign institutional investments， so the impact in this way is not significant， the liquidity of the stock market is still relatively low. In the legal aspect， for the establishment of the stock market related legal system is not complete， and the legal consciousness of the investors is low， the stock market is greatly lack of legal protection in the operation and development. Investor's weak legal consciousness， the lack of regulatory role and regulation department in the development of stock market， and the incomplete of overall system settings， also lead to the low level of liquidity of the Chinese stock market.
2. The relationship between the stock market liquidity and macroeconomic
The development of the stock market has a certain influence on macroeconomy.There are some certain researches in this aspect by the domestic and foreign scholars， mainly from the scale， liquidity and the volatility of the stock market. This paper mainly analysis the relationship between the liquidity of the stock market and macroeconomic.
（1） General description of liquidity of the stock market
a. The meaning of the mobility of the stock market
Liquidity often refers to things that can quickly turned into cash with a certain capacity that can resist loss，such as credit instruments or securities perseverance.The liquidity of the stock market is affected by many factors， which are of great multiplicity.Today，there is still not a unified conclusion in the liquidity of the stock market.We can conclude the liquidity of the stock market from the analysis of the following aspects，if the success of the transaction， the problems of trading time， as well as the trading price.Analyzing the stock market liquidity in the financial theory， dealers can trade in a low but a reasonable transaction cost， accordance with a reasonable price level， causing small influence on the price on the market， that is the liquidity of the stock market.In the stock market， the stock can be quickly converted into cash， with the ability of resisting loss. b. Influence factors of the stock market liquidity
The liquidity of the stock market is affected by many factors. In terms of trading mechanism， the price of the investors is transferred into reality trading price. And the market structure is also a factor that impact the stock market liquidity， the system and rules established in the process of trading also have a certain influence on the quality of the stock market.In terms of transaction cost， it can be divided into apparent trading and implicit trading，and the reduction of transaction cost will make the market liquidity stronger.The transparency of the market also affects the liquidity of the stock market. The main body trades in the market mainly because of the advantage of asymmetric information. While the transparency of the market can reduce the asymmetry phenomenon of information， and then increase the liquidity of the stock market.The participants in the stock market also played an important role in it.There are some differences in the standardization of the behavior of participants， the sensitivity of the participants and the operation of the market， which can also affect the liquidity of the stock market.
c. Function of the stock market liquidity
The liquidity of stock market has increased the flexibility of it， as the main financing channel，the stock market has played an important role in the economy.As the enhancement of the liquidity of the stock market， the cost will decrease and the capital reserves and accumulation will increase.By raising funds，it can mobilize the funds to optimize resources configuration in the largest extent.By transferring the capital， the market can provide a big convenience for the construction and development of the economy and promote the optimization and allocation of social resources.The stock market is not only a place for investment， but also a tool that can promote the risk management and the allocation of resources reasonably， as well as enhance the enthusiasm of investment. The liquidity of the stock market can affect the management， the financial structure and technology of risk management of the company.
（2） Relationship between the stock market liquidity and macroeconomy
There is a correlation between Liquidity of the stock market and macroeconomic.In the macroeconomic aspects， the change of economic development situation， the relation of monetary supply， and conditions of inflation have some certain relevances with the development of the stock market.By expecting the changes in the economic development， the investors in the stock market， can find the correlation of the liquidity of the stock market and macroeconomy from the data， then be ahead of macroeconomic，through assets configuration and conversion. The investors in the stock market decide the allocation of stock to assets， and they can adjust the assets. Under the condition that the expected macroeconomic become worse， different types of stock assets have the different way of configuration， and the liquidity of the stock market will decline.But in the case that the expected macroeconomic circumstance is good， the liquidity of the stock market will increase， and investors are likely to choose high-risk growing stocks.From the point of investors structure， the institutional investors often have a more accurate forecast than individual investors to the of economic form. Before the investment，institutional investors usually give a consideration to the operating conditions of the macroeconomic， and get a better grasp of the liquidity of the stock market. 3.Impact of the stock market liquidity on the macroeconomy
The strength of the liquidity of the stock market has a significant impact on the macroeconomy development， the liquidity of the stock market can keep a short-term held to the assets， investors can choose a potentially high-profitable stock， promoting the macroeconomic growth. The liquidity of the stock market can be obtained through information， analysis of the risk management and the listed company， which can promote the development of science and technology and is beneficial to optimization and configuration of the resources， promoting the macroeconomic growth.
（1） perfect information system， promote economic growth
The liquidity of the stock market can reduce the asymmetry of information， increase the transparency of information.The asymmetry of information of the stock market may cause a market malfunction.Because of the unequal information got by the buyer and seller， the buyer may get more information， and then get high profits.This way of trading will disrupt the trading rules of the stock market， and so hinder the development of macroeconomy.Under the market economy， allocating the resources through the market， can improve the efficiency of resource allocation and quality. The liquidity of stocks is beneficial to reduce the level of information asymmetry， and enhance the transparency of information， promote the growth of economy， and reduce the cost of grasping information.The enhancement of the liquidity of the stock market， to a certain extent， could increase the time and frequency of communication， which can help to the concentrate of capital and optimize the allocation， improve the efficiency of resource allocation， thus promote the macroeconomic growth. [3]
（2） Control the management risk and strengthen the technology innovation
The enhancement of the tock market liquidity is helpful to strengthen the management of risk. The main function of the stock market liquidity is to disperse the risk of the funds， which help to promote the innovation and development of the enterprise， eventually to promote economic growth. In the stock market， when other conditions remain unchanged， the benefits investors get is decreasing progressively. The internal implementation of technical innovation in the enterprise can improve labor productivity and promote economic growth. For the investors， the most important thing is to strengthen the management of risk of liquidity and specificity.For institutional investors， the specificity risk is more significant. The agency should support technical innovation. The research on the innovation of the technical skills is a high-risk activities， for the uncertain factors one will face in technical researches. With the increase of the economic development level， the factors influencing investment and innovation also gradually increased. To strengthen technological innovation in the stock market can affect economic growth. For small and medium-sized enterprises， the liquidity of market is needed to solve the problem of risk， by combining and differentiate the risk of innovation activities. In addition， the entrepreneurs should also pursue innovation actively， which is also an important impetus and source of economic growth. Entrepreneurs can improve the productive efficiency of enterprises by taking use of the new way of organization to organize the resources.There are two conditions needed by the entrepreneurs in innovation，one is the innovation capital， the other is the marketing information about innovation.The liquidity of stock market allows entrepreneurs to invest with the concentration of capital to a maximum level. Liquidity of the stock market can reduce the cost of information， help the entrepreneurs to access relevant information， reduce the risk of technology innovation， and eventually promote the macroeconomic growth.
（3） Manage the company， perfect the management system
The increase of the stock market liquidity can not only optimize the allocation of resources， it can also strengthen the management of the company. In pursuit of economic interests， managers in the stock market nowadays， often enlarge their power， or executive internal control， these phenomenons will seriously damage the interests of shareholders. The process of the management of stocks have a certain influence on the system of the company. Strengthening the management of the company can improve the efficiency of funds allocation.
4.Strategies to improve market liquidity
（1） From the government level， formulating scientific system
To improve the liquidity of the stock market， changes must be made from the government level， establishing and perfecting the legal system， as well as the measures， to improve the liquidity of the stock market. There is a certain connection between the governmental decision-making and the development of the stock market， in which the government's decisions directly affect the stock market， so the government should formulate reasonable policies and loose the restricting policy， improve the management level and quality. To strengthen the macro-control， for the stability of macroeconomic development can promote the development of the stock market， while the development of the stock market can also promote the progress and development of macroeconomy. When the government formulate a policy on the stock market development， it is wise to learn the rules and strategies of the stock market from developed countries， and combining with the actual situation of the market economy development of our country.The government should strengthen the supervision and management of the stock market， and take the right guidelines to the stock market. When formulating the relative system and measures， the government should carry on a further study of the rules of China's stock market， according to the status and characteristics of the stock market development， and then make scientific and rational policies， to improve the liquidity of the stock market in our country. To solve the problem of the circulation of the state-owned shares and legal person shares reasonably.Today the economic development in our country is far beyond fast， both the state-owned shares and legal person shares play an important role， but it also brings some problems at the same time， restricts the economic development and growth.The government should improve the development and construction of the stock market， by， for example， building multi-level stock markets to meet the different needs of development in different stages. The new adjustment of the market economy of the main board， is beneficial to increase the allocating efficiency of the centralized resource， promote the macroeconomic growth. To strengthen the innovation of science and technology， and establish the independent business market is also a important strategy. The government should formulate relevant policies for small and medium-sized enterprises， as well as the GEM enterprises， giving them encouragement and policy support.Analyze the development of Chinese stock market and set the overall orientation， standardize the trading results in the market. The government should establish relevant supervision and management system， to strengthen the adjustment of the unreasonable rules of the stock market， adjusting the stock market properly. （2） Consider from the investor's point of view
To consider from the angle of investors， in order to improve the liquidity of the stock market， it is essential to strengthen the training of investors. Investors must master the professional knowledge relevant to the stock market， improve skills and abilities in investing in stock market， under the professional investment conditions， investors can make reasonable adjustment when facing an emergency. Investors have to form a good investment concept， and avoid following suit blindly and excessive speculation before the investment. Before the investment， a market assessment of the company is necessary， which can prevent blind investment to the enterprise. Strengthen the supervision over the investment and management， and resolutely put an end to the illegal market transaction behavior， guarantee the efficiency of market supervision. At the same time of keeping the normal operation of the stock market， the government should strengthen the protection of the the interests of investors， to ensure the impartiality and openness of the stock market.
（3） Consider from the aspect of enterprise
The investment and management of the enterprises also have a big impact on the liquidity of stock market in our country， so， in order to improve the liquidity of the stock market， it is possible to start with the enterprise. Deepen the reform and innovation of the economy in the domestic enterprise， and accelerate the listing of the foreign enterprises of high quality. If the economic situation of the enterprise is poor， it is possible to make a scientific system to delist these enterprise in time， so to expand the operating space of China's stock market. Formulating scientific delisting system is beneficial to improve the liquidity of the stock market and enhance the efficiency of resource optimization and configuration. But bringing in foreign capital according to the actual condition of market development， to a certain extent， is an expansion of the exploitation level of of foreign capital.To release control of the overseas investment， such as allowing foreign investors to trade in the stock market trading， and allowing foreign companies to list on the stock market in our country. To establish a multi-level market management system， improve the investment value of listed companies， broaden the variety of different types of stock， and so as to increase the market liquidity.
（4） Consider from the aspect of system The government in our country should strengthen the institutionalized management， perfect the legal measures， and strengthen the legislation and supervision of the stock market， providing a good system for the development and operation of the stock market. In the terms of system management， firstly， the government should strengthen the legislation and supervision of the stock market， supervising the trading behavior and the exploration of the financial products in the financial markets. To maximally ensure the equivalence of information when trading. For the price of the stock market in our country， it is necessary to establish certain rules to avoid the phenomenon of rising too much. Supervise and control the trading principle of the market in the everyday day sales of trading. All these provide a systematic insurance to the normal operation of the Chinese stock market.In the process of the supervision of the stock market， both to provide a good environment and to provide a strict management on market trading activities are expected.
5.Conclusion
This paper give an analyzation of the present situation and problems of the development of Chinese stock market liquidity. The liquidity of the stock market has a certain contact with the macroeconomy， and has a influence on the development of macroeconomy. The development of stock market in China started relatively late， the establishment of the overall system is not perfect， so the liquidity of the stock market is lower， and that cause certain problems in the running of the stock market. The strength of the liquidity of the stock market has a certain impact on the development of macro economy. To improve the liquidity of the stock market， can improve the efficiency of resource allocation， and eventually promote the development of the macroeconomic. So some measures must be taken to improve the liquidity of stock market in our country， and promote the development of economic actively. Government departments should improve the management system， and provide China's stock market a certain legal protection， establishing and perfecting supervision and management system， standardize and supervise the behavior of the trading on the stock market. The investors must obtain certain professional knowledges and skills， which allow them to adjust in time when facing the unexpected condition， avoiding the blind investment.Enterprises should establish and perfect the management system， and broaden the management system of overseas listing. They can set up multi-level market management， improve the liquidity of the stock market. Perfect system is the guarantee of the normal operation of the stock market， which can promote the construction and development of macroeconomy. It is possible to adjust the structure of the enterprise， and improve the technical innovation of the enterprises. At the same time of perfecting the system， destroying law of the stock market development is not allowed. Reference：
1. Shaobo Liu， Juhong Ding.The “Three Stages of Evolution Path” Analysis of Relationship Between Chinese Stock Market and Macroeconomic [J].Financial Research，2005，（07）：57-66.
2. Mingxia Pan， Yongxin Cheng.Analysis of the Deviation of China's Stock Market to the Macroeconomic Situation and the Reason [J]. Journal of Yunnan Institute of Finance and Trade， 2005， （02） ： 34-38.
3. Shen Liu.Relevance Analysis of China's Stock Market and Macroeconomic Based on the Volatility of High Frequency Estimation [J]. Journal of Academic BBS， 2015， （02） ： 61-65.
4. Fenghang Zhou， Lei Zhang. Suggestions for Improvement of the Stock Market Liquidity [J]. Journal of Senior Correspondence （ Edition of Philosophy and Social Sciences ）， 2012， （10） ： 25-26.
5. Dongxuan Wang， Zhen Zhang， Xianjun Yin.Stock Market Liquidity and Macroeconomy- the New Evidence about the Chinese Stock Market [J]. Journal of Economic Science， 2014， （03） ： 61-71.
6. Xiaohui Wang.Global Imbalances， Global Excess of Liquidity and Asset Prices： the Analysis of the Micro and Macro Mechanism [D]. Southwest University of Finance and Economics， 2011.