And he studied the relationship between these indicators and the stock price indexes of Shanghai and Shenzhen.The result shows that there is no cointegration relation between them.

• 结果表明,在样本期内股价指数波动与宏观经济变量之间不存在协整性特征,中国证券市场与国民经济之间尚未呈现出稳定的长期均衡关系,证券市场并未发挥“国民经济晴雨表”的功能。