on the classical financial researching frame, by employing a cointegration Analysis model, try to offer a meaningful grope for the macroscopic affection on the stock market.

• 以经典宏观经济和金融理论为框架，应用协整计量分析，本文分析了代表性宏观变量与股市收益率之间的关联性，试图为宏观对股市的影响提供一个有意义的探索。