其他摘要：The study proposes a new definition for financial stability from the perspective of return volatility, considering about the developmental characteristics of Chinese stock market. With quantile regression technique, we develop a universally econometric test for financial stability. Empirical analysis results within Shanghai market show that the market has been beginning to turn to a stable state from an unstable one since 2002, this conclusion is also confirmed by a sensitivity test of this model. Moreover, this paper investigates a vital role that the “extremely good” news plays in safeguarding financial market stability. Furthermore, the positive impact of a series of policies on rescuing the market, which is promulgated by Chinese government after the financial crisis, has been verified by our test.
