当前股市成为房地产热之后的又一个人们关注的焦点,如何从宏观方面把握今年股市的运行是管理层和投资者思索的一个问题。本文运用大量统计数据从三个不同角度分析了中外股票价格的波动特征,认为中国当前股票价格收益率具有向均值回归的趋势,中国的股票价格与宏观经济波动的相关性逐渐增强,中国的股票价格波动开始与全球主要股票市场出现联动特征。 Now that the stock market has become another hot spot after the real estate fever, how to grasp the operation of this year’s stock market macroscopically is a question that management and investors think. This paper uses a large amount of statistical data to analyze the fluctuation characteristics of Chinese and foreign stock prices from three different perspectives. It holds that the current stock price return rate in China has a tendency to return to the mean. The correlation between the stock price and macroeconomic fluctuations in China is gradually increasing. Price volatility began to appear in linkage with the major stock markets in the world.