Discerning the vibration characteristic and its time sensitivity of China stock market ——The theory and application of the R/S approach

In this paper, China stock market is analyzed using the R/S approach. The characteristic of this paper is that it isn't a single study on some index of China stock market as some scholars have done, and it analyzes China stock market vertically and horizontally. On the horizontal level, the two representative indexes of China stock market are selected: Shanghai Composite Stock Index and Shenzhen Component Stock Index; and on the vertical level, the fractal characteristic and time sensitivity of the ten index interests are studied according to five different time spans. At the end, according to the contrast of the ten index interests in length and breadth, the vibration characteristic of China stock market is discerned.