Using Cox proportional hazard model and Logistic discrete-time hazard model as analysis tool,this paper examines the explanatory and discriminating ability of stock market performance and macro-economic environment factors on financial distress risk of Chinese listed companies.

Based on several debates, it focuses on the analysis of the characteristics of different stages in the development of the Chinese stock markets and its impetus to the thought on the stock markets with a view to detect the evolutionary threads in the thought on the Chinese stock markets.

Take the share-trading reform of listed companies started in 2005 as a turning point, the stock market has ended the low fan that continued for 4 years since the past 2001 and made a new irritable bull market.

The problem about the regulation of the stock market is always the focus of discussions from different angles.

Relationship between outside factors and market equilibrium in stock markets;

The research of stock market and the monetary policy;

A correlation analysis of stock markets with Copula method;

Nowadays, there are many unsolved problems for China to implement the option, for example, the security market is not mature, the option can not be exchanged freely, security issuing system is restricted.

During the ten years of its development of the security market, Professor Z.

Adopting rate of weekly return of A share arithmetic weighting index and A_float_cap weighting index in Shanghai and Shenzhen, the paper uses phase space reconstruction and BDS test to test the nonlinear character in China security market.