中文摘要：

本文以2005年6月-2008年1月中国A股市场数据为样本,运用VEC模型以及脉冲响应与方差分解分析方法,就股市规模与股价波动性之间的相互影响进行实证检验。实证结果表明：股市资金供求双方综合规模（简称股市综合规模）的正向冲击会导致股价波动性加大,股价波动性加大又会反过来加速股市综合规模的扩张,这种反馈效应强化了股市综合规模对股价波动性的上述正向影响,并且,股市综合规模扩张之所以会加大股价波动性,主要是因为股市资金供给方规模扩张会加大股价波动性。针对上述情况,本文的结论是：为维护股市稳定,应控制股市规模尤其是股市资金供给方规模过快扩张。

英文摘要：

The empirical study concentrates on the interaction between China＇s stock market size and stock price volatility. Empirical results show that：（1）The expansion of the comprehensive size of stock market has a positive effect on stock price volatility; （2） In turn,stock price volatility produces a positive feedback effect; （3）The main reason for （1） is that the expansion of the size of funds providers has a positive effect on stock price volatility. Relevant policy suggestion is：In order to maintain the stability of China＇s stock market,the government should prevent the size of stock market,especially the size of funds providers,from expanding too fast.