本文针对股票市场的同步性指标进行了创新，提出了原 创性的新的股价同步性指标，并与原先的股价同步性指标一 同对2004-2006 年的24 个国家的宏观股市的同步性进行对 比，同时，用新的股价同步性指标对1996 年到2011 年16 年的中国股市的股价同步性进行测定，发现中国整体上的投 资环境有所改善，股价同步性特征逐年降低。在分析投资偏 好后发现，投资环境在投资收益10%以下的低风险股票和投 资收益20%以上的高风险股票投资的投资者表现出了十分明 显的投资理性特征，但是10%-20%的中等风险股票投资者对 于投资的理性不高，投机偏好明显。由于中等风险的股票占 总股票的多数，因此本文认定中国股票市场的投资环境虽然 在总体上有所改善，但仍然存在很强的投机偏好。

This paper focuses on the effect of the mark-wide macroeconomic factors. Firstly, it defines a creatively index measuring the stock price synchronicity. By applying both indices on measuring the stock price synchronicity of the 24 countries in the world, it compares the authoritative index with the new one. Then using these indices to conduct an empirical statistics analysis, it affirms that Chinese stock market’s stock price synchronicity is declining all the time in general. But in the last section of this paper, it generates the differences between the low-degree risk stocks, the high-degree risk stocks. On the contrast, it affirms that in Chinese stock market, in the year of 2006, the public investors of the middle-degree risk stocks have more speculative motivate demand.