The Volatility Research Based on the Except of Share Merger Reform

Based on the foreign research model, the expression of equilibrium price based on the expected full circulation is obtained in the text with consideration of the actual factors of the bond markets in China, and a volatility model is set up through the analysis of factors of equilibrium price as well. The study indicates that enterprises with less equity scale will encounter higher volatility, and the share merger reform will help to decrease the market volatility.