Stock　market　is　an　important　segment　of　the　financial　system　of　a　country.　This　paper　empirically　studies　the　relationship　between　China＇s　stock　market　after　the　equity　division　reform　and　macroeconomic　factors　in　the　background　of　international　financial　market　integration,　using　methodology　of　VAR　to　incorporate　the　influence　of　the　international　stock　market　into　the　model,　together　with　the　impulse　response　functions　analysis　and　variance　decomposition　analysis.　The　result　demonstrates　that　China＇s　stock　market　volatility　is　influenced　by　domestic　macroeconomic　factors　to　a　greater　extent,　the　influence　of　the　comovement　effect　of　international　stock　markets　is　still　limited.　©　2010　IEEE.