Abstract: Based on the angles of the volatility,this paper gives a definition of financial market stability, proposes the test based on quantile regression method,and then tests the stability of Shanghai Market using the method.The empirical results show that the Shanghai stock market developed from unstable to stable,and particularly after the global financial crisis triggered by the U.S.subprime mortgage crisis,it has entered a stable state in relatively fast manner.The test method performs robust to the selections of systematic shock and periods of volatility.Meanwhile,the change of stock market stability indicate that a good range of policies for global financial crisis play a role in promoting a stable and healthy development of financial market.

Key words: financial market stability, volatility, quantile regression