1. The changes of the stock index volatility lagging 1,2 or 5 periods has a significant positive effect on the current stock index volatility.

2. The stock index volatility lagging three periods does not have a significant effect on the current stock index volatility.

3. With the increase of the GDP lagging 2 or 5 periods, there respectively exists the momentum of 0.001820 and 0.001692 for FDI, reducing the FDI in the current period.