BackgroundFinancial supervision is the general name of financial supervision and financial management. While reviewing the 30-year history of financial supervision, this paper uses scientific and objective quantitative methods to calculate the supervision cycle, which plays an important role in grasping the development law of financial market and implementing financial supervision policies. This paper aims to study the periodic change law of financial supervision and the change of “psychological state” of financial supervision institutions in the process of financial supervision. This paper introduces the dependent variable “financial supervision state” to reflect the “psychological state” of the government. In addition, by using observable macroeconomic indicators, an empirical measurement model is established to study the intangible state of financial supervision with visible macroeconomic data.Research Objects and MethodsSeven factors are selected in this paper. They are real GDP growth rate (GDP), fixed price loan growth rate (FIL), CPI growth rate (CPI), M2 growth rate (MS2), foreign exchange reserve growth rate (FRS), social financing growth rate (SFC) and Shanghai composite index growth rate (SHI). Then, the econometric model is established by using logit method. At the same time, it analyzes the correlation between investors' psychological state and venture capital level, especially the factors of investors' anxiety. The reliability and validity of QSC scale revised by Chinese Academy of Sciences were analyzed. The total correlation coefficients of venture capital decision-making, emotional anxiety, job stress and job satisfaction were greater than 0.5. The scale has high reliability. For effectiveness analysis, the scales used in each structure in this paper, this paper takes emotional labor as independent variable and work stress as dependent variable to explore the impact of emotional labor on work stress.,ResultsFirst, fil and CPI were significant in different models. At the same time, MS2 is of great significance in a model. In fact, CPI is an important factor when regulators design macroeconomic, monetary and financial policies. Second, GDP, FRS, SFC, Shi and other indicators are not significant at this stage and the lag stage of financial supervision. In some literatures, relevant factors are used to study and judge the financial supervision cycle, and some conclusions are drawn. However, based on the above results, we have reservations about these conclusions. Model 58 in SPSS macro compiled by Hayes (2013) is used to test the regulated mediation model. As shown in Table 4, the anterior / posterior pathways of mediating effect are regulated by regulation difficulty. The simple slope test of the anterior path showed that when the level of regulation difficulty was low, interpersonal emotion regulation had a significant positive predictive effect on expression inhibition (β = 0.08, t = 7.91, p < 0.001); When the level of regulation difficulty is high, the positive predictive effect of interpersonal emotion regulation on expression inhibition is significantly enhanced (β = 0.12, t = 11.04, p < 0.001). This shows that the predictive power of interpersonal emotion regulation on expression inhibition is significantly enhanced with the increase of the level of emotion regulation difficulty. β A positive value indicates that the level of psychological state has a positive and significant impact on drug investment.ConclusionFil and CPI are helpful to analyze and judge the financial supervision cycle. In addition, the model can also be used to predict the state of financial supervision, so as to understand the “psychological state” of the government in the implementation of financial supervision. However, this paper still needs further discussion. Firstly, the fuzzy division of financial supervision has the nature of qualitative analysis and still has strong subjectivity. Second, multicollinearity exists in models that use all seven factors. With the help of principal component analysis and factor analysis, the information of multiple indicators can reflect the information of all factors. It will be discussed in depth in the forthcoming paper. Especially as a global public health emergency, the severity of novel coronavirus disease has caused great panic in the world, shaken the minds of investors and triggered fluctuations in the stock market. The pandemic has had varying degrees of impact on drug inventory returns in the world's most affected countries. However, with the control of Internet public opinion and the stability of investor sentiment, the impact is significant in the short term. This will help China improve the stock market emergency mechanism and formulate phased and differentiated economic incentive policies. It provides a theoretical basis for investors to reasonably deal with stock market fluctuations in an emergency.AcknowledgementsSupported by Key Project of Key Research Base of Humanities and Social Science of Ministry of Education of China (No. 15JJD790013), Characteristic Innovation Project of Higher Education in Guangdong Province, China (No. 2016WTSCX131), Higher Education Reform Project of Undergraduate Finance Major in Guangdong Province, China (No. 2018JR030).