我國(guó)貨幣政策與股票市場(chǎng)相關(guān)性研究.pdf

1、云南財(cái)經(jīng)大學(xué)碩士學(xué)位論文我國(guó)貨幣政策與股票市場(chǎng)相關(guān)性研究姓名：龍林庚申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：李國(guó)疆2011-05Abstract II Abstract Since the 1990s, with the rapid development of China's stock market, the stock market has played a great role in direct f

2、inancing for Chinese enterprises, but the frequent fluctuation of the China’s stock price brings a lot of shock to the development of our national economy .The credit funds entering the stock market illegally pose

3、d a great challenge to our country's monetary policy formulation and implementation. So, the currency demand of stock market must be considered in making monetary policy. How to develop the stock market b

4、etter and how to make monetary policy more accurate according to economic conditions is why the author writes this paper. This article has got some suggestions from predecessors’ studies on this problem, also absorbe

5、d some better research methods. Through the theoretic analysis and empirical analysis to the correlation of the monetary policy and the stock market, we choose the latest economic data, and use the resea

6、rch methods, such as ADF test, cointegration test and impulse response and variance decomposition. The author has studied both the influences of the money supply to the stock market and the influence

7、s of the stock market to monetary policy. Through the research the author has found the increasing of money supply can lead to the rise of the stock price and that the rising of interbank lending rates can

8、also lead to increase of the stock price. When the economy is in good conditions, investors will anticipate the profits, as a result, interest rates will lead to rising in stock prices , but interest rates can also lead

9、to a falling in the long time when considering the rising costs and portfolio substitution benefit .This phenomenon can be interpreted as interest rates on stock market hysteresis. so we should speed up the reform of Chi