人民幣匯率與中國股票市場價格聯(lián)動關(guān)系分析.pdf

1、東北師范大學(xué)碩士學(xué)位論文人民幣匯率與中國股票市場價格聯(lián)動關(guān)系分析姓名：榮文博申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：孫立20080501AbstractTheliIl：kSbe鉚eenfi|捌ncialmarketsbecomemoreclosely，sha鵬priceWIlichbelongstoc印砌market趾dexchaI培erateW11ichbelongst0mo枷可marketareiIllportantfm眥cialv

2、ariables，closealtentionl協(xié)sbeeninc托asillglypaidtonlerelatio蒯pbetweensllarepriceandcXchangerateSiIlceJuly2l，2005，C址labegallimplementationof恤eXcl幽gerateref0肌111atis，恤appreciationof舭n忸exChallgeratebecomesareal時1heRA仍excl捌唱er

3、ateagaillstthedollarll髂appreciatedtotalof133perCentby—pe9鯽nber28，2007，iIladdition，this仃endhaSstiUacceleratIedComparedtonleappreciationof廿1eI①仍exchangerate，ChiIdsstockmarketahllosthasstanedabullmarketforIIloret11距佩Dyears，

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7、6ns：Firstly，before“72lEI汛”，廿1eIMBexchangerate、)l，illh刪eadnctandiIldnctimpactonCllhlasstockmarketprices，C11ina’sstockmarketpricescouldklveonlyi11directimpaCtontlle王冰佃；excl瑚gerateThereisaone一、Ⅳ乏LycausalrelatioIlsMp丘omRM[Be

8、xch2ulgeratet0ChiIla’sstockmarketpricesARer“721ERR，’，也ereisaonewaycausaLlrelationsl卸自omChi】耐sstockm破etpriceston佰exchallgerateSecondly，along謝吐l廿1ede印e11ingofIU舊exchlgeratemarket—orientedanderlllaIlcementof也eelaStici夠ofexc

9、hangerate，也ecorrelationbetv舊enexchangerateandstockpricesbecomesrelativelysignificantInconclusiononmebaSisofC11irlafsexchangerate也rou曲thesta：tusofstockanalysis，t11e珧rputsfo刑ardsthecorrespondillgpolicyrecommendationstoensu