摘要
以深入探讨货币供应量和市场利率水平对股票市场的影响为目的,利用多种经济计量方法,实证检验货币供应量、市场利率水平的变化对股票市场收益率的影响,得出结论:我国政府实施的财政货币政策对股票市场的影响显著,但调整利率所起的作用没有调整货币供应量那么明显,政策影响效果并不是完全朝着预期的方向发展。市场发育程度不健全、政策传导过程受阻等是导致政策效应发挥不充分的原因。
Aiming at conducting a profound discussion on the influence of money supply and market interest rate to the stock market, we use several economic approaches, carry out an empirical investigation and conclude that the monetary policy adopted by the Chinese government has prominent influence on the stock market; however, the role of interest rate regulation is not as obvious as money supply ad- justment and the policy has not achieved effects as expected. The unsound market growth and hindrance to the policy conduction lead to the inadequate policy effectiveness.
出处
《商业经济》
2012年第13期96-98,共3页
Business & Economy
关键词
货币政策
股票市场
价格波动
实证研究
monetary policy, stock market, price fluctuation, empirical study
