货币政策对股票价格波动的影响研究.pdf 全文免费在线阅读

  本文关键词：货币政策对股票价格波动的影响研究，，由笔耕文化传播整理发布。

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硕士学位论文论文题目货币政策对股票价格波动的影响研究研究生姓名王建新指导教师姓名徐涛专业名称金融学研究方向货币金融论文提交日期 2013 年 3 月货币政策对股票价格波动的影响研究中文摘要I货币政策对股票价格波动的影响研究中文摘要随着股票市场逐步兴起、发展、壮大,股票市场与实体经济的关系也越来越密切。一方面,股票市场逐渐成为货币政策传导渠道的一个重要组成部分,另一方面,股票价格自身的波动也对宏观经济产生了深远的影响,股票价格的波动逐渐引起了货币当局的关注,因而研究货币政策对股票价格波动的影响具有重要的意义。这不仅有利于投资者依据货币政策对股票价格走势做出合理的判断,而且有利于完善货币政策的资产价格传导渠道,提高货币政策的传导效率,同时也关系到货币当局货币政策的制定。本文运用理论分析和实证检验相结合的方法论证货币政策对股票价格波动的影响,得出了以下结论:货币政策对股票价格波动存在一定的影响,但是总体影响效果不显著,在当前形势下,股票市场作为我国货币政策的传导渠道还存在不足的因素;对于货币政策的中介指标货币供给量,广义货币供给量(M2)对股票价格波动的影响效果要强于狭义货币供给量(M1);相对于货币供给量,利率对股票价格波动的影响效果更大,因而,在目前的状况下,我国货币政策仍应以利率作为主要调控工具,同时加强对广义货币供应量(M2)的关注。关键字: 货币政策, 股票价格, 传导渠道作者:王建新指导老师:徐涛英文摘要货币政策对股票价格波动的影响研究IIThe Impact of ary Policy on Stock PriceFluctuationsAbstractWith the rapid development of China’s stock market, the relationship between thestock market and the entity economy is much closer. On the one hand, the stock markethas e an important channel for ary policy, On the other hand, the volatilityof stock price has had a profound impact on macroeconomic, challenging the target ary policy. So, it’s important to research the impact of ary policy on stockprice fluctuations. This not only helps investors make judgments on the stock price basedon the ary policy, but also helps to improve the efficiency of transmission ary policy, but also related to the formulation of ary policy. In this thesis, Imainly study the effect of Chinese ary policy on stock price in the theoretical andempirical way. I make some conclusions: ary policy has a certain impact on thestock price fluctuations,but the overall effect was not significant,it’s still insufficient forChina’s stock market as the transmission channel of ary policy; both the narrowmoney supply and the broad money supply have little effect on the positeindex, Broad money supply (M2) effect on stock price is stronger than the narrow moneysupply (M1);Compared to money supply, interest rates have a greater impact on the stockprice volatility; So, ary policy should be based on interest rates as the mainregulatory tools, at the same time, the central bank should concern about the broadmoney supply (M2).Keywords: ary Policy, Stock Price, Transmission ChannelWritten by :Wang JianxinSupervised by:Xu Tao目录一、绪论...................................................................................................................... 1 1.1 选题背景............................................................................................................. 1 1.2 选题意义............................................................................................................. 2 1.3 研究方法与文章结构......................................................................................... 2 1.4 文献综述............................................................................................................. 3 1.4.1 国外文献综述........................................................................................... 3 1.4.2 国内文献综述.............................

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  本文关键词：货币政策对股票价格波动的影响研究，由笔耕文化传播整理发布。