人民币升值对股票市场的影响分析

发布时间：2018-07-01 15:00

本文选题：人民币升值 + 股票市场　；参考：《华北电力大学》2012年硕士论文

【摘要】：汇率市场和股票市场之间存在很强的联系。西方成熟资本市场经验表明,各个国家股市的估值标准,总是会受到该国金融市场和货币政策的重大影响,股价水平的高低与汇率密切相关；如果不能采取有效的措施,保持汇率市场的平稳,会引起股票估值标准的波动,最终引发金融市场的动荡。因此,研究人民币升值背景下我国股票市场估值,对于促进我国股市的开放与完善、防止金融市场的大起大落,以及我国资本市场的国际化,都具有非常重要的意义。本文致力于深入而系统地研究人民币、日元货币升值的影响因素,以期进一步了解影响其币值波动的深层次原因,揭示汇率波动对股市估值标准的传导机理,并有针对性找到相应的适合我国股票市场的估值方法。本文具体采用了理论研究和实证研究相结合的研究方法,从人民币升值、日元升值期间股市表现、以及我国股市估值标准的建立等三个方面,对汇率波动对股市估值标准的传导机理、以及股市估值标准的形成进行了研究。首先,概述国内外已有的理论研究成果,并从中发现了汇率波动影响股价估值的机理。其次,吸收和借鉴有效的实证研究方法,对我国人民币升值的历史过程、现状,影响原因以及利弊,进行了实证分析。同时,由于日本经济发展、币值升值与我国的可比性,笔者还充分研究了日元升值期间对股市的影响,发现了其中内在的一些联系,以及传导的机理。最后,对研究结果进行了总结,给出了政策建议,并指出了文中的不足,以及对未来的研究展望,这无疑会推动我们资本市场自身的发展。
[Abstract]:There is a strong link between the exchange rate market and the stock market. The experience of mature capital markets in the West shows that the valuation criteria of stock markets in various countries are always greatly influenced by the financial markets and monetary policies of that country, and the level of stock prices is closely related to the exchange rate; if effective measures are not taken, Keeping the exchange rate market stable will lead to volatility in stock valuation standards and ultimately financial market volatility. Therefore, it is of great significance to study the valuation of China's stock market under the background of RMB appreciation in order to promote the opening and perfection of China's stock market, to prevent the financial market from falling and falling, and to internationalize our capital market. This paper is devoted to deeply and systematically study the influencing factors of the appreciation of RMB and yen currency, in order to further understand the deep-seated causes of its currency fluctuation, and reveal the transmission mechanism of exchange rate fluctuation to the valuation standard of stock market. And targeted to find the corresponding valuation method suitable for China's stock market. This paper adopts the research method of combining theoretical research with empirical research, from three aspects: appreciation of RMB, performance of stock market during yen appreciation, and establishment of valuation standard of stock market in China. This paper studies the transmission mechanism of exchange rate fluctuation to stock market valuation standard and the formation of stock market valuation standard. Firstly, it summarizes the existing theoretical research results at home and abroad, and finds out the mechanism of exchange rate fluctuation affecting stock valuation. Secondly, using the effective empirical research methods for reference, the paper makes an empirical analysis of the historical process, the present situation, the influence reasons and the advantages and disadvantages of RMB appreciation in China. At the same time, due to the development of Japanese economy and the comparability of currency appreciation with our country, the author also fully studies the influence of yen appreciation on stock market, and finds out some internal relations and conduction mechanism. Finally, the research results are summarized, the policy recommendations are given, and the shortcomings of the paper are pointed out, as well as the future research prospects, which will undoubtedly promote the development of our capital market itself.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.6;F832.51

【参考文献】