我国存贷款基准利率的调整对股票价格影响的分析

发布时间：2018-04-27 01:31

本文选题：存贷款基准利率 + 股票价格　；参考：《山西财经大学》2013年硕士论文

【摘要】：我国的股票市场从无到有，从原来的不成熟到现在的逐步完善，尤其是股权分置改革的进行，消除了股市发展的最大障碍。20多年来，股票市场的环境和制度建设都取得了长足的发展，逐渐成为反映我国宏观经济运行状况的良好工具。股票市场不仅给投资者带来了财富同时也带来了巨大的损失，其自身的发展过程也跌宕起伏。如今股票市场作为我国资本市场的核心和主要的投融资场所，其对经济发展的重要性表现的越来越明显。股票市场的发展除了受一些基本因素影响的同时也会受到国家货币政策的影响，存贷款基准利率作为我国重要的货币政策工具经历了多次的调整，这些调整是否会对我国股票市场的发展及我国股票价格的变化产生影响就值得关注。本文研究的重点就是存贷款基准利率对股票价格的影响。虽然从理论上讲，，二者之间是负相关的关系，但是通过对利率调整幅度与调整次日和第七日股价涨跌进行格兰杰因果检验表明二者之间不存在因果关系。这主要是由我国特殊的金融环境所导致的，所以在此基础上，对我国存贷款利率的传导和股票市场的完善以及整个金融市场的健全提出了一些建议，希望通过各方面的努力使存贷款利率这一货币政策工具发挥其应有的作用，股票市场也能够及时反映政策调控的效果，为央行制定政策提供有效的依据。
[Abstract]:The stock market of our country is from scratch, from the original immature to the present step by step, especially the split share reform, which has eliminated the biggest obstacle to the development of the stock market.20 for many years, the environment and system construction of the stock market have made great progress, and gradually become a good tool to reflect the state of the macro-economic operation of our country. The stock market not only brings wealth to investors but also brings huge losses, and its own development process is also ups and downs. As the core of our capital market and the main investment and financing place, the stock market is becoming more and more obvious to the importance of economic development. The development of the stock market is subject to some basic factors. The influence is also affected by the national monetary policy. The benchmark interest rate of deposit and loan has been adjusted many times as an important monetary policy tool in China. It is worth paying attention to whether these adjustments will affect the development of China's stock market and the change of the stock price of our country. The focus of this paper is on the benchmark interest rate of deposit and loan. Though the relationship between the two is negatively related to the stock price, the Grainger causality test shows that there is no causal relationship between the two, which is mainly caused by the special financial environment of our country. This paper puts forward some suggestions on the transmission of the interest rate of deposit and loan, the perfection of the stock market and the perfection of the whole financial market. It is hoped that the monetary policy tools of the deposit and loan interest rate will play its due role through various efforts. The stock market can also reflect the effect of the policy control in time so as to provide effective policy for the central bank to formulate policies. The basis for it.

【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F832.1;F224

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