我国股票市场的发展对货币政策传导机制的影响.doc

摘要：股票市场的发展越来越快，金融工具的创新不断深化。由于股票市场的发展现实地影响着实体经济和人们的生活水平，因而也必然会影响我国的货币政策传导机制。本文以我国股票市场对货币政策传导机制的影响这个问题为核心，对我国的股票市场以及货币政策传导机制进行分析研究。目的是更加全面地了解我国的货币政策体系和股票市场之间的联系，发现我国货币政策体系的弊端，找出股票市场的不足，分析出股票市场如何影响货币政策传导机制，货币政策如何作用于股票市场。本文运用了理论分析与实证分析相结合的方法，以利率机制、投资效应和财富效应以及货币供应量为重点进行研究，通过相关性分析和回归分析，验证之前的理论分析，得出我国股票市场存在正的投资效应和财富效应的结论，并分析了股票市场对货币政策有效性的影响，主要是股票市场如何影响货币政策的中介目标、最终目标等。还探讨了我国股票市场传导货币政策的障碍，并对解决我国货币政策体系的问题提出了些许建议。

关键词：股票市场 ；货币政策 ；传导机制 ；货币供应量

ABSTRACT：With the high development of the stock market, the creation of financial instruments are deepen. The development of the stock market influence the real economy and people’s life, so it would influence the monetary policy transmission mechanism inevitably. This passage put the effects that the stock market acts on the monetary policy transmission mechanism in the central, analyses the stock market and the monetary policy transmission, so as to find out the relationship between the  monetary policy transmission and the stock market  more comprehensively, discover the defects of the monetary policy system and the stock market. Then, this paper would analysis how stock market affects the monetary policy transmission and in return how the monetary policy acts on the stock market. This passage uses the research method of the integration of theory with practice, concentrating on the  interest rate mechanism, investment effect, consumption effect and money supply. In order to confirm the theories in this paper by means of canonical correlation analysis and regression analysis. We find that the stock market in our country exists investment effect and consumption effect. Then, we analysis the influence that the stock market act on the monetary policy. In this paper, we mainly analysis the effect that the stock market acts on the monetary policy intermediary target and final target. In the last, we probe into the obstacle when stock market transmitting the monetary policy and give some advice to solve the problems in the monetary policy system.

Key words:  Stock market; Monetary policy; Transmission mechanism;  Money supply

　　　股票市场面临的问题越来越多。货币政策的最终目标和中介目标已经不再适应我国经济的的发展。股票市场是企业筹集资本的重要场所，也是资金盈余者投资的重要场所，与我们实际的经济活动联系密切，是传递货币政策的一个重要环节。因此，研究我国股票市场对货币政策传导机制的影响，一方面可以对我国的股票市场有更进一步的了解，更好地发挥股票市场“晴雨表”的作用，进一步健全我国的股票市场。另一方面，这个课题还会深入研究我国的货币政策传导机制，分析目前的货币政策传导是否及时有效，时滞影响有多大？整个货币政策体系是否完善？如何进一步完善我国的货币政策传导机制？最主要的是了解我国的股票市场的发展对货币政策传导机制有着怎样的影响，进而通过股票市场寻求一个合适的传导机制，让货币政策有效地发挥作用。