文档介绍：山西财经大学
硕士学位论文
货币政策的股票市场传导机制研究
姓名:靳峰
申请学位级别:硕士
专业:金融学
指导教师:李锁云
2011-06-12
摘要
近几十年以来,股票市场的发展成熟度已成为一个国家经济发展腾飞的重
要标志,股票市场参与到一国国民经济中的比重在不断的加大,股票市场的健
全、合理、有序的发展能够促进该国国民经济健康持续的发展。随着股票市场
在国民经济中扮演着越来越重要的角色,货币政策与股票市场之间的关系也在
慢慢发生新的变化,货币政策的制定和实施不仅影响到股票价格的变动,而且
通过对股票价格的变动来带动股市的投资效应和消费效应发生作用,从而来对
实体经济产生影响,进一步影响着一国经济的整体运行情况。
本文在占有大量资料和实证数据的情况下,从理论和实证两方面系统的阐
述了货币政策股票市场传导机制的整个过程,并且把货币政策股市传导机制的
整个过程细分成货币政策对股市的影响和股市对实体经济的影响这样两个方面
来加以研究和论述。在研究方法上,本文主要采用了单位根检验、协整检验、
因果关系检验等经济计量学实证分析方法,从实证分析中我们可以得出
哪些因素影响着我国货币政策股票市场的传导机制。最后根据前面的实证分析
本文就可以针对性的对货币政策股市传导机制提出相关政策建议。

【关键词】货币政策传导机制股票市场实证分析

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Abstract
In recent decades, the development of the maturity of the stock market has e an important
national symbol of economic development take off, the stock market to participate in the proportion
of a country's national economy continued to increase in the stock market sound, reasonable and
orderly development can promote the healthy and continuous development of the national economy.
With the stock market in the national economy, playing an increasingly important role in ary
policy and the relationship between the stock market, new changes are slow, the development and
implementation of ary policy affects not only the stock price changes, and Through the
changes to boost the stock price effect of stock market investment and consumption effects play a
role, so to have an impact on the real economy, and further affect the operation of a country's
overall economic situation.
Based on the possession of large amounts of data and empirical data is available, from both
theoretical and empirical exposition of the system of ary policy transmission mechanism of
stock markets throughout the process and the stock market to ary policy transmission
mechanism of ary policy throughout the process broken down into the impact on the stock
market and the stock market on the real economy so that the two aspects to be