本文選題：貨幣政策　切入點：股票市場　出處：《中國政法大學》2013年碩士論文　論文類型：學位論文

【摘要】：關于貨幣政策與股票市場關系的研究，一直是經濟學領域的熱點問題之一，但迄今為止研究學者并未就此達成一致意見。回顧上證綜合指數歷史走勢情況，，我國股票市場也曾發(fā)生過頻繁的、大幅的波動。由于現階段我國金融體系還不夠健全，股票市場非基本面的波動極有可能給實體經濟帶來巨大沖擊。因此，研究貨幣政策的執(zhí)行對股票市場波動的影響既有理論的必要性，更有現實的迫切性。 本文以貨幣政策的執(zhí)行對股票價格波動的影響作為研究對象，深入分析貨幣政策影響股票市場的作用機制，并將貨幣政策相關指標與上證綜合指數進行實證檢驗。文章實證部分采用了單位根檢驗、協整檢驗、格蘭杰因果檢驗、向量自回歸（VAR）模型、脈沖響應函數分析以及方差分解，以對貨幣政策、股票價格兩者關系進行深入探究。 本論文共分五章。第一章為緒論。包括論文選題的研究背景、研究的意義及目的、論文的研究結構及應用的計量研究方法、可能存在的創(chuàng)新和不足、文獻綜述。 第二章介紹貨幣政策相關理論及股票市場相關理論。該章節(jié)總結了貨幣政策執(zhí)行的相關理論、股票市場理論以及貨幣政策影響股票市場的三種作用渠道，以為下文的實證研究提供理論基礎。 第三章分析了我國股票市場建立以來中國人民銀行貨幣政策的執(zhí)行情況，并著重分析貨幣政策的執(zhí)行對股票市場價格波動的影響。本章從三個方面進行闡述，即貨幣政策工具的三個方面，包括金融機構存貸款基準利率的調整、公開市場操作業(yè)務、存款準備金制度等。 第四章為本論文的實證研究部分，包括數據的選取說明、計量方法的選取以及實證檢驗。 第五章為實證研究結論及相應政策建議。本章對第四章的計量結果進行分析總結，并據此提出相應的政策建議。
[Abstract]:The study of the relationship between monetary policy and the stock market has been one of the hot issues in the field of economics, but so far researchers have not reached an agreement on this issue. China's stock market has also experienced frequent, large fluctuations. Because the current financial system in China is not sound enough, the non-fundamental fluctuations of the stock market are likely to bring a huge impact on the real economy. It is necessary and urgent to study the effect of monetary policy on stock market volatility. In this paper, the effect of monetary policy on stock price fluctuation is studied, and the mechanism of monetary policy affecting stock market is deeply analyzed. The empirical part uses unit root test, cointegration test, Granger causality test, vector autoregressive VAR-model, impulse response function analysis and variance decomposition. In order to the monetary policy, the stock price two relations carries on the thorough exploration. This paper is divided into five chapters. The first chapter is the introduction. It includes the research background, the significance and purpose, the research structure and the applied metrological research methods, the possible innovation and deficiency, and the literature review. The second chapter introduces the theories of monetary policy and stock market. This chapter summarizes the relevant theories of monetary policy implementation, the stock market theory and the three ways that monetary policy affects the stock market. To provide the theoretical basis for the empirical study below. The third chapter analyzes the implementation of the monetary policy of the people's Bank of China since the establishment of the stock market, and focuses on the impact of the implementation of the monetary policy on the stock market price fluctuations. That is, three aspects of monetary policy instruments, including the adjustment of deposit and loan benchmark interest rate of financial institutions, open market operation business, deposit reserve system, and so on. Chapter 4th is the empirical research part of this paper, including the data selection explanation, the measurement method selection and the empirical test. Chapter 5th is the conclusion of empirical research and the corresponding policy recommendations. This chapter analyzes and summarizes the measurement results of Chapter 4th and puts forward corresponding policy recommendations accordingly.
【學位授予單位】：中國政法大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F822.0

【參考文獻】

中國期刊全文數據庫 前10條

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2 劉q

本文編號：1589740