發(fā)布時間：2018-06-11 13:06

  本文選題：貨幣供給 + 股票價格�。� 參考：《南京大學(xué)》2013年碩士論文

【摘要】：隨著我國股票市場的迅速發(fā)展和不斷完善,股票市場在經(jīng)濟活動中的作用和影響日益加強。近年來,關(guān)于貨幣政策與股票市場的相互關(guān)系問題受到越來越多的關(guān)注,已逐漸成為貨幣理論中一個比較熱門的問題。貨幣供給作為我國貨幣政策的中介目標(biāo),在我國貨幣政策體系中具有重要的地位。因而,分析貨幣供給與股票價格的相互影響對研究貨幣政策的股市傳導(dǎo)機制和有效制定貨幣政策具有十分重要的意義。 本文在充分借鑒國內(nèi)外相關(guān)研究的基礎(chǔ)上,對我國貨幣供給和股票價格的相互影響進(jìn)行了理論和實證分析。理論方面,從股票市場的貨幣政策傳導(dǎo)機制出發(fā),分析了貨幣供給對股票價格的影響；從貨幣供給的內(nèi)生性和貨幣供給模型兩方面分析了股票價格對貨幣供給的影響。實證方面,選取2000年1月至2012年12月我國各層次貨幣供應(yīng)量和上證綜指的月度數(shù)據(jù),運用VAR模型進(jìn)行了實證分析,實證分析中所涉及的計量方法有：時間序列平穩(wěn)性檢驗(單位根檢驗)、Granger因果檢驗、脈沖響應(yīng)函數(shù)和方差分解。實證得出的主要結(jié)論是：一、我國貨幣供給與股票價格存在一定的相互均衡關(guān)系；二、我國股票價格變動是貨幣供給變化的原因,但對各層次貨幣供應(yīng)量的影響程度不同；三、我國貨幣供給不是股票價格波動的原因。
[Abstract]:With the rapid development and continuous improvement of China's stock market, the role and influence of stock market in economic activities are increasingly strengthened. In recent years, more and more attention has been paid to the relationship between monetary policy and stock market, which has gradually become a hot issue in monetary theory. As the intermediate target of China's monetary policy, money supply plays an important role in China's monetary policy system. Therefore, it is of great significance to study the stock market transmission mechanism of monetary policy and to formulate monetary policy effectively by analyzing the interaction between money supply and stock price. This paper makes a theoretical and empirical analysis on the interaction between money supply and stock price in China. In theory, the paper analyzes the influence of money supply on stock price from the transmission mechanism of monetary policy in stock market, and analyzes the influence of stock price on money supply from two aspects: endogeneity of money supply and money supply model. From January 2000 to December 2012, the monthly data of money supply and Shanghai Composite Index are analyzed by using VAR model. The measurement methods involved in empirical analysis are: time series stationary test (unit root test / Granger causality test, impulse response function and variance decomposition). The main conclusions are as follows: first, there is a certain equilibrium relationship between money supply and stock price in China; second, the change of stock price is the reason of the change of money supply, but the influence on the money supply at different levels is different; third, Our country money supply is not the reason that stock price fluctuates.
【學(xué)位授予單位】：南京大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F822.2;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

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本文編號：2005351