本文選題：人民幣升值 + 股票市場��； 參考：《華北電力大學》2012年碩士論文

【摘要】：匯率市場和股票市場之間存在很強的聯(lián)系。西方成熟資本市場經(jīng)驗表明,各個國家股市的估值標準,總是會受到該國金融市場和貨幣政策的重大影響,股價水平的高低與匯率密切相關；如果不能采取有效的措施,保持匯率市場的平穩(wěn),會引起股票估值標準的波動,最終引發(fā)金融市場的動蕩。因此,研究人民幣升值背景下我國股票市場估值,對于促進我國股市的開放與完善、防止金融市場的大起大落,以及我國資本市場的國際化,都具有非常重要的意義。 本文致力于深入而系統(tǒng)地研究人民幣、日元貨幣升值的影響因素,以期進一步了解影響其幣值波動的深層次原因,揭示匯率波動對股市估值標準的傳導機理,并有針對性找到相應的適合我國股票市場的估值方法。 本文具體采用了理論研究和實證研究相結合的研究方法,從人民幣升值、日元升值期間股市表現(xiàn)、以及我國股市估值標準的建立等三個方面,對匯率波動對股市估值標準的傳導機理、以及股市估值標準的形成進行了研究。首先,概述國內外已有的理論研究成果,并從中發(fā)現(xiàn)了匯率波動影響股價估值的機理。其次,吸收和借鑒有效的實證研究方法,對我國人民幣升值的歷史過程、現(xiàn)狀,影響原因以及利弊,進行了實證分析。同時,由于日本經(jīng)濟發(fā)展、幣值升值與我國的可比性,筆者還充分研究了日元升值期間對股市的影響,發(fā)現(xiàn)了其中內在的一些聯(lián)系,以及傳導的機理。最后,對研究結果進行了總結,給出了政策建議,并指出了文中的不足,以及對未來的研究展望,這無疑會推動我們資本市場自身的發(fā)展。
[Abstract]:There is a strong link between the exchange rate market and the stock market. The experience of mature capital markets in the West shows that the valuation criteria of stock markets in various countries are always greatly influenced by the financial markets and monetary policies of that country, and the level of stock prices is closely related to the exchange rate; if effective measures are not taken, Keeping the exchange rate market stable will lead to volatility in stock valuation standards and ultimately financial market volatility. Therefore, it is of great significance to study the valuation of China's stock market under the background of RMB appreciation in order to promote the opening and perfection of China's stock market, to prevent the financial market from falling and falling, and to internationalize our capital market. This paper is devoted to deeply and systematically study the influencing factors of the appreciation of RMB and yen currency, in order to further understand the deep-seated causes of its currency fluctuation, and reveal the transmission mechanism of exchange rate fluctuation to the valuation standard of stock market. And targeted to find the corresponding valuation method suitable for China's stock market. This paper adopts the research method of combining theoretical research with empirical research, from three aspects: appreciation of RMB, performance of stock market during yen appreciation, and establishment of valuation standard of stock market in China. This paper studies the transmission mechanism of exchange rate fluctuation to stock market valuation standard and the formation of stock market valuation standard. Firstly, it summarizes the existing theoretical research results at home and abroad, and finds out the mechanism of exchange rate fluctuation affecting stock valuation. Secondly, using the effective empirical research methods for reference, the paper makes an empirical analysis of the historical process, the present situation, the influence reasons and the advantages and disadvantages of RMB appreciation in China. At the same time, due to the development of Japanese economy and the comparability of currency appreciation with our country, the author also fully studies the influence of yen appreciation on stock market, and finds out some internal relations and conduction mechanism. Finally, the research results are summarized, the policy recommendations are given, and the shortcomings of the paper are pointed out, as well as the future research prospects, which will undoubtedly promote the development of our capital market itself.
【學位授予單位】：華北電力大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.6;F832.51

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