本文選題：貨幣政策　切入點：量化寬松　出處：《天津大學(xué)》2014年碩士論文

【摘要】：2008年金融危機之后,包括美國在內(nèi)的發(fā)達(dá)國家為了拯救經(jīng)濟,改善就業(yè)率和通貨緊縮的狀況,都實施了量化寬松的貨幣政策來改善流動性,以期促進經(jīng)濟的增長,改善就業(yè)率。自從21世紀(jì)以來,美、日、英、歐洲央行都陸續(xù)使用了量化寬松貨幣政策,對金融危機后全球經(jīng)濟恢復(fù)有著重要的作用。但與此同時也造成了全球的流動性泛濫,持續(xù)的量化寬松已經(jīng)成為學(xué)術(shù)界、監(jiān)管者和市場機構(gòu)關(guān)注的重點。股市是我國資本市場重要的組成部分,在曲折的發(fā)展過程中,股市與貨幣市場之間的聯(lián)系正在逐步加強。我國的金融市場開放程度越來越高,我國資本市場也逐漸成為短期國際資本炒作的目標(biāo),所以量化寬松的貨幣政策環(huán)境所引起的流動性過剩必然會對我國的資本市場形成沖擊,影響股市的波動。因此,筆者探尋了美國的量化寬松貨幣政策與中國股市之間的聯(lián)系,在第一章先對量化寬松貨幣政策的基本理論及其傳導(dǎo)機制的國內(nèi)外文獻(xiàn)進行了綜述,第二章筆者介紹了美國四輪量化寬松貨幣政策的主要內(nèi)容,第三章筆者分析了美國量化寬松貨幣政策對我國股市的影響路徑,第四章筆者建立了回歸模型,分析量化寬松貨幣政策與上證指數(shù)之間的相關(guān)性,并對模型參數(shù)的結(jié)果進行了解釋。第五章筆者分析了美國量化寬松貨幣政策退出的時機及其對上證指數(shù)的影響,第六章筆者對我國如何應(yīng)對量化寬松貨幣政策對股市和中國經(jīng)濟的沖擊提出了政策建議。探討美國量化寬松貨幣政策對我國股票市場的影響,對于防范金融風(fēng)險,保持我國經(jīng)濟和金融市場穩(wěn)定發(fā)展,有著至關(guān)重要的作用。
[Abstract]:After the 2008 financial crisis, developed countries, including the United States, implemented quantitative easing to improve liquidity in an effort to save the economy, improve employment and deflation, in an effort to boost economic growth. Improving employment. Since the 21st century, the United States, Japan, Britain and the European Central Bank have all been using quantitative easing monetary policy, which has played an important role in the global economic recovery after the financial crisis. But at the same time, it has also caused a flood of global liquidity. Continued quantitative easing has become the focus of attention of academia, regulators and market institutions. The stock market is an important part of China's capital market, and in the course of its tortuous development, The relationship between the stock market and the money market is gradually being strengthened. China's financial market is becoming more and more open, and the capital market of our country is gradually becoming the target of short-term international capital speculation. Therefore, the excess liquidity caused by the monetary policy environment of quantitative easing will inevitably impact the capital market of our country and affect the volatility of the stock market. Therefore, the author explores the link between the quantitative easing monetary policy of the United States and the Chinese stock market. In the first chapter, the basic theory of quantitative easing monetary policy and its transmission mechanism are reviewed. In the second chapter, the author introduces the main contents of the four rounds of quantitative easing monetary policy in the United States. In the third chapter, the author analyzes the influence of quantitative easing monetary policy on China's stock market. In the fourth chapter, the author establishes a regression model to analyze the correlation between quantitative easing monetary policy and Shanghai Stock Exchange Index. In the fifth chapter, the author analyzes the timing of the exit of the quantitative easing monetary policy and its influence on the Shanghai Stock Exchange Index. In the sixth chapter, the author puts forward some policy suggestions on how to deal with the impact of quantitative easing monetary policy on stock market and Chinese economy. Maintaining the stable development of China's economic and financial markets is of vital importance.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F827.12;F832.51

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