本文選題：利率 + 股價��； 參考：《西北大學(xué)》2014年碩士論文

【摘要】：金融業(yè)承擔(dān)著融資和投資的作用,是社會資源配置的樞紐,也是當代經(jīng)濟學(xué)的中心。一個國家的發(fā)展離不開金融業(yè)的發(fā)展。所以上市金融公司的發(fā)展對一個國家經(jīng)濟的發(fā)展有著至關(guān)重要的作用。上市金融公司的發(fā)展往往與其股票價格緊密聯(lián)系。利率政策是國家宏觀調(diào)控最重要的手段之一。利率高低一方面影響上市金融公司融資的成本；另一方面影響著投資者對股票的需求,這兩方面一起影響著金融上市公司股票價格的波動。 通過借鑒國內(nèi)外成熟的西方經(jīng)濟學(xué)理論體系和進行實證研究的方法,本文主要分析了利率變動對金融上市公司股票價格的影響的研究。首先從理論角度出發(fā),概述影響股價波動的因素,包括宏觀經(jīng)濟因素、宏觀經(jīng)濟政策因素、公司因素及其他,有的因素是可測的,有的則是不可測的,如何去發(fā)現(xiàn)這些潛在的因素,是非常具有挑戰(zhàn)性的問題。研究發(fā)現(xiàn),大盤走勢和利率政策是影響金融上市公司股價波動的重要因素。然后從理論上分析了利率與金融上市公司股價關(guān)系的理論模型、利率變動對金融上市公司股價影響的途徑以及利率變動對金融上市公司股價影響的長短期效應(yīng)分析,并通過實證檢驗利率變動對金融上市公司股價的影響,研究表明中國利率變動對金融上市公司股價存在長期負向相關(guān)關(guān)系,在短期內(nèi)會產(chǎn)生沖擊,但利率的作用有限,并且有時滯,使市場重新回歸到長期均衡的狀況需要一定的時間。最后結(jié)合前文的分析,提出政策建議,實現(xiàn)金融市場的健康穩(wěn)定發(fā)展。
[Abstract]:Finance industry plays the role of financing and investment. It is the hub of social resources allocation and the center of contemporary economics. The development of a country is inseparable from the development of the financial industry. Therefore, the development of listed financial companies plays a vital role in the development of a country's economy. The development of listed financial companies is often closely related to their stock prices. Interest rate policy is one of the most important means of national macro-control. On the one hand, the interest rate affects the financing cost of listed financial companies; on the other hand, it affects the demand of investors for stocks, which together affect the volatility of stock prices of listed financial companies. This paper mainly analyzes the influence of interest rate change on the stock price of financial listed companies by referring to the mature western economic theory system and empirical research methods at home and abroad. First of all, from a theoretical point of view, summarize the factors that affect stock price fluctuations, including macroeconomic factors, macroeconomic policy factors, corporate factors and others, some factors are measurable, some factors are unpredictable. How to identify these underlying factors is a very challenging issue. It is found that the market trend and interest rate policy are important factors influencing the stock price fluctuation of listed companies. Then it analyzes the theoretical model of the relationship between interest rate and the share price of the financial listed company, the ways of the influence of the change of interest rate on the stock price of the financial listed company and the long-term and short-term effect of the change of interest rate on the stock price of the financial listed company. Through the empirical test of the influence of interest rate change on the stock price of financial listed companies, the study shows that the change of interest rate in China has a long-term negative correlation with the share price of financial listed companies, which will impact in the short term, but the role of interest rate is limited. And with time lag, it will take time for markets to return to long-term equilibrium. Finally, based on the above analysis, policy suggestions are put forward to realize the healthy and stable development of the financial market.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F822.0

【參考文獻】

相關(guān)期刊論文 前10條

1 王丹平;龔玉榮;;利率政策調(diào)整對中國股市影響的實證分析[J];北京交通大學(xué)學(xué)報(社會科學(xué)版);2006年03期

2 羅健梅,劉煜;股票價格和利率相關(guān)關(guān)系的實證分析[J];成都紡織高等�？茖W(xué)校學(xué)報;2002年04期

3 段進;曾令華;朱靜平;;我國股市與貨幣需求的相互影響分析及政策涵義[J];財經(jīng)理論與實踐;2006年01期

4 段進;曾令華;朱靜平;;貨幣政策應(yīng)對股票價格波動的策略研究[J];財經(jīng)理論與實踐;2007年02期

5 王輝亮;袁雯;;短期利率與股票價格相關(guān)性的實證研究[J];經(jīng)營管理者;2010年24期

6 唐齊鳴;降息對中國股市的影響分析[J];華中理工大學(xué)學(xué)報(社會科學(xué)版);2000年03期

7 李明揚;唐建偉;;我國利率變動對股票價格影響效應(yīng)的實證分析[J];經(jīng)濟經(jīng)緯;2007年04期

8 路婷;;股票價格與利率波動的實證檢驗[J];經(jīng)濟論壇;2009年01期

9 瞿強;資產(chǎn)價格與貨幣政策[J];經(jīng)濟研究;2001年07期

10 易綱,王召;貨幣政策與金融資產(chǎn)價格[J];經(jīng)濟研究;2002年03期

，

本文編號：2054372