本文選題：存貸款基準(zhǔn)利率 + 股票價格��； 參考：《山西財經(jīng)大學(xué)》2013年碩士論文

【摘要】：我國的股票市場從無到有，從原來的不成熟到現(xiàn)在的逐步完善，尤其是股權(quán)分置改革的進(jìn)行，消除了股市發(fā)展的最大障礙。20多年來，股票市場的環(huán)境和制度建設(shè)都取得了長足的發(fā)展，逐漸成為反映我國宏觀經(jīng)濟(jì)運(yùn)行狀況的良好工具。股票市場不僅給投資者帶來了財富同時也帶來了巨大的損失，其自身的發(fā)展過程也跌宕起伏。如今股票市場作為我國資本市場的核心和主要的投融資場所，其對經(jīng)濟(jì)發(fā)展的重要性表現(xiàn)的越來越明顯。股票市場的發(fā)展除了受一些基本因素影響的同時也會受到國家貨幣政策的影響，存貸款基準(zhǔn)利率作為我國重要的貨幣政策工具經(jīng)歷了多次的調(diào)整，這些調(diào)整是否會對我國股票市場的發(fā)展及我國股票價格的變化產(chǎn)生影響就值得關(guān)注。本文研究的重點(diǎn)就是存貸款基準(zhǔn)利率對股票價格的影響。雖然從理論上講，，二者之間是負(fù)相關(guān)的關(guān)系，但是通過對利率調(diào)整幅度與調(diào)整次日和第七日股價漲跌進(jìn)行格蘭杰因果檢驗(yàn)表明二者之間不存在因果關(guān)系。這主要是由我國特殊的金融環(huán)境所導(dǎo)致的，所以在此基礎(chǔ)上，對我國存貸款利率的傳導(dǎo)和股票市場的完善以及整個金融市場的健全提出了一些建議，希望通過各方面的努力使存貸款利率這一貨幣政策工具發(fā)揮其應(yīng)有的作用，股票市場也能夠及時反映政策調(diào)控的效果，為央行制定政策提供有效的依據(jù)。
[Abstract]:The stock market of our country is from scratch, from the original immature to the present step by step, especially the split share reform, which has eliminated the biggest obstacle to the development of the stock market.20 for many years, the environment and system construction of the stock market have made great progress, and gradually become a good tool to reflect the state of the macro-economic operation of our country. The stock market not only brings wealth to investors but also brings huge losses, and its own development process is also ups and downs. As the core of our capital market and the main investment and financing place, the stock market is becoming more and more obvious to the importance of economic development. The development of the stock market is subject to some basic factors. The influence is also affected by the national monetary policy. The benchmark interest rate of deposit and loan has been adjusted many times as an important monetary policy tool in China. It is worth paying attention to whether these adjustments will affect the development of China's stock market and the change of the stock price of our country. The focus of this paper is on the benchmark interest rate of deposit and loan. Though the relationship between the two is negatively related to the stock price, the Grainger causality test shows that there is no causal relationship between the two, which is mainly caused by the special financial environment of our country. This paper puts forward some suggestions on the transmission of the interest rate of deposit and loan, the perfection of the stock market and the perfection of the whole financial market. It is hoped that the monetary policy tools of the deposit and loan interest rate will play its due role through various efforts. The stock market can also reflect the effect of the policy control in time so as to provide effective policy for the central bank to formulate policies. The basis for it.

【學(xué)位授予單位】：山西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F832.1;F224

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