我国货币政策对股票市场的影响.pdf

本科毕业设计（论文）
( 2012 届 )

题目: 我国货币政策对股票市场的影响

分 院: 金融分院
专 业: 经济学
班 级: 08 经济本 2
姓 名: 江启辉
学 号: 08302013208
指导老师: 陈美兰
完成时间: 2012 年 5 月
温州大学城市学院本科毕业设计（论文）
摘要：我国的经济体制具有明显的中国特色，政府部门更偏向于利用各种政策来实现对经济的调
控，我国的股票市场尚不成熟，对政府部门的各种政策调控的反应比较强烈。本文从利率政策和货币
供应量两个方面研究货币政策对股票市场的影响。在讨论利率政策对股市的影响时，本文从上市公司
和投资者两个角度出发，最后得出结论：利率的变动与股票市场的反应通常是成反比关系。在研究货
币供应量对股票市场的影响时，文中分析了调节货币供应量的三个一般性货币政策工具，即存款准备
金制度、再贴现和公开市场业务，得出结论为，货币供应量的变动与股票市场的反应成正比关系。最
后总结全文，并提出政策建议，认为我国应提高股票市场的有效性，规范和完善股票市场。
关键词：股票市场；货币政策；利率政策；货币供应量




























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温州大学城市学院本科毕业设计（论文）
Abstract：In order to intervene in the economy, modern market economies mainly take monetary and
fiscal policies. This paper studies the monetary policy impact on China's stock market, and monetary policy
mainly through interest rates and money supply variables of these two tools influence the stock market. In the
discussion of interest rate policy impact on the stock market, this article from the point of listed companies
and investors, finally gets the conclusion: Changes in interest rates and stock market reaction is usually
inversely proportional relationship. When it comes to the effects of money supply on stock market, three
instruments of monetary policy which regulate the money supply be analyzed, and the conclusion is: Changes
in money supply and stock market relationship is proportional to the reaction. Finally conclude the whole
article, and put forward with policy recommendations. China should strive to improve the effectiveness of
stock market, standardizing and improving stock market. Meanwhile, strengthen the transmission mechanism
of monetary policy on stock market.
Keywords：Stock market;Monetary policy;Interest rate polic