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《我國(guó)貨幣政策與股票市場(chǎng)互動(dòng)效應(yīng)的實(shí)證研究.pdf》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫。
1、華中科技大學(xué)碩士學(xué)位論文我國(guó)貨幣政策與股票市場(chǎng)互動(dòng)效應(yīng)的實(shí)證研究姓名：陳平申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：張宗成20041001摘要作為為我國(guó)政府宏觀調(diào)控重要手段之一的貨幣政策目前由于存在傳統(tǒng)渠道弱化和傳導(dǎo)機(jī)制不暢等問題對(duì)經(jīng)濟(jì)的調(diào)控效果受到明顯制約隨著股票市場(chǎng)的蓬勃發(fā)展及其與國(guó)民經(jīng)濟(jì)的聯(lián)系日益密切貨幣政策的實(shí)施必然影響到股票市場(chǎng)的走勢(shì)和發(fā)展同時(shí)股票市場(chǎng)對(duì)貨幣政策的效應(yīng)也產(chǎn)生了積極的作用因此對(duì)我國(guó)貨幣政策與股票市場(chǎng)互動(dòng)效應(yīng)進(jìn)行深入研究確定股票市場(chǎng)能否成為新的貨幣政策傳遞渠道使貨幣政策發(fā)揮出對(duì)宏觀經(jīng)濟(jì)更加有效的調(diào)控作用已成為我國(guó)經(jīng)濟(jì)領(lǐng)域面臨的新課題本文首先對(duì)貨幣政
2、策和股票市場(chǎng)作簡(jiǎn)要概述對(duì)貨幣政策與股票市場(chǎng)的關(guān)聯(lián)機(jī)制進(jìn)行分析并對(duì)我國(guó)貨幣政策與股票市場(chǎng)之間相互影響作了理論闡述然后運(yùn)用ADF檢驗(yàn)協(xié)整分析向量自回歸模型VAR向量誤差修正模型VECM脈沖響應(yīng)函數(shù)方差分解技術(shù)等最新計(jì)量方法對(duì)我國(guó)貨幣政策與股票市場(chǎng)的互動(dòng)效應(yīng)進(jìn)行實(shí)證分析實(shí)證分析包括股市對(duì)貨幣流通速度的影響股票價(jià)格變動(dòng)對(duì)貨幣需求產(chǎn)生的影響股票市場(chǎng)對(duì)經(jīng)濟(jì)增長(zhǎng)的貢獻(xiàn)度分析利率對(duì)股市的影響以及貨幣供應(yīng)量對(duì)股市的影響最后根據(jù)上述實(shí)證研究結(jié)果筆者認(rèn)為我國(guó)股票市場(chǎng)和貨幣政策存在一定的互動(dòng)效應(yīng)但這種互動(dòng)效應(yīng)是比較微弱且不穩(wěn)定的原因在于貨幣當(dāng)局制定貨幣政策時(shí)對(duì)股市的關(guān)注還不夠我國(guó)股票市場(chǎng)發(fā)展
3、很不規(guī)范傳導(dǎo)貨幣政策的功能受阻最后一部分對(duì)貨幣政策的變革方向以及股市功能的重新認(rèn)識(shí)提出了新的意見和建議關(guān)鍵詞貨幣政策股票市場(chǎng)互動(dòng)效應(yīng)向量自回歸模型IIAbstractThemonetarypo1icy,asoneofthesignificantmeansformacroeconomicreadjustmentinourcountry,hasbeenfoundapparentlyrestrictedinitsroleinrecentyears,duetotraditionalchannelsfadingandtransmissionmechanismimpediment
4、Withvigorousdevelopmentofthestockmarket,whichislinkedmorecloselywiththenationaleconomy,theimplementationofmonetarypolicyinevitablyinfluencesitstrend,whilethestockmarketproducespositiveimpactontheeffectofthemonetarypo1icy.Tomakeanin-depthstudyontheirrelatedeffecttoconfirmwhetherthestockm
5、arketcanbecomeanewtransmissionchannelformonetarypo1icy,andtomakemonetarypolicydisplayamoreeffectiveroleinmacroeconomicreadjustmenthasnowbecomeanewtaskconfrontedintheeconomicfieldofourcountry.Thistextdoesthebriefsummarytothemonetarypolicyandstockpolicyatfirst,analyseabouttherelatedmechan
6、ismonthemonetarypolicyandstockmarket,isitactasthetheoryexplaintoinfluenceeachothertoofourcountrymonetarypolicyandstockmarket.Then,useADFteststatistic,thecointtegrationtest,thevectorautoregressionmodel(VAR),thevectorerrorcorrectionmodels(VECM),theimpulseresponsesthefunction,variancedecom
7、positionmethodofeconometrictechnologyetc.analysestherealexampletothemonetarypolicyofourcountryandinteractioneffectinthestockmarket,therealexampleisanalysedtoincludetheimpactonspeedofmoneyflowofthestockmarket,influencetomonetarydemandofstockpricechange,theimpactonthecontribution
