稳健货币政策对股票市场的影响[摘要]本文在充分借鉴国内外相关研究的基础上,结合我国当前货币政策的宏观环境与股票市场发展现状,从理论上详细阐述了稳健货币政策对股票价格的影响机理,重点实证研究了上调存款准备金率、公开市场业务及上调存贷基准利率对股票价格的影响。在具体的分析中综合采用了理论分析、现实考察和实证检验相结合的方法,采用的数据也是精确到了月度和日度,得出了一些具有现实意义的结论。在各个部分的研究中,基本上都是先从理论分析入手,然后通过结合现实股市情况了稳健货币政策工具与我国股票价格的联动效应,研究稳健货币政策对股票价格的影响。[关键词]稳健货币政策股票价格存款准备金率TighterMonetaryPolicyImpactontheStockMarket[Abstract]Inthispaper,onthebasisofsufficientrelatedresearchathomeandabroadforreference,andcombiningthemacroenvironmentofourcurrentmonetarypolicyandstockmarketdevelopmentpresentsituation,theoreticallyelaboratedthesteadymonetarypolicyimpactonstockpricemechanism,focusontheempiricalresearchtoraisethedepositreserverateraisedbenchmarkdepositrates,openmarketoperationsandimpactonstockprices.Comprehensiveadoptedinconcreteanalysiscombiningtheoreticalanalysisandpracticalinvestigationandempiricalanalysismethod,thedataisaccuratetothemonthlyanddaily,somerealisticconclusion.Ineachpartofthestudy,basicallyallisfirstfromtheoreticalanalysis,andthenbycombiningtherealstockmarketisthesteadymonetarypolicytoolsandthelinkageeffectofthestockpriceinourcountry,studiesthesteadymonetarypolicyimpactonstockprices.[Keywords]PrudentMonetaryPolicyAuditSubjectAuditObjectMeasure目录引言............................................................................................................1一、稳健货币政策对股票市场的影响研究概述.....................................1（一）研究意义与目的......................................................................11.研究意义....................................................................................12.研究目的....................................................................................1二、相关概念介绍....................................................................................2（一）基本概念..................................................................................2（二）政策分类..................................................................................2（三）调节对象..................................................................................2（四）运用货币政策所采取的主要措施..........................................2（五）最终目标..................................................................................3三、实行稳健的货币政策的原因.............................................................3（一）价格上涨压力明显..................................................................3（二）中小企业融资需求..................................................................4（三）货币信贷投放仍然偏多..........................................................4（四）国际收支不平衡矛盾依然突出..............................................5（五）国际因素对我国物价走势和金融政策取向构成影响...........5四、稳健货币政策对中国股市的影响....................................................5（一）对上市公司资金面的影响......................................................6（二）对上市公司业绩的影响..........................................................6（三）对股市中资金供求的影响.....................................................
