股票市场与宏观经济的关系研究_----以央行货币供应量对中国股票价格的影为_例毕业论文.docx

二学位论文 成 主修专业年级 动物医学 辅修班级 学生学号 学生姓名 指导教师 年 月 日 金 融 学 院 制 表  股票市场与宏观经济的关系研究 以央行货币供应量对中国股票价格的影响为例 Research on the relationship between stock market and macro economy In the case of the influence of Money supply on stock prices in China 摘要 大家都知道一句股市名言：股市是中国经济的“晴雨表”，大意是股市一般能提前反映国民经济的走势。事实果真如此吗？答案恐怕没那么简单，因为股市亲历者大都感受过“股经背离”的困惑，更严谨的说，实证证明，我国股市在历史上表现出来了较为鲜明的资金推动型特点。央行货币供应量作为各国重要货币政策中介，中央银行通过调整对市场的货币供给从而影响资本市场。股票市场作为资本市场的最重要的组成部分，中央银行实施的货币政策对股票市场的非常重要的影响。深入研究我国货币供应量与股票价格二者之间的关系，对现阶段股票市场投资指导和提高货币政策的有效性有重要的理论意义和实践意义。本文通过探讨货币供应量对中国股票价格波动的影响，从理论和实证两个方面进行了深入分析论证。首先，在分析货币供应量对股票价格影响的理论分析之上，对我国货币供给和股票价格的特征进行描述性分析。其次，运用实证研究方法评估了货币供应量对股票市场的影响程度，并在分析结果的基础上提出相关完善建议。 关键词：股票价格；货币供应量；实证分析 Abstract Everyone knows that a stock quote: The stock market is Chinese economic barometer, The effect is the stock market can generally reflect the trend of the national economy ahead. Is this really the case?The answer, Im afraid its not that simple,because the stock market participants are mostly felt shares deviated from the confusion, more rigorous, the empirical proof, the stock market of our country in the history of show distinct capital driven characteristics.Money supply as the world generally recognized intermediate target of monetary policy by adjusting the money supply on the market, the central bank thereby affecting the capital markets. The stock market as an important part of the capital market is an important way for the central bank to implement monetary policy. Further study of the intrinsic relationship between Chinas money supply and stock prices both to further understanding of the interaction between stock price volatility and monetary policy, to improve the effectiveness of monetary policy has important theoretical and practical significance. This paper explores the impact o