宏观调控对资本市场资源配置的影响研究——基于央行货币政策传导的效应分析及政策建议

Study on the Effect of Macro Regulating and Controlling on the Resource Allocation of Capital Market

资源配置是资本市场最主要的功能之一,货币政策调整必然会对资源配置产生影响。我国资本市场正处于新兴和转轨时期,在股权分置情况下,货币政策传导的途径、效果和特点必有别于发达市场经济国家。本文对我国宏观调控(紧缩性货币政策)传导于资本市场资源配置的影响效应,进行了实证分析,并提出了相应的政策建议。

Resource allocation is one of the main functions of capital market. The adjustment of monetary policy will surely influence the resource allocation. China＇s capital market is an emerging and transforming market. Since China＇s stock shares are of different types, the way by which the monetary policy is passing down, the effect and characteristics of the similar policy must be different from those of developed market economy countries. This article analyzes the effect of Chinese government＇s macro regulating and controlling policy （monetary tightening） on the resource allocation of capital market and puts forward corresponding policy suggestions.