摘要
首先用季度数据整体上考察了1993年-2003年我国宏观经济与股票价格指数之间的关系,再用月度数据分段对二者的关系进行分析。研究结果表明,在不同阶段,股票市场价格指数与GDP间的关系是不一样的,其经济晴雨表的作用依赖于宏观经济运行状况。
This paper examines the relationship between macroeconomy and stock price index by using quarterly data at the whole stage and investigating it with monthly data at various stages. The results show that the relationship between stock market price index and macroeconomy is different at various stages. Whether it can acts as a barometer depends on the macroeconomic condition.
