货币供给影响股票市场的协整分析

Co-integration Test on the Impacts of Money Supply on Stock Market

随着我国股票市场的发展,股票市场逐步成为货币政策的一个重要传导渠道,虽然我国股票市场发展还不够完善,规模较小,其作用的发挥也极为有限,但实践证明,货币政策的股票市场传导途径的作用正日益显现。文章运用单位根、协整检验和误差修正模型,探讨了我国货币供应量变动对股票市场的影响,得出货币供应量变动对股价指数存在长期均衡关系。

With the development of China＇s stock market, stock market is becoming an important channel of monetary policy transmission. Although its development is not perfect and its scale is not much, it is obvious for stock market to transmit monetary policy. According to the research conclusion and combining development condition of China＇s stock market, the paper puts forward a proposal how to carry out positive interaction between monetary policy and the development of stock market.