我国股市传导货币政策的效果分析

Analysis on the Effect of the China Transmit Money Policy

股票市场对实体经济的影响日益重要,股市传导货币政策是其中的表现之一。文章从货币政策的中介目标和终结目标的两个角度入手,从理论上解析股票市场传导货币政策的机制,继而通过逐一分析我国股市对货币供应量、信贷传导、投资和消费的作用关系,全方位剖析我国股市传导货币政策的效果,得出当前股市传导货币政策效果较低的结论,并就此提出相关建议。

The impact on economic entity by the stock market is increasingly apparent, in which transmit money policy is one. This paper, from the two aspects of intermediate target and terminal target in the monetary policy, explicated the mechanism of the monetary conduction policy theoretically, followed by the detailed analysis the functional effect that China stock market had had on money supply, credit channel, investment and consumption. A complete illustration of the monetary conduction policy and the relevant effectiveness are reached and find the latter is low. Based on the above, the author puts forward his relevant proposals.