我国货币政策对股票市场影响的实证研究

The Empirical Study of Monetary Policy Impact on the Stock Market in China

对货币政策与股票市场关系的文献进行了回顾，然后运用2009～2012年的时间序列数据，实证研究货币供应量和利率对股票价格的影响，结果表明：我国的货币政策对股票市场存在影响，而货币供应量的增加会使股价上涨，利率的上升会使股价下跌。根据实证结果，提出相应的对策建议。

Studies on the impact of monetary policy on the stock market has always been the focus of the econo- mist. The article first studies on the impact of monetary policy on stock market mechanism, and then study empiri- cally the effect of money supply and interest rates on stock prices by selecting representative variables with China＇ s actual data. The empirical results show that our country＇ s monetary policy impacts the stock market. When the money supply increases, it will push the share price rise, and interest rates rise will decrease the share price. According to the empirical results, this paper puts forward the corresponding countermeasures and Sugges- tions, so as to provide reference for investors and policy makers.