贷款基准利率调整对中国股票影响研究

Research on the Impact of Loan Benchmark Rate Adjustment on Chinese Stocks

本文使用GARCH(1,1)模型研究了基准利率调整政策对股票市场的直接作用,结果表明基准利率的调整对中国股票市场短期直接影响十分有限;因此本文认为我国基准利率调整的执行不具有对中国股市短期的直接影响性,在一定时间范围内的影响也具有局限性。

This paper uses the GARCH(1,1)model to study the direct effect of the benchmark interest rate adjustment policy on the stock market.The results show that the short-term direct impact of the benchmark interest rate adjustment on the Chinese stock market is very limited;therefore,this paper believes that the implementation of China's benchmark interest rate adjustment does not have a direct impact on the Chinese stock market in the short term,and its impact within a certain time frame also has limitations.