我国股票资产价格与通货膨胀关系的研究

货币政策是否应该干预股票资产价格的波动,这是一个广受关注且富有争议的问题.这一问题的关键因素在于正确判断通货膨胀与股票资产价格的关联性.目前,股票收益率与通货膨胀之间存在四种相关关系,即正相关、负相关、不确定以及不相关.我国的资本市场成立较晚,研究股票收益率与通胀率之间关系的成果非常少.所以从我国沪深两市股指与通货膨胀走势、沪深两市股指波动区间、波动频率与通货膨胀间的关系,以及我国沪深两市股票市盈率与通货膨胀关系描述等三方面来揭示股票资产定价与通货膨胀间的关系,为全面认识我国证券市场与通胀间的关系提供实事依据.

The Empirical Study on the Relationship between Stock-asset Price of China and inflation

Whether monetary policy should intervene in the price fluctuations of stock asset is a popular and controversial issue. The key factor in answering this question is to determine the correct relationship between inflation and stock asset price. Currently, there are four types of correlation between stock returns and inflation： positively correlated, negatively correlated, indeterminate and uncorrelated. Because China＇s capital market was established more latter, research result about the relationship between stock yield and inflation rate is still very little. This article had tried to describe the relationship between stock asset pricing and inflation from three areas such as the variation trend of stock index and inflation, the relationship between the range and frequency of stock index and inflation, and the relationship between stock p/e ratio and inflation of China＇s Shanghai and Shenzhen stock. All the work is to provide practical basis for a comprehensive understanding of the relationship between China＇s stock market and inflation.