我国利率变动对股票价格影响效应的实证分析

变动利率通常是各国中央银行最常用的货币政策工具,而利用利率调节股票市场价格也是各国央行经常使用的政策方法。利率变动通过对投资者和上市公司的影响而传导到股票价格。对中国的实证分析表明我国利率变动与股票价格有一定的影响作用,但由于二者之间的传导机制存在问题,所以这种影响的具体效应是不确定的。

An Empirical Analysis of the Effect of Interest Rate Variation on Stock Prices in China

Changing interest rate is the most common money policy tool of the central bank in every country,and making use of interest rate to regulate the market price of stocks is also the most important policy method that the central banks often use to adjust stock prices.Interest rate variation is transmitted to stock prices through influencing investors and listed companies.The empirical study of the situation in China shows that interest rate variation will affect stock price in our country,but because some problems exist in the transmission mechanism,the concrete effect of the influence is uncertain.