| 货币供给量对资本市场收益的影响——基于中国股票市场的分析 |
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| 引用本文： | 夏恩君,刘楠,沈洁. 货币供给量对资本市场收益的影响——基于中国股票市场的分析[J]. 技术经济, 2008, 27(7): 81-85 |
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| 作者姓名： | 夏恩君 刘楠 沈洁 |
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| 作者单位： | 北京理工大学,管理与经济学院,北京,100081 |
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| 摘 要： | 当一个经济体中存在股票市场时，货币政策的传导机制显得非常复杂。本文就货币供给量对股票市场收益的影响进行了经验研究，得出狭义货币供应量（M1）和广义货币供应量（M2）均对市场有正向影响的结论；同时发现，市场对现有影响因素的反应有过度的倾向，但长期内会恢复均衡。因此，在制定货币政策时，需要考虑货币供应量对证券市场特别是股票市场的影响。
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| 关 键 词： | 货币供应量 股票市场收益 协整分析 |
The Effect of Money Supply on Capital Market Return: Analysis on China Stock Market |
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| Xia Enjun,Liu Nan,Shen Jie. The Effect of Money Supply on Capital Market Return: Analysis on China Stock Market[J]. Technology Economics, 2008, 27(7): 81-85 |
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| Authors: | Xia Enjun Liu Nan Shen Jie |
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| Affiliation: | Xia Enjun,Liu Nan,Shen Jie(School of Management , Economics,Beijing Institute of Technology,Beijing 100081,China) |
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| Abstract: | The transmission mechanism of monetary policy is of great complexity when stock marktet exits in a economic body.Based on time series data,this paper analyzes the effect of money supply on the return of stock market.And it draws the conclusion that,narrow money supply M1 and general money supply M2 have the positive impact on the market;meanwhile,the market have the trend to overact towards the factor but it will recover to the equilibrium in the long term.Therefore,the effect of money supply on the stock m... |
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| Keywords: | money supply stock market return cointegration analysis |
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