利率调整对股票价格的短长期效应研究

股票市场在资本市场中扮演重要角色,基准利率的利率调整是货币当局调控股票市场的重要工具。本文从定性和定量两个角度研究基准利率的利率调整对股票价格变动的短长期影响。本文采用Granger因果检验对存款基准利率的调整与上证指数的变动的关系进行研究,结果发现二者不存在因果关系。

Interest adjustment's short and long term affect on share price

Stock market plays an important role in capital market, interest rate adjustment of benchmark interest rate is the important tool of monetary authorities to control the stock market. In this paper, from the viewpoints of both qualitative and quantitative research interest rate adjustment of benchmark interest rates for short long-term impact of stock price change. This paper uses Granger causality test to research the relationship between the adjustment of the benchmark deposit rate and the change of the Shanghai indeX and research found that there is no causal relationshipbetween them.