| 宏观调控下的汇率与股价关系 |
| |
| 引用本文： | 袁怀宇,张宗成.宏观调控下的汇率与股价关系[J].财经科学,2009(5). |
| |
| 作者姓名： | 袁怀宇 张宗成 |
| |
| 作者单位： | 华中科技大学经济学院,武汉,430074 |
| |
| 摘 要： | 本文运用协整检验和差分VAR模型研究了我国宏观调控背景下汇率和股价之间的关系.研究发现,人民币升值与股价之间先后经历了显著的正向变动关系与反向变动关系,二者之间不存在协整关系,只在短期内汇率是A股价格波动的Granger原因.宏观调控对利率、对外贸易和资本流动等三大联系渠道产生了重要影响,对于防范金融风险起到了积极作用.
|
| 关 键 词： | 人民币升值 宏观调控 股价 |
Relationship between Exchange Rate and Stock Prices under Macro-control Policies |
| |
| Yuang Huaiyu,Zhang Zongcheng.Relationship between Exchange Rate and Stock Prices under Macro-control Policies[J].Finance and Economics,2009(5). |
| |
| Authors: | Yuang Huaiyu Zhang Zongcheng |
| |
| Institution: | Yuang Huaiyu1 Zhang Zongcheng2 |
| |
| Abstract: | This paper employs cointegration verification and difference VAR model to study the relationship between exchange rate and stock prices under our macro-control background.The findings show that significant positive relationship and subsequent negative relationship exist between RMB appreciation and stock prices,and no cointegration relationship exists between them.It is discovered that exchange rate is the Granger reason for the fluctuation of A Share prices in the short run.Macro Control have great influen... |
| |
| Keywords: | RMB Appreciation Macro Control Share Price |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
