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无论是发达国家还是发展中国家,金融市场在国民经济中的地位和作用越发重要,而股票市场作为金融市场的重要部分,对一国经济的稳定发展起到了基石作用,因此,股票市场的稳健发展也就显的至关重要。影响股票市场趋势的因素很多,其中重要的因素是一国信贷政策的变化。首先本文分析了信贷政策对股票市场的影响机制,再对我国股票市场“资金市”特征、我国信贷政策对于股票市场波动的影响实证分析,发现中央银行贷款基准利率及中央银行法定存款准备金率与上证综指之间具有显著的相关性,最后对股票市场信贷政策给出了建议。
Both the developed and the developing countries, the financial market plays an increasingly important role in the national economy. As an important part of the financial market, the stock market plays a cornerstone role in the stable development of a country’s economy. Therefore, the stability of the stock market Development is also significant. There are many factors that affect the stock market trend. One of the most important factors is the change of a country’s credit policy. First of all, this paper analyzes the impact of credit policy on the stock market mechanism, and then empirical analysis of the characteristics of China’s stock market “capital market ”, China ’s credit policy on the stock market volatility, found that the central bank loan benchmark interest rate and the central bank statutory deposit reserve There is a significant correlation between the gold rate and the Shanghai Composite Index, and finally the credit policy of the stock market is given.