改革开放以来资本市场的发展,引致中国金融发生了深刻的结构性变革,金融组织结构、金融工具结构、金融市场结构等日渐丰富和多样化。相应地,货币政策实施的金融环境也有了很大改变。 资本市场发展对货币政策的影响主要有四个方面,一是货币政策的作用对象由单一客体向多元客体转变,二是货币政策传导机制由单轨制向双轨制转变,三是市场发展 Since the reform and opening up, the development of the capital market has led to profound structural changes in China's financial industry. The financial organization structure, the structure of financial instruments and the structure of financial markets have become increasingly rich and diverse. Accordingly, the financial environment in which monetary policy is implemented has also undergone great changes. The impact of capital market development on monetary policy mainly has four aspects. One is that the object of monetary policy changes from single object to pluralistic object. The other is that the transmission mechanism of monetary policy changes from monorail system to dual-track system. The third is market development