自2008年11月中国人民银行放开信贷规模控制以来,信贷扩张情况已经成为影响股市价格的最敏感的因素。随着2009年第一季度信贷的爆炸式增长,股票市场对货币政策的关注度迅速增加,投资者担心信贷增长的可持续性。2009年4月13日公布的第一季度货币政策执行报告明确表示“要认真贯彻党中央、国务院关于宏观 Since the People’s Bank of China released its credit control in November 2008, credit expansion has become the most sensitive factor affecting the stock market. With the explosive growth of credit in the first quarter of 2009, the stock market’s interest in monetary policy has increased rapidly and investors are worried about the sustainability of credit growth. The first quarterly monetary policy implementation report released on April 13, 2009 made it clear that ”the CPC Central Committee and the State Council should conscientiously implement the macroeconomic