物价稳定目标下通货膨胀与股价关系的经验研究  

Empirical Research on the Interaction between Inflation and Stock Price under Price Stability Target

作　　者：李世美[1,2] 

机构地区：[1]湖南大众传媒学院传媒管理系,湖南长沙410100 [2]中南大学商学院,湖南长沙410083

出　　处：《临沂师范学院学报》2011年第6期14-18,共5页Journal of Linyi Teachers' College

基　　金：湖南省教育厅科学研究项目(09C1120);中南大学优秀博士论文扶植项目(2008YB007)阶段性成果

摘　　要：通货膨胀与股票价格关系包括了两个方面:股票价格是否包含了通货膨胀信息能为货币政策干预股价提供理论依据;通货膨胀是否影响股票价格能够为股票投资提供参考依据。通过对通货膨胀、股票价格和货币政策三者关系的理论与我国的经验分析可以得出一般性结论:我国货币政策主要是根据通货膨胀水平做出调整的;股票价格所反应出来的通货膨胀信息并不明显,没有证据支持货币政策对股价做出了反应;通货膨胀对股票价格的影响主要是通过货币政策的利率调整而产生影响,并且在不同的通货膨胀水平下对股价的影响存在差异。The relationship between inflation and stock price includes two aspects：whether stock price contains inflation information provides a theoretical basis for monetary policy to intervene in stock price;whether inflation can affect stock prices can provide a reference for stock investment.By theoretical and empirical analysis of interaction among information, stock price and monetary policy, a general conclusions can be drawn as follows：the monetary policy is mainly adjusted based on inflation; stock prices rarely can provide inflation information,there is no evidence to support monetary policy has reacted to stock price;the impact of inflation on stock prices is mainly through the interest rate adjustment of monetary policy;the inflation impact on stock prices is different under different inflation level.

关 键 词：通货膨胀 股票价格 货币政策 利率 

分 类 号：F830.9[经济管理—金融学]