论中国货币供应量对投资与消费的影响——基于股票市场途径的分析  

The Influence on Money Supply to Investment and Consumption: the Analysis Based on the Stock Market Approach

作　　者：任碧云[1] 杨雪梅[1] 

机构地区：[1]天津财经大学金融与保险研究中心,天津300222

出　　处：《现代财经（天津财经大学学报）》2012年第1期15-25,共11页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：天津市高等学校人文社会科学重点项目(2010ZD030);天津市哲学社会科学研究规划项目(TJYJ10-05)

摘　　要：选取中国2001年到2010年的月度数据,对货币供应量通过股票市场影响投资与消费的路径进行实证检验,所得结论为:我国货币供应量M0、M1、M2和股票价格存在长期的协整关系,且M1、M2与股票价格存在双向格兰杰因果关系;我国股票市场对投资有影响,对消费没有显著影响。基于上述结论,应增强货币供应量并通过股票市场影响投资与消费,具体而言,即加强货币市场与股票市场的联系,扩大中国股票市场规模,规范上市公司治理结构,着力保护中小投资者利益。This thesis analysis effect of Chings money supply to investment ＆consume via stock market by the way of empirical study, and the monthly data is from 2001-2010. The result is that there exists long term co-integration relationships between M0 ＆ stock price, M1 ＆ stock price and M2 ＆ stock price, and exists Granger causality between M1 ＆stock price and M2 ＆ stock price. And it also comes out that China＇s stock market impacts investment but doesn＇t impact con sume. Based on the results, it proposes that the impact capability of money supply to investment consume via stock market should be enhanced. The recommendations include： strengthening the linkages between currency market and stock market; enhancing the function ability of the stock market to absorb funds; expanding the scale of the China＇s stock market; standardizing corporate governance structure, and striving to protect the interests of small shareholders.

关 键 词：货币供应量 股票市场 投资效应 消费效应 

分 类 号：F820.4[经济管理—财政学]