我国货币供应量与股市价格关联性的实证研究  

Empirical Study on the Relationship of Money Supply and Stock Market Price

作　　者：张秀利[1,2] 

机构地区：[1]西南大学经济管理学院,重庆400715 [2]四川大学经济学院,成都610064

出　　处：《经济问题》2012年第10期89-92,共4页On Economic Problems

基　　金：教育部人文社会科学研究项目(12XJC790006);中央高校基本科研业务费专项资金项目(SWU1009044);西南大学高水平123学术团队建设项目

摘　　要：通过考察2001年1月～2011年12月的货币供应量与股票市场价格的数据,利用单位根检验、协整检验和格兰杰因果检验等实证研究方法进行分析,结果表明不同层次的货币供应量指标对股票市场价格的影响并不相同,M1与股票市场价格存在着长期均衡关系,M0和M2对股票市场价格的影响并不显著,这意味着中国货币政策的制定应当关注资产价格波动,并可通过控制M1的供应量来对股票市场进行调节。The relationship between monetary policy and capital market price has been a hot issue for monetary theory. The purpose of this study is to found the money supply＇ s affect the stock market price, and show further in- teraction between the two variables. The main methods used in this article are unit root test, cointegration test and granger causality test. After the empirical study, we found that of the different levels in money supply, only M1 have a close relationship with the stock market price. Therefore, we can control M1 supply to regulate the stock market, although the process may take some time to have effects,

关 键 词：货币供应量 股票市场价格 协整检验 

分 类 号：F830.91[经济管理—金融学]