摘要：随着我国市场经济的发展不断深入，作为市场经济重要产物的股票市场在我国经济生活中的作用越来越重要。而在社会主义市场经济的体制下，我国的股票市场注定要在政府的宏观政策引导下发展。其中，货币供应量的调整被认为对股市波动有较大的影响。在理论层面上，货币供应量与股市走向呈逆向变动，但在本文所选取的波动区间内，出现了与其相悖的现实状况，这与其他非政策因素有着一定关系，文章对此二者间关系进行了系统分析以加深对货币政策影响机制的认识。50471

文章在参考前人的研究基础之上，以央行货币政策的调整与当期的股市波动幅度为主要数据，采用实证分析的方法，着重研究货币供应量的变动与股票市场波动的关系。由于我国股市发展较晚，各方面体制机制相较于市场运行仍不够成熟，需要政府在政策制定上与时俱进，同时完善市场监管体系，增强部门间组织协调能力。

毕业论文关键词：货币政策 股票市场 货币供应量 

Analysis on the Transmission of China's Monetary Policy to the Stock Market

Abstract: with the development of China's market economy, the stock market as an important product of market economy plays a more and more important role in China's economic life. In the socialist market economy system, the stock market of our country is destined to develop under the guidance of the government's macro policy. The adjustment of money supply is considered to have a greater impact on the volatility of the stock market. On the theoretical level, the money supply and the stock market to a reverse change, but in the range of the selected, and contrary to the reality of the situation, this and other non policy factors have a certain relationship, this paper between the two relations were analysis system to deepen our understanding of the effect of monetary policy mechanism.

The in reference to previous research foundation, to the central bank's monetary policy adjustment and the current stock market volatility as the main data by empirical analysis method, focuses on the research of the relationship between money supply and the change of the volatility of the stock market. Due to the late development of China's stock market, the institutional mechanisms compared to the operation of the market are still not mature enough, need the government in policy making and keeping pace with the times, and improve the market supervision system, enhance inter departmental organization and coordination capacity.

Key words: monetary policy  stock market  money supply  money supply

目    录 

一、绪论 1

（一）选题理由及意义 1

（二）学术回顾 2

（三）研究内容与框架结构 4

二、货币政策概要及其与股市关系的理论分析 6

（一）货币政策概要 6

（二）货币政策对股票市场作用的理论分析 6

三、货币政策调整对股票市场影响的实证分析 10

（一）数据来源与样本选择 10

（二）货币供给量调整与股市波动的实证分析 11

（三）我国存款准备金率调整对股市波动影响的实证分析 13

四、政策建议 17

（一） 适度宽松应警惕通胀风险 17

（二）政策工具应与时俱进