中国股票市场价格影响因素研究

摘要

文章选择货币供应量M2、法定存款准备金率、金融机构人民币贷款总额三个指标作为货币政策手段代表，以沪深300指数作为股票市场价格代表，通过建立变量间的回归模型，进行变量的平稳性检验、协整检验、格兰杰因果检验及脉冲响应分析。实证结果显示，货币供应量与我国股市价格呈正相关，金融机构人民币贷款数额、法定存款准备金率与股市价格呈反相关。%This paper chooses three indicators , including M2, reserve requirement ratio and the total amount of RMB loans, as monetary policy representatives , and the CSI 300 index as stock market price representative . Through building regression model between variables , ADF test, Co integration test, Grange test and pulse response analysis, we find that:there is a positive correlation between money supply and Chinese stock prices; the amount of RMB loans and reserve requirement ratio respectively have negative correlations with Chinese stock prices .