Since the 1980s, the financial innovation and liberalization and the globalization of capital market have caused the scale of stock market to deepen increasingly in various countries. The stock market has many marketable functions, such as the resources-allocation, the assets-fix on price and enhancing the efficiency of enterprise's management. The impacts on economic life are becoming more and more important and its functions are much bigger than before, which causes the Central Bank have to consider the impact of the stock market when it executes the currency policy. At the same time, Stock market responses sensitively to the change of the index of the currency policy, which establishes the solid foundation for the currency authority to seek this channel's policy transferring effect. However, when analyzing that the currency policy is conducted through money market, the traditional currency channel and credit channel have neglected the stock market all along. But no one can deny the fact that there exists profound internal relations among the stock income, stock price and the actual economic activities. With researching and the demonstration examination, many domestic and overseas scholars have already found out that the changes of the stock prices affect many macro-economic variables distinctly through affecting the residents' consumption and enterprise's investment. The overseas correlative researches merely focus on each link of transmission in the stock market, such as the wealth effect, the liquidity effect and Tobin effect and so on. Whilst the domestic scholars usually pay more attention to the relations between the monetary policy, stock market and the financial stabilization. As a whole, they are short of the systemic research on the transmission mechanism of the stock market. This article attempts to study this mechanism systemically and concludes the basic links of the transmission: currency policy→stock market (stock price) →entity economy. The paper also analyzes the behaviors of micro-body (enterprise, commercial bank, and inhabitant) and the environment of macro-financial market(stock market and money market). Through demonstrated analyzing the effects of the stock market transmitting currency policy, and combining micro-body's behaviors and macro-market environments, it explains in details the causes of effecting the stock market's transmission, and ultimately proposes some suitable measures and suggestions.The paper includes four parts. The first part consists of the introduction and basic theories, which remarks correlative literatures and disquisitions and puts forward the transmission mechanism of the stock market. It also analyzes the impacts of the monetary policy for stock market in our country to show the necessity of research on this mechanism. The second part is the microcosmic and macroscopic analysis; it mainly comprises the behaviors of the enterprise, the bank and the inhabitant as well as the stock market, money market and their joint condition. The third part studies the transmitting impacts with demonstration analysis from two aspects, and explains this course using the theories of the first part and the micro-and macro-foundation of the second part. The fourth part is the conclusion and policy recommendations; it includes the factors of effecting the transmission of monetary policy in the stock market, proposes some related suggestions, and points out the research direction in the future. |