| With the development of the stock market, its impact on the economic life its greater and greater. The stock market as the market mechanisms in the allocation of resources, property transactions, risk management and company supervision, impacts on the economies more and more obvious and the financial system changed deeply. The development of the stock market and the financial innovation changed the gross and structure of the financial assets it also affect the structures of financial assets held by the corporations, residents'behaviors of investment, saving and consumptions. Therefore, the study of the interactive of these two and the attitude taken by the monetary policy of our country towards price fluctuation is important theoretical and practical value.With the Non-tradable share reform carried out since 2005, our country' stock market changed a lot. so that the changing of size and structure of the stock market impact on the money supply and demand. It also influence the monetary policy tools and traditional monetary policy objectives, analyzed the theory of how the monetary policy transmission to the stock market and how to transfer to the real economy, combined with the reality of Chinese economy, the paper mainly focused on the three aspects:monetary policy, stock market and the economic entities. The author use the Eviews6.0 made a Empirical Analysis of china' monthly data, discussed how the interest rate and currency supply effect the stock market and how the stock market effect the consumption and investment.On the basis of empirical analysis, We conclusion that in China, the "Interest rates" has a minor role in the stock market, money supply M2 have a tiny impact on the stock market; The consumptions and investments have no steadily and obvious influence on the total national income or output. Sum up the effect and defect of stock market in monetary transmission. Finally, pick up the measures to advance and perfect the stock market transmission. |
PDF Full Text Request