| 1. The research purpose and significance in this paper The thesis focuses on the monetary policy transmission through capital market in our country. Mainly guided by the theory of the monetary policy transmission developed by western economists. Explains the whole process of the transmission: the Central Bank affects the financial property price of capital market by putting into practice of the monetary policy ,then through the capital market affects the consumption of the residents and the investment of the business enterprises, further affects the real economy. In our country ,this process is not smooth, this paper analyzes the fundamental reason. Of so choice like this topic, primarily because the Capital market has played an important factor in our financial system after rapid development during the last ten years. The capital market has become the most important channel of the monetary policy transmission. The interrelation of the monetary policy and the capital market is frontier question, but now, all countries monetary policy still pay not enough attention to the capital market, because haven't theoretically resolved the interrelation of monetary policy and the capital market, whether the monetary policy has a direct effect to the capital market, or through a series of medium variation to affect the price of the stock , the economist still has no united viewpoint now. 2. The outline and logic structure of the research The study begins with the general conception of the monetary policy transmission, introducing western theories and inland performance about it. Then analyzes the effect of rapidly developed capital market on policy transmission, explains our nation's reality of policy transmission based on empirical research, explores the reasons why the transmission through capital market is blocked. On the basis of it, further elaborates the challenge of the development of capital market to monetary policy. As to logic, each chapter keeps logic relationship with its previous one ,and takes over from the past and set a new course for the next pages .The same is true for the paragraphs. The logic analysis frame on this thesis is the capital market transmission procedure chart of the monetary policy. Under the guidance of the logic frame, it extends from general to respective, from theory to practice. 3. Main content and view of this thesis This thesis is divided into three chapters. The first chapter is divided into four sections. The first section introduces the theory about the relation of monetary policy and capital market in western economic circle. The second section explains western theory monetary policy transmission through capital market ,the whole process compose of two parts : Firstly, the transmission paths of monetary policy to capital market, which consists interest rate policy, inflation policy, monetary supply. Secondly, the paths of monetary policy to real economy through capital market, which consists Tobin'Q theory, unsymmetrical information theory, fortune theory, liquidity theory etc. These theories described systematically how the monetary policy influences economy through the capital market. The third section comments on the former performance of our country in this circle. The fourth section discusses the influential factors of this transmission: capital market scale, maturity and macro-economy circumstance, the rational degree of investor, the perfect degree in construction of listed company and so on.Chapter two is a key chapter of thesis. Section one introduces the development of our country's capital market and the financial structure. Section two employs empirical methods to check the efficiency of the monetary policy transmission through capital market in our country. By examining the continual interest drops , it is found that the monetary policy transmit to the capital market is smooth in our country. By establishing feasible models to examine the fortune effect and the investment effect, the outcome is that the monetary policy trough capital market to the economy... |
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