Under The Free Circulation Empirical Impact Analysis Of Stock Market Against The Monetary Policy

In this paper, due to a significant inverse cyclical characteristic of the monetary policy, the effect on the stock market regulation against the monetary policy is analysed from the different aspects, which are two ones about the effect of the regulations of both the cyclical energy industry and the non-cyclical medical industry against the inverse cyclical monetary policy, aiming to draw the general rules of the inverse cyclical monetary policy regulation on the stock market. We selected such variables as ratio of deposits, interest rate, exchange rate, broad money supplyM2,the SCI 300 energy Index and the SCI 300 medical Index a month from July 2007 to February 2011.by the non-parametric Wilcoxon signed rank test, Granger test, co-integration test, VAR model, VEC model, variance decomposition and impulse response function, we conclude that:(1) the effect of regulation of the variable reserve ratio of short-term monetary instruments exists and is of huge differences, which are that the effect of the cyclical energy industry regulation against the monetary policy is obvious and that the effect of the non-cyclical medical industry regulation against the monetary policy is not obvious. (2)there is a significant difference between the stock market cyclical industry regulatory effect and the stock market non-cyclical industry regulatory effect against inverse cyclical monetary policy, the cyclical industry transmission lag of monetary policy shorter, usually around 9 months, a lesser extent, without.a stable or constant pull or inhibition; cyclical industry transmission lag of the monetary policy longer, about 18 months or so, a big margin, stable and sustainable moving up or inhibiting.