After The Financial Crisis, The Impact Of Monetary Policy On The Stock Market

China’s securities market is in the reform and development of the socialistmarket economy with Chinese characteristics, the birth of its functional positioning,market participants, financial capacity and its influence is as strong our economygrowing, the securities market as the center of the capital market, increasing itsmarket position, growth prospects with each passing day, the economic impact isalso extremely important. By the network technology innovation to lead in the21stcentury economy, monetary policy has been a new challenge from the capital market.5years of silence stock market, along with promoting the2006split share structurereform, the stock market as an economic "barometer" of the increasingly significantrole. Wealth effect of the stock market has also attracted a large number of expertsand scholars to study. From a planned economy to a market economy, themacroeconomic regulation and control has been entirely by monetary and fiscalpolicy dominated. Changes in the quantity of money directly affects the interest ratesaffect the market price of capital. In2008, the global financial crisis dealt a heavyblow to the world ’s financial system, changed the original monetary policytransmission mechanism of the stock market to some extent, the lagged effects of fourtrillion investment seriously undermine the effectiveness of monetary policy,resulting in the stock market does not reflect our country’s economic prosperity in thewake of the financial crisis. Step forward in the era of the financial markets, China’sbond market is also slow development of the fund market is mushrooming prosperity.Bid farewell to the past era of stock warrants. Index system has also become theperfect scale. As the stock market sub-markets, it is necessary to study the impact ofmonetary policy on the fund or bond markets, to provide a reference for investors.This article is based on current research, continuing the pace of the previousstudies, emphasizing the money supply and interest rates as a proxy for monetarypolicy, highlighting the research they fund securities, bonds, stock market. Our bond market is relatively small, almost every major financial crisis have driven acrosssubversive, first reviewed and the impact of major events which caused the financialcrisis of the last century, and summarizes the role of money in a crisis. In thetheoretical analysis, discusses the monetary policy indicators available for control, toexplore for currency neutral theory, the monetary authorities of monetary policy onmoney supply conclusive. Then after the financial crisis, the status of implementationof monetary policy to do a simple analysis, and focus on the monetary policytransmission mechanism on the stock market under the conditions of a marketeconomy with Chinese characteristics, the impact of the stock market to make moneyon a separate analysis.In empirical terms, the use of monthly data after the financial crisis, a generalanalysis of the data, and the basic data processing to achieve the elimination ofheteroscedasticity, multicollinearity, etc., obtained by correlation analysis betweenthe relevant variables close degree. After selection of a time series model unit roottest, cointegration analysis, multiple regression model to overcome the traditional"false return" issue, and using VEC model for analysis. The results have also been tosome extent with the previous similar conclusions. Affect the amount of money on thestock market and interest rates are significant, and the fund market and the bondmarket impact is not significant. And according to the current financial situation, putforward some suggestions.