The Study Of The Effect Of Chinese Monetary Policy Transmission Mechanism On The Chinese Stock Market

Combined with our new normal economic situation and the particular stage of development of capital markets, to explore the interaction between China’s monetary policy transmission mechanism in the stock market is smooth, and between monetary policy and stock market through empirical research, we strive to give substantive policy advice, and establish a more perfect, can direct capital market. Contents of this paper is divided into the following sections:The first chapter is an introduction, mainly introduces the research background and significance, research content and methods described herein, as well as innovative and shortcomings of this article;The second chapter is literature and theory review, combing the domestic and foreign scholars for interaction between monetary policy and stock market research and found that in the same or different economies in different stages of economics, analysis methods and models used by different city produce different results.;The third chapter is the empirical study, this paper set up two VAR models, and study on the monetary policy on comparative analysis of the interaction between the different levels and the stock market. The empirical results show that the transmission mechanism of monetary policy rates and bank credit transmission mechanism are not clear;The fourth chapter is the conclusion and comments on empirical findings are summarized in this paper, and propose targeted policy advice.There are two innovation of this article, the first is that the paper selected variables included in the monetary policy transmission mechanism in a more comprehensive economic indicators, the lack of improvement in other literature research in this aspect, more focused on monetary policy transfer in a particular stock market index and the interaction between the process of analysis and research, such as most of the interaction between literature only interest rates and money supply and stock markets. The second is that this article will be the A-share market in the small board to differentiate independent analysis, with a view to the monetary policy transmission "asymmetry" research.Insufficient points have the following main points:First, VAR model itself ignores the defects in the current value of the shocks between endogenous variables, which may not be investigated along with economic development and an improved transmission efficiency; secondly, this paper empirical no study interval for changes in the macroeconomic cycle and make a distinction, because it may be a function of the overall relationship between the macro variables has changed, so that the conclusions convincing study weakened.