Short-term Effects Of Monetary Policy On Real Estate Stock Prices In China

Stock is the most dynamic form of capital in the economy and it is an indispensable element in economic activities.The real estate industry makes huge contribution for China's economic.The study of real estate stock is very important to the stability of the stock market.In view of the many factors that affect the stock market,such as political instability,war,macro-economic,religious beliefs,the paper uses monetary policy as the variable factors to analyzes the impact of monetary policy changes on real estate shares,to test the short-term impacts of interest rate and deposit reserve ratio on stock market.This paper collects data from 2006 to 2016,using the event study method and the dummy variable method to test the impact of monetary policy on China's stock market.In the beginning,this paper introduces the background of the topic,the purpose of the study,the literature review of the impact of monetary policy related to stock price.Chapter 4 focuses on the empirical study and the dummy variable method.In the fifth chapter,the paper selects the sample data of monetary policy adjustment from 2006 to 2016 to calculate and analyze the changes of real estate stock price caused by monetary policy adjustment.At the same time,in order to study the policy impact on the stock price after the incident,the paper sets up a reasonable window after the event.In the empirical research part,this paper just analyses the data of Shanghai stock market.According to the results of empirical analysis,in the case study method,the stock market showed a significant reaction only when the bearish condition.In the dummy variable method,the qualitative analysis of "good 1 day","bad day 1 day" and "bad day 2 days" has little effect on the stock market.Chapter 6 concludes with some concrete suggestions for government,companies and investors.