An Empirical Study Of The Impact Of Monetary Policy On The Volatility Of The Shanghai And Shenzhen 300 Index

Stock market volatility has been closely watched by investors,companies and regulatory authorities.After years of development,China's stock market has become the second largest stock market in the world.Compared with the steady development of China's economy,the stock market has shown a wave The abnormal has become the norm,and even the phenomenon of "dividing the stocks" has occurred.Due to the short development time,low development level,unsound system and poor risk awareness of investors in China's stock market,many Scholars believe that excessive policy intervention is the main reason for abnormal volatility of the stock market,the ruling authorities have implemented a number of monetary policies to macro-control the stock market.Introduction of policies has increased the volatility of the stock market,and the size of the policy adjustment will also affect the volatility o f the stock market.,this paper attempts to explore the impact of monetary policy adjustment on stock market volatility in order to supplement existing empirical research and theory.Monetary policy has a certain actual basis for stock price volatility.Based on the internal principle of stock price volatility,this paper combines the theory of monetary policy transmission mechanism and the monetary policy stock market transmission channel theory to further analyze the mechanism of monetary policy affecting The volatility of the Shanghai and Shenzhen 300 Index.On this basis,it is divided into three samples: the whole,the bull market and the bear market.The reverse repurchase,money supply,interbank lending rate are used as monetary policy indicators,GDP And inflation rate are used as control variables,and the VAR model is used to test the ADF.Analytical methods,study the overall impact of monetary policy on stock market volatility,and analyze the differences in the impact of monetary policy on stock market volatility under Different stock market conditions.The empirical research shows that: First,the central bank's monetary policy operation and regulation of the stock market has a certain role.During the overall sample period,monetary policy has not significantly increased or significantly reduced the volatility of the stock market,indicating that the Second,under the bull market and the bear market,monetary policy can also play a better role in regulating stock market volatility.Finally,China's current monetary policy transmission mechanism has not yet been smooth,and the impact of Monetary policy on the real economy through the stock market is very limited.