美国量化宽松货币政策对中国上证指数的影响分析

发布时间：2018-03-30 04:27

本文选题：货币政策　切入点：量化宽松　出处：《天津大学》2014年硕士论文

【摘要】：2008年金融危机之后,包括美国在内的发达国家为了拯救经济,改善就业率和通货紧缩的状况,都实施了量化宽松的货币政策来改善流动性,以期促进经济的增长,改善就业率。自从21世纪以来,美、日、英、欧洲央行都陆续使用了量化宽松货币政策,对金融危机后全球经济恢复有着重要的作用。但与此同时也造成了全球的流动性泛滥,持续的量化宽松已经成为学术界、监管者和市场机构关注的重点。股市是我国资本市场重要的组成部分,在曲折的发展过程中,股市与货币市场之间的联系正在逐步加强。我国的金融市场开放程度越来越高,我国资本市场也逐渐成为短期国际资本炒作的目标,所以量化宽松的货币政策环境所引起的流动性过剩必然会对我国的资本市场形成冲击,影响股市的波动。因此,笔者探寻了美国的量化宽松货币政策与中国股市之间的联系,在第一章先对量化宽松货币政策的基本理论及其传导机制的国内外文献进行了综述,第二章笔者介绍了美国四轮量化宽松货币政策的主要内容,第三章笔者分析了美国量化宽松货币政策对我国股市的影响路径,第四章笔者建立了回归模型,分析量化宽松货币政策与上证指数之间的相关性,并对模型参数的结果进行了解释。第五章笔者分析了美国量化宽松货币政策退出的时机及其对上证指数的影响,第六章笔者对我国如何应对量化宽松货币政策对股市和中国经济的冲击提出了政策建议。探讨美国量化宽松货币政策对我国股票市场的影响,对于防范金融风险,保持我国经济和金融市场稳定发展,有着至关重要的作用。
[Abstract]:After the 2008 financial crisis, developed countries, including the United States, implemented quantitative easing to improve liquidity in an effort to save the economy, improve employment and deflation, in an effort to boost economic growth. Improving employment. Since the 21st century, the United States, Japan, Britain and the European Central Bank have all been using quantitative easing monetary policy, which has played an important role in the global economic recovery after the financial crisis. But at the same time, it has also caused a flood of global liquidity. Continued quantitative easing has become the focus of attention of academia, regulators and market institutions. The stock market is an important part of China's capital market, and in the course of its tortuous development, The relationship between the stock market and the money market is gradually being strengthened. China's financial market is becoming more and more open, and the capital market of our country is gradually becoming the target of short-term international capital speculation. Therefore, the excess liquidity caused by the monetary policy environment of quantitative easing will inevitably impact the capital market of our country and affect the volatility of the stock market. Therefore, the author explores the link between the quantitative easing monetary policy of the United States and the Chinese stock market. In the first chapter, the basic theory of quantitative easing monetary policy and its transmission mechanism are reviewed. In the second chapter, the author introduces the main contents of the four rounds of quantitative easing monetary policy in the United States. In the third chapter, the author analyzes the influence of quantitative easing monetary policy on China's stock market. In the fourth chapter, the author establishes a regression model to analyze the correlation between quantitative easing monetary policy and Shanghai Stock Exchange Index. In the fifth chapter, the author analyzes the timing of the exit of the quantitative easing monetary policy and its influence on the Shanghai Stock Exchange Index. In the sixth chapter, the author puts forward some policy suggestions on how to deal with the impact of quantitative easing monetary policy on stock market and Chinese economy. Maintaining the stable development of China's economic and financial markets is of vital importance.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F827.12;F832.51

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