| 货币供应量对股市影响的STR分析 |
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| 引用本文： | 李冬红,牛晓蕙,贾尚晖. 货币供应量对股市影响的STR分析[J]. 数学的实践与认识, 2014, 0(13) |
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| 作者姓名： | 李冬红 牛晓蕙 贾尚晖 |
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| 作者单位： | 中央财经大学统计与数学学院; |
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| 摘 要： | 使用1997—2012年的季度数据,建立了货币供应量M2与上证综合指数的平滑转换回归模型(STR),研究结果发现,货币供应量M2对上证综合指数的影响机制是非线性的,且是正向的影响.非线性关系的存在说明我国货币政策对股票市场的影响比较复杂,这也为我国货币政策的实施提出了挑战.
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| 关 键 词： | 货币供应量M2 股市价格 平滑转换模型(STR) |
Influences of Money Supply on China Stock Market:a STR Analysis |
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| Abstract: | The authors of this paper established the smooth transition regression model between money supply and share price with quarterly data from 1997 to 2012.The results of our study are the influence of money supply on share price is nonhnear and positive.The existence of nonlinear indicates that the relation of money supply and share price is complex and challenges monetary policy. |
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| Keywords: | money supply share price smooth transition regression model |
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