【摘要】 首先指出中国证券市场中存在上市公司质量与股票指数相互背离的矛盾现象 ,然后通过分析居民储蓄存款和银行信贷资金大量流入股票市场 ,以及中央银行实行积极的贷币政策 ,论证了 2 0 0 0年股指高攀的原因所在。之后反思股市泡沫的巨大风险以及贷币政策实施的效果更多还原

【Abstract】 This article aims to analyze the phenomenon applicable to most of the listing companies on Chinese securiy market that stock price deviates from business performance.As part of the driven forces,resident’s saving,bank loan and the rpoactive policy applied by the central bank stimulate the increase of stock index.Further more,a preliminary assessment on the risks of the stock market’s bubbles,the effectiveness of the current monetary policy and its implementation are addressed in the third part of this article.更多还原