【作者】 周晔；

【导师】 耿明斋；

【作者基本信息】 河南大学 ， 国民经济学， 2001， 硕士

【摘要】 本文分为四个部分：第一部分，文章从资本市场的功能和作用出发，介绍了我国资本市场的现状。第二部分，提出资产价格对宏观经济政策，尤其是货币政策的制定及其实施效果己经产生了越来越大的影响，所以货币政策的制定绝不能忽视资本市场的存在。文章认为货币政策对资产价格变化产生影响并最终影响到实际产量是通过其传导机制来实现的。通过分析，文章指出非货币性资产的传导机制主要是中央银行的货币政策通过对投资者的资产组合和财富总量的影响导致投资和消费的变化，从而使产量也发生变化这样一个过程，并且讨论了货币政策在股票市场上的传导机制和在中长期债券市场上的传导机制。文章的第三部分在分析了资产流动性提高、资产品种增多及资产价格变化对货币供应的影响后，对我国证券市场对货币政策的作用进行了剖析，并随即对国内不同的理论意见进行实证分析。检验结果证实在我国资产价格与货币供给之间的关系正在渐渐形成，资产价格将不可避免地成为货币政策的重要传导机制，根据资本市场的情况及资产价格来把握货币政策的松紧将成为货币当局在未来必须重视和加以考虑的重要问题，提出了央行针对资本市场发展的政策选择。第四部分，文章认为我国资本市场的发展使货币政策传导的货币渠道已逐渐成形，这将对于货币政策传导机制起到完善作用，但其传导阻滞和扭曲仍然很严重。为此针对中国资本市场长期积累的体制性弊端提出一些个人的看法和相关的治理方案，希望能够疏通我国货币政策在实施中所发生的阻塞。更多还原

【Abstract】 The paper includes four parts: The first part introduces the current condition ofChina’s capital market, starting from the function of capital market. The second part,then, brings forth that the price of asset has come to have an increasing influence on the macroeconomic policy, especially on the making of monetary policy and itsperformance effect so that the making of economic policy must not ignore its existence.It’s believed in the paper that monetary policy influences the change of asset price andfinally the real yield, which is realized by its transmitting mechanism. The transmittingmechanism of non-monetary asset is that the monetary policy of central bank leads to the change of investment and consumption and then to the change of the yield byaffecting portfolio selection and total wealth of investor It also analyzes thetransmitting mechanism of monetary policy in stock market and mid-long term bondmarket.The third part analyzes the influence of improving the liquidity of asset, increasingthe kind of asset and changing of the price of asset on the supply of money, and alsoanalyzes the function of stock market on monetary policy. The paper has completed thepractical analyses in the view of different theoretical opinion, and the result proves thatthe relations between asset price and monetary supply have come to emerge and thatasset price will inevitably become the important transmitting mechanism of monetarypolicy Tightening or loosening of monetary policy according to the condition of capitalmarket and asset price will be an important aspect which the monetary authorities mustvalue importance to and take into account in the future. Then this part proposes somesuggestions on the policy for the central bank to choose in developing capital market.Finally the fourth part thinks that the development of our capital market makes themonetary passage of transmitting monetary policy has formed, which plays animproving role in the transmitting mechanism of monetary policy, but there are stillserious transmitting obstacles and distortions. So the paper offers some opinions of theauthor and the relative management scheme, and hopes they can clear away the blockswhich exist in the fulfillment of our monetary policy.更多还原