通货膨胀对我国股票市场的影响分析

中文摘要

随着国民经济的快速发展以及股票市场的迅猛发展，通货膨胀与股票价格波动之间也越来越显得存在一定的联系，各国学者纷纷探讨两者之间的联系，同时不少学者也从单方向研究通货膨胀对股价格的影响。20世纪90年代以来我国股票市场飞速发展，居民资产结构中金融资产比例持续加大，金融资产价格与宏观经济运行关系日益突出，通货膨胀对股票价格的影响也备受关注。
本文以通货膨胀对股指期数的影响分析为出发点，一方面采用新古典经济学理论以及凯恩斯主义经济学的相关理论，围绕通货膨胀对股票价格波动的影响展开分析。另一方面，从整体上采用近年年度、季度以及月度相关数据对通货膨胀与股指期数的相关关系进行实证检验，进一步阐述验证通货膨胀对股指期数的影响。最后针对研究内容作出综合性总结。

关键词  ：通货膨胀，股指期数，企业投资，成本，货币政策
ABSTRACT

As the rapid development of the national economy， as well as the stock market， the relation between the inflation and the stock price fluctuation is getting more and more significant. Scholars from different countries are quite interested in exploring this issue; simultaneously， quite a few are devoting to the unidirectional research in the effect on the stock price from inflation. From 1990s， the financial proportion in the national financial structure is gradually getting larger and larger， and the relation between financial price and the macro economy operation more and more conspicuous. The inflation impact on the stock price arouses much attention.
Based on the inflation impact on stock index， the following thesis， on one hand， analyzes the inflation impact on the stock price fluctuation with neo-classical economics theory as well as other relevant doctrines from Keynesian economics; on the other hand， it verifies the relative relation between inflation and stock index with recent data of necessity， thus further interpreting the inflation impact on stock index. Finally， this thesis makes a sound summary over the whole research.

Key words  : inflation， stock index， business investment， cost， monetary polic

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