中国股票市场的流动性效应探析

逐步形成货币政策的股票市场传导机制是经济发展的必然。股票市场传导货币政策是通过托宾 q值效应、财富效应、流动性效应和非对称信息效应发挥作用。我国金融市场不完善、居民股票收入低、股票市场投资主体结构和居民资产结构不合理 ,极大地限制了流动性效应的发挥 ,使其非常微弱。从弱化制约因素、增强流动性效应方面提出有关对策 ,为货币政策的资本市场传导渠道的形成创造条件

An analysis of circulation effect of Chinese stock market

It is inevitable for our national economic development to form progressively channels of monetary policy through stock market.the channel of the monetary policy though stock market includes the following items: the Q theory of James Tobin, the channel of the wealth effect, the channel of the circulation effect and the channel of unsymmetrical information effect .our national financial market is not perfect, resident's income from stock is too low, the structure of investors in stock market and the structure of resident's wealth are unreasonable. All of these have greatly restricted the circulation effect of stock market and made it very faint. the suggestions about weakening unfavorable element and strengthening the circulation effect are favorable to the formation of channels of monetary policy through stock market.