| 本币升值影响股票市场的理论与实证研究 |
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| 引用本文： | 袁冬梅,刘建江.本币升值影响股票市场的理论与实证研究[J].长沙理工大学学报(社会科学版),2006,21(4):62-66. |
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| 作者姓名： | 袁冬梅 刘建江 |
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| 作者单位： | 1. 湖南师范大学,商学院,湖南,长沙,410081;华中科技大学,经济学院,湖北,武汉,430074
2. 长沙理工大学,经济学院,湖南,长沙,410076 |
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| 基金项目： | 教育部人文社科项目“美国股票市场财富效应与经济波动的相关性研究”(01JA790076)，湖南省社科基金项目“房地产市场价格波动影响消费的机理及实证研究”(05YB83) |
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| 摘 要： | 一国货币升值对该国股票市场会产生影响,文章运用日本数据资料实证分析日元升值与日经股票指数的相关性,结果也表明,短期内本币升值会导致股票市场的快速膨胀,但从长期来看,升值预期一旦消失,股市将会大幅度下挫,并对宏观经济不利。计量分析也支持汇率变动对股市的单向影响。因此,我们在正视人民币升值的事实时须重视其对我国股市可能产生的各种影响。
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| 关 键 词： | 本币对外升值 股票市场 日本股市 |
| 文章编号： | 1672-934X(2006)04-0062-05 |
| 修稿时间： | 2006年9月8日 |
A Positivist Analysis of the Impact of Currency Appreciation on the Stock Market |
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| YUAN Dong-mei,LIU Jian-jiang.A Positivist Analysis of the Impact of Currency Appreciation on the Stock Market[J].Journal of Changsha University of Science & Technology,2006,21(4):62-66. |
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| Authors: | YUAN Dong-mei LIU Jian-jiang |
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| Abstract: | This paper analyzes the mechanism of the impact on stock market of the currency appreciation,and demonstrates the relationship of the appreciation of Japanese yen and Nikkei Stock Price Average.It shows that the appreciation of Japanese yen has caused the rising of Nikkei Stock Price Average in a short run.However,the depression of stock market and the economy occurs with the disappearance of the appreciation expectations of the currency in a long term.Econometric analysis also argues for the impact on Nikkei Stock Price Average of the appreciation of Japanese yen.Therefore,we should envisage the appreciation of RMB and its influence on China's stock market. |
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| Keywords: | currency appreciation of domestic currency against foreign currency stock market stock market of Japan |
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