利率政策调整对中国股市影响的实证分析

本文利用事件研究及误差修正模型对央行9次利率调整对沪市产生的短期和长期影响进行了实证研究。研究结果表明短期内股市对利率调整具有一定的敏感性、滞后性，但从长期来看利率变动与股市指数存在显著的负相关关系。

Effect of Interest Rate Policy on Stock Market in China

The paper studies the impact on the stock market of Shang Hal resulted from the adjust- ment of interest rates by using event study and error correction model from 1996yr on. The findings are that the interest rate policy has the sensitivity effect, the time-lag effect in short time and has negative effects on the stock market in a long time.