From The Tight Monetary Policy On The Stock Price Impact Of Empirical Studies

Combining the domestic and foreign related studies with the tight monetary policy's macro-environment and the development of the stock market in china, the dissertation expounds the mechanism that the tight monetary policy impact stock price in theory ,and using the metrological examination means of ADF test,Granger causality test and the impulse response empirical study the impact of raising the deposit reserve rate,the interest rate and open market operations to stock price, then come to some important conclusion.The dissertation begins with the theoretical analysis of the impact of the tight monetary policy to stock price, and then studies the stock market development actuality, then, using the metrological examination means of ADF test,Granger causality test and the impulse response empirical study the impact of raising the deposit reserve rate,the interest rate and open market operations to stock price, lastly, come to some important conclusion. The conclusions are as follows: in the long term, stock price and interest rate exhibit a long reverse relation, that is, the tight monetary policy will impact the stock price. Compared to three monetary policy tools, raising interest rate will impact markedly stock price, and there are also clear causal relationship. Secondly, raising the deposit reserve rate will also impact stock prices weakly, and there are also clear causal relationship. Though open market operations and stock price exhibit a long reverse relation, the causal relationship is not obvious. But the short-term effect is not obvious, it has delayed impact over the time, and the impact will be more and more stronger, the deposit reserve rate affects the stock price under some conditions. So the central bank's monetary policy will not impact stock price in a short time. But will accumulate in the longer period of time.Based on the analysis, the paper analyses the reason that stock price is not sensitive to the tight monetary policy, and puts forward some policy proposals correspondingly.