| In some countries with developed financial markets,the stock market’s healthy running has a supporting role on the development of the real economy.Chinese stock market was established relatively late,which is still not mature.It is common to see stock price fluctuation drastically in more than twenty years.Look from the international experience and historical events,a booming stock market has a promoting effect on a country’s ecomomy,but the huge fluctuation of the stock price has huge impact on a country’s economic stability.However,the stock price fluctuation how to affect consumption,investment and real economy,current studies are not concluded unanimously.With the development of Chinese stock market,it’s position is becoming more and more important in the financial system and national economy,so the impact of stock price fluctuation on the real economy has get more and more attention.First,this paper analyzes the impact of stock price fluctuation on the consumption and investment on the basis of partial equilibrium analysis.Then we analyze the impact of it on the real economy when the commodity market and money market equilibrium on the basis of general equilibrium analysis.This paper selects the monthly data from 2000 to 2015,by building two partial equilibrium models and the IS-LM augmented model,and using some modern time series analysis methods to reveal the impact of stock price fluctation.Moreover,the non-tradable shares reform is of epoch-making significance in the development of Chinese stock market,so this paper also by adding institutional change factors to analyze the impact of share reform on Chinese stock market’s wealth effect,investment effect and the effect of the overall economy.The possible innovation of the dissertation lies in three aspects:first,the combination of partial equilibrium analysis and general equilibrium analysis,the research methods more perfect;second,this paper comprehensively analyzes the impact of stock price fluctataion on the consumption,investment and real economy,the research content more rich;third,this paper also considers the influence of the non-tradable shares reform,the research question more fully. |
