摘要货币政策是国家实施宏观调控的重要手段之一，它的实施影响着经济生活的各个方面。特别是2008年美国次贷危机引起全球金融危机爆发，资本市场受到的冲击不小，各国纷纷采取货币政策以减少此次危机带来的损害。63888

    美国为挽救本国危机，连续实施了二轮量化宽松的货币政策，近期又实施了第三轮量化宽松货币政策，此举对中国乃至世界都在产生了影响。中国作为一个新兴市场以及与美国联系最为密切的国家，受到的影响最为明显。本文搜集近些年我国货币政策与资本市场关系的相关文献以及量化宽松货币政策对中国的股市影响的相关文献。主要探讨了如下几个问题：在不考虑国际环境大背景的情况下，探讨货币供给量与股票价格的简单关系；对前两轮量化宽松货币政策对我国股票价格的相应影响以及我国采取的货币政策的回顾；QE3背景下我国货币政策对我国股市的影响。

毕业论文关键词：  货币供给量  股票价格  量化宽松的货币政策

毕 业 论 文 外 文 摘 要

Title  Study on  monetary policy under the background of Q3 impact   on China's stock market

Abstract Monetary policy is one of the important means of the implementation of national macro-control ,The implementation of it affects all aspects of economic life. Especially in 2008, the United States sub-loan crisis of the global financial crisis，Capital market impact is large, many countries take monetary policy to reduce the damage caused by the crisis. The United States of America to save the national crisis to implement 3 rounds of the quantitative easing monetary policy, the move influence both China and the world . China as an emerging market and most closely related to America, get the most influenced obviously.

Related literature t collect related literatures on the relationship between monetary policy and capital market in China as well as the impact of quantitative easing monetary policy on China. Mainly discusses several problems as follows: without considering the international environment background, only consider the relationship between money supply and stock price; in the first two rounds of quantitative easing monetary policy background, the monetary policy of our country, and the corresponding effect of this policy on the stock price in China;The impact of China's monetary policy on the stock market of our country under QE3.

Keywords : Money supply  stock price  quantitative easing monetary 

   目录

1 引言 1

2 货币政策与股票价格的简单关系 1

  2.1 样本变量的选取以及模型的设定 2

  2.2 实证分析 3

      2.2.1 M0、M1、M2与股票价格之间协整关系的分析 3

      2.2.2 新增货币量增减方向和股票价格关系 3

  2.3 结论 5

3 何为量化宽松的货币政策 6

4 QE1及QE2背景下我国的货币政策以及我国股市遭受的影响 6

  4.2 两轮量化宽松货币政策相关内容 7

      4.2.1 QE1政策的内容 7

      4.2.2 QE2政策的实施内容 8

  4.3 QE1，QE2下，中国的相应货币政策 8

  4.4 我国股市遭受的影响