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至2015年10月24日起,商业银行和农村合作金融机构等的存款利率浮动上限已被中国人民银行取消,也就标志着利率市场化已迈出关键一步。众所周知,传统观点一般认为利率的升降与股票价格呈反方向变动。那么利率市场化进程中,中国股市对利率变化的反应如何?本文在前人研究的基础上,结合我国国情,通过对2006年到2015年的上证指数和利率变动的相关数据进行处理,从短期和长期两个角度对二者之间的关系运用Eviews进行实证分析。
From October 24, 2015 onwards, the floating ceiling on deposit interest rates of commercial banks and rural cooperative financial institutions has been lifted by the People’s Bank of China, marking a crucial step toward the marketization of interest rates. As we all know, the traditional view is generally believed that the rise and fall of interest rates and stock prices in the opposite direction changes. So in the course of the marketization of interest rate, how does the Chinese stock market react to the change of the interest rate? Based on the previous studies and the national conditions of our country, this paper deals with the changes of Shanghai Stock Index and interest rate from 2006 to 2015, And the two perspectives on the relationship between the two using Eviews for empirical analysis.