对证券市场与实体经济之间的互动关联关系进行了梳理和探讨,提出证券市场与实体经济之间的互动关联程度主要取决于股票市场的四大效应,进而通过实证分析提出,我国证券市场的四大效应皆不明显,从而使得证券市场与实体经济之间难以呈现良性的互动关联。同时在政策选择上,通过扩张性的货币政策来刺激证券市场并拉动实体经济并非明智的选择,是不可靠的。 The interactive relationship between the securities market and the real economy is reviewed and discussed. It is proposed that the interaction between the securities market and the real economy mainly depends on the four effects of the stock market, and then put forward through empirical analysis that the The four effects are not obvious, making it difficult for the stock market and the real economy showing a benign interaction between. At the same time, it is unreliable in policy choice to stimulate the securities market through expansionary monetary policies and to stimulate the real economy, which is not a wise choice.