一、货币供应量通过间接传导决定股市财富效应货币供应量的传导顺序 ,首先是影响货币市场 ,然后才是影响资本市场。因此 ,央行对货币供应量的调控 ,主要以间接方式影响股市资金面的变动。货币供应量带来增量资金进入股市 ,其过程影响了银行存款结构 ,其结果改变了社会资金总量 First, the money supply through indirect transmission determines the wealth effect of the stock market The order of conduction of money supply, first of all, is to affect the money market, and then affect the capital market. Therefore, the central bank’s regulation of the money supply mainly affects the changes in the capital market of the stock market mainly indirectly. The money supply brought incremental funds into the stock market, the process of which affected the bank deposit structure and as a result changed the total social capital