本文通过对自2005年以来流动性变动的阐述,指出流动性变动与股市巨幅波动之间具有同步相关性,进而分析了央行在控制流动性政策方面的不足以及流动性变动给股市带来的负面冲击,最后提出化解流动性变动影响股市的相关政策建议。 Through the exposition of the liquidity changes since 2005, this article points out that there is a synchronous correlation between liquidity changes and the huge fluctuations of the stock market, and then analyzes the shortcomings of the central bank in controlling the liquidity policies and the changes brought by the liquidity to the stock market Negative impact, and finally put forward to resolve the liquidity changes affecting the stock market’s policy recommendations.