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货币政策的有效实施，依赖于一定的经济金融环境和市场条件，随着我国资本市场的迅猛发展，资源配置格局及方式发生了明显变化，原来以实体经济为主要调控对象的货币政策的运行机制、作用渠道和实施效果受到了显著影响，这种客观现实要求我们应加大资本市场的发展对货币政策有效性影响的研究。本文分析了资本市场传导货币政策机制及影响资本市场传导货币政策的诸多因素，提出要充分发挥资本市场的资源配置作用，完善货币政策操作体系。
The effective implementation of monetary policy relies on a certain economic and financial environment and market conditions. With the rapid development of China’s capital market, the pattern and mode of resource allocation has undergone significant changes. The original operating mechanism of monetary policy, with the real economy as the main regulatory target, , The role of channels and the implementation of the effect has been significantly affected, this objective reality requires that we should increase the development of capital markets on the effectiveness of monetary policy research. This paper analyzes the monetary market conduction monetary policy mechanism and the impact of capital market conductive monetary policy of many factors, proposed to give full play to the capital market resource allocation, improve the monetary policy operating system.