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2010年以来,我国已连续四次加息,持续加息一方面有利于缓解我国居民储户的负利率状况,其本意是抑制通货膨胀,保持经济平稳发展。但是由于股市与利率天然有着千丝万缕的联系,加息不可避免的对股市造成影响。本文从理论上和实证分析它们之间的关系,探索加息的背景和对股市的作用机制,得出结论是利率调整对股市影响有限。
Since 2010, China has raised interest rates four times in a row. Continuous interest rate hike will help ease the negative interest rate of Chinese depositors on the one hand. Its intention is to curb inflation and maintain steady economic development. However, because the stock market is inextricably linked to the interest rate, it is inevitable that a rate hike will affect the stock market. This paper analyzes the relationship between them theoretically and empirically, explores the background of raising interest rates and the mechanism of action on the stock market, concludes that the interest rate adjustment has a limited impact on the stock market.