20世纪90年代以来,世界各国宏观经济中的高通货膨胀率得到了有效控制,物价水平趋于稳定。而金融资产价格的波动却显著加剧,中央银行的货币政策面临新的挑战。这一点在中国当前的资本市场中表现得尤为明显。上证综指从2005年6月6日的998.23点最高上攻至2007年10月16日的6124.04点,涨幅高达513.49%。指数的上涨得益于股权分置改革的深入、市场资金面的充裕、上市 Since the 1990s, the high inflation rate in the macro economy of various countries in the world has been effectively controlled and the price level has stabilized. However, the volatility of the prices of financial assets is significantly aggravated, and the central bank’s monetary policy is facing new challenges. This is particularly evident in China’s current capital markets. Shanghai Composite Index up from June 6, 2005 998.23 points up to October 16, 2007 6124.04 points, up as much as 513.49%. The rise of the index benefited from the deepening of share-trading reform and the abundance of market funds and the listing