根据西方股票市场引致货币需求的理论 ,建立一个包含股票影响因素的我国货币需求模型。对 1993年第 1季度至 2 0 0 2年第 4季度的数据采用OLS和Johansen协整检验估计出相应的我国货币需求方程 ,并提出中央银行应充分考虑股票市场对货币需求影响的政策建议。 According to the theory that the western stock market leads to the demand of money, we establish a model of China’s monetary demand that contains the influencing factors of the stock. The OLS and Johansen cointegration tests are used to estimate the corresponding monetary demand equation in China for the first quarter of 1993 to the fourth quarter of 2002 and the policy recommendations that the central bank should fully consider the impact of the stock market on the demand for money are put forward.