20世纪80年代中期以来,货币政策成为我国宏观调控的重要手段;90年代以来以股票发行和交易为主的资本市场快速发展,使金融市场结构发生了深刻变化。随着股票市场的发展,股票市场在金融体系的地位越来越突出,股票市场作为资源配置、产权交易、风险定价和公司治理的市场机制,对经济增长和其他经济变量的作用日益突出,股票市场对货币政策的影响也越来越大。本文从实证的角度,从货币需求,货币流通速度,货币政策的传导来研究股票市场对货币政策制定的影响。 Since the mid-1980s, monetary policy has become an important means of macroeconomic regulation and control in our country. Since the 1990s, the rapid development of capital markets based on the issuance and trading of stocks has brought about profound changes in the structure of financial markets. With the development of the stock market, the stock market plays an increasingly prominent role in the financial system. As a market mechanism of resource allocation, property rights transaction, risk pricing and corporate governance, the stock market plays an increasingly prominent role in economic growth and other economic variables. Stocks, The impact of the market on monetary policy is also growing. This paper studies the influence of the stock market on the making of monetary policy from the perspective of the demand of currency, the speed of money circulation and the transmission of monetary policy.