股票价格不仅仅受其内在价值的影响,还和宏观经济因素有密切的关系。本文研究了我国宏观经济变量对股票市场价格行为的影响情况,在一定意义上弥补了现有研究的一些不足。本文运用向量自回归方法研究发现其股票价格指数的短期波动受通货膨胀率、利率、储蓄的短期变化的影响;但是中国股票市场的走势与实体经济发展也存在背离,工业增加值与货币供给量的变化对股票价格指数的影响较小。 Stock prices are not only affected by their intrinsic value, but also closely linked with macroeconomic factors. This paper studies the impact of China’s macroeconomic variables on the price behavior of the stock market, and makes up for some deficiencies in the existing research in a certain sense. In this paper, we find that the short-term fluctuations of the stock price index are affected by the short-term fluctuations of inflation, interest rates and savings. However, there is a departure from the development of the real economy in China’s stock market. The industrial added value and money supply The changes have less effect on the stock price index.