Endogenousness and Exogenousness of Chinese Stock Market
- 经济学院－已发表论文 
中国股票市场总体来说没有投资价值 ,而政府出于多种原因考虑又要抑制股市下跌和过度上涨 ,使中国股市带有政策市特征。但是 ,股票市场本质上是内生性的 ,股票市场运行遵循着固有的自然规律。货币政策主要通过影响股市资金供给和实体经济来影响股票市场。我们建议 ,货币政策在战略上应考虑实体经济 ,只是在策略上需考虑其对股票市场的可能影响。Stock markets of China lack investment value. The Government of China often tampers stock price indices for some reasons. So stock markets of China are thought as policy market. However, stock markets are exogenous in nature. Stock markets have their own natural laws. Monetary policy affects stock markets through supply or demand of fund and real economy. Our suggestion is that monetary policy must be drawn up by real economy. Nevertheless, monetary policy needs to be considered how to affect stock markets.