中介目标视角下货币政策对股票市场流动性的影响

he impact of monetary policy on financial markets has been a hot issue and the focus of academic research field. In recent years, the impact of monetary policy on stock market liquidity has attracted wide attention. From the perspective of intermediate targets, the paper explores the impact of monetary policy on stock market liquidity from both theoretical and empirical aspects. Based on the analysis of impact mechanism of money supply and interest rates on stock market liquidity, using Shanghai A shares as research object, the paper uses Granger causality test, VAR model, impulse response analysis and variance decomposition method to do the empirical test. The empirical results show that the M1, M2 money supply and interest rates will produce certain effect on the stock market liquidity, while the impacts of M2 and seven-day interbank offered rate are more obvious. Other control variables such as stock market returns will also have great influence on the stock market liquidity. These findings have strong policy implications.