我國利率政策對房地產(chǎn)上市公司股票價(jià)格影響的研究.pdf

1、南京財(cái)經(jīng)大學(xué)碩士學(xué)位論文我國利率政策對房地產(chǎn)上市公司股票價(jià)格影響的研究姓名：牛亞男申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：陶美珍2009-11II ABSTRACT As the main part of the financial market, the stock market plays a more and more important role in social capital all

2、ocation and resource allocation. As a means by which the monetary authority control economic in the stock market, the monetary policy will have extensive and far- reaching influence on the whol

3、e economy. “To do a stock is to see rates face.“ This is the American stock operation master Paul McCain maxim. It shows that the change of interest rate can affect the stock market greatly

4、. With China's real estate securitization deepens, real estate listed companies account for a larger proportion of the Shanghai and Shenzhen stock markets’value. As a result, they are playing

5、 the more and more major role in the market. The real estate listed companies are the bridge of the relation between the stock market and real estate markets. As a result, the price perfor

6、mance of real estate listed companies reflects the state of the economy of China's real estate. Therefore, the study of monetary policy, especially interest rate policy on real estate stock

7、 prices of listed companies has important theoretical and practical significance. This paper uses the event study to study how the interest rate policy influence the stock price of real estate

8、 listed companies in short term. Our sample is the daily data from January 1, 2006 to June 30, 2009. Our empirical results show that interest rate policy of real estate market can affect st

9、ock price of the company in short term, but the results may not consistent with theoretical analysis. We use VAR model to study how the interest rate policy influence the stock price of real

10、 estate listed companies in long term. Our sample is the monthly data from January, 2000 to June, 2009. Our empirical results show that, in the long term, interest rate changes will affect

11、stock price of the real estate listed companies, but the influence is of a small degree. Finally, bring forward some policy suggestions according to the results of the research and analysis on

12、 real cases. Firstly, s peed up the pace of interest rate liberalization; secondly, standardize and improve China's stock market; thirdly, break the segmentation between monetary market and capital m