对于系统性的风险管理而言,研究宏观变量对股票价格的影响路径是至关重要的。一方面学者们对股票价格与宏观经济之间的复杂关系存在着一定的分歧,另一方面其研究结果表明宏观经济变量对股票价格的影响模式比较复杂。本文认为可以在汲取前人研究精华的基础上,从定量研究方法与分析理念上做出一些创新,通过复杂关系模型实证分析这些关系,能够得出可被数据验证的确定性结论。 For systematic risk management, it is crucial to study the path of macroeconomic variables to the stock price. On the one hand, scholars have some disagreements on the complicated relationship between stock price and macroeconomy. On the other hand, the research results show that the impact of macroeconomic variables on stock prices is rather complicated. This paper argues that some innovations can be made from the quantitative research methods and analysis concepts by drawing on the essence of previous studies. Empirical analysis of these relationships through complex relational models leads to definitive conclusions that can be validated by data.