长期以来,由于中国资本市场与货币市场的分割,使得中国在股票市场作为货币政策的传导体制方面的重要性未给予足够的重视,从而降低了中央银行货币政策的有效性。在股票市场发展已经使中国货币政策的作用基础发生了重大变化的新的金融环境下,股票市场已成为影响货币政策效果的一个重要变量,货币政策在相当程度上 For a long time, due to the segmentation of China's capital market and money market, China has not paid enough attention to the importance of the stock market as the conduction system of monetary policy, thus reducing the effectiveness of the central bank's monetary policy. Under the new financial environment in which the development of the stock market has changed the basis of China's monetary policy significantly, the stock market has become an important variable that affects the effect of monetary policy. To a certain extent,