本文通过协整检验和格兰杰因果关系检验的计量方法研究了汇改后中国股市与汇市的关系,实证发现了汇率和股价存在长期稳定的协整关系,两者关系符合流量导向模型。汇率变化是股价变化的单向格兰杰原因。最后,本文对实证结果做出分析,并提出了相应的政策建议。 This paper studies the relationship between the Chinese stock market and the foreign exchange market after the reform through the cointegration test and Granger causality test, and finds that there is a long-term and stable co-integration relationship between the exchange rate and the stock price. The relationship between the two is in line with the traffic-oriented model. Exchange rate changes are one-way Granger reasons for changes in stock prices. Finally, this paper analyzes the empirical results and puts forward the corresponding policy recommendations.