股票市场是否对货币需求产生正向影响,需要从商业银行会计核算角度考察流入股票市场的资金是否引起了货币供应量的增加,只有银行资金流入股市并引起股市上涨,才能判定股票市场与货币需求呈正相关,否则为不相关或负相关。2001年6月之前股票市场实际减少了货币需求,2001年6月后两者关系无法定论。根据股价指数、股票交易金额、股票市值与货币需求实证的系数符号判断股票市场与货币需求的关系是值得商榷的。 Whether the stock market has a positive impact on the demand for money needs to examine whether the funds flowing into the stock market have increased the money supply from the perspective of commercial bank accounting. Only when the bank funds flow into the stock market and cause the stock market to rise can the stock market and the money demand be determined Positive correlation, otherwise it is not related or negative correlation. The stock market actually reduced the demand for money until June 2001, and the relationship between the two was inconclusive after June 2001. The relationship between the stock market and the money demand is questionable according to the stock price index, the stock transaction amount, the stock market value and the sign of the coefficient of the money demand demonstration.