国际金融课程论文 人民币升值对我国证券市场影响.docVIP

人民币升值对我国证券市场的影响及对策分析 2010级商务英语2班 王亚玲 【摘要】2005年7月21日中国正式实施汇率制度改革以来，人民币不断升值给我国带来了巨大的压力。本文先大概介绍了一下人民币升值的幅度，到目前为止人民币升值幅度在30%左右。然后分析了影响人民币升值的因素。这些因素既有国际的，也有自己本国的。国际因素主要包括日本和美国对我国施加的压力以及金融危机的影响。国内因素主要包括持续的双顺差和国内储备的逐年增加。本文主要分析人民币升值对证券市场的影响，主要包括三个方面。第一是对上市公司的业绩造成影响。人民币升值，人民币购买力增强。进口企业从中获利同时上市公司业绩会向好的方面发展，但对出口企业是不利的，尤其是以来出口的企业。 第二是人民币汇率升值影响证券市场决策行为,间接影响证券市场价格。人民币升值对证券市场有预期效应和数量效应。人民币升值会使证券市场价格上升。第三是影响证券市场的稳定性。人民币升值存在着套利机会。大量外部资金通过种种渠道进入证券市场。同时由于中国资本项目的逐步开放给了他们机会。这就影响了证券市场的稳定性。由此我们要采取有效措施来消除人民币升值给证券市场带来的负面影响。这些措施主要包括完善汇率制度、加强对境外投机性短期资本的监管、扩充证券市场容量等。本文参考了一些期刊杂志的资料并进行了整合。 【关键词】人民币升值；对证券市场影响；对策 Appreciation of RMB Influences Stock Market and Solution Abstract: Since 21st of July 2005, China officially carries out exchange rate system reform and we have suffered from the constant appreciation of RMB. At first, the paper briefly introduces the range of the appreciation of RMB and up to 30% till now. Then the paper analyses international and domestic factors which lead to the appreciation. The international factors mainly include the pressure from Japan and U.S.A. and the influence of economy crisis. The domestic factors include the constant double surplus and the increase of official reserves year by year. The paper focuses on the influence on stock market in three aspects caused by the appreciation of RMB. The first aspect is that the appreciation of RMB has effect on performances of listed companies. The appreciation of RMB means increasing purchasing power and import industries benefit and the export industries lose. The second aspect is the appreciation of the RMB exchange rate affects the decision-making behavior of the securities market and indirectly affects of stock market price. The revaluation of RMB brings desired effect and quantal effect and the increase of stock price. The third is to destroy the securities market stability. Interest arbitrage opportunities springing up and a great deal capital flooding into the stock market and the gradual opening of cap