碩士 / 大葉大學 / 國際企業管理學系碩士班 / 103 / The purpose of this study is want to know the interactive relationship among the realestatemarket, the stock market and macroeconomic factors around implementation of macroeconomiccontrolpolicies ofchina.
The research uses ADF Test, Granger Causality Test, Impulse response function, Co-integration Test and Vector Error Correction Model (VECM). This study uses monthly data form September2008 to April 2014. The study want to find out the feedback relationships among variables in long term period and short term period.
The results showed: (1) Atlaterperiod of macro-control policies, stock index is leadinginterest rates, but at thetheearlier period of macro-control policies, there is no causal connection. There is long-term equilibrium relationship between stock index and interest rates. (2) Attheearlier andlaterperiod of macro-control policies, stock index andBeijingCPI,there are no causal connection. There is long-term equilibrium relationship between stock index and BeijingCPI. (3) At the laterperiod macro-control policies, stock index is leadingShanghaiCPI, but at the theearlier of macro-control policies,there is no causal connection. There is long-term equilibrium relationship between stock index andShanghaiCPI. (4) At theearlier period and laterperiod of macro-control policies,stock index andBeijingHPI there are no causal connection.There is long-term equilibrium relationship between stock index andBeijingHPI. (5) At theearlier period and laterperiod of macro-control policies,stock index and ShanghaiHPI there are no causal connection.There is long-term equilibrium relationship between stock index andShanghaiHPI. (6) At theearlier and later period of macro-control policies,Beijing HPI is leadinginterest rate.There is long-term equilibrium relationship between Beijing HPI andinterest rate. (7) At the entire period of macro-control policies,Beijing HPI andBeijing CPIartwo-way causality., but at the laterperiod andearlierperiodthere are no causal connection.There is long-term equilibrium relationship between Beijing HPI andBeijing CPI.(8) Macro-control policies, at the period time of earlierperiod,Shanghai HPI is leadingShanghai CPI,but at the laterperiod and entire periodthere is no causal connection.There is long-term equilibrium relationship between Shanghai HPI andShanghai CPI.
| Identifer | oai:union.ndltd.org:TW/103DYU00321008 |
| Date | January 2015 |
| Creators | Hung,Wen, 洪呅 |
| Contributors | Lai Wen Quai, 賴文魁 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 169 |
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