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本文主要着眼于投资时存在的非系统风险,来研究上证指数变动的原因。通过采用2005~2011年的月度数据,分析汇率、利率、社会消费品零售总额、货币流通量、CP(I居民消费价格指数)对上证指数变动的影响,得出上证指数的变动对利率的变动最为敏感,其次是CPI和汇率,再次是货币供应量和社会消费品零售总额。
This article focuses on the non-systematic risks of investment to study the reasons for the changes in the Shanghai Composite Index. Through the use of monthly data from 2005 to 2011, this paper analyzes the impact of exchange rate, interest rate, total retail sales of social consumer goods, currency liquidity and CP (I Consumer Price Index) on the changes of Shanghai Composite Index. It shows that the change of Shanghai Composite Index Sensitive, followed by CPI and exchange rate, again the total amount of money supply and retail sales of social consumer goods.