我国货币市场与资本市场联接机制的理论与实证分析

货币市场与资本市场具有内在的联接性，这种联接性体现在两个方面：资金联接与价格联接。对我国货币市场与资本市场联接现状的实证分析表明，货币市场与资本市场的内在联接机制使得目前我国金融监管当局的隔离政策流于形式，因此，货币市场与资本市场的联接是我国金融监管当局的必然选择。但是，两市场的联接需要一定的条件，因而需要一个过程，在条件的创建过程中，可以逐步增加两个市场共同的参与主体。

THEORETICAL AND EMPIRICAL ANALYSES ON THE CONNECTING MECHANISM OF CHINA'S MONEY MARKET AND CAPITAL MARKET

Theoretical research indicates that there are inherent connections between the money market and the capital market, which are capital connection and price connection. The empirical analyses on china's current situation of the correlation of money market and capital market displays that the inherent connecting mechanism makes the isolate policy lose efficacy, so it is the supervisory authorities' inexorable choice that connects the money market and capital market. Because the connection of the two markets needs some terms, it needs process. The authorities could increase the participators who participate in all the two markets in the process of creating conditions.