【摘要】Measuring the impacts of monetary policy on stock markets can of help to carry out monetary policy and stock markets investment.By impulse response analysis and variance decomposition,this paper reveals that the degree and lag of the impacts have close relation to the regulation pattern of monetary policy;the impacts of money supply and interbank offer rates are strengthened,while that of loan scale is weakened;whether policy goal can be attained relies greatly on the degree of the connection of money market and stock markets.