金陵科技学院学报：社会科学版
金陵科技學院學報：社會科學版
금릉과기학원학보：사회과학판
Journal of Jinling Institute of Technology :Social Science Edition
2011年
3期
40-43
,共4页
存款准备金%股价指数%传导机制%实证分析
存款準備金%股價指數%傳導機製%實證分析
존관준비금%고개지수%전도궤제%실증분석
deposit reserve ratio%stock index%the transmission mechanism%empirical analysis
1990-2011年，为调控宏观经济，中央银行连续调整存款准备金率，调整的次数很频繁，调整的幅度也很大。存款准备金率的调整也直接影响着虚拟经济，特别是资本市场。针对1998—2011年存款准备金率调整期间的上证指数变动幅度进行实证分析，研究发现，存款准备金率调整对股市走势的影响在短期内表现不明显，但中长期内被证明是正确的，存款准备金率的调整存在滞后性，且受多种因素影响。
1990-2011年，為調控宏觀經濟，中央銀行連續調整存款準備金率，調整的次數很頻繁，調整的幅度也很大。存款準備金率的調整也直接影響著虛擬經濟，特彆是資本市場。針對1998—2011年存款準備金率調整期間的上證指數變動幅度進行實證分析，研究髮現，存款準備金率調整對股市走勢的影響在短期內錶現不明顯，但中長期內被證明是正確的，存款準備金率的調整存在滯後性，且受多種因素影響。
1990-2011년，위조공굉관경제，중앙은행련속조정존관준비금솔，조정적차수흔빈번，조정적폭도야흔대。존관준비금솔적조정야직접영향착허의경제，특별시자본시장。침대1998—2011년존관준비금솔조정기간적상증지수변동폭도진행실증분석，연구발현，존관준비금솔조정대고시주세적영향재단기내표현불명현，단중장기내피증명시정학적，존관준비금솔적조정존재체후성，차수다충인소영향。
From 1990 to 2011, the Central Bank adjusted the required reserve ratio（RRR） consecutively aiming at controlling the macro-economy, the frequency and intensity of which are rare in history. Nevertheless, the adjustment of RRR will also influence the virtual economy indirectly, especially the stock market. This paper has made an empirical analysis of the Shanghai index during the period of the deposit reserve rate adjustment from 1998 to 2011 and has found that the effect of the deposit reserve rate adjustment to market trends is not obvious in the short term, but in the long-term proves to be correct. The deposit reserve adjustment rate is often lagging and influenced by many factors.
