CAJ | 학술논문

实证研究结果证明：存款准备金率的调整对我国股市流动性影响在5日内是显著的，超过10日将不再显著；但在货币政策出现拐点时，存款准备金率的调整在10日内对股市流动性影响是显著的。此外，存款准备金率调整对股市流动性的短期影响效果难以确定。存款准备金率是从宏观上针对货币流动实施调整的一种手段，投机者借助这一政策进行短期交易获取利润，在一定程度上抑制了宏观调控的作用。我国应适时地调整存款准备金率，切不可持续高频率的调整存款准备金率；应培养和完善其他货币性政策，逐步减小对存款准备金率政策的依赖。
실증연구결과증명：존관준비금솔적조정대아국고시류동성영향재5일내시현저적，초과10일장불재현저；단재화폐정책출현괴점시，존관준비금솔적조정재10일내대고시류동성영향시현저적。차외，존관준비금솔조정대고시류동성적단기영향효과난이학정。존관준비금솔시종굉관상침대화폐류동실시조정적일충수단，투궤자차조저일정책진행단기교역획취리윤，재일정정도상억제료굉관조공적작용。아국응괄시지조정존관준비금솔，절불가지속고빈솔적조정존관준비금솔；응배양화완선기타화폐성정책，축보감소대존관준비금솔정책적의뢰。
The result of the empirical study shows that the influence of the adjustment of the reserve requirement ratio (RRR) to the fluidity of China's stock market is prominent in five days, but is unobvious after ten days. Only when there's a turning point in monetary policy, the adjustment will obviously affect the fluidity in ten days. In addition, the short-term impact of the adjustment is uncertain. RRR is a macroscopic measure to regulate the money flow. By using this policy, speculators gain profit through short-term transactions, which to some extent curbs the role of macro-control. China should regulate the ratio at proper times, and must not conduct the regulation constantly in a high frequency manner. Other monetary policies should be developed and improved to cut down the dependence on RRR.