CAJ | 학술논문

支付系统的发展将加快公开市场操作中人民币资金清算和债券交割的速度，实现券款对付（DVP），有利于防范清算风险。支付系统发展也将使货币乘数变大，导致通过公开市场操作投放（或回笼）同样的基础货币对货币供给量变动的影响更明显。研究发现，为达到相同的货币供给量目标，支付系统运行效率越高，公开市场操作投放（或回笼）的基础货币可越少。我国公开市场操作对货币供给量变化的影响存在时滞，公开市场操作当期并没有引起同期货币供给量显著变化。而支付系统运行效率不但对同期货币供给量变动有影响，而且对以后几期的货币供给量变动仍有影响。此外，实证证据还显著支持了我国人民币公开市场操作和外汇公开市场操作呈负相关关系，人民币公开市场操作主要用于冲销央行外汇占款增加的影响。
지부계통적발전장가쾌공개시장조작중인민폐자금청산화채권교할적속도，실현권관대부（DVP），유리우방범청산풍험。지부계통발전야장사화폐승수변대，도치통과공개시장조작투방（혹회롱）동양적기출화폐대화폐공급량변동적영향경명현。연구발현，위체도상동적화폐공급량목표，지부계통운행효솔월고，공개시장조작투방（혹회롱）적기출화폐가월소。아국공개시장조작대화폐공급량변화적영향존재시체，공개시장조작당기병몰유인기동기화폐공급량현저변화。이지부계통운행효솔불단대동기화폐공급량변동유영향，이차대이후궤기적화폐공급량변동잉유영향。차외，실증증거환현저지지료아국인민폐공개시장조작화외회공개시장조작정부상관관계，인민폐공개시장조작주요용우충소앙행외회점관증가적영향。
The development of payment systems will enhance the efficiency of open market operation and delivery rate of the bond. It will be helpful to realize the Delivery Versus Payment （DVP） in the securities and fund settlement. Meanwhile, it will also cause monetary multiplier to become larger. Thus the same base money supply will cause more money in circular under higher efficient payment systems. For achieving the same money supply, the higher the operating efficiency of payment systems is, the less base money should be supplied. The research finds that Chinese open market operation has a delayed impact on money supply. The open market op- erations of current period haven＇t caused significant increase of money supply in the same period. On the contrary the efficieney of payment system will not only impact the current period money supply but also the next few periods. The empirical data support that there is negative correlation between the Renminbi and foreign exchange open market operations in China and the Renminbi open market operation has been carried passively to offset the impact of foreign exchange open market operation.