CAJ | 학술논문

从投资者行为的角度出发，以A股16家上市银行为样本，采用事件研究法探讨抑通胀目标下存款准备金率上调对银行股的短期影响，结果表明：存款准备金率上调公告发布后，银行股股价将出现显著负向的市场反应，进一步区分上市银行类型后发现，中小型银行股比大型银行股的市场反应强烈。在通胀水平较高时，央行提高存款准备金率对银行股的负面影响比通胀水平较低时弱，但对中小型银行股的影响依然强于对大型银行股的影响。
종투자자행위적각도출발，이A고16가상시은행위양본，채용사건연구법탐토억통창목표하존관준비금솔상조대은행고적단기영향，결과표명：존관준비금솔상조공고발포후，은행고고개장출현현저부향적시장반응，진일보구분상시은행류형후발현，중소형은행고비대형은행고적시장반응강렬。재통창수평교고시，앙행제고존관준비금솔대은행고적부면영향비통창수평교저시약，단대중소형은행고적영향의연강우대대형은행고적영향。
From the perspective of investor behavior, this paper takes the A shares of 16 listed banks as a sample, uses the event study method, and researches the short-term impact of the deposit reserve ratio hike on the bank shares under the cir- cumstances of curbing inflation. It finds out that the bank stock price will show significant negative reaction after the an- nouncement of the deposit reserve ratio hike, and that with further differentiation of the bank size types, the stock price of small and medium banks reacts stronger than that of large ones. Under higher inflation, the negative impact of the deposit reserve ratio hike on the bank shares is less than that under lower inflation, and yet the impact on small and medium banks reacts stronger than that of large ones.