降息与金融市场交易收益的相关性实证研究

Positivistic Research on the Relativity of Interest Decrease and Transaction Revenues from Financial Market

自１９９６ 年以来，中国人民银行已连续多次降低银行存款利率，但居民储蓄仍然居高不下，向金融市场分流的资金有限。从降息前后金融商品的交易收益率出发，分析造成这一现象的原因可能在于降息后金融商品的交易收益率也下降了，从而未能改变居民的投资组合。

The People's Bank of China has decreased savings intersted rates for many times since 1996. But savings from citizens still keep at a high degree and little capital flows into the financial market. From the return ratio of financial transactions before and after interest rate decrease, this paper analyzes that the reason of this phenomenon is probably because of the declining of return ratio of financial transactions after interest rate decrease.