存款准备金率调整对我国股市流动性影响分析

The Influence of the Adjustment of Reserve Requirement Ratio to the Fluidity of China's Stock Market

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。

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.