我国存款准备金政策有效性研究——基于对郑州市银行类法人金融机构流动性影响的实证分析

Research on Deposit Reserve Policy Effectiveness:An Empirical Analysis

近年来,定向调整法定存款准备金率,成为货币政策调控的新趋势。同时在2015年我国改变了法定存款准备金的考核方法,由时点法考核变为平均法考核。作为重要的货币政策手段之一,法定存款准备金政策的调整对金融机构流动性以及社会信用总量的影响较大。因此,研究法定存款准备金政策变动与金融机构流动性的关系,对于货币政策调控具有借鉴意义。设计出适合研究内容特点的实证模型,引入了平均法这一新的考核方法,选取不同类别郑州市银行类法人金融机构作为代表,用实证分析方法研究金融机构流动性受法定存款准备金率及考核方式的影响,并提出相关政策建议。

Directional adjustment of statutory deposit reserve ratio has been the new trend for monetary policy control in recent years. At the same time in 2015 the assessment method of statutory deposit reserve ratio has changed from time point assessment into average assessment in China. As one of the important monetary policy instruments, the financial institutions' fluidity and the total social credit were more affected by the adjustment of statutory deposit reserve ratio. So, the research on the relation between statutory deposit reserve ratio policy changes and financial institutions' fluidity has the reference meaning for monetary policy control. This paper designed the empirical model suitable for research content characteristics, introduced the average assessment as the new assessment method and chose different kinds of legal person financial institutions of banking class in Zhengzhou as representatives, made the research on the influencing factors of financial institution's fluidity by statutory deposit reserve ratio and assessment methods using the empirical analysis method. The related policies and suggestions were given at last.