存款准备金率上调对银行股价的影响研究——基于投资者行为  

Research on the Influence of the Reserve Ratio Hike on the Banks' Stock Price——Based on Investor Behavior

作　　者：任曙明[1] 李鹿鹿[1] 史晓芳 

机构地区：[1]大连理工大学经济学院,辽宁大连116023 [2]大连市财政科学研究所,辽宁大连116001

出　　处：《软科学》2013年第2期62-66,共5页Soft Science

基　　金：国家自然科学基金项目(71103023)

摘　　要：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。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.

关 键 词：存款准备金率 事件研究法 投资者行为 商业银行 

分 类 号：F832.2[经济管理—金融学]