法定存准率调整对股指短期波动的非对称效应研究——基于预期超调角度的分析  

Study on the Asymmetric Effect of the Legal Deposit Rate Adjustment on Short Term Fluctuation of Stock Index——An Analysis based on the Expected Overshoot

作　　者：祁永忠[1] 

机构地区：[1]中国人民银行银川中心支行,宁夏银川750001

出　　处：《宁夏师范学院学报》2016年第6期94-97,共4页Journal of Ningxia Normal University

摘　　要：利用1999年11月16日-2015年12月30日的数据,采用配对t检验方法,对法定存准率调整对股指短期波动效应进行了实证分析.结果表明法定存准率调整对股指短期波动具有非对称效应.建议通过扩大银行业资金占比、培育价值投资市场、培育稳定的市场预期、完善宏观审慎管理框架等四个方面提高存准率调整政策的有效性.In this paper,using the data from November 16,1999 to December 30,2015,the paper makes an empirical analysis on the effect of short term fluctuation of stock index by the method of paired t test. The results show that the deposit reserve ratio has an asymmetric effect on short-term volatility of stock index. We pvopose some Suggestion from the following aspects to imprave the effectyiveness of the deposit rate adjustment policy by expanding the proportion of the banking sector funds,fostering the value of the investment market,cultivating a stable market expectations,improving the framework of the macro Prudential Management and so on.

关 键 词：法定存准率 股指 非对称效应 

分 类 号：F822.1[经济管理—财政学]