本文選題：存款準(zhǔn)備金率　切入點(diǎn)：行業(yè)　出處：《河南科技大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)的不斷發(fā)展和金融改革的不斷深化，法定存款準(zhǔn)備金制度自建立以來(lái)，已經(jīng)逐步發(fā)展成為貨幣當(dāng)局調(diào)節(jié)本國(guó)的貨幣供應(yīng)量、調(diào)控信貸規(guī)模的一項(xiàng)貨幣政策工具。在世界范圍內(nèi)，由于一些國(guó)家逐漸放棄貨幣供應(yīng)量這一貨幣政策目標(biāo)，導(dǎo)致法定存款準(zhǔn)備金率呈現(xiàn)逐步降低的趨勢(shì)，然而在我國(guó)，貨幣供應(yīng)量仍然是貨幣政策的中介目標(biāo)之一，加上目前我國(guó)利率非市場(chǎng)化的現(xiàn)實(shí)狀況，使得存款準(zhǔn)備金制度在我國(guó)的實(shí)施具有一定的有效性基礎(chǔ)。我國(guó)自1984年建立存款準(zhǔn)備金制度以來(lái)，貨幣當(dāng)局對(duì)法定存款準(zhǔn)備金率共調(diào)整了45次，尤其在2010年1月至2011年6月的一年半期間，中央銀行曾連續(xù)12次上調(diào)法定存款準(zhǔn)備金率，創(chuàng)下歷史新高。存款準(zhǔn)備金政策的高頻率使用極大地引起了國(guó)內(nèi)外學(xué)者的廣泛關(guān)注，本文試圖從不同行業(yè)和不同地區(qū)兩個(gè)視角，實(shí)證分析我國(guó)存款準(zhǔn)備金率變動(dòng)對(duì)上市公司的股價(jià)有怎樣的影響。 基于對(duì)存款準(zhǔn)備金政策有效性的梳理和總結(jié)，本文依次介紹了我國(guó)存款準(zhǔn)備金政策的基本內(nèi)容和作用機(jī)理，分析了政策的優(yōu)勢(shì)和局限性，并重點(diǎn)從行業(yè)和地區(qū)兩個(gè)視角，通過(guò)建立二元回歸模型，，實(shí)證分析了我國(guó)存款準(zhǔn)備金率變動(dòng)對(duì)上市公司股價(jià)的影響。在不同行業(yè)的分析中，從勞動(dòng)密集型、資本密集型和技術(shù)密集型行業(yè)中選取共45家樣本公司進(jìn)行OLS回歸分析，結(jié)果顯示資本密集型行業(yè)對(duì)存款準(zhǔn)備金率的波動(dòng)較為敏感，技術(shù)密集型行業(yè)從整體上來(lái)看受到存款準(zhǔn)備金率的影響并不顯著，資本化程度不高的勞動(dòng)密集型行業(yè)對(duì)存款準(zhǔn)備金率的變動(dòng)不敏感，進(jìn)而顯示出中央銀行調(diào)控利率水平政策對(duì)不同行業(yè)的企業(yè)影響差異顯著。在不同地區(qū)的實(shí)證分析中，結(jié)果顯示我國(guó)東中西部地區(qū)企業(yè)對(duì)存款準(zhǔn)備金率變化的反應(yīng)存在很大的差別，基本呈東、中、西遞減的狀況，存款準(zhǔn)備金政策對(duì)西部地區(qū)的作用微弱，對(duì)東部地區(qū)的影響最強(qiáng)，進(jìn)而顯示出我國(guó)存款準(zhǔn)備金政策存在效果上的區(qū)域差異性。最后在理論和實(shí)證分析的基礎(chǔ)上給出提高存款準(zhǔn)備金政策有效性的對(duì)策建議。
[Abstract]:With the continuous development of economy and the deepening of financial reform, the system of legal deposit reserve has gradually developed into a monetary authority to regulate the money supply of the country since it was established. A monetary policy tool for regulating the scale of credit. In the world, because some countries gradually give up the monetary policy objective of money supply, leading to the legal reserve ratio showing a trend of gradual decline, however, in China, Money supply is still one of the intermediate objectives of monetary policy, plus the current non-marketization of interest rates in China. Since the establishment of the deposit reserve system in 1984, the monetary authorities have adjusted the legal reserve ratio for a total of 45 times. Especially in the period of one and a half years from January 2010 to June 2011, the central bank raised the legal reserve requirement ratio for 12 consecutive times, reaching a record high. The high frequency use of the deposit reserve policy has aroused the widespread concern of scholars at home and abroad. This paper attempts to empirically analyze the influence of the change of reserve requirement ratio on the stock price of listed companies from the perspectives of different industries and different regions. Based on the analysis and summary of the effectiveness of deposit reserve policy, this paper introduces the basic content and mechanism of deposit reserve policy in turn, analyzes the advantages and limitations of the policy, and focuses on the two perspectives of industry and region. By establishing a dual regression model, this paper empirically analyzes the influence of the change of reserve requirement ratio on the stock price of listed companies. A total of 45 sample companies in capital-intensive and technology-intensive industries were selected for OLS regression analysis. The results show that capital-intensive industries are more sensitive to the volatility of reserve requirement ratio. As a whole, technology-intensive industries are not significantly affected by the reserve requirement ratio. Labor-intensive industries with low levels of capitalization are insensitive to changes in the reserve requirement ratio. This shows that the influence of the central bank's interest rate policy on enterprises in different industries is significant. In the empirical analysis of different regions, The results show that there are great differences in the response of enterprises in the east, west and west regions to the change of the reserve requirement ratio, which is basically decreasing in the east, middle and west. The effect of the deposit reserve policy on the western region is weak, and the influence on the eastern region is the strongest. Finally, on the basis of theoretical and empirical analysis, some countermeasures and suggestions to improve the effectiveness of deposit reserve policy are put forward.
【學(xué)位授予單位】：河南科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F822.0;F832.51;F276.6

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