The Analysis Of The Impact Of Deposit Reserve Rate Changes On The Stock Prices

From the current situation of our country's economy,as a financial is not fully mature in developing countries,due to the limitations of their own economic development exists quite,Country as at during the period of economic transition,restricted by the monetary authorities and intervention at the same time,the monetary transmission mechanism in mature markets does not apply to our country,so need according to the reality of our country were discussed.So based on the special situation in our country,this paper studies the deposit reserve rate on the influence of the listed company's share price,the empirical results to some extent,can explain China's monetary policy is effective.Through studying whether the reserve requirement ratio adjustment on the stock market impact,effects are significant,theory and practice are the same.This paper is divided into two parts:(1)the first empirical correlation test and regression model is established,the analysis of the deposit reserve change on the influence of different period the 300 index is significant,the conclusion is to adjust for the next day and the long-term effect is significant,and negative correlation,but 5 days before and after the short-term impact is not significant.(2)the second the unit root test and co-integration test is adopted to carry out specific analysis on different industries,the conclusion is the deposit reserve,there is no significant adjustment to the labor-intensive industry,has significant effects on capital-intensive industries,there is a long-term equilibrium relationship,to technology intensive and resource intensive industries have correlation but not significant.This article from the perspective of industry as well as the two different periods the specific analysis of the changes in the reserve requirement ratio for the real implications of the shares of listed companies in our country,the influence of using the econometric model helps to understand the deposit reserve policy in the process of implementation of the specific effects.