传统的经济学理论认为存款准备金率的变化将导致货币供应量的变动,而货币供应量的改变将对资本资产价格产生重要影响。然而近年来央行使用存款准备金率调整股票市场以防其过热或过冷的措施却屡屡失效。本文将以实证的方式说明存款准备金率调整对股市调控的失效并采用相关理论分析政策失效的原因。 The traditional economic theory holds that the change of deposit reserve ratio will lead to the change of money supply, and the change of money supply will have a significant impact on the price of capital assets. However, in recent years, the central bank’s use of the deposit reserve ratio to adjust the stock market to prevent its overheating or cold measures repeatedly failed. This article will explain the failure of the regulation of the deposit reserve ratio on the stock market in an empirical way and use the relevant theory to analyze the reasons for the failure of the policy.