中国外汇储备对货币政策的影响

20061154JOURNALOFZHONGNANUNIVERSITYOFECONOMICSANDLAW.1.2006BimonthlySerial.154(,,430060):2090,,,;,,,,:;;:F830.92:A:100325230(2006)0120084207,,,,20056,7109.7,GDP35%,,,,,:Ms=mB,m,B,(1)1(Assets)(Liabilities)(RL)(C)(GB)(BD)(FA)(GD)(OA)(OL):2005211210:(1973),,,,48,,=,:RL+GB+FA+OA=C+BD+GD+OL,B=C+BD,B=(FA+OA-OL)+(RL+GB-GD)=NFA+DL,NFA,DL:B=NFA+DL(),,:Ms=mB=mNFA+mDL=meR+mDL,m,e,RmDL,meR:Ms=mNFA+mDL=meR+mDL,,:(1),;(2),,,,,,()220902,200119982000,,,2001WTO,,,466,,20022003200474211682067,1998200363.65%40.78%,200451.26%20056,7109.7,1010.4,200451.1%219982004(:)1998199920002001200220032004200561449.61546.81655.72121.72864.14032.56099.37109.750.797.2109.0465.9742.41168.42066.81010.4(%)3.656.767.0528.1434.9740.7851.2616.57:,19982005(),,1994,3,199420046470.6,8.5%,91.5%,43.1%56.9%,2003,,58,,,420031001.6,84%,16%2004,1211.1,54.2%,45.8%31994(:)199420042791.13679.5548.05922.6:(19942004)420032004(:,%)(1)(2)(3)(4)=(3)-(1)-(2)2003446.538.2%535.145.8%1168.4186.816.0%2004589.828.5%531.325.7%2066.8945.745.8%::,20032004,,1994,,,,,2090,,,,(),,,,,,,209070%,15,,20022004530,[1],,,,,,,,,68()1.1984,,,2080,,6%,1.24%90,(5)5(:%)1995199619971998199920002001200220032004(1)736.01050.31398.91449.61546.81655.72121.72864.14032.56099.3(2)6774.59578.713467.213087.914061.414814.518850.222107.429841.845940.0(3)20759.826888.530632.831659.533620.136491.439851.745138.252841.458856.1(2)(3)32.635.643.941.341.840.647.348.956.478.1M2607517609590995104499119898134610158302185007221223253208:(19962004)1994,5,199740%,200478.1%,,,,,2000200415.9%,1998,2003,,,,2.,;,,,,,,,,,,,,,,3.,,,,,,20041243.1,,78,,,,,,,,,,4.,,,,,,,,,,,,,,,,,,,,[2],,()-,1994,,,,19942005,,,,,,,,,,,,,,,,,,,[3],2000,GDP30%,,,,2000165620046099;1300027787;11708,,88,20047000,2.5%,175,,,,,,,,,(),,,,,:1.,,20%,,,,,,;,,,,,,2.,,,,[a,b],,[a,b],;,,,,,,[4],20057212%,,,[5]3.,1994,,,,,,,,,,,,,[3],,,,,98,,,(),,,,,,,,,,,,,,,,,,,,,,(),,[5],,,,,,,,;,,,,,,,:,,20039216%7%,2004425,7%7.5%,,M220032004GDP4.5%5.3%:,(MarketMaker),,:[1].[J].,2004,(8):2327.[2].:[J].,2004,(1):3742.[3].:[J].,2002,(12):4753.[4].[J].,2002,(10):2628.[5].[J].,2005,(4):47.(:)09thispaperanalyzestheimpactofcreditabsenceonthecentralbankinimplementationofmacroeconomicpolicybymeansofmonetarypolicytools,mediumgoalsandtransmissionmechanism.Theresultisthattheabsenceofcreditisthekeyfactoraffectingthevalidityofmonetarypolicy.Keywords:CreditSystem;CreditAbsence;MonetaryPolicyTheImpactofChina’sForeignExchangeReservesonMonetaryPolicyKANGLi84(XinhuaSchoolofBankingandInsurance,ZhongnanUniversityofEconomicsandLaw,Wuhan430060,China)Abstract:China’sforeignexchangereserveshaveincreasedextraordinarilysincethemiddleof1990s,whichhasbecomethesignificantfactorrestrictingthevalidityofmonetarypolicy.Thispaperillustratesthetheoreticalrelationbetweenforeignexchangereservesandmonetarypolicyinopeningeconomy,analyzestheimpactofforeignexchangereservesontheimplementationofmonetarypolicy,anddiscussestheconflictbetweenforeignexchangeratepolicyandmonetarypolicy.Theresultareasfollows:Toimproveindependenceandflexibilityofmonetarypolicy,Chinashouldreformpresentforeignexchangeadministrationsystem,enhancetheopenmarketoperationandfacilitatetheequilibriumofthebalanceofpayments.Keywords:OpeningEconomy;ForeignExchangeReserves;MonetaryPolicyExaminationontheDeterminantsofLifeInsuranceDemandinChinaZHAOGuiqin96(SchoolofFinance,ShanghaiUniversityofFinanceandEconomics,Shanghai200433,China)Abstract:Usingthepaneldataanalysismethod,thispaperexaminestheimpactofeconomicdevelopment,educationlevel,deposit,percapitadisposableincomeandmarketcompetitiononlifeinsurancedemandfromthemacroscopicperspectivebasedon30provinces’datafrom1997to2003inChina.Theempiricalstudyresultsareasfollows:Allthesefactorsabovehavesignificantpositiveeffectsonlifeinsurancedemand.ThedevelopmentoflifeinsurancemarketinChinaisthesocalledeconomypromotedtype,andthereasonofimbalanceoflifeinsurancemarketistheimbalanceofeconomicdevelopmentindifferentareasofChina.Keywords:PanelData;FixedEffect;LifeInsuranceDemandConvertibleSecuritiesandtheOptimalExitDecisionsofVentureCapitalKANGHongyan107(SchoolofAccounting,ZhongnanUniversityofEconomicsandLaw,Wuhan430060,China)Abstract:Theventureentrepreneursandtheventurecapitalists,regardingexitsolutionsofventurecapital,arenotcompletelyconsistentbecauseoftheconflictofinterests.ThetwosidesofventurecapitalcanusetheconvertiblesecuritieswiththecharacteristicsoffeasiblecontrolrighttransactionasthefinanceinstrumentsandcanimplementtheParetooptimalexitoftheventurecapital.Keywords:ConvertibleSecurities;ExitDecisions;VentureCapitalist;VentureEntrepreneursChangeofAccountingObjectivesandImprovementoftheFinancialReportingSHIZhongmei119(SchoolofAccounting,ZhongnanUniversityofEconomicsandLaw,Wuhan430060,China)Abstract:Accountingprovidesquantitativeinformationabouteconomicentities,primarilyfinancialinformation,whichisusefulinmakingeconomicdecisions.Simultaneously,accountingprovidesinformationaboutevaluatingpastdecisionsandmakingdecisionsinthefuture.Theenterprisefinancialreportisfacingthechallengeandthereformpres