近年来，为了配合国家完成经济增速从高速向中高速换挡，经济结构转型，避免发生系统性金融风险等“新常态”下的经济金融任务。中国人民银行不断对传统货币政策工具进行创新，陆续推出了包括定向降准、常备借贷便利在内的一系列创新型货币政策工具。这些创新型货币政策工具在操作方式、传导路径等方面与传统货币政策工具有很大的不同，因此为了研究我国创新型货币政策工具的影响，本文选取了蕴含丰富宏观经济信息，在金融经济领域具有重要作用的国债利率期限结构作为因变量，重点探究创新型货币政策工具对国债利率期限结构的影响。针对这一问题。本文首先对我国创新型货币政策工具的产生原因、现状，利率期限结构模型以及货币政策工具对利率期限结构传导路径进行了详细的理论研究。在此基础上，本文进一步收集了2013年来，我国央行四种典型的创新型货币政策工具（常备借贷便利、中期借贷便利、抵押补充贷款和定向降准）的操作情况以及同时期国债利率数据。通过动态Nelson-Sigel模型，从国债利率数据中提取出水平因子、斜率因子和曲度因子，作为国债利率期限结构的代理变量。随后分别通过VAR模型、VEC模型和事件分析法这三类计量方法分别对四种创新型货币政策工具对国债利率期限结构的影响进行研究。研究结果发现，常备借贷便利、中期借贷便利、抵押补充贷款可以有效的影响我国国债利率期限结构，定向降准对国债利率期限结构的影响则不显著。同时通过创新型货币政策工具和传统货币政策工具的对比，分析总结了我国创新型货币政策工具对国债利率期限结构传导机制的特点，发现不同创新型货币政策工具各有所长。其中，中期借贷便利和常备借贷便利的金融变量内部传导机制较为通畅，抵押补充贷款的经济变量外部传导机制较为通畅。最后再对创新型货币政策工具的实际效果和设立目的进行对比发现央行部分创新型货币政策工具已经能够有效的发挥其作用，但同时部分创新型货币政策工具还有改进的空间。并基于此对央行未来进行货币政策工具创新提出了建议。
In recent years, for cooperating with the country to finish the shift of economic growth from high speed to medium-high speed, the economic structure transforms, so as to avoid happening the economic and financial tasks under “New Normal” like systematic financial risk, etc. People’s Bank of China keeps making innovations on traditional monetary policy tools, introducing a series of innovative monetary policy tools including targeted cuts to required reserve ratios and standing lending facility successively. These innovative monetary policy tools are very different from traditional monetary policy tools on the aspects like operating mode and transmission route, etc. Therefore, for studying the influences of the innovative monetary policy tools introduced by China, this article selects the term structure of treasury interest rate that contains rich macroeconomic information and plays an very important role in financial and economic fields to be the dependent variable, exploring the influences of innovative monetary policy tools on the term structure of treasury interest rate emphatically.Aiming at this issue, this article makes detailed theoretical researches on the causes and current situations of China’s innovative monetary policy tools, the term structure of interest rate and the transmission route of monetary policy tool on the term structure of interest rate firstly. On this basis, this article further collects the operation conditions of four innovative monetary policy tools (standing lending facility, medium-term lending facility, pledged supplementary lending and targeted cuts to required reserve ratios) of China’s central bank from 2013 and the treasury interest rate data at the same period. Through dynamic Nelson-Sigel model, extract level factor, slope factor and curvature factor from the treasury interest rate data to be the proxy variable of the term structure of treasury interest rate. Then make researches on the influences of four innovative monetary policy tools on the term structure of treasury interest rate through three quantitative methods including VAR model, VEC model and event-study analysis respectively. The research results show that standing lending facility, medium-term lending facility and pledged supplementary lending can influence China’s term structure of treasury interest rate effectively, while targeted cuts to required reserve ratios do not have significant influence on the term structure of treasury interest rate. Meanwhile, analyze and summarize the characteristics of China’s innovative monetary policy tools on the transmission mechanism of term structure of treasury interest rate through the comparisons among innovative monetary policy tools and traditional monetary policy tools, discovering that different innovative monetary policy tools have their own advantages. Among these, the internal transmission mechanisms of financial variables of medium-term lending facility and standing lending facility are smooth relatively, and the external transmission mechanism of the economic variable of pledged supplementary lending is smooth relatively.Lastly, it compares the actual effects and the purposes of establishment of innovative monetary policy tools and finds that some innovative monetary policy tools of the central bank have been able to play their roles effectively, but some innovative monetary policy tools still have room for improvement at the same time. And it puts forward some suggestions to the future monetary policy tool innovation of the central bank based on it.
