存款准备金率的调整历来都牵动着股票市场参与者的神经。然而，关于存款准备金率与股市之间相互关系的研究并没有得出一个十分明确的结论。一般观点认为存款准备金率与股市之间存在一种逆向关系。本文基于大样本事例研究的实证方法分析了存款准备金率与股市之间的关系。我们发现存款准备金率的调整与股市之间存在一种非对称性的关系: 存款准备金率的降低对股票市场有很强的提振作用，而存款准备金率的升高并不能够抑制股市的上涨。

The adjustment of  the deposit  reserve ratio has always caused for concern of stock market participants. However，the previous studies did not draw a clear conclusion about  the relationship between the deposit reserve ratio and the stock market. The general view is that there is an inverse relationship between the deposit reserve ratio and the stock market. This paper analyzes the relationship between the deposit reserve ratio and the stock market based on a large sample empirical method，event study. We found that there is an asymmetric relationship between the adjustment of the deposit reserve ratio and the stock market: the reduction of  the deposit  reserve ratio boosts the stock market strongly，whereas the increase of  the deposit reserve ratiois not able to suppress the rise in the stock market.