首先从证券组合价值函数、评估准则和风险性质三个方面对M&L模型进行了修正,然后运用修正模型对我国央行的风险状况进行了实证研究,最后发现,修正后的模型对央行真实的风险状况具有更强的解释能力。
This paper mends M&L model from three aspects,including the value function of central bank portfolio,the rule of risk evaluation and the character of central bank risk.After that,the authors take the amended model to make an empirical research on the People's Republic of China,and fmd it fits the factual situation better than the original M&L model. The research makes the M&L model as a real practical tool to evaluate the central bank's risk,rther than a theoretical model.