中文摘要：

本文以上证综指为例，用ARMA（1，1）-GARCH（1，1）模型就我国央行利率与存款准备金率的调整是否对我国股市产生短期显著影响进行研究。研究结果发现：综合考虑调息以及调整存款准备金率时，其对股票市场的短期影响并不显著；而细化研究上调、下调利率以及存款准备金率对股票市场的短期影响时，发现只有降息会对股票市场产生短期的显著负效应，其他调整对股票市场均不产生短期显著影响。在研究中国股市的降息效应与其他日历效应（主要是周四效应）的关系后，发现在考虑了日历因素后，降息效应依然显著，这说明中国股市的降息效应并非由这些日历因素所引起。

英文摘要：

This paper takes Shanghai Composite Index as an example to study whether the adjust- ments of interest rate and deposit-reserve ratio make a significantly short-term impact on the Chinese stock market by using ARMA（1,1）-GARCH（1,1） model. The research results are summarized as follows： there is not a significantly short-term impact on Chinese stock market considering both interest rate and deposit-reserve ratio; Furthermore, a specific research shows only reduction of interest rate makes a significant short-term negative effect on the stock market while other adjustments don＇t; after analyzing the relations between interest rate cut and other calendar effect （mainly Thursday effect）, we find that interest rate cut effect remains significant taking into account the calendar factors, which indicates that the rate cut effect is not caused by these calendar factors.