中文摘要：

电子支付工具的普及与发展改变了人们的生活，同时对传统金融理论带来了极大的挑战。文章在推导电子支付体系下货币乘数公式的基础上，选取中国电子支付工具的相关样本数据建立计量经济模型，对电子支付工具与货币乘数的相关性进行了统计检验。实证结果表明，电子支付工具扩大了货币乘数，且缩短了货币乘数实现的时滞。为此，央行通过控制基础货币从而控制流动性的货币政策时效性将会加强，对此应有充分的估计。

英文摘要：

The popularity and development of electronic payment instruments changed people＇ s life, it challenges the traditional finance theory while. In this paper, we derive the monetary muhiplier formula first, and then select the sample data of China＇ s payment instruments to set up an econometric model. We test the correlation of electronic payment instruments and monetary multiplier, find that electronic payment instruments expand monetary multiplier and accelerate the implementation of monetary multiplier. So the timeliness of the central bank＇ s monetary policy that controls the base money to control liquidity will be strengthen, we should estimate it adequately.