中文摘要：

1994年以来,中国货币政策的中介目标是货币供应量。从2011年开始,中国人民银行开始公布社会融资规模指标,它是一定时期内（每月、每季或每年）实体经济从金融体系获得的全部资金总额。不论是货币供应量还是社会融资规模,这两个指标都存在内生性不足。货币供应量指标无法实现预期目标值主要源于人民币的汇率制度;而社会融资规模指标存在统计上的内生缺陷,既有统计遗漏,又有重复统计的不足。

英文摘要：

Since 1994, money supply has always bccn regarded as the intermediate target of Chi- na＇s monetary policy. And since 2011, the People＇s Bank of China has been releasing the social fi- nancing scale merit, which indicates the total sum of capital that the real economy acquires from fi- nancial system in a certain period of time （,per month, per quarter or per year）. As indicators, both the monetary supply and the scale of social financing have their own endogenous deficiencies. The existing RMB exchange rate system is the major obstacle preventing monetary supply from realizing its expected target. As for the scale merit of social financing, we can find some statistical endogenous deficiencies in it, which is both reflected in statistical repetition and statistical omission.