The paper based on the model volume of the money supply = basis money monetary multiplier , had each factor of the basis money and monetary multiplier in normative analysis and empirical testing , and considered various factors such as the speed of money circulation effect to money multiplier 本文按照模型货币供给量=基础货币货币乘数,对基础货币和货币乘数的影响因素逐一进行规范分析和实证检验,并考虑各种影响因素如货币流通速度对货币乘数的作用。
Then considering the shift in economic and financial situation . the author stressfully compare financial variables of possibly acting as intermediary goals : monetary supplies , market interest rate and inflation rate in terms of monetary multiplier , monetary circulating velocity , and basic money etc , which tries by comparing to that the index of monetary supplies is superior to the others in terms of measurability , controllability , and anti - disturbance 其后在这一部分中本文结合经济与金融环境的变化，从货币乘数、货币流通速度、基础货币等几个方面，重点比较了货币供应量、市场利率和通货膨胀率等三个可供作为货币政策中介目标使用的金融变量，力图通过比较来说明，从可测性、可控性和抗干扰性等多个角度看，货币供应量优于另外两个指标。
By comparing the velocity of money and the monetization degree of economy in different countries , this thesis demonstrates that the velocity of money in china is comparatively low and the monetization degree of economy is fairly high , these may result in the whole payment risk in china and hidden impediments in economy development 通过各国货币流通速度及经济货币化程度的比较分析，说明中国的货币流通速度低；在所分析的国家中，当前m2 gdp的水平是最高的。这增加了中国经济的整体支付风险，为经济的发展埋下了隐患。
In the fourth part , the writer analyses the factors which contribute to the slow - down of circulation speed of currency by establishing money circulation speed function in chinese transitional period and testing it empirically . the result of regression analysis indicates that income , monetization , resident saving ratio can explain the long decline of circulation speed of currency in chinese transitional period 在第四部分通过建立中国转型期的货币流通速度函数并实证检验这些因素的影响效果来解释货币流速的变化原因，结果表明模型的拟合效果较理想，收入、货币化程度、居民储蓄率等因素能够较好的解释中国转型期货币流通速度的长期下降。
We can discover the m1 and m2 velocity of our country paces back and forth for a long time in the low level with the international comparison then , we analyzed the reason which affected the monetary velocity of our country and carry on the positive research and carry on the causality test 从国际比较可以发现我国m1 、 m2流通速度长期在低水平上徘徊。然后本文重点运用计量经济学中分析时间序列数据的协整理论,对影响中国货币流通速度变动的原因进行实证研究并进行因果关系检验。
Certainly , china money circulation speed does not fluctuate widely because china chooses a kind of " progressive " reforming model . the author points out that the recent gr adual slow - down of money currency speed is due to the breaking down of the cycling chain of capital and the deposit ca n ' t turn into investment and form output effectively at the same time 当然，中国货币流通速度未出现大幅波动只是中国选择了一种“渐进式”改革模式，同时笔者指出近期广义货币流通速度下降是因为资金循环链条的断裂，储蓄不能有效转化为投资形成产出所致。
Assuming that pursuit of gains from monetary spending by economic agents is the driving force of money circulation in the social and economic system , and defining velocity of money circulation as the change in stock of money from its receiving to payment by economic agents influenced by gains from monetary spending , it then can be proved that velocity of circulation is a vector 摘要假定经济单位追求货币支出收益是货币在社会经济制度中流动的动力来源，把货币流通速度定义为经济单位在货币支出收益的作用下从收入到支出的时间内货币量的改变量；从该定义出发，可证明货币流通速度是一个有方向的矢量。
Then an empirical analysis of money supply is made from the perspectives of the quantity of money supply , monetary base and money multiplier to demonstrate the endogeneity of money supply . both the relation between money supply and economic indices and money liquidity are discussed and the function of money supply as intermediary goal of monetary policy is doubted 在对货币总量的研究中，本文分析了各层次货币供应量和经济变量之间的关系，并对反映金融深化程度的m _ 2 gdp指标作了回归分析，揭示了货币供应量作为货币政策中介目标的不足：基础货币投放总量表现出内生性，货币乘数和货币流通速度不稳定。
Over these twenty years , financial system reform in china has achieved a great success , for instance we have established all kinds of financial organization institutions and multi - financial markets and so on . at the same time , it also appears many puzzled monetary phenomenon such as “ missing money ” and the drop of the money circulation velocity , etc . the phenomenon leads to that the classic theory of demand for money cannot explain the current money demand 在这20多年里,我国金融体制改革取得了丰硕的成果,比如逐步建立了各种金融组织体系和多元化的金融市场等等,同时也出现了“失踪货币”以及货币流通速度下降等许多令人费解的货币现象,使得传统的货币需求理论不能很好地解释当前我国的货币需求现象。
