我国跨境资金流动性日益加剧，很容易引发金融安全问题，因此加强宏观审慎调控管理成为防范资金流动风险的必要手段。在充分识别风险点的基础上，建立“跨境资金波动压力指数”反映资金流动异常现象，并运用VAR模型对价格型和数量型宏观审慎调控手段情景进行系统性分析。结果显示，数量型调控手段短期效果显著，价格型和数量型手段共同作用时效较长，效果更明显，价格型调控手段则较数量型手段效果更小，但对境内外利差收窄效应更强，市场引导作用突出。%China's cross-border capital low is fluctuating dramatically,which can easily lead to the financial secu-rity issues. Thus,strengthening the management of macro-prudential regulation has become an important means to pre-vent the risks of capital flow. On the basis of fully identifying the risk points, this paper establishes"the fluctuating pressure index of cross-border capital flow"to reflect the cash flow anomalies. It also uses the VAR model to analyze systematically the price model and quantitative macro-prudential regulation means. The results show that short-term ef-fect is remarkable according to the results of quantitative control, price model and the quantitative method combined need a longer period,and its effect is more apparent,the prices control has a smaller effect than the quantitative mea-sure, but the spreads effect and the market guide is stronger.
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