本文首先阐述了第三方支付的相关定义，然后从理论上剖析了第三方支付如何通过现金漏损率等因素影响我国的货币乘数；其次，采用ADF检验、协整检验、最小二次回归等实证方法，分别检验第三方支付对我国货币乘数的影响，并得出以下结论：不同的电子支付方式对不同的货币乘数会带来不同的影响；互联网电子支付方式与狭义货币乘数呈正向变动，与广义货币乘数却呈反向变动；而移动电子支付对于广义和狭义货币乘数均是正向作用。本文针对实证结果，从而提出切实有用的政策性建议。

关键词：第三方支付、基础货币、货币乘数、货币创造理论、货币供给量

This paper first describes the definition of third-party payment, and theoretically analyzes how third-party payment affects China's monetary multiplier through factors such as cash leakage rate. Secondly, empirical methods such as ADF test and co-integration test are adopted to test the impact of third-party payment on China's monetary multiplier, and the following conclusions are drawn: different electronic payment methods will bring different effects on different monetary multiplier. The Internet electronic payment has a positive effect on narrow money but negative effect on broad money, while the mobile electronic payment has a positive effect on the multiplier of both broad and narrow money. Finally, based on the research results, this paper makes a summary and puts forward relevant policy suggestions that the central bank should objectively consider the impact of third-party payment on China’s money supply and make timely adjustments to better face the challenges.

Keywords: Third-Party Payment, Base Money, Monetary Multiplier, Theory of Money Creation, Money Supply