基于流动性下的股市透析

自1999年开始,中国政府开始推出了一系列的管理规定,使得货币市场和资本市场开始有了一定的衔接,货币政策的传导机制逐渐影响资本市场的价格和波动性,随着经济和社会法制的发展和完善,两个市场间的相关性逐渐密切。2005年以来,我国货币市场的流动性问题广泛受到国内学者和专家的关注,目前存在的流动性过剩以及股市持续高涨,房价泡沫现象与日本危机前所出现的经济现象有极大的相似性,本文试图从定性分析的角度来说明流动性过剩现象传导机制下的中国股市和其预期。

Probing into stock market basing on flowing

since 1999,the Chinese government has implemented a series of management regulations,which has made the money market and the capital market begin to have a certain degree of convergence,the monetary Policy Conduction mechanism affected the price of capital market gradually.With the developing of economic and social legal system,the correlation between the two markets was being gradually close.Since 2005,the issues on liquidity in our country's monetary market has been widely Concerned by domestic scholars and experts.Recently,the phenomenon of excess liquidity as well as the continued rising of stock market and Real estate bubble,is very similar with the phenomenon of Japan,which before the economic crisis.This paper attempts to illustrate Chinese stock market and its anticipated under the excess liquidity phenomenon conduction mechanism from the perspective of qualitative analysis.