全球低通胀的表现、原因和政策挑战

股价崩盘会严重损害股东的利益，对资本市场的健康发展产生极大的负面影响。 交叉持股是否会延缓股票崩盘的风险？本文以2008至2014年沪深两市A股上市公司为研究样 本，考察交叉持股与股价崩盘风险的关系。研究发现，交叉持股对上市公司股价崩盘风险有显 著抑制作用。同时，在盈利性较差、成长性较差的上市公司，交叉持股现象对其股价崩盘风险 有显著抑制作用。本文为交叉持股在资本市场的作用做出了新的解释，也为交叉持股产生的经 济后果提供了新的证据。

The Phenomena, Causes and Challenges of Global Low Inflation

In recent years, inflation has generally run below longer-run target in major advanced economies, or has fallen significantly in emerging economies. The deviation of relations between inflation and economy growth or employment has aroused extensive concern from central banks and international financial organizations. Vast amounts of literature has investigated causes of low inflation as well as policy challenges. This review surveys related literature, and summarizes the phenomena, causes, policy tools and challenges that faced by central banks.