“硬分割”市场环境下的资产价格行为分析

当前经济的全球化在很大程度上是市场的全球化,而其中最主要的特征就是资本市场的全球化。由于资本市场交易方式比较方便、迅捷,于是很多的国内投资者开始走出国门进行国际市场的投资。但是各个国家存在的不同的法律、法规限制了这种国内、国际资本的投资方向与规模,这种限制一般称之为“硬分割”,这种分割行为是市场不完美的一种表现,但是这种现象是现实情况的一种反映,仔细研究这种市场环境下的资产价格行为具有重要的理论和现实意义。特别针对当前的人民币升值带来的资产价格变化,文中给出了理论上的严格分析。

An Analysis of the Behavior of Asset Price Under the "Hard Segmentation" Condition

To a certain degree,the economics globalizing is its market globalizing,but one of the most characters is its capital market globalizing.For the transaction way of capital market is becoming convenient and shortcut,so many investors begin to invest in the international market.But every country has its own law,institutes and so on,those restrictions are ordinarily called “hard segmentation” which restrict the investments' heading and size.The segmentation behavior is one of the representations of imperfect market,which is response of reality.Studying the behavior of price under the conditions has great reality and theory meaning.In the context the appreciation of RMB is studied carefully and giving strict analysis.