文档介绍：山西财经大学
硕士学位论文
流动性过剩与资产价格关系研究
姓名:郝亚丽
申请学位级别:硕士
专业:金融学
指导教师:李锁云
2011-03-12
流动性过剩与资产价格关系研究

摘要
我国主要采取了适度宽松的货币政策,导致我国的货币供给量不断增长,
流动性快速增加。经济体内的流动性已经超出适度范围,造成我国的流动性过
剩。同时,股票价格和房地产价格大幅上涨,直接影响到人们的日常生活。那
么流动性过剩与资产价格之间是否具有联系,流动性过剩如何影响资产价格,
这些问题都值得我们深入探讨。本文就学术界讨论的流动性过剩这一热点问题
展开研究,分析流动性过剩与资产价格之间的关系,以此提出对策建议。本文
第二章着重介绍流动性的概念和分层界定,各个层次的流动性又可以用不同的
货币供给口径来表示。第三章选取数量型指标和价格型指标衡量流动性,初步
判定我国存在一定的流动性过剩情况,并对流动性过剩的表现及原因进行了分
析。第四章分析流动性影响资产价格的传播渠道,流动性过剩通过利率渠道和
资金渠道这两大基本渠道影响资产价格。第五章借助模型和基于信贷扩
张的资产上涨模型得出流动性过剩引发资产上涨的理论依据。第六章结合近年
来的经济数据和判定标准得出流动性过剩指数,选取股票价格和房地产价格作
为资产价格,得出资产价格指数。运用软件对流动性过剩指数和资产
价格指数进行回归分析,发现二者存在正相关关系,但受一般商品的供求关系,
资产的预期收益率及缓冲货币量等因素的制约。第七章在前面的研究的基础上
提出缓解流动性引发资产价格上涨的对策,主要分为从源头上控制流动性和提
高金融资产的效率两大方面。
【关键词】流动性过剩资产价格财富效应缓冲货币资产预期收益
率
3
流动性过剩与资产价格关系研究

Abstract
In recent years our country mainly adopted moderate looser ary policy, resulting in the
money supply constantly increasing, liquidity increase rapidly. Economic body of liquidity has
exceeded moderate range, then it result in the excess liquidity. Meanwhile, stock price and real
estate prices soar, directly affects people's daily production and life. So of excess liquidity and asset
prices, whether it has contact between excess liquidity affects how asset prices, these problems are
worth our further on the academic discussion of liquidity surplus on the hot topic
of excess liquidity and research, this paper analyzes the relationship between asset prices, to put
forward some Suggestions. In the second chapter focuses on introducing the concept of liquidity
and layered definition, all levels of liquidity can be regard as different calibre of money supplyment.
The third chapter select quantitative indexes and price index to measure liquidity. Initially
determined that, there exist the excess liquidity situation to a certain extent in China, and the
manifestations and causes of excess liquidity are analyzed. The fourth chapter analysis liqui