论文部分内容阅读
美国金融危机后对资产负债表的修复取得了一定的成效,中国要不要也这么做?中国股市出现爆发式上涨,但中国经济却逐渐滑坡。这让很多专家发出了质疑,认为资金只是在股市中空转,而不能进入实体经济,股市越繁荣反而对实体经济越有害。但近期央行行长周小川明确表态,“资金进入股市也是支持实体经济。”显然决策层认为,股市的繁荣对实体经济有正面的作用。股市对经济的影响和作用存在很多的方式,我们在此着重从资产负债表修复的角度来思考一下股市繁荣对经济的意义。
After the financial crisis in the United States, the balance sheet has been repaired to some extent. Should China do the same? China’s stock market has seen explosive growth, but its economy has been gradually declining. This has led many experts to question the idea that money is simply going hollow in the stock market and can not enter the real economy. The more prosperous the stock market is, the more harmful it is to the real economy. However, the central bank governor Zhou Xiaochuan recently made it clear that “It is clear that policy makers believe that the prosperity of the stock market has a positive effect on the real economy.” There are many ways in which the stock market affects the economy. We focus here on the economic significance of stock market prosperity from the point of view of balance sheet remediation.