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本文主张把人们的资产选择行为区分为投资和投机两类,投资的目的在于获得资产投入生产经营活动带来的收益,投机的目的在于获得资产持有期间价格上涨的好处。在此基础上,本文尝试分析个人资产选择行为,探讨资产市场均衡的形成及其调整,认为人们的资产选择行为会导致经济出现波动。由此,本文强调不能把近年全球严峻的经济形势仅仅理解为金融危机,各国政府普遍推行的旨在稳定金融领域的政策在短期内提高了投机性资产的预期收益率,对投资性资产参与其中的生产经营活动产生不利影响。
This paper advocates the people’s asset selection behavior is divided into two types of investment and speculation, the purpose of investment is to obtain the proceeds of assets into production and operation, the purpose of speculation is to obtain the benefits of price increases during the holding of assets. On this basis, this article attempts to analyze the behavior of personal assets selection, discuss the formation of the equilibrium of the asset market and its adjustment, and think that people’s asset selection behavior will cause the economy to fluctuate. Therefore, this article emphasizes that we should not interpret the severe global economic situation in recent years as merely a financial crisis. The policies generally adopted by governments to stabilize the financial sector have raised the expected rate of return on speculative assets in the short term, The production and business activities have a negative impact.