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流动性具备多层次特征,简单可以分为实体经济流动性、资金市场流动性和股票市场流动性。实体经济流动性,指央行货币供给量(或社会融资量)规模;资金市场流动性,包含拆借及债券市场资金供需格局及金融机构资金来源运用的匹配程度;股票市场流动性的定义界限并不清晰,可以通过股指变化、入场资金量、资产变现能力等来衡量。上述三方面的流动性相互关联,旨在平滑经济波动的货币政策影响实体经济流动性情况,引导资金市场量价变化,进而导致股市流动性预期变化。
Liquidity has multi-level characteristics, which can be divided into real economy liquidity, capital market liquidity and stock market liquidity simply. The liquidity of the real economy refers to the size of the central bank’s money supply (or amount of social financing); liquidity in the capital market, which includes the supply and demand pattern of funds in the lending and borrowing markets and the sources of funds used by financial institutions; the definitional limits of liquidity in the stock market are not Clear, you can change by the stock index, the amount of admission funds, liquidity and other assets to measure. The three aspects of the liquidity are interrelated, aimed at smoothing the economic fluctuations of monetary policy affect the real economy liquidity, and guide the capital market price changes, which led to changes in stock market liquidity expectations.