本文選題：流動(dòng)性重復(fù)逆轉(zhuǎn) + 非理性榮景��； 參考：《河北工業(yè)大學(xué)》2012年碩士論文

【摘要】：本論文得到2011年國(guó)家社會(huì)科學(xué)基金項(xiàng)目(11BJL048)----“中美經(jīng)濟(jì)非對(duì)稱共生條件下我國(guó)流動(dòng)性重復(fù)逆轉(zhuǎn)問(wèn)題研究”的資助。 2007年初的美國(guó)次貸危機(jī)逐步演進(jìn)深化成為全球性的金融危機(jī)，在危機(jī)演化的過(guò)程中，美國(guó)金融市場(chǎng)流動(dòng)性在短期內(nèi)出現(xiàn)由過(guò)剩到緊縮乃至枯竭的逆轉(zhuǎn)現(xiàn)象。美國(guó)流動(dòng)性的逆轉(zhuǎn)根植于美國(guó)沉淀的房地產(chǎn)泡沫，在房地產(chǎn)發(fā)展的非理性榮景中衍生了一條完整的、鏈接美國(guó)房地產(chǎn)基礎(chǔ)市場(chǎng)與其衍生市場(chǎng)的流動(dòng)性鏈條，該鏈條是美國(guó)金融高度創(chuàng)新的反映，但也賦予風(fēng)險(xiǎn)的層層積聚。因而，泡沫的破裂引發(fā)了流動(dòng)性鏈條的斷裂，風(fēng)險(xiǎn)的集中爆發(fā)聯(lián)動(dòng)著全球金融的動(dòng)蕩。危機(jī)全面爆發(fā)后，美國(guó)為救助流動(dòng)性困境中的金融機(jī)構(gòu)采取了包括非常規(guī)救市措施在內(nèi)的政府救助行動(dòng)，引致美國(guó)流動(dòng)性的逐漸恢復(fù)�？梢�(jiàn)，在危機(jī)演化的過(guò)程中，，美國(guó)金融市場(chǎng)的流動(dòng)性在短短時(shí)間內(nèi)演繹了從過(guò)剩到緊缺，又由緊缺到恢復(fù)外溢的完整波動(dòng)，這一罕見(jiàn)現(xiàn)象被我們定義為流動(dòng)性重復(fù)逆轉(zhuǎn)。 鑒于流動(dòng)性重復(fù)逆轉(zhuǎn)的抽象性與罕見(jiàn)性，文章引入生物學(xué)中植物細(xì)胞“質(zhì)壁分離與復(fù)原”原理對(duì)其進(jìn)行了形象化的闡釋。在對(duì)流動(dòng)性重復(fù)逆轉(zhuǎn)有了一定的認(rèn)知后，文章分析了美國(guó)流動(dòng)性重復(fù)逆轉(zhuǎn)的機(jī)制，分為首次逆轉(zhuǎn)機(jī)制、再次逆轉(zhuǎn)機(jī)制及關(guān)聯(lián)外溢機(jī)制，按著這一邏輯鏈條層層展開(kāi)，展開(kāi)進(jìn)行宏觀分析的過(guò)程中體現(xiàn)了資產(chǎn)負(fù)債表、非常規(guī)救市涉及三角結(jié)構(gòu)的研究視角。然而，為更好的驗(yàn)證宏觀理論層面的剖析，文章從中微觀視角對(duì)美國(guó)流動(dòng)性重復(fù)逆轉(zhuǎn)機(jī)制進(jìn)行了實(shí)證研究，首次逆轉(zhuǎn)中沿著次貸價(jià)值鏈條以微觀機(jī)構(gòu)為主體進(jìn)行財(cái)務(wù)角度的分析，再次逆轉(zhuǎn)中運(yùn)用博弈論模型研究了政府對(duì)流動(dòng)性危機(jī)的救助行為。在對(duì)理論和實(shí)證綜合分析的積淀上，文章最后結(jié)合流動(dòng)性重復(fù)逆轉(zhuǎn)與國(guó)內(nèi)外的經(jīng)濟(jì)金融熱點(diǎn)，闡釋了流動(dòng)性逆轉(zhuǎn)框架對(duì)我國(guó)金融改革實(shí)驗(yàn)區(qū)的啟示及流動(dòng)性重復(fù)逆轉(zhuǎn)下的美歐中債務(wù)的“三債聯(lián)動(dòng)”。
[Abstract]:This paper is supported by the 2011 National Social Science Foundation Project 11BJL048- "study on the repeated reversal of liquidity in China under the condition of asymmetric symbiosis between China and the United States". At the beginning of 2007, the subprime mortgage crisis in the United States gradually evolved into a global financial crisis. In the process of crisis evolution, the liquidity of American financial market reversed from excess to contraction or even depletion in the short term. The reversal of liquidity in the United States is rooted in the precipitated real estate bubble in the United States, which has spawned a complete liquidity chain linking the American real estate infrastructure and its derivative markets in the irrational glory of real estate development. The chain is a reflection of the high degree of innovation in American finance, but also the accumulation of risks. As a result, the bursting of the bubble triggered the rupture of the liquidity chain, and the concentration of risk linked to the global financial turmoil. After the crisis broke out, the United States adopted government rescue measures, including unconventional rescue measures, to rescue financial institutions in troubled liquidity, which led to the gradual recovery of liquidity in the United States. It can be seen that in the process of crisis evolution, the liquidity of American financial markets in a short time deduces the complete fluctuation from excess to shortage, and from scarcity to recovery of spillover. This rare phenomenon is defined as the repeated reversal of liquidity. In view of the abstractness and rarity of repeated flow reversal, the principle of "separation and restoration of cytoplasm wall" of plant cells in biology is introduced in this paper. After a certain cognition of the repeated reversal of liquidity, the paper analyzes the mechanism of repeated reversal of liquidity in the United States, which is divided into the first reversal mechanism, the second reversal mechanism and the associated spillover mechanism. In the process of macro analysis, the balance sheet is reflected, and the unconventional rescue involves the triangle structure. However, in order to better verify the macro theoretical analysis, this paper makes an empirical study on the repeated reversal mechanism of liquidity in the United States from the micro perspective. In the first reversal, the micro-organization is the main body of financial analysis along the sub-prime value chain, and the game theory model is used to study the rescue behavior of the government to the liquidity crisis. On the accumulation of theoretical and empirical comprehensive analysis, the paper combines the repeated reversal of liquidity with the domestic and foreign economic and financial hot spots. This paper expounds the inspiration of liquidity reversal framework to the experimental area of financial reform in China and the "three debt linkage" of US, Europe and China debt under repeated liquidity reversal.
【學(xué)位授予單位】：河北工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F831.59;F124;F171.2

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