本文選題：股票價格 + 房地產(chǎn)價格　； 參考：《山東財經(jīng)大學》2013年碩士論文

【摘要】：近年來資本市場的不斷向深入發(fā)展，并且資產(chǎn)價格的波動頻繁性也前所未有，資產(chǎn)價格波動與社會經(jīng)濟發(fā)展之間的關(guān)系日益密切，現(xiàn)代金融理論界也已充分認識到了這一點。同時，美國房地產(chǎn)價格的大幅波動導致美國次貸危機爆發(fā)，進而轉(zhuǎn)變?yōu)槿蛐缘慕鹑谖C，對世界的金融體系和整體的經(jīng)濟環(huán)境帶來嚴重的沖擊。在這場危機中，銀行信貸的擴張與緊縮和資產(chǎn)價格的暴漲暴跌是不可忽視的現(xiàn)象。而近幾年，中國的股票市場和房地產(chǎn)市場由于外部和內(nèi)部經(jīng)濟環(huán)境的變化產(chǎn)生了大幅度波動，銀行信貸規(guī)模再度擴張。因此，保持我國證券市場與房地產(chǎn)市場平穩(wěn)發(fā)展和金融體系穩(wěn)定，對我國的資產(chǎn)價格和銀行信貸規(guī)模進行關(guān)系研究顯得至關(guān)重要。 本文在對資產(chǎn)價格和銀行信貸規(guī)模關(guān)聯(lián)性的理論分析的基礎之上，選取我國2002年至2012年的月度數(shù)據(jù)，基于股票市場和房地產(chǎn)市場，運用Dieter Gerdesmeier、Hans-Eggert Reimers和Barbara Roffia的資產(chǎn)價格計算公式，將資產(chǎn)價格單獨計算出來。通過對資產(chǎn)價格和信貸規(guī)模的關(guān)系研究，得到信貸規(guī)模對資產(chǎn)價格的短期和長期的影響不同的結(jié)論。在短期內(nèi)，資產(chǎn)價格對銀行信貸規(guī)模具有單向的正向影響；而在長期，銀行信貸規(guī)模對資產(chǎn)價格具有正反饋機制。而我國股票市場和房地產(chǎn)市場具有不同的特點，應該針對兩個市場不同的運行規(guī)律提出相應的政策建議。 如針對股票市場，相關(guān)部門應大力加強不斷優(yōu)化和完善市場結(jié)構(gòu)，加強對股票市場的監(jiān)管并注重引導投資者的投資理念。而針對我國的房地產(chǎn)市場，，政府部門可以從房地產(chǎn)產(chǎn)業(yè)結(jié)構(gòu)和房地產(chǎn)信貸結(jié)構(gòu)這兩個方面入手。除此之外，還要大力加強銀行信貸管理和信貸風險控制、逐步健全貨幣政策傳導機制，并進一步完善我國的金融制度。
[Abstract]:In recent years, the capital market continues to develop in depth, and the frequent fluctuation of asset price is unprecedented. The relationship between the fluctuation of asset price and the development of social economy is increasingly close. The modern financial theorists have also fully realized this point. At the same time, the large fluctuations of American real estate prices lead to the outbreak of the sub-prime mortgage crisis in the United States, which turns into a global financial crisis, which has a serious impact on the world financial system and the overall economic environment. In this crisis, the expansion and tightening of bank credit and asset prices are a phenomenon that can not be ignored. In recent years, the stock market and real estate market in China have experienced great fluctuations due to the changes in the external and internal economic environment, and the scale of bank credit has expanded again. Therefore, it is very important to study the relationship between asset price and bank credit scale in order to maintain the stable development of securities market and real estate market and the stability of financial system. Based on the theoretical analysis of the correlation between asset prices and the scale of bank credit, this paper selects the monthly data from 2002 to 2012 in China, based on the stock market and the real estate market, applies the formula of Dieter Gerdesmeier Hans-Eggert Reimers and Barbara Roffia to calculate the asset prices. Calculate the asset price separately. Through the study of the relationship between asset price and credit scale, it is concluded that the impact of credit scale on asset price is different in the short and long term. In the short term, asset prices have a one-way positive impact on the scale of bank credit, while in the long run, the scale of bank credit has a positive feedback mechanism on asset prices. However, the stock market and real estate market in China have different characteristics, so it is necessary to put forward corresponding policy suggestions according to the different operating rules of the two markets. For example, in view of the stock market, the relevant departments should strengthen the continuous optimization and perfection of the market structure, strengthen the supervision of the stock market and pay attention to guiding the investors' investment idea. In view of the real estate market of our country, the government can start from the real estate industry structure and the real estate credit structure. In addition, the bank credit management and credit risk control should be strengthened, the transmission mechanism of monetary policy should be improved step by step, and the financial system of our country should be further improved.
【學位授予單位】：山東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.4;F832.5;F224

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