论文部分内容阅读
对于2014年下半年股票市场的上涨,普遍的解释是流动性过多、无风险利率和风险溢价的下降、居民大类资产配置调整等。而本文认为,2014年下半年大量资金入市更为关键的原因是钱荒第二波冲击对股票市场抑制作用的消退,市场大幅上涨的动力是均值回归。对于2014年下半年股票市场的上涨,普遍的解释是流动性过多、无风险利率和风险溢价的下降、居民大类资产配置调整等。这些想法朴素、形象,很容易深入人心。但在接受这些看法之前,有必要
The general explanation for the rally in the stock market in the second half of 2014 is the excess liquidity, the decline in risk-free interest rates and risk premiums, and the adjustment of the asset allocation of residents. This paper argues that the second half of 2014 a lot of money into the market is more crucial because the second wave of money shortage inhibition of the stock market subsided, the market is the sharp rise in power is the average return. The general explanation for the rally in the stock market in the second half of 2014 is the excess liquidity, the decline in risk-free interest rates and risk premiums, and the adjustment of the asset allocation of residents. These simple ideas, the image, it is easy to get into the hearts of the people. But before accepting these views, it is necessary