本文選題：流動性重復(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年國家社會科學(xué)基金項目(11BJL048)----“中美經(jīng)濟非對稱共生條件下我國流動性重復(fù)逆轉(zhuǎn)問題研究”的資助。 2007年初的美國次貸危機逐步演進深化成為全球性的金融危機，在危機演化的過程中，美國金融市場流動性在短期內(nèi)出現(xiàn)由過剩到緊縮乃至枯竭的逆轉(zhuǎn)現(xiàn)象。美國流動性的逆轉(zhuǎn)根植于美國沉淀的房地產(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、鏈接美國房地產(chǎn)基礎(chǔ)市場與其衍生市場的流動性鏈條，該鏈條是美國金融高度創(chuàng)新的反映，但也賦予風(fēng)險的層層積聚。因而，泡沫的破裂引發(fā)了流動性鏈條的斷裂，風(fēng)險的集中爆發(fā)聯(lián)動著全球金融的動蕩。危機全面爆發(fā)后，美國為救助流動性困境中的金融機構(gòu)采取了包括非常規(guī)救市措施在內(nèi)的政府救助行動，引致美國流動性的逐漸恢復(fù)�？梢�，在危機演化的過程中，，美國金融市場的流動性在短短時間內(nèi)演繹了從過剩到緊缺，又由緊缺到恢復(fù)外溢的完整波動，這一罕見現(xiàn)象被我們定義為流動性重復(fù)逆轉(zhuǎn)。 鑒于流動性重復(fù)逆轉(zhuǎn)的抽象性與罕見性，文章引入生物學(xué)中植物細胞“質(zhì)壁分離與復(fù)原”原理對其進行了形象化的闡釋。在對流動性重復(fù)逆轉(zhuǎn)有了一定的認知后，文章分析了美國流動性重復(fù)逆轉(zhuǎn)的機制，分為首次逆轉(zhuǎn)機制、再次逆轉(zhuǎn)機制及關(guān)聯(lián)外溢機制，按著這一邏輯鏈條層層展開，展開進行宏觀分析的過程中體現(xiàn)了資產(chǎn)負債表、非常規(guī)救市涉及三角結(jié)構(gòu)的研究視角。然而，為更好的驗證宏觀理論層面的剖析，文章從中微觀視角對美國流動性重復(fù)逆轉(zhuǎn)機制進行了實證研究，首次逆轉(zhuǎn)中沿著次貸價值鏈條以微觀機構(gòu)為主體進行財務(wù)角度的分析，再次逆轉(zhuǎn)中運用博弈論模型研究了政府對流動性危機的救助行為。在對理論和實證綜合分析的積淀上，文章最后結(jié)合流動性重復(fù)逆轉(zhuǎn)與國內(nèi)外的經(jīng)濟金融熱點，闡釋了流動性逆轉(zhuǎn)框架對我國金融改革實驗區(qū)的啟示及流動性重復(fù)逆轉(zhuǎn)下的美歐中債務(wù)的“三債聯(lián)動”。
[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)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F831.59;F124;F171.2

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