本文關(guān)鍵詞：股權(quán)和房地產(chǎn)溢價與金融中介風(fēng)險偏好的關(guān)系研究　出處：《哈爾濱工業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 金融中介 風(fēng)險偏好 經(jīng)濟(jì)增長 股權(quán)溢價

【摘要】：2008年，由美國次貸危機(jī)引發(fā)的全球金融危機(jī)影響深遠(yuǎn)。與以往的經(jīng)濟(jì)危機(jī)不同，此次危機(jī)中銀行、證券公司等金融中介機(jī)構(gòu)發(fā)揮了重要作用。危機(jī)過后，國外學(xué)者對金融中介機(jī)構(gòu)在經(jīng)濟(jì)穩(wěn)定時和危機(jī)發(fā)生時的風(fēng)險偏好進(jìn)行了研究，論證了金融中介風(fēng)險偏好對債券風(fēng)險溢價的影響，同時探討了這種作用機(jī)制對整個宏觀經(jīng)濟(jì)的增長水平的影響。但以往的文獻(xiàn)對我國情況的研究較少，且我國金融市場與國外存在很大差異。因此本文在前人研究的基礎(chǔ)上深入分析了我國金融中介風(fēng)險偏好與股權(quán)和房地產(chǎn)溢價間的關(guān)系，論證了股權(quán)和房地產(chǎn)溢價、金融中介風(fēng)險偏好、經(jīng)濟(jì)增長三者間的聯(lián)系。 本文將金融中介資產(chǎn)負(fù)債表規(guī)模增長率和權(quán)益乘數(shù)（杠桿率）作為金融中介風(fēng)險偏好的代表變量，搜集了2001年第一季度至2012年第三季度各大證券公司類金融中介機(jī)構(gòu)的財務(wù)數(shù)據(jù)，運(yùn)用VAR模型探討了GDP增長率，股權(quán)和房地產(chǎn)溢價，金融中介風(fēng)險偏好三者之間的關(guān)系。研究結(jié)果表明，我國金融中介的風(fēng)險偏好與股權(quán)溢價和經(jīng)濟(jì)增長三者之間存在著正向影響，這說明當(dāng)實(shí)體經(jīng)濟(jì)增長迅速和股權(quán)溢價升高時，金融中介傾向于擴(kuò)大信貸規(guī)模和杠桿率，而這種行為將進(jìn)一步推高股權(quán)溢價，，促進(jìn)經(jīng)濟(jì)增長。但研究結(jié)果表明金融中介的風(fēng)險偏好與房地產(chǎn)溢價間存在顯著的相互關(guān)系。
[Abstract]:In 2008, the global financial crisis triggered by the U.S. subprime mortgage crisis reaching. Unlike previous economic crisis, the crisis in the banking, securities companies and other financial intermediaries play an important role. After the crisis, foreign scholars have conducted the research on financial intermediaries in the economic stability and the crisis occurred when the risk preference is demonstrated effects of risk preference of financial intermediation on bond risk premium, we also study the influence of the macroscopic economic growth level of this mechanism. But the previous literature on China's situation and the study of China's financial market and abroad there is a big difference. Therefore on the basis of the in-depth analysis of the relationship between China's financial intermediary risk preference and premium between equity and real estate, demonstrates the equity and real estate premium, risk preference of financial intermediation, the economic growth between the three linked.
The financial intermediary balance sheet size growth rate and equity multiplier (leverage ratio) as a representative of variable risk preference of financial intermediaries, from the first quarter of 2001 to the third quarter of 2012 the securities companies of financial intermediaries and financial data, using VAR model to discuss the GDP growth rate, equity and real estate premium relationship the financial intermediary between risk preference of the three. The results show that the existence of a positive correlation between China's financial intermediation risk preference and the equity premium and the economic growth of three, which shows that when the real economy is growing rapidly and the equity premium rises, financial intermediaries tend to expand the scale of credit and leverage, and this behavior will further push the high equity premium, promote economic growth. But the research results show that there is significant relationship between financial intermediation and risk preference of real estate premium.

【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F832.59

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