本文選題：股票價(jià)格 + 房地產(chǎn)價(jià)格　； 參考：《山東財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：近年來(lái)資本市場(chǎng)的不斷向深入發(fā)展，并且資產(chǎn)價(jià)格的波動(dòng)頻繁性也前所未有，資產(chǎn)價(jià)格波動(dòng)與社會(huì)經(jīng)濟(jì)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(rèn)識(shí)到了這一點(diǎn)。同時(shí)，美國(guó)房地產(chǎn)價(jià)格的大幅波動(dòng)導(dǎo)致美國(guó)次貸危機(jī)爆發(fā)，進(jìn)而轉(zhuǎn)變?yōu)槿蛐缘慕鹑谖C(jī)，對(duì)世界的金融體系和整體的經(jīng)濟(jì)環(huán)境帶來(lái)嚴(yán)重的沖擊。在這場(chǎng)危機(jī)中，銀行信貸的擴(kuò)張與緊縮和資產(chǎn)價(jià)格的暴漲暴跌是不可忽視的現(xiàn)象。而近幾年，中國(guó)的股票市場(chǎng)和房地產(chǎn)市場(chǎng)由于外部和內(nèi)部經(jīng)濟(jì)環(huán)境的變化產(chǎn)生了大幅度波動(dòng)，銀行信貸規(guī)模再度擴(kuò)張。因此，保持我國(guó)證券市場(chǎng)與房地產(chǎn)市場(chǎng)平穩(wěn)發(fā)展和金融體系穩(wěn)定，對(duì)我國(guó)的資產(chǎn)價(jià)格和銀行信貸規(guī)模進(jìn)行關(guān)系研究顯得至關(guān)重要。 本文在對(duì)資產(chǎn)價(jià)格和銀行信貸規(guī)模關(guān)聯(lián)性的理論分析的基礎(chǔ)之上，選取我國(guó)2002年至2012年的月度數(shù)據(jù)，基于股票市場(chǎng)和房地產(chǎn)市場(chǎng)，運(yùn)用Dieter Gerdesmeier、Hans-Eggert Reimers和Barbara Roffia的資產(chǎn)價(jià)格計(jì)算公式，將資產(chǎn)價(jià)格單獨(dú)計(jì)算出來(lái)。通過對(duì)資產(chǎn)價(jià)格和信貸規(guī)模的關(guān)系研究，得到信貸規(guī)模對(duì)資產(chǎn)價(jià)格的短期和長(zhǎng)期的影響不同的結(jié)論。在短期內(nèi)，資產(chǎn)價(jià)格對(duì)銀行信貸規(guī)模具有單向的正向影響；而在長(zhǎng)期，銀行信貸規(guī)模對(duì)資產(chǎn)價(jià)格具有正反饋機(jī)制。而我國(guó)股票市場(chǎng)和房地產(chǎn)市場(chǎng)具有不同的特點(diǎn)，應(yīng)該針對(duì)兩個(gè)市場(chǎng)不同的運(yùn)行規(guī)律提出相應(yīng)的政策建議。 如針對(duì)股票市場(chǎng)，相關(guān)部門應(yīng)大力加強(qiáng)不斷優(yōu)化和完善市場(chǎng)結(jié)構(gòu)，加強(qiáng)對(duì)股票市場(chǎng)的監(jiān)管并注重引導(dǎo)投資者的投資理念。而針對(duì)我國(guó)的房地產(chǎn)市場(chǎng)，，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(gè)方面入手。除此之外，還要大力加強(qiáng)銀行信貸管理和信貸風(fēng)險(xiǎn)控制、逐步健全貨幣政策傳導(dǎo)機(jī)制，并進(jìn)一步完善我國(guó)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(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.4;F832.5;F224

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