| 流动性波动与股票市场波动分析 |
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| 引用本文： | 齐中英,余秀娟.流动性波动与股票市场波动分析[J].哈尔滨工业大学学报(社会科学版),2009(4):96-102. |
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| 作者姓名： | 齐中英 余秀娟 |
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| 作者单位： | 哈尔滨工业大学经济管理学院,哈尔滨150001 |
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| 基金项目： | 国家自然科学基金（70673015） |
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| 摘 要： | 总结国内外关于流动性和流动性波动的定义的基础上，提出了对股票市场流动性及流动性波动的更进一步解释。针对2005年至2008年中国股票市场从上涨到下降的周期性表现，运用定性分析与定量分析相结合的方法分析了流动性波动与股票市场价格波动之间的因果关系，认为流动性波动引起了股票市场的价格变化，并提出了“财富增长的示范效应”的概念，认为股票市场价格变化引起的财富增长的示范效应反过来加剧了流动性波动。
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| 关 键 词： | 流动性 流动性过剩 股票市场波动 财富增长的示范效应 |
Analysis of Liquidity Fluctuation and Stock Market Fluctuation |
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| QI Zhong-ying,YU Xiu-juan.Analysis of Liquidity Fluctuation and Stock Market Fluctuation[J].Journal of Harbin Institute of Technology(Social Sciences Edition),2009(4):96-102. |
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| Authors: | QI Zhong-ying YU Xiu-juan |
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| Institution: | ( School of Management, Harbin Institute of Technology, Harbin 150001, China) |
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| Abstract: | In order to understand the interaction relationship between finance and stock market better, the paper analyzes the relationship between liquidity fluctuation and price fluctuation of stock market. It summarizes the definitions of liquidity and liquidity fluctuation, and proposes the research of liquidity and liquidity fluctuation in stock market. It deals with the periodicity performance from rising to descending in stock market during 2005 to 2008. It combines qualitative and quantitative methods to analyze the causal relationship between liquidity fluctuation and price fluctuation of stock market. On the one hand, the liquidity fluctuation arouses the changes of price in stock market. On the other hand, it puts forward the concept of ＂demonstrating effect of wealth growth＂. It maintains that the changes of price in stock market bring the demonstrating effect of wealth growth. This kind of effect strengthens the liquidity fluctuation. |
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| Keywords: | liquidity excess liquidity stock market fluctuation demonstrating effect of wealth growth |
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