金融市场的流动性过剩与流动性风险分析

金融市场在结构、主体、产品、判断和投资组合等方面过度集中并日益趋于同质化，削弱了市场上的多样性，从而提供了金融流动性风险产生的土壤和机会。通过度量股票交易量与股票收益之间相关性的chi图实证表明，流动性风险正在微观层面上慢慢积累。当国内流动性过剩矛盾日益突出时，人们需要居安思危，高度关注流动性黑洞可能出现的风险。

Analysis on Liquidity Surplus and Liquidity Risk of Financial Market

Excess centralization for many aspects of financial market like structure, subject, products, decisions and portfolios weaken the diversification of the market. Consequently, it brings about liquidity risk. Through the chi-plots for dependence of trade volume and stock return, we find that, liquidity risk is accumulating on the level of market microstructure. Thus when the contradiction of liquidity surplus is more and more significant, we need take notice of another sensitive problem --liquidity risk.