摘要
本文建立了考察股市运行失衡与宏观经济运行态势背离的分析框架。作者认为，只有将股市放到宏观经济运行的大背景下，从股市与宏观经济的互动机制角度来考察，才能全面认识和把握股市运行的规律。因此，本文从股票价格波动、通货膨胀、股票市场规模等角度进行了系统分析。通过与美国、韩国股市有关实证分析结果的比较，本文提出，正是由于中国股市的经常性失衡，完善市场经济条件下股票市场与宏观经济运行的正常互动关系才被打乱，表现为股市不能正常反映宏观经济波动状况，二者走势出现明显的异动和背离。
Establishing an analysis framework for examining the disequilibrium of China’s stock market and its deviation from the macro economic operation，the author maintains that we can gain a comprehensive knowledge of the stock market only by placing it in the grand background of macro economic operation and only from the perspective of the interaction mechanism between the stock market and the macro economy. The article therefore has made systematic analysis from the respects of stock price fluctuation, inflation, stock market scale, etc. Through comparison with concrete examples in the American and Korean stock markets, the author advances the idea that it is just because of the frequent disequilibrium of China’s stock market that the normal interactive relations between the stock market and macro economic operation under the conditions of a complete market economy have been upset. The stock market is unable to normally reflect the fluctuation of the macro economy and there are evident unusual actions and deviation between the two.
出处
《南开管理评论》
CSSCI
2000年第6期48-56,共9页
Nankai Business Review
