信贷市场与资本市场的互动及其对危机性泡沫的影响

The Bi-directional Flow Between Credit Market and Stock Market and Its Effect on Crisis Bubble

研究金融危机的形态和形成机制可以发现,在危机前普遍存在着股票、不动产等价格大量上涨产生泡沫,严重偏离其内在价值的现象,而危机又往往是以这种价格的泡沫破裂为先导的。危机性泡沫的形成有许多原因,在一个制度存在缺陷的金融体系下,银行信贷资金介入股市是其中一个重要因素。本文通过一个模型探讨了银行信贷资金在危机性价格泡沫形成中的作用机制。认为在社会信用体系还不完善的情况下,银行信贷资金介入股市对价格泡沫的形成具有极大的推动作用,如果银行本身也存在体制上的缺陷,问题会更严重。

Through the research of the state and the forming mechanism of financial crisis, we may find that before the crisis the prices of stocks and real estates rose greatly in general. The break of prices bubble always results in crisis. In a financial system with institutional defects, one of the most reasons is that bank＇s credit fund flow into the stock market. The paper studies the effect of bank credit funds on the forming of price bubble. It believes that in an imperfect social credit system, bank＇s credit fund has significant effect on making price bubble, and if banks themselves have institutional defects the problem is more serious.