我国资本市场泡沫及其度量  

China's Capital Market Foam and its Measurement

作　　者：阎梁[1] 

机构地区：[1]兰州大学经济管理学院,甘肃兰州730000

出　　处：《兰州大学学报（社会科学版）》2001年第4期157-163,共7页Journal of Lanzhou University（Social Sciences）

摘　　要：本文首先概述了资本市场泡沫的产生原因和机制 ,指出虚拟资本及其运动是泡沫产生的基础 ,预期是泡沫产生的直接原因 ,货币供给和信用支持决定了虚拟资本向经济泡沫的传导过程。作者以我国证券市场为例 ,运用收入资本化定价法 ,市盈率法和泡沫系数法对我国资本市场泡沫水平进行了度量 ,并就如何控制和削减资本市场泡沫提出了自己的见解。The article summarized the generation and mechanism of capital market foam and pointed out that fictitious capital and its movement are the foundation, expectation is the direct cause, currency supply and credit support determine the transmission from fictitious capital to economic foam. Taking securities market in China as an example, the author measured the level of foam on the capital market with the income capitalization price and foam coefficient methods, and offered his opinion of how to control and reduce it.

关 键 词：虚拟资本 资本市场 预期行为 中国 经济泡沫 投资者 泡沫系数 市盈率 收入资本化定价法 股票泡沫水平 

分 类 号：F832.5[经济管理—金融学]