流动性过剩与流动性短缺的微观效应分析.docVIP

华东师范大学硕士毕业论文“流动性过剩”与“流动性短缺”的微观效应分析 论 文 摘 要 近几年来,流动性问题受到广泛关注。主要发达国家过度宽松的货币政策带 来全球流动性过剩问题,流动性过剩造成资产价格的快速上涨和泡沫的产生,在 美国次级抵押贷款危机爆发情况下,泡沫破灭,金融资产大量缩水,全球流动性 快速发生逆转,出现流动性不足的状况。我国处于开放的市场环境中,全球的流 动性问题不可避免的会对我国产生溢出效应,无论流动性是过剩还是紧缩都对我 国的宏观经济和微观经济产生了一系列的影响。 本文将通过对流动性问题的宏观背景描述,主要探讨其在企业这一微观主体 的反映及其对企业财务和行为产生的影响。本文第一章主要从现实背景出发,说 明研究流动性问题的现实意义,并对相关学者对流动性问题的概念描述进行总 结。第二章从本次流动性过剩的起源出发,说明流动性过剩和后来发展为流动性 不足在我国的宏观表现并进行一定的原因说明。第三章和第四章为本文的主体, 分别从流动性过剩和流动性不足的背景下来分析其微观效应,主要分析企业层面 流动性的变化及对企业财务结构和行为的影响,并指出其中可能隐藏的风险和机 遇。第五章对本次流动性危机进行反思,发现流动性极易发生转变,因此,主要 从宏观上政策的适度性和微观层面上发展健全完善的机制方面提出建议。 关键词:流动性过剩,流动性不足,财务行为 V 华东师范大学硕士毕业论文“流动性过剩”与“流动性短缺”的微观效应分析 ABSTRACT In recent years,the issue of liquidity had been discussed widely.Oringinating from the over-loosed monetary policies in leading developed countries,global liquidity surplus caused the rapid rise of property price and financial bubbles.When crisis occurred , bubbles broke up, property price collapsed,liquility reversed quickly and scarcity appeared.In an open market environment, China was affected unavoidably by globle liquility.Whether liquidity surplus or scarcity, it made great influences on our macro and micro economyBased on the macro economy liquidity ,this paper mainly focused on its reflection in enterprises-the changes of enterprise finance and behavior.According to st the passing scholastic research, the 1 sector explained the significance of studying liquidity and gave a brief introduction of the notion “liquidity”. Beginning with the nd source of liquidity surplus,the 2 sector described liquidity surplus and following rd th scarcity on macro economy level. Then, the main part-the 3 and 4 sectors specified the influnces of liquidity surplus and scarcity on enterprise financial constructures and behaviors, which also contained certain risks and opportunities.Considering the existing liquidity scarcity,the last sector made some thoughts on changeable liquidityWe suggested to keep moderate macro ec