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本文揭示新时期国内资本市场所面临的三难选择困境,即无法同时满足保持股价稳定、稳健货币政策以及IPO注册制融资三大政策之目标。笔者通过实证分析,模拟资本市场的资金流量运动,剖析三大政策着眼于资本市场资金流量的传导效果,借助资本市场资金流量公式阐明三难选择之成因和一般稳定状态,最终找到新时期国内资本市场三难选择的平衡对策。
This article reveals the dilemma of the domestic capital market in the new era, that is, it can not satisfy the three major objectives of maintaining stock price stability, prudent monetary policy and IPO registration financing at the same time. Through empirical analysis, the author simulate the capital flow movement in capital market, analyze the three policies focusing on the conduction effect of the capital market capital flow, with capital market flow formula to clarify the causes and general stability of the three difficult choices, and finally find the new period of domestic capital The Balanced Countermeasure of Three Difficulties in Market.