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中国股市的涨跌影响因素复杂,本文仅从其与经济增长、流动性之间的对应关系这一视角出发,探究股市涨跌背后的力量。从历史来看,流动性的充裕与否与股市涨跌的关系极为密切,因此理解流动性变化的内在逻辑是解释和预测资产价格变动的核心。
The factors influencing the ups and downs of China’s stock market are complex. This article explores the forces behind the ups and downs of the stock market only from the perspective of the corresponding relationship between economic growth and liquidity. From a historical point of view, the adequacy of liquidity and the stock market ups and downs of the relationship is very close, so understanding the inherent logic of liquidity changes is to explain and predict the core of asset price changes.