资产价格泡沫的生成与测度

摘要

当资产的价格与价值发生背离，其背离的程度远不能被微观经济层面和宏观经济层面所解释时，就出现了资产价格泡沫。厘清资产价格泡沫的定义及构成，重新认识资产价格泡沫的生成过程与产生原因，明确资产价格泡沫的测度方法对我国当前资本市场、房地产市场与金融市场的健康发展有重要意义。%Abstract ： A bubble emerges when the price of an asset deviates from its intrinsic value and the extent of the deviation cannot be explained by the micro-economic and the macro-economic factors. Clarifying the definition and composition of asset price bubbles, recognizing the generation process and causes of asset price bubbles and clearing the measurement of asset price bubbles have great importance to the healthy development of China＇s current capital market, housing market and financial market.