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目前,讨论资金与股市关系的文章不时见诸报刊、杂志,这些文章几乎都有相同的观点,即股市的涨跌与资金的充足与否有直接的关系:资金供应充足,表明需求增加,股市上涨;资金供应趋紧,表明需求不足,则股市下跌。这种观点值得推敲。 首先,这种观点是在一个错误的前提下推导出来的,这个错误的前提即“资金供应总额=市场总需求”。资金供应总量即市场资金总量,是指系统内(系统可以是股票市场、证券市场,也可以是整个国民经济)以现金方式存在的资产总额,其本身不代表对任何商品、劳务或资产的需求,只有当其拥有者用其以适当价格置换某一商品、劳务或资产时,才转化
At present, the articles discussing the relationship between capital and the stock market have seen newspapers and magazines from time to time. Almost all of these articles share the same view that the ups and downs of the stock market are directly related to the adequacy of funds: sufficient capital supply indicates an increase in demand, and the stock market Rise; tight supply of funds, indicating lack of demand, the stock market fell. This view is worth considering. First of all, this view is deduced on the wrong premise that “the total supply of funds = total market demand.” The total supply of funds, ie the total amount of market capital, refers to the total amount of assets in cash (including the stock market, the securities market, or the entire national economy) in the system. It does not by itself represent any contribution to any commodity, service or asset The demand is only transformed when its owner replaces a certain good, service or asset with the right price