当前,很多人担心我国股市涨得过快,而基本面方面如同当年的日本,如经济长期稳定增长、本币升值、消费物价不高、央行实行低利率、股民预期良好,等等;认为有可能导致经济泡沫。如何衡量泡沫度?泡沫与国情、体制与经济增长阶段究竟是一个什么关系?不说清楚这些,就不能 At present, many people worry that the stock market in our country will rise too fast, while the fundamentals will be the same as those in Japan. For instance, the long-term stable economic growth, the appreciation of the local currency, the low consumer prices, the low interest rate of the central bank, the good expectations of investors and so on; Cause economic bubble. How to measure the degree of the bubble? What is the relationship between the bubble and the national conditions, the system and the stage of economic growth? If we do not make it clear, we can not