泡沫,可能是经济学中被研究时间最长但迄今仍未达成广泛共识的一个领域。最近出版的一本专著,使泡沫特别是刚性泡沫广受关注。在这部专著中,上海交通大学朱宁教授认为,“刚性泡沫”概念包含两层含义,“第一是政府不断向企业和投资者提供担保,比如债券股就是显性担保,欠了债可以通过国有金融机构以股权方式还债”。在过去30年这种担保对于我国经济高速发展作出非常大的贡献。但是,如果政府一直通过提供担保方 The bubble may be one of the longest-studied but far-reaching areas in economics. Recently published a monograph, the bubble, especially the rigid bubble of widespread concern. In this monograph, Professor Zhu Ning of Shanghai Jiaotong University believes that the concept of “rigid bubble” has two meanings: “First, the government continually provides guarantees to enterprises and investors. For example, bond stocks are dominant guarantees and owe Debt can be repayable by way of equity by state-owned financial institutions. ” In the past 30 years, this guarantee has made a very significant contribution to the rapid economic development in our country. However, if the government has been through the provision of guarantors