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文章从估值视角分析了全球经济失衡的金融利益分配格局。在分析估值效应研究现状的基础上,根据相关的理论模型与分析方法,选取失衡中心美国与贸易顺差国日本和中国为分析对象,利用估值效应对全球经济失衡的金融利益分配格局进行了实证检验。结果表明,在全球经济失衡期间,美国的净国外资产变动存在相当大的正估值,与之相应的最大贸易顺差国日本和中国的净国外资产变动中存在巨大的负估值,意味着与外部失衡相应的国际资本流动收益为美国提供了稳定的融资来源,相当于实现了从顺差国向美国的财富转移。
From the perspective of valuation, the paper analyzes the pattern of financial interest distribution in the global economic imbalance. Based on the analysis of the current research status of valuation effect and the relevant theoretical models and analysis methods, the author selects the countries of imbalances in the United States and Japan as trade surpluses as the analysis object and makes use of the valuation effect to analyze the pattern of the distribution of financial interests in the global economic imbalance Empirical test. The results show that during the period of global economic imbalance, the United States has considerable positive net change in net foreign assets, and its corresponding largest trade surplus, Japan and China, has a huge negative valuation in the movement of net foreign assets, implying The corresponding imbalances in international capital flows provide a stable source of financing for the United States, which is equivalent to the transfer of wealth from the surplus countries to the United States.