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本文构建了一个不同于传统金融中介理论的模型,分析了投资者情绪变化对证券价格的影响,资产证券化和杠杆的变化对证券价格波动的影响,证券价格波动对银行利润、资产配置及银行稳定的影响。研究表明,在金融市场中,投资者情绪变化将导致证券价格波动,并通过财富效应等渠道对投资者造成财富和心理冲击,使得投资者情绪不稳定,而且银行风险资产的比例会顺周期变化;银行杠杆也具有较强的顺周期性,因为银行会在繁荣时期过多地进行资产证券化,衰退时期无法进行资产证券化;投资者情绪波动、证券价格波动及其强化机制危害了银行业的稳定性。
This paper constructs a model that is different from the traditional financial intermediary theory, analyzes the influence of investor sentiment changes on the price of securities, the influence of changes in asset securitization and leverage on the price fluctuations of securities, the influence of the fluctuation of securities prices on the profits of banks, asset allocation and banks Stable impact. The research shows that in the financial market, the change of investor sentiment will lead to the volatility of the securities price and the wealth and psychological impact on the investors through such channels as the wealth effect, making the investor sentiment unstable and the proportion of the bank’s risky assets changing in a cyclical manner ; Bank leverage also has a strong pro-cyclical nature because banks will over-securitize assets in times of prosperity and asset securitization will not be possible in times of recession; investor sentiment, the volatility of securities prices and their hardening mechanisms undermine the banking sector Stability.