金融市场波动对实体经济稳定的影响机制研究 -经济学专业

摘要

金融市场波动与实体经济稳定之间的关系是现代经济研究的重要课题。随着全球化进程加快，金融市场的复杂性和关联性不断增强，其波动对实体经济的影响日益显著，深入探究两者间的影响机制具有重要的理论和现实意义。本研究旨在揭示金融市场波动影响实体经济稳定的内在机理，基于新古典经济学框架并引入行为金融学视角，构建包含金融摩擦、信息不对称等多因素的动态随机一般均衡模型。结果表明，金融市场波动通过信贷渠道、财富效应渠道以及预期渠道作用于实体经济，其中信贷渠道在传导过程中占据主导地位；金融市场波动加剧会导致产出下降、失业率上升、物价不稳定等负面后果。创新之处在于将行为金融学因素纳入分析框架，更贴近现实市场环境，并且从多渠道全面剖析影响机制。这有助于完善宏观审慎政策框架，为防范系统性金融风险、维护经济稳定发展提供理论依据。

关键词：金融市场波动实体经济稳定信贷渠道

Abstract

The relationship between financial market fluctuation and real economy stability is an important topic in modern economic research. With the accelerated process of globalization, the complexity and correlation of financial markets are increasing, and their fluctuations have an increasingly significant impact on the real economy. It is of great theoretical and practical significance to explore the influencing mechanism between the two. This study aims to reveal the internal mechanism of financial market volatility affecting the stability of the real economy. Based on the fr amework of neoclassical economics and the perspective of behavioral finance, a dynamic stochastic general equilibrium model including financial friction, information asymmetry and other factors is constructed. The results show that the financial market fluctuation acts on the real economy through credit channel, wealth effect channel and expectation channel, and the credit channel plays a dominant role in the transmission process. Increased volatility in financial markets can lead to negative consequences such as lower output, higher unemployment, and price instability. The innovation is to incorporate behavioral finance factors into the analysis fr amework, closer to the real market environment, and comprehensively analyze the influence mechanism from multiple channels. This will help improve the macro-prudential policy fr amework and provide a theoretical basis for preventing systemic financial risks and maintaining stable economic development.

Keyword:Financial Market Volatility Real Economy Stability Credit Channel

1绪论 1

1.1研究背景与意义 1

1.2国内外研究现状 1

2金融市场波动的传导机制 2

2.1金融市场价格波动特征 2

2.2波动传导的主要渠道 2

2.3实体经济的响应机制 3

3金融市场波动对投资的影响 3

3.1投资决策的不确定性 4

3.2资本形成的影响路径 4

3.3企业融资行为的变化 5