資產價格泡沫成因中的代理人問題研究

1、復旦大學碩士學位論文資產價格泡沫成因中的代理人問題研究姓名：何江歌申請學位級別：碩士專業(yè)：世界經濟指導教師：尹翔碩20080525AbstractFinancialinstabilitycanhavelargeadverseeffectsonaneconomyOnemajorcauseofinstabilityiSassetpricebubblesOncethebubblesexpandtocertainscale，theywillco

2、llapse，whichwillinducethebubbleeconomyInfectionandthefrangibilityofthefinancialsystemwillenlargethesmallwavetoahugeextendNowadays，agencyplaysanimportantroleinthefinancialsystemManyoftheagentsbuyingrealestate，stocks，andot

3、herassetsdoSOwithotherpeople’SmoneyIftheinvestmentissuccessful，theborrowerrepaystheloanandretainsthedifferencebetweenthevalueoftheassetandtheprincipalandinterestOtherwise，theborrowerhasIimitedliabilityandthelenderbearsth

4、eshortfallTheagencyproblemisexcessiverisktakingassociatedwithlimitedliabilityIntheassetpricingmodel，thepriceofriskyassetinamarketwithagenciesishigherthanthatinamarketwithoutagenciesThemoreriskytheassetis，thebiggerthegapb

5、etweenthevalueoftheassetinaagencymarketandtheprincipleonewillbeAsthegapisdefinedasbubbleintheassetpricingmodel，themoreriskytheassetis，thebiggertheassetpricebubblewillbeThus，theagencyproblemowingtotheseparationofwealthown

6、erandinvestorwilIcausetheassetpricebubbles1fthebubblesboomtoacertainIargeextend。theagencyproblemwillcausethebubbleeconomyandtherealeconomywillgetadverseeffectBasedonthetheorythispaperanalyzesthemockmarketandrealestatemar

7、ketofChinarespectivelyBubblesarefoundinthestockmarketaftermid2006，andatthesametime，thescaleofagencylikemutualfundisexpandingAnalysisisdonefrOmtheperspectivesoftheagencyitselfandthefinanceconstitutiontofindtheincentivesOn

8、theotherhand。bubblesareexistinginourrealestatemarket，especiallyinShanghaiThehighlydebtfinancedinvestmentcausethe‘creditleveragepromotedbubbles’Suggestionsaregiverintheendtopreventbubbleeconomyintheagencyproblemperspectiv