【正文】 市場(chǎng)”理論宣稱，給定所有公眾可獲知的信息，金融市場(chǎng)總能正確定價(jià)，投資者都會(huì)理性地權(quán)衡收益和風(fēng)險(xiǎn)這一假設(shè)所建立起來的所謂資產(chǎn)定價(jià)模型，該模型會(huì)指導(dǎo)人們?nèi)绾握_選擇投資組合，如何對(duì)有價(jià)證券包括金融衍生品及其收益的索取權(quán)正確定價(jià)。在自由化的經(jīng)濟(jì)學(xué)和金融學(xué)理論不斷占據(jù)上風(fēng)的同時(shí)，美國(guó)經(jīng)濟(jì)和金融業(yè)在實(shí)踐上也不斷走向自由化。傳統(tǒng)的西方經(jīng)濟(jì)理論總認(rèn)定，由理性投資者構(gòu)成的“有效市場(chǎng)”發(fā)出的價(jià)格信號(hào)，通常是正確的。然而，這場(chǎng)由美國(guó)次貸危機(jī)引發(fā)的嚴(yán)重的金融危機(jī)告訴我們，事實(shí)不是這樣。由次貸危機(jī)引發(fā)的這場(chǎng)金融危機(jī)告訴我們，由于過分相信了經(jīng)濟(jì)自由化，所以放棄了應(yīng)有的監(jiān)管，而由理性投資者構(gòu)成的“有效”市場(chǎng)發(fā)出的價(jià)格信號(hào)并不完全可靠。包含次貸債券在內(nèi)的金融資產(chǎn)被一次次打包化妝后實(shí)際上已面目全非，購(gòu)買者即投資者已根本弄不清這樣的資產(chǎn)的真實(shí)價(jià)格應(yīng)是多少，只知道大家去買的東西一定是好東西。由于資產(chǎn)評(píng)級(jí)公司是根據(jù)評(píng)估業(yè)務(wù)量收費(fèi)，債券賣得越多，收入會(huì)越高，因此在利益驅(qū)動(dòng)下，他們甚至?xí)更c(diǎn)金融機(jī)構(gòu)如何把不同級(jí)別的債券打包，以使債券評(píng)級(jí)更高。正是由于放松了監(jiān)管，債券價(jià)格過高評(píng)估，才使得大量次貸債券獲得安全評(píng)價(jià)，被保險(xiǎn)公司和退休基金這樣謹(jǐn)慎的投資機(jī)構(gòu)大量購(gòu)買。至于那些金融巨頭的高管人員，為了獲得高額報(bào)酬不惜冒任何風(fēng)險(xiǎn)，對(duì)他們來說，如果公司破產(chǎn)了自己最多是被解雇，而業(yè)績(jī)好時(shí)拿的高額獎(jiǎng)金并不會(huì)追回。在這些情況下，金融衍生品價(jià)格怎么會(huì)不失靈呢？傳統(tǒng)的西方經(jīng)濟(jì)理論總假定，金融機(jī)構(gòu)總會(huì)自己把握住風(fēng)險(xiǎn)，從而金融崩潰的概率被嚴(yán)重低估。金融危機(jī)的事實(shí)表明，經(jīng)濟(jì)學(xué)家關(guān)于經(jīng)濟(jì)人具有完全理性的假定是多么脫離實(shí)際。理性預(yù)期的經(jīng)濟(jì)學(xué)穿上了外表華麗的數(shù)字外衣，但那只不過是一種浪漫化的和經(jīng)過凈化的經(jīng)濟(jì)現(xiàn)象。這種幻想迷住了人們的雙眼，使他們忽視了那些可能出錯(cuò)的事情。？虛擬經(jīng)濟(jì)的過度膨脹可能會(huì)帶來什么問題？解答：虛擬經(jīng)濟(jì)指資本以脫離實(shí)體經(jīng)濟(jì)的價(jià)值形態(tài)，以票據(jù)方式持有權(quán)益，按特定規(guī)律運(yùn)動(dòng)以獲取價(jià)值增值所形成的經(jīng)濟(jì)活動(dòng)，而實(shí)體經(jīng)濟(jì)則指物質(zhì)產(chǎn)品和精神產(chǎn)品的生產(chǎn)、銷售以及提供相關(guān)服務(wù)的經(jīng)濟(jì)活動(dòng)，既包括工、農(nóng)、交通運(yùn)輸、郵電、建筑等物質(zhì)生產(chǎn)活動(dòng)，也包括商業(yè)、教育、文化、藝術(shù)等精神產(chǎn)品生產(chǎn)和服務(wù)。虛擬經(jīng)濟(jì)產(chǎn)生于實(shí)體經(jīng)濟(jì)發(fā)展的內(nèi)在需要，建立在實(shí)體經(jīng)濟(jì)基礎(chǔ)上，為實(shí)體經(jīng)濟(jì)服務(wù)。虛擬經(jīng)濟(jì)對(duì)實(shí)體經(jīng)濟(jì)的促進(jìn)作用表現(xiàn)在金融的自由化和深化可提高社會(huì)資源配置的效率和實(shí)體經(jīng)濟(jì)運(yùn)行的效率。資本證券化和金融衍生工具提供的套期保值等服務(wù)，可為實(shí)體經(jīng)濟(jì)提供穩(wěn)定的經(jīng)營(yíng)環(huán)境，為企業(yè)分散風(fēng)險(xiǎn)，降低實(shí)體經(jīng)濟(jì)波動(dòng)引致的不確定性，并且虛擬經(jīng)濟(jì)自身發(fā)展也能促進(jìn)GDP的增長(zhǎng)，為社會(huì)提供就業(yè)機(jī)會(huì)。但是，虛擬經(jīng)濟(jì)的發(fā)展是與投機(jī)活動(dòng)共存的，因?yàn)樘摂M經(jīng)濟(jì)提供的資本配置效率取決于虛擬資本的高度流動(dòng)性，而這種流動(dòng)性要靠投機(jī)活動(dòng)來實(shí)現(xiàn)，虛擬經(jīng)濟(jì)提供的風(fēng)險(xiǎn)規(guī)避功能如套期保值業(yè)務(wù)，其風(fēng)險(xiǎn)也靠投機(jī)者來分?jǐn)?。與實(shí)體經(jīng)濟(jì)相比，虛擬經(jīng)濟(jì)所具有的高風(fēng)險(xiǎn)、高收益特征，很容易吸引大批資金從事這類投機(jī)活動(dòng)，而投機(jī)活動(dòng)過度又會(huì)使虛擬經(jīng)濟(jì)過度膨脹而形成泡沫經(jīng)濟(jì)。泡沫經(jīng)濟(jì)主要是一種資產(chǎn)價(jià)格過分高于其價(jià)值的現(xiàn)象。貨幣政策失誤和金融監(jiān)管不當(dāng)是泡沫經(jīng)濟(jì)產(chǎn)生的體制性因素。泡沫破裂后所形成的金融危機(jī)會(huì)對(duì)實(shí)體經(jīng)濟(jì)的發(fā)展產(chǎn)生多方面的危害。近幾年來拉美地區(qū)和東南亞地區(qū)的新興工業(yè)化國(guó)家在金融自由化中監(jiān)管失當(dāng)而引致泡沫經(jīng)濟(jì)就提供了深刻教訓(xùn)。這次美國(guó)次貸危機(jī)引發(fā)的金融危機(jī)同樣是由于放松了金融監(jiān)管，任虛擬經(jīng)濟(jì)中的泡沫隨意膨脹。從虛擬經(jīng)濟(jì)和實(shí)體經(jīng)濟(jì)關(guān)系的角度看，這次危機(jī)的發(fā)生，根源還在于過去60年間美國(guó)的經(jīng)濟(jì)增長(zhǎng)和消費(fèi)超越了本國(guó)生產(chǎn)力的承受能力：一方面在實(shí)體經(jīng)濟(jì)虛擬化、虛擬經(jīng)濟(jì)泡沫化過程中實(shí)現(xiàn)了不堪重負(fù)的增長(zhǎng)，另一方面美國(guó)又把這種沉重負(fù)擔(dān)通過美元的世界儲(chǔ)備貨幣地位和貨幣市場(chǎng)的價(jià)值傳導(dǎo)機(jī)制分?jǐn)偨o全世界。美國(guó)過度消費(fèi)所造成的貿(mào)易逆差主要靠印刷美元“埋單”。中國(guó)、日本和石油生產(chǎn)國(guó)居民的過度儲(chǔ)蓄和貿(mào)易順差所積累起來的大量美元儲(chǔ)備為華爾街金融衍生品的創(chuàng)造提供了條件，并促使其資產(chǎn)泡沫化?？雌饋砻绹?guó)經(jīng)濟(jì)一時(shí)異常繁榮，但實(shí)際上美國(guó)經(jīng)濟(jì)已進(jìn)入IT產(chǎn)業(yè)周期波段的末尾，缺乏投資機(jī)會(huì)，大量制造業(yè)還已轉(zhuǎn)移到國(guó)外，短期內(nèi)也不可能有大量科技創(chuàng)新項(xiàng)目吸納資金。因此，這種“繁榮”其實(shí)已是泡沫，缺乏實(shí)體經(jīng)濟(jì)增長(zhǎng)作為支撐。于是，虛擬經(jīng)濟(jì)過度膨脹形成的泡沫經(jīng)濟(jì)終于導(dǎo)致了這場(chǎng)危機(jī)。2011 年全國(guó)碩士研究生入學(xué)考試英語(yǔ)(一)Section I Use of English Directions:Read the following text. Choose the best word(s) for each numbered blank and mark [A], [B], [C] or [D] on ANSWER SHEET 1. (10 points)Ancient Greek philosopher Aristotle viewed laughter as “a bodily exercise precious to health.” But __1___some claims to the contrary, laughing probably has little influence on physical fitness Laughter does __2___shortterm changes in the function of the heart and its blood vessels, ___3_ heart rate and oxygen consumption But because hard laughter is difficult to __4__, a good laugh is unlikely to have __5___ benefits the way, say, walking or jogging does.__6__, instead of straining muscles to build them, as exercise does, laughter apparently acplishes the __7__, studies dating back to the 1930’s indicate that laughter__8___ muscles, decreasing muscle tone for up to 45 minutes after the laugh dies down.Such bodily reaction might conceivably help _9__the effects of psychological stress. Anyway, the act of laughing probably does produce other types of ___10___ feedback, that improve an individual’s emotional state. __11____one classical theory of emotion, our feelings are partially rooted ____12___ physical reactions. It was argued at the end of the 19th century that humans do not cry ___13___they are sad but they bee sad when the tears begin to flow.Although sadness also ____14___ tears, evidence suggests that emotions can flow __15___ muscular responses. In an experiment published in 1988,social psychologist Fritz Strack of the University of w252。rzburg in Germany asked volunteers to __16___ a pen either with their teeththereby creating an artificial smile – or with their lips, which would produce a(n) __17___ expression. Those forced to exercise their smiling muscles ___18___ more exuberantly to funny cartons than did those whose mouths were contracted in a frown, ____19___ that expressions may influence emotions rather than just the other way around __20__ , the physical act of laughter could improve mood.1．[A]among [B]except [C]despite [D]like2．[A]reflect [B]demand [C]indicate [D]produce3．[A]stabilizing [B]boosting [C]impairing [D]determining4．[A]transmit [B]sustain [C]evaluate [D]observe5．[A]measurable [B]manageable [C]affordable [D]renewable6．[A]In turn [B]In fact [C]In addition [D]In brief7．[A]opposite [B]impossible [C]average [D]expected8．[A]hardens [B]weakens [C]tightens [D]relaxes9．[A]aggravate [B]generate [C]moderate [D]enhance10．[A]physical [B]mental [C]subconscious [D]internal11．[A]Except for [B]According to [C]Due to [D]As for12．[A]with [B]on [C]in [D]at13．[A]unless [B]until [C]if [D]because14．[A]exhausts [B]follows [C]precedes [D]suppresses15．[A]into [B]from [C]towards [D]beyond16．[A]fetch [B]bite [C]pick [D]hold17．[A]disappointed [B]excited [C]joyful [D]indifferent18．[A]adapted [B]catered [C]turned [D]reacted19．[A]suggesting [B]requiring [C]mentioning [D]supposing20．[A]Eventually [B]Consequently [C]Similarly [D]ConverselySection II Reading ComprehensionPar