中文摘要：

在人民币预期升值、国内外利差扩大和我国资产价格频繁波动的背景下，国际游资大量出入我国。这不仅会导致我国资产价格过度波动，而且给我国经济金融安全留下了隐患。本文分析了国际游资涌入我国的动因及对我国资产价格的作用机制，选取2000午至2010年的季度数据，利用VAR模型实证研究了国际游资冲击对我国资产价格的影响。

英文摘要：

Under the background of appreciation of expectation RMB, broadening of domestic and overseas interest rate margin and fluctuation of asset price in China, a large number of interna tional hot money pours in and out of our country, which can not only cause excessive fluctuation of asset price in China, but also pose a hidden danger to economic and financial security in China. In this paper, we first make an analysis on the dynamic factors of influx o{ international hot money and functional mechanism of asset price in China, and then select quarterly data from 2001 to 2010, with the VAR model we make an empirical analysis on international hot money＇s impact on asset price.