在分析估值效应对外部均衡调整机理的基础上,测算了其在中国、美国、日本及欧元区中的对外部均衡调整影响程度。结果表明,我国估值效应对外部失衡的影响正在进一步加大,且资产结构的影响因素明显。因此,通过提高我国对外投资的规模和收益、优化外部资产币种结构等措施,可充分发挥估值效应调整外部宏观经济均衡的作用。 Based on the analysis of the adjustment mechanism of external equilibrium, the effect of external valuation adjustment in China, the United States, Japan and the euro area is estimated. The results show that the effect of China’s valuation effect on the external imbalance is further increasing, and the influencing factors of the asset structure are obvious. Therefore, we can give full play to the valuation effect and adjust the external macroeconomic balance by improving the scale and profit of China’s external investment and optimizing the currency structure of external assets.