“脱实向虚”的表现、成因及机制分析被引量：12

Analyze on Performance,Causes and Mechanisms of “off Real to Virtual”

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摘要本文以货币和资本的职能为出发点界定虚拟经济和"脱实向虚"的内涵,揭示了"脱实向虚"形成的实体经济与虚拟经济"貌合神离"的现象、虚拟经济发展的幻象和产业结构调整升级的表象。其次,本文认为"脱实向虚"是货币超发、金融市场化、经济转型等环环相扣、层层递进、共同作用的产物。货币超发引起的流动性过剩是根源;金融市场化过程中人民币升值、本外币利差是诱因;经济转型过程中利润率下降规律的驱动、生产与消费矛盾的不断扩大、国有与非国有经济之间的资源错配是本质。最后,本文提出通过金融市场化和监管合理化、实体经济与虚拟经济协同发展的措施,促进"脱实向虚"资金归位。 In this paper, using the functional currency and capital as a starting point to define the virtualecono my and ＂off the real to virtual＂ meaning, we reveal the real economy and the virtual economy ＂dubious＂ phenomenon ＂off real to the virtual＂ form, virtual economic development visions and the appearance of industry restructuring and upgrading. Secondly, the paper argues that ＂off the real to virtual＂ is the money over, financial markets and economic restructuring, interlocking and interaction. Money over caused by excess liquidity is the root ; the appreciation of Ren- minbi and the foreign currency interest rate on the process of financial market is the incentive ; expanding contradic- tion between production and consumption, mismatch of resources betweenthe state-owned and non-state economy on the process of economic restructuring is the essence. Finally, this paper puts forward some suggestions including finan- cial markets and regulatory rationalization, coordination development of the real economy and the virtual economy to promote money coming back to real economics.upgrading. Secondly, the paper argues that ＂off the real to virtual＂ is the money over, financial markets and economic restructuring, interlocking and interaction. Money over caused by excess liquidity is the root; the appreciation of Ren- minbi and the foreign currency interest rate on the process of financial market is the incentive ; expanding contradic- tion between production and consumption, mismatch of resources betweenthe state-owned and non-state economy on the process of economic restructuring is the essence. Finally, this paper puts forward some suggestions including finan- cial markets and regulatory rationalization, coordination development of the real economy and the virtual economy to promote money coming back to real economics.

作者周长富张莅冒建忠

机构地区中国建设银行江苏省分行

出处《区域金融研究》 2016年第3期69-76,共8页 Journal of Regional Financial Research

关键词脱实向虚货币超发经济转型金融市场化 Off Real to Virtual Currency Over, Economic Transformation Financial Market

分类号 F822.2 [经济管理—财政学]

作者简介周长富，经济学博士，供职于中国建设银行江苏省分行。张莅，经济师，供职于中国建设银行江苏省分行。冒建忠，经济师，供职于中国建设银行江苏省分行。