简论货币、金融与资金的相互关系及政策内涵

A Brief Study on the Relationship between Money,Finance and Fund and Its Policy Implications

在市场经济运行中,货币、金融和资金的关系是最为常见也最为扑朔迷离的现象之一。本文认为,货币是一种经济机能,它以信用关系为基础以有效反映各种交易物品之间的比价关系为机制以媒介、实现和推进交易为基本功能,因此,不是某种物品或资产。金融是在资产权益基础上以获得这些权力的未来收益为标的而进行的交易过程和这些交易关系的总和,不能简单以资金融通来定义。资金是指具有货币机能的资产,它具有资产权力、金融资产和货币机能等特征,是连接货币和金融的基本机制。在货币理论史上,诸多经济学家将财富、资产、所有权、债务、利息、收益和盈亏等与货币相连接,实际上将货币与资金混淆了。货币政策应以全社会的资金总量为调控对象,金融监管应以金融市场和金融机构之间的资金流动状况为重心,防范资金流断裂现象的"片状"发生,由此,既应实现货币政策与金融监管的分离,又应实现二者的协调配合。

The relationship between money,finance and fund is one of the most complicated phenomenons in the market economy.This article regards that money is not a material or asset but an economic mechanism,which is based on credit relationship and reflecting the exchange rates between goods with its basic function of facilitating and realizing exchanges.Finance is not simple capital financing but aggregation of the trading relationships,which aims to get future earnings by trading assets equity.Fund refers to money-function-assets with characteristics of asset rights,finance assets and money function.It's the essential mechanism linking money and finance.In the history of monetary theories,many economists confused money with fund while associating wealth,assets,ownerships,debts,interests,earnings,profit and loss with money.The controlling objective of monetary policy should be aggregate social funds and the focus of financial supervision should be the capital flows between financial markets and institutions in order to avoid the interrupt of capital flows.So the monetary policy and financial supervision should be separated and coordinated simultaneously.