经济金融化的效率边界分析——兼论金融资源“脱实向虚”的原因

On the Efficiency Boundary of Economic Financialization:With the Discussion on the " From Real to Virtual" of Financial Resources

经济发展过程的金融化是经济主体在市场竞争中理性选择的结果,但实体经济的金融化趋势存在一个效率边界。文章以修正的费雪方程式为基础,构建了一个实体经济、虚拟经济、货币市场三部门模型,用投资收益风险比来衡量经济金融化的效率边界,认为实体经济与虚拟经济收益风险比的差异比较是金融资源"脱实向虚"现象的原因。在利润最大化的约束条件下,企业将资产金融化是一种理性选择,利用金融工具进行资本化运作,在短时间内扩大资本以达到银行贷款要求,符合企业家行为的经济理性;此外,因为企业行为的外部约束,我国是以银行信贷为主导的金融体系且现今投资环境不佳。

The financialization of economic development is the result of the rational choices by economic subjects in market competition, but there is an efficiency boundary in the financialization of real economy. According to the modi- fied fisher--equation, this paper sets up a model based on three sectors, the real economy, the virtual economy and the monetary market, and uses the investment risk ratio to measure the efficiency border of economic financialization, it believes that the comparison of the difference of investment--risk ratio between the real economy and the vir tual economy is the reason for the change of ＂real to virtual＂ happened to financial resources. On the constraints of profit maximization, it is a rational choice that enterprises make the decisions of the financialization of assets, and with the use of financial instruments for capital operation, enterprises want to expand the scale of capital in a short time to meet the requirements of bank loans, which conforms with the economic rationality of entrepreneurs＂ behaviors; On the other hand, due to external constraints of the enterprises＂ behaviors, the financial system is dominated by the bank credit and the poor investment environment nowadays.