金融发展与资金“脱实向虚”问题研究

Research on Financial Development and Capital“Shifting from Substantial Economy to Fictitious Economy”

改革开放以来,我国的经济和金融体制发生了极大的变化,经济总量不断提升,金融体系的规模也在不断扩张。然而,近年来,伴随着经济增速趋缓,实体经济投资收益率下降,我国经济中出现了资金“脱实向虚”的现象,经济发展的“外热内冷”不利于经济转型升级,而且容易催生经济泡沫,引发系统性风险。因此,有必要对这一经济现象进行深入分析。本文首先界定了实体经济和虚拟经济的内涵,阐述了资金“脱实向虚”的主要表现,进而分析了脱实向虚的原因、形成路径以及危害,并提出了治理这一现象的对策建议。此外,本文在研究资金“脱实向虚”问题的基础上,进一步阐明了其对于金融发展的启示。

Since the reform and opening up, China's economic and financial system has undergone tremendous changes, the total economic volume has continued to increase, and the scale of the financial system has continued to expand. However, in recent years, along with the slowdown in economic growth, the return on investment in the real economy has declined. In China’s economy, there has been a phenomenon in which capital“shifted from substantial economy to fictitious economy”. The“external heat and internal cold”of economic development was not conducive to economic transformation and upgrading, and it was likely to generate economic bubbles, causing systemic risks. Therefore, it is necessary to conduct an in-depth analysis of this economic phenomenon. This paper first defines the connotation of the substantial economy and the fictitious economy, expounds the main performance of the capital “shifting from substantial economy to fictitious economy”, analyzes the reasons, formation paths and harms, and proposes countermeasures to deal with this phenomenon. In addition, on the basis of researching the problem of capital “shifting from substantial economy to fictitious economy”, this paper further clarifies its enlightenment on financial development.