如何调控经济金融化?——基于中国经济的三方演化博弈视角

How to Regulate Economic Financialization?——Based on the Perspective of Tripartite Evolutionary Games of Chinese Economy

十九大以来,中国的改革开放进程不断加快,在金融领域体制改革也是不断深化,开放程度不断提高,期间实体经济金融化的问题在我国日益凸显,经济“脱实向虚”的现象愈发严重,而实体经济能否健康发展将决定一个国家综合国力的强弱。因此,通过研究实体企业金融化问题来探讨中国防范产业“空心化”的策略非常必要。运用演化博弈和模拟仿真的方法,构建基于政府监管部门、实体企业和金融企业金融化的三方演化博弈分析框架,重点分析政府监管对企业策略选择的影响,并对演化均衡过程进行模拟仿真。研究表明,政府对企业所采取措施譬如加大处罚、提高减税幅度或补贴等对促进实体企业和金融企业达成合作关系有积极作用,实体企业和金融企业对分利技术水平和社会禀赋倍增率的变化敏感。

Since the 19 th CPC National Congress,China’s reform and opening up process has been accelerating.The financial system reform has also deepened,and the degree of openness has continued to increase.During this period,the problem of financialization of the real economy has become increasingly prominent in China.The phenomenon of “degeneration from the real to the virtual” in economy has become more and more serious.The healthy development of the real economy will determine the strength of a country’s overall national strength.Therefore,it is necessary to discuss China’s strategy to prevent “hollowing” of the industry by studying the issue of financialization of entity enterprises.We use evolutionary games and simulation methods to build a tripartite evolutionary game analysis framework based on the financialization of government regulators,entity enterprises and financial enterprises,focus on analyzing the factors that affect government regulation on corporate strategy choices,and simulate the evolution equilibrium process.Our studies have shown that measures taken by the government,such as increasing penalties,increasing tax cuts or subsidies,have a positive effect on promoting cooperative relations between entity and financial enterprises,and entity and financial enterprises are more sensitive to changes in the level of predatory technology and social endowment doubling rates.