什么是好金融:一种数理度量的解释

What Is Good Finance:An Explanation Based on a Mathematical Measure

金融存在好与坏,而难题在于如何客观衡量。从金融是实体经济的血脉的比喻出发,以生物体高效、无私的循环系统的幂律规律,建立金融与经济增长“输入资源—体量增长”的Credit~GDP^(θ)模型,提出幂指数θ这一“好金融指数”。幂指数θ作为衡量金融密集度是否过高、是否进入规模不经济的状态的指标,用以度量金融是否有力支持了实体经济增长。数理度量表明,世界金融体系整体而言是规模不经济的,总体上金融已经从经济中的价值创造者变成了利益攫取者。国别研究验证了“好金融指数”是客观、量化、直接、清晰、可信衡量金融支持实体经济增长效率的工具,该指数背后的幂律关系从数理上解释了经济周期波动和金融危机的根源,并揭示了不受限制的金融是不可持续的,也不可能自发进化趋向好金融这一根本问题。运用“好金融指数”,可以在金融运行的动态过程中,监测金融的规模经济性、金融健康程度,并及时给出金融运行是否偏离其主要功能的方向性指示。

There is good and bad finance,but the problem is how to measure it objectively and clearly.Starting from the metaphor that finance is the blood vessels of the real economy,with the scaling law of the efficient and selfless circulation system of organisms,the“resources inputvolume growth”model of financial and economic growth is established.Thus the scaling law Credit~GDP~θis gained,and the indexθis proposed as“good finance index”,i.e.,a good indicator to measure whether the financial intensity is too high,whether finance enters the state of diseconomy of scale,and whether finance efficiently supports the growth of the real economy.This mathematical measure shows that the world financial system as a whole is scale noneconomic,and it has deteriorated from being a value creator to a profit grabber.Studies by country have verified that the“good finance index”is an objective,quantitative,direct,clear,and credible tool for measuring the efficiency of financial support for real economic growth.The scaling law mathematically explains the root causes of economic cycle fluctuations and financial crises,and reveals the fundamental problem that unrestricted finance is not sustainable and cannot spontaneously evolve toward better finance.The use of the“good financial index”can monitor the economies of scale and the degree of financial health in the dynamic process of financial operation,and give timely directional indications on whether financial operation deviates from its main goal and function.