虚拟经济与实体经济关系模型——对我国当前股市与实体经济关系的一种解释

A Model of Fictitious Economy and Real Economy ——An Explanation of Chinese Stock Market Deviating from Real Economy

近几年来中国股票市场与实体经济出现了明显的背离 ,本文试图从虚拟经济的角度解释这一现象。在对有关股票市场与实体经济背离的研究成果进行总结回顾的基础上 ,构建货币、虚拟经济与实体经济间关系的模型。分析发现 ,虚拟资产收益率和实物资产收益率的差异是股实背离的主要原因 ,而收益率差异又根源于股市结构和实体经济结构的非对称性 ,这种非对称性背后的根本原因在于资本市场体制改革的滞后。

In the past years, Chinese stock market has distinctly deviated from real economy. This paper tries to explain the phenomenon from an angle of fictitious economy. We firstly review the research on the deviate relationships between stock market and real economy, on the base of which we set up a model of fictitious economy and real economy. We find that the yield difference between fictitious assets and real assets is the leading reason, which arises from the asymmetry of stock market structure and real economy one. However, the fundamental reason of asymmetry is the lagging system reform of capital market.