货币资产形态与实物资产形态间收益宽幅现象研究

发布时间：2019-02-23 11:41

【摘要】：长期以来，我国以政府为主导的高速经济发展突出了社会主义市场经济发展的“效率”，但是这种“效率”缺乏符合中国国情的经济理论作为依据并受到了西方经济理论的影响。当政府采用宽松的货币政策刺激经济发展的时候，错误的计量方式将会把由于通货膨胀影响而抬高的资产价格计入会计收益，从而提高了投资资产的收益率。这样的会计信息造成这样的经济后果：投资者更青睐收益率高的实物资产投资，而银行利率缺乏吸引力，因此更多的资本转化为了实物资产形态。当资产价格被严重扭曲并产生泡沫的时候，资产收益率与存款利率收益率之间存在着一个异常的“差”，即收益宽幅。收益宽幅现象的存在，导致财务杠杆被滥用，对赌经济充斥社会，，造成了整体经济结构的失衡，其更深层次的影响则是破坏了我国的社会主义核心价值观。因此收益宽幅现象的危害是巨大的，对其进行研究有着重要的现实意义。收益宽幅中最为典型的是货币资产形态（银行存款）与实物资产形态（房地产）之间的收益宽幅。因此，本文选此作为研究对象进行研究。本文首次尝试以收益宽幅的定义为基础对货币资产形态与实物资产形态间的收益款幅度进行计算，通过对北京、上海、广州三地的数据进行计算得出的结果进行分析。通过这一分析证实了收益宽幅现象确实存在并影响着我国宏观经济的运行。之后本文又对影响不同形态收益宽幅的影响因素加以分析研究。在上述理论研究的基础上，本文运用VEC模型对不同形态资产间收益宽幅及其影响因素进行了实证检验。检验的结果表明，治理不同形态资产间收益宽幅需要运用综合的手段，总结起来为十六个字，即：收紧银根，完善市场，调整税收，改进计量。本文最后对研究当中的不足进行了总结，并提出了未来对于收益宽幅理论进一步研究的设想与展望。
[Abstract]:For a long time, the "efficiency" of the development of the socialist market economy has been highlighted by the high speed economic development led by the government in our country. But this kind of "efficiency" lacks the economic theory in accordance with China's national conditions and is influenced by western economic theory. When the government adopts loose monetary policy to stimulate the economy, the wrong measure will include the inflation-driven asset price into the accounting income, thus increasing the return on investment assets. Such accounting information has economic consequences: investors prefer high-yield investments in physical assets, while bank interest rates lack attractiveness, so more capital is converted into physical assets. When asset prices are severely distorted and bubbles arise, there is an unusual "difference" between the return on assets and the rate of return on deposit rates, that is, the wide range of returns. The existence of the phenomenon of broad income leads to the abuse of financial leverage, the flooding of the society with the economy of gambling, and the imbalance of the overall economic structure, whose deeper influence is to destroy the core values of socialism in our country. Therefore, the harm of the wide-band phenomenon is great, and it has important practical significance to study it. The most typical of the broad income bands is the broad band between the form of monetary assets (bank deposits) and the form of real assets (real estate). Therefore, this article chooses this as the research object to carry on the research. Based on the definition of broad band of income, this paper first attempts to calculate the range of income between the form of monetary assets and the form of real assets, and analyzes the results obtained by calculating the data of Beijing, Shanghai and Guangzhou. Through this analysis, it is proved that the phenomenon of broad-band income does exist and affects the operation of China's macro economy. After that, this paper analyzes and studies the influencing factors of different forms of income broadbanding. On the basis of the above theoretical research, this paper uses VEC model to test the broad income and its influencing factors among different types of assets. The results of the test show that it is necessary to use comprehensive means to manage the broad income band among different forms of assets, which can be summed up as sixteen words: tighten the money, perfect the market, adjust the tax revenue, and improve the measurement. At the end of this paper, the deficiency of the research is summarized, and the prospect of the future research on the theory of broad income is put forward.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275

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