A Study On The Balanced Development Of Factitious Economy And Real Economy

After the 1997-Asia-finance crisis, a high tide of research about fictitious economy arises in our domestic academic circles. At present, there is no identical definition and systematic study with regard to fictitious economy internationally, and scholars hold different opinions on the conception and function of it, also the relationship between fictitious economy and real economy. On the bases of drawing lessons from kinds of opinions critically, this thesis definite fictitious economy, elaborate the principle of the balanced development between fictitious economy and real economy, then through expounding capital market, describe the development of our fictitious economy in detail. The conception of fictitious economy evolves from the conception of fictitious capital, comparing to real economy , fictitious economy is a kind of work which is interrelated to fictitious capital circles which relies on finance system. Therefore, we can say that fictitious capital is the target of fictitious economy , and finance, carrier. Fictitious economy has some essential traits such as high fluidity, high speculatively, high profitability, full of risk, strong fluctuation and intervenient stability. The history of fictitious economy shows that fictitious economy depends on real economy, for example, the latter is the basis of the former produce, development and enlargement; the basis of bringing forth new ideas; the basis of functioning healthily. At the same time, fictitious economy counteracts real economy on both sides: on one side, the former plays an active role in the latter by the ways such as mobilizing savings to transform investments, promoting capital accumulation and form for real economy , charging mechanism and impelling companies to build an effective administer structure , optimizing resourses deploy, heightening mechanism efficiency, dispersing main bodies'operating hazard , lowering transaction costs and so on , On the other hand , excessive fictitious economy will squeeze the fund that real economy wants . This moment , fictitious economy will distort resources mechanism , and consume action , worsening balance of payment, hindering development of real economy . Even under the condition of global economy and finance integration, the bubble economy caused by excessive fictitious economy , will lead about a series of finance crisis , which not only destroys economy development of some countries , but also pound world-wide economy . It is because of it that lots of indicators of fictitious economy such as stock market capitalization as % of GDP, can give a prior-warning . Fictitious economy system in our country is still low. savings remaining sum of town and country inhabitants increases continually, however, less scale of fictitious economy can't mobilize savings to transform investments effectively. In every composition of capital market –stock market, bond market and futures market, there are many problems, for example: there is some traps to obtain money in stock market, which wrecks market-economy regulations and orders; during the process of reorganizing company assets, fake phenomena appear, which misguides money from key field gradually so that listed company's operating condition can't be improved; the function of supervisory is not complete; that The stock does not circulate completely lowers the investment value of circulating shares which adds the risk of investment. There are also rather many problems in company bond market, for example, it is full of deep administration, short of bond of variety and organization investors, and there is rigid restrict to issuing main bodies; credit-grade system and information publication system in not complete; there is no enough influency in second market. With regard to our futures market, we can see its development is too slow, the structure of variety and main bodies are not rational, the competitive system in not normal, and the charge is too high. In order to resolve those problems, I consider that we should pay attention to develop fictitious economy when make sure real economy runs healthily, and enlarge the scale of fictitious economy. To different problems of different part of capital market, different countermeasures should be taken. As for stock market, that The stock does not circulate completely is the origin to all kinds of problems, therefore, the sole way to resolve the problems of stock...