An Empirical Analysis Of Correlation Between Development Of The Virtual Economy And Corporate Financial Governance

With the deepening of the economic globalization, particularly in the aftermath of the 1997 southeast financial crisis, the scholars began to concern about the virtual economy, however the impact of it was not very significant in academia, moreover there were all sorts of references about the understanding and the study of the virtual economy. In fact, the concept of the virtual economy had already emerged in the western economic in the'60s of the last century, meanwhile with the development of the market economy, the virtual economy became one of the important components of the competitive advantage of the contemporary Western countries.In contrast, the development of the virtual economy still lags behind the developed countries, we will fully open our financial market to the foreign institutions on Dec 1,2006, foreign banks will enjoy national treatment, and will start the all-round battle with our domestic banks, which will require the implementation of the operational restructuring of our banks as soon as possible, increase intermediate business, accelerate the development and using of financial derivatives products, and deal with the competition with a more market-oriented mechanism, promote the development of the virtual economy. Furthermore, China's national economy has maintained a sustained growth rate of 8%., according to the forecast for China's economic and social Blue Book published by the Chinese Academy of Social Sciences in 2006, the national economy will up to 9%. The virtual economy that matched to the national economy needs to be developed.The virtual economy refers to the sum of the economic activity in the virtual...