| The western study concerning certain relationships between accumulation of fictitious capital and economy increase is brought up and developed involving relationships of monetary and economy increase. Mainly such as Say's theory of monetary veil, Joseph Schumpeter's economy development, and John Green's finance development. Basically, the recent theories argued the dialectic relation between monetary and economy increase through two points of view: finance restraint and finance penetration. For another, R.Levine explains how the finance development reduces the market dealing charge through the angle of dealing cost, and how to make an influence on saving level, investment decision, technique innovation and economic increase in a position as well. However, the domestic study towards this area stands at fictitious economy, while the complete theory system has not been built yet.According to the description of fictitious capital attributes in the third volumn, Das Kapital, and based on some developments at present, it is defined fictitious capital as this: They are diversified property warrants based on but separated from the real economy, without any but may bring value, and usually they have regular and independent moving forms. Also, according to this definition, the paper sorts fictitious capital as currency symbol and bills, company stocks and bonds, government bonds, securities assets, and financial derivate products. They all have the nature of basing on credit, increment as moving, and speculation. As to the relationship between fictitious capital and real economy, it is found that fictitious capital has three inherent functions: saving motivation, liquidity and allocation of resources optimization, adjustment for converse choice and moral risk, which are performed through fortune effect and investment effect.The development of fictitious capital in our country experienced a period from naught to some, from little to much, and from single to rich. It came up in a great economic age of our country when national enterprises were reforming and innovating, therefore, innovation as well as the development and liberalization of finance became two significant factors influencing the accumulation of fictitious capital. In order to investigate the fictitious capital's contribution to economy increase, the paper takes the stock market as an example and makes use of software Eviews 3.0 to analyze quantitative connection between Synthesis Index in Shanghai Exchange and three variables: Consumption level, stock market value and permanent asset investment in total society during the period of the year 1991 to 2005. In that way, what we found is that the fortune and investment effects of our stock market are both unobvious. This phenomenon is brought up by capital market, which is a carrier for fictitious capital influence. Therefore, it is summarized three reasons to explain the situation of capital market: the efficiency of meliorating the substantial resources allocation is not satisfying, behavior of investment organization is in distortion and the spread of fictitious capital makes certain strike to effectiveness of monetary policy. In order to ameliorate this situation, three policies advice are presented accordingly: optimizing the structure of capital market, cultivating investment organizations and enhancing the effectiveness of monetary policies. |
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