An Empirical Study On The Relationship Between Fictitious Economy And Real Economy

The virtual economy and real economy is the two kind of economic form in China’s economicand social development, the real economy is the basis of emergence and development of virtualeconomy, virtual economy promotes or restricts the development of the real economy, has great rolein promoting the development of the real economy, however, fictitious economy has its ownindependent operation rules. Showing a growing trend in the economic globalization, bring newchallenges to traditional field of its development to the entity economy as the main body. With thedevelopment of China’s social and economic structure development, and the importance and statusof virtual economy in economic and social development will be increasingly apparent. Thesystematic research in this paper from the theory of virtual economy characteristics and derivativedevelopment, supplement the theory system of related research in the field of virtual economy.The relationship between virtual economy and real economic research not only has theoreticalsignificance, but also has important practical significance. In2008, Premier Wen Jiabao pointed outat the Seventh Asia-Europe Meeting:"handle well the relationship between the real economy andvirtual economy. We need to the healthy development of the virtual economy, to promote thedevelopment of the entity economy."The eighteen report,"firmly grasp entity economydevelopment the solid foundation, a more conducive to the entity economy development policiesand measures","promoting sound modern financial system and macroeconomic stability, supportthe development of the entity economy."Along with our country socialist market economy and thedeepening of the reform, the virtual capital since it is produced constantly in an acceleration of thetrend of development of fictitious economy, which consists of the fictitious capital and itsmovement in the China’s economic life has become increasingly larger proportion, in suchcircumstances, how to make the coordinated development of fictitious economy and the entityeconomy, how to guarantee the development of securities market, it is an arduous task facingChina’s economic and social development.In this thesis, the theoretical analysis of the virtual economy and real economy, virtualeconomy in China are the typical representatives of securities market as an example of empiricalverification, through the analysis of the impact, the development of China’s fictitious economy onreal economy draws the conclusion: there is a long-term equilibrium relationship between development and economic system the representative of virtual economy stocks, bonds andsecurities investment fund, and the intensity of the stock on the real economy than the intensity oftreasury and securities investment fund is bigger, the short-term dynamic explanation variables isstronger, and representative factors between two systems exist Grainger reason bidirectional orunidirectional, indicating the presence of linkage effects of fictitious economy and entity economicsystem. Although in some period in response to negative impact the real economy on fictitiouseconomy represents the variable, but the overall response is more obvious, especially to the stockmarket overall response force strong.This thesis is divided into five parts. The first part is the introduction part of the thesis,presents the research background, research significance, research status at home and abroad and theinnovation. The second part, the connotation of the concept of virtual economy was defined, andpointed out the characteristics of virtual economy and derivative of the five stages of development.The third part is the analysis of the relationship between virtual economy and real economy theory,points out that the foundation of the real economy, positive analysis, the negative effect of thevirtual economy to the entity economy. The fourth part is the empirical verification to the virtualeconomy in China is the representative of the securities market as an example, through the analysisof the impact of the development of China’s fictitious economy to the real economy, draw thecorresponding test results. The fifth part summarizes the research conclusion on the development ofthe virtual economy policy suggestions and future research directions were put forward.