贵州财经大学学报

›› 2017 ›› Issue (02): 56-62.

• 金融经济 • 上一篇    下一篇

实体经济、资本市场稳定性及其互动关系研究

赵晶, 张利格, 张江   

  1. 北京航空航天大学 科学技术研究院, 北京 100191
  • 收稿日期:2016-11-29 出版日期:2017-03-15 发布日期:2017-03-13
  • 作者简介:赵晶(1985-),女,辽宁大连人,博士,北京航空航天大学科学技术研究院助理研究员,研究方向为科技政策、校企合作、成果转化;张利格(1978-),女,河北石家庄人,博士,副研究员,研究方向为科技政策、校企合作;张江(1981-),男,四川通江人,博士,讲师,助理研究员,研究方向为科技政策、校企合作。
  • 基金资助:

    教育部中央高校基本科研业务费资助项目“适应国家新形势下的高校民口科技计划组织模式研究”（资助编号：50100002015226007）。

The Real Economy, Capital Market Stability and Their Interactive Relationship

ZHAO Jing, ZHANG Li-ge, ZHAN Jiang   

  1. Science and Technology Research Institute, Beijing University of Aeronautics and Astronautics, Beijing 100191, China
  • Received:2016-11-29 Online:2017-03-15 Published:2017-03-13

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摘要： 虚拟经济与实体经济共同促进着社会整体经济水平的提升，研究发现两者发展中所表现出的互动性共同助推了整个经济水平的提升，但这并不意味着两者间的关系始终一致。通过分析发现，虚拟经济与实体经济的作用路径主要表现为：一方面，健全的资本市场体系能够使利率如实反映资金存量的变化状况，避免了因利率水平下降而导致的贷款需求扩展和资金缺口扩大风险，实现资本的最优配置，进而实现对整个实体经济发展速度的提升，反之则会因为资本运营的低效而阻碍实体经济发展的融资需求；另一方面，实体经济也通过其初始发展路径与具体变迁方式直接影响着资本市场的发展。未来应充分发挥我国资本市场中各类金融机构的效用，为实体经济的持续发展提供必要的资金保障；持续优化资本市场结构，提升其在资金配置上的效率；通过诱制性变迁实现实体经济对资本市场发展的助推效用；减少实体经济波动，增强金融类企业自身的抗风险能力。

关键词: 实体经济, 资本市场, 虚拟经济, 互动关系

Abstract: The virtual economy and real economy promote the overall social economy level jointly. This study finds that the interaction between virtual economy and real economy has contributed to the rising of the overall economy level, but it doesn't mean that the two are always consistent. The main function paths of the two are as follows. On the one hand, sound capital market system can make interest rates reflect the change of the capital stock situation and avoid the risks of loan demand expansion and capital gap expanding caused by interest rates fall so as to achieve the optimal allocation of capital and to speed up the development of entity economy. Otherwise, it will barrier the financing needs of the real economy development due to the capital operation inefficiency. The real economy, on the other hand, also directly affects the development of capital market through its initial development path and specific changes. In the future, we should give full play to the effectiveness of various types of financial institutions in China's capital market to provide necessary funding for the sustainable development of the real economy. Furthermore, we should continue to optimize the structure of capital market and improve its efficiency in allocation. Moreover, we should reduce the entity economic fluctuations and strengthen the financial enterprise's own ability of resisting risks.

Key words: real economy, capital market, virtual economy, interactive relationship

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