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资金进入股市就是支持实体经济的命题曾传播于众多领导及媒体之上,在这个有条件的命题指引下,货币资金大量进入股市带来了股市的空前繁荣,然而,由于其命题成立是有条件的,诸如信贷资金不流入股市,然而,在不强调其条件的命题的传播造成当前股市的暴涨暴跌,反而反作用于实体经济的健康发展。因此,支持股市发展是否就是支持实体经济的发展已经是学术界和政策制定者讨论的焦点。通过建立股市与实体经济关联的货币循环流模型,分别从股权融资、股票投资、证券化、财富效应、资产负债表以及服务产出六种渠道分析资金进入股市对实体经济的促进作用机制,从“股市泡沫”和“资金挤占”分析资金进入股市阻碍实体经济发展的机制。根据货币循环流模型建立货币循环流平衡方程,分析得出资金进入一级股票发行市场能够维持经济体系货币循环平衡促进实体经济发展,资金进入二级股票交易市场支持实体经济发展的前提条件是流入股市的资金与实体经济资金的比例Ct和两者规模的比例βt相匹配。
The proposition of capital entering the stock market to support the real economy has spread to many leaders and the media. Under the guidance of this conditional proposition, a large number of monetary funds have entered the stock market, bringing unprecedented prosperity to the stock market. However, since its proposition is conditional However, the spread of the propositions that do not emphasize their conditions has caused the current stock market to skyrocket and plummeted. On the contrary, it has adversely affected the sound development of the real economy. Therefore, whether to support the development of the stock market in order to support the development of the real economy has been the focus of discussion among academics and policy makers. Through the establishment of a model of the circulation of money in the stock market and the real economy, this paper analyzes the mechanism of capital’s entry into the stock market on the promotion of the real economy from six sources: equity financing, stock investment, securitization, wealth effect, balance sheet and service output. “Stock Market Bubble ” and “Fund Crowd ” to analyze the mechanism for funds to enter the stock market and impede the development of the real economy. According to the model of currency circulation flow, the equilibrium circulation equation of money circulation is established. It is analyzed that the capital entering into the first-class stock market can maintain the balance of the currency cycle of economy and promote the development of real economy. The precondition of capital entering the secondary stock market and supporting the development of real economy is that inflow The ratio between the capital stock in the stock market and that of the real economy, Ct, and the proportion of the two, βt, match.