虚拟经济理论与实践_张红伟主编.pdf

前 言虚拟经济是资本独立化运动的经济,有别于传统的物质生产及其有关的一切劳务活动。有价证券是虚拟经济存在的典型形式,除此之外,房地产、知识产品、无形资产、各类艺术品及其他收藏品等也属于广义虚拟经济范畴。虚拟经济的产生和发展依赖实体经济的发展,是实体经济发展到一定阶段的产物。虚拟经济的发展壮大是一把“双刃剑”,适度发展的虚拟经济能够刺激储蓄与投资,提高资源配置效率,促进实体经济增长。严重滞后或过度膨胀的虚拟经济给实体经济正常的运行埋下危机的种子,对整个实体经济发展造成严重的破坏。近年来,实体经济的固定资产投资增速下滑、工业增加值在国内生产总值中所占比重下降,而虚拟经济在国内生产总值中所占比重上升、金融资产增长迅速,甚至是资金在金融体系内部空转,资金“脱实向虚”的苗头和趋势明显,为经济高质量发展埋下隐患。在这种背景下,学习并掌握虚拟经济的起源、虚拟经济运行机制、虚拟经济功能作用,以及虚拟经济与实体经济关系等基本理论问题颇为重要。本教材立足理论与实践两个维度,系统地介绍、阐释了虚拟经济的理论基础、虚拟经济的运行和发展、虚拟经济与实体经济、虚拟经济与资产市场、虚拟经济与泡沫经济、虚拟经济与互联网金融、虚拟经济的风险管理等内容,旨在为经管类本科生和研究生、从事虚拟经济问题研究的教学科研和实务工作的同志,提供一个比较系统、有力度、相对简洁的虚拟经济背景知识。本教材共八章,由张红伟教授主编并负责统筹定稿,其中第一、四、七章由张红伟、吴永超、张煦负责编写与校稿,第二章由邓奇志负责编写与校稿,第三、五章由赵颖岚负责编写与校稿,第六、八章由战松负责编写与校稿。书书书!#$%&(!#$%!#$%&!#!#!#$%()!$!%!#$*+,#$%-.!&!#!#&()*!#!/0&%1234!#!/0&%56!(!#%!/0789:!)!%!#&(+,-.!*!#&/(01!%!#!#$%&)*+,-!+!#!#&(2%,3!(!#!/0;%,?AB!(!#!#!/0;%=AB!#!#!#&4(#567#58!#*!#!CD!#$!#!CE!#(!#%!#&/(9:;!%$!#%!/0FG/0H%I$JK!%&!#%#!/0L%?()=;?(ABCD!$+!%#!wxyz%|ST#$8QYe#$8!$(!%#!yz%?C?8!$(!%#%!?yz%!/0?8!&)!%#*!?yz%mn?op8!&!%!#&?(EFG!&#!%!?Z?!&#!%#!&?%Z?!&%!%!qr8%Z?!&%!%*!?+,/0%Z?!&*!%*!HI#&(?!&*!%*!?=%Z!&$!%*#!?=%Z!&!%*%!?!/0Z%?!?%!&(!%$!4I#&(?!#!%$!;?=%Z!#!%$#!;?X./!%)!$*%!X=ZQ+,/00?!%!$!qr0$058kh!%*!$!X%#$86C12!%*!$#!XCE%?6*?_?!%&!$%!XCE-%34&?!%(!&!#$%&3:;%&!*%!&!#&7&st!*!&!/0%56!*!&!#!/0%l,!*!&!%!/0%7#!*&!&!*!/0%?!*!&!$!/0&5/0!*+!&#!&st7st&!$!&#!89W/0!$!&#!/0:/0%;8!$!&#%!/0Q/0!$%!&#*!/0%(?!$*!&#$!?!$&!&%!st&(uv7ijw;!&%!&%!/0?%AId!&%!&%#!/0%?!&$!&%!/0?%BCb!&!&*!st&(xyz_!&(!&*!/0%?!&(!&*#!?/0%RD!%!#*#!&*%!/0%?!$!#$%&3?!+%!|?/(#&E-.!+*!/0?E!+*!#!/0-?!+&!%!/0FGH8!+!#!|ij)*7m?!+(!#!fmn%&!+(!#!fmn%!/0?k!(!#%!fmnIJ?2*?!(*!%!|ij-.!#)!%!KL?*MN?!#)!%#!OP$QR$!#)(!%!ZS$?E!#!)!*!|ij?!#!)!*!BTmn?!#!*#!fgUq?!#!*%!fmnop?!#!#!*!?!#!#!+!#$%&)ABC*!#!&!+!#&7ij?!#!+!/0?&?%&6?!#!+!#!/0?Emn?!#!+!+!%!/0?mn?%VW!#)!+#!ij?7#&?!#!+#!mn!#!+#!/0!#&!+#%!/0%?X!#!+%!#&?_?V!#%#!+%!/0c?9:,!#%#!+%#!/0?c79:,!#%*!#$#+%!/0?Y9:,!#%!+*!#&?_(V?!#*)!+*!Z?!#*)!+*#!/0?K!#*!+*%!/0?%bcU!#*#!+*!/0?,b%_q!#*%!+$!HI?w;?(?_z?!#*!+$!?%fla!#*!+$#!?%b8!#*!+$%!?mn?%cde6!#*+!DEFG!#$#!#&#书书书!#$%&(!#$!#$%&()#*#$%&+#$,-./$0123456,-7849:;%#-?%$AB#$%&CDEFG%!%&(!#$,-HI$?$0123456,-JK%#$%&HI2LMNO%$#$%&?&#$P$QRP$STUP$:VWXP$YZP%#$%&CFG&FG$_F$aBFG$bc,F$defgG23hijG%!#$%&(!)*+,#-.&/0123#45&/016!78#9:;?#AB&/0C1=DE#FGHIJ&/016KLMNOPQRSM%!#$&/0TU)*VWXYZO.1&(!&()*+,(-.)-/(U_ab1%c)(!d*efgh#XYZSi#&(!jklm$noc7(VcpqrstuRvw(!1xyzsCD1%&(!O|1?/0?/?+D?I?#?!?VU?+!+1(D#?NI?b?%!)*+&,-!0%1?Y?1pq?+c)“1r*h.P,&(!-1)*%?+Si&fiNfl.?$?#?DU”m#%amfl?u?.mNVb1?1?R?(#NVi?t1#fiWm#?Tfl?.m#?V$cU?1m?GF?U?|?1m#T?,?1t#?.&(!%!XYZc)(!d*efge?hd5?(!?#?45P%?E?$%?(!$%(!?(!$%(!_i&(!1?#?P&(!1?R?q?%&(!N?R?%?b?#&(!jklm$noNo#TV?1&(!%,fl?T?!#$?q%#?n1(!&V?(1&(!.U)no?fl.*#T+(!1,-?.%-?1&(!fljklmnoU/?1&(!#0j1Gm$mR23c71pqvwrs#F456(67m%,pq?(!18”?(V&1%-#fl9#,pqo:?1T?;1%-$W9#XYZ.1&(!11?jkU9NoO|1(!?1flA?#1$?(!xJ1U?(!%jlm#?|1Vlk6+?l?cc1(!#?V?lmTUm!?am#?flV?1(!#fl?cl?DnohIJzs#fiV|NBKLO(!cD?h?b1U”U?1p%W9#&(!fiVqr?(!1?o#V,?(!1st$!-!#?t?(!?2cu1vw#Nxy1flUz%?uam#?No1Z|P&(!cu?1?#TUu1?oflS?No1Z?#0?No1q?u?fl?%U/b?#?&(!1Z|R?(!1?|u?#?IU/8I1%cZ?o?#&(!1Z?o?F?fl|?(!1Z?o#F?F|?(!1Z?#fl?#?(!1?%&(!cZ?1?o#?LF?(!1Z?o?%XYZJrsR&(!19dh#?Is?n$mpqrsm#F4no$lmU9Nob|?1&(!%?x?/0&1?#?1&(!c&?uR?/NP?1?#G&+)+6 7($GB*.)*8($y?,9-.(U9?|?E1.?#&(!1M?R?LF?8%JGB$y?RG1?NIb#T?!?HNIJ?#JU?HNrSB#VT?:?no$lm?I?E%a#GBG?“ilmnoNo#?V#$O”?rs1?xT%XYZSi#8?1D?J?rs.FC+”&U#?xh?D?1?8#!XY?xT?8#?flbfl?D?%#?rs#?UAu1?#67?+$+!hh?XYZZ?e#3g(!2ef&g.dh#!4 5%&3%1 prs/0$&(!R?87!:/0?#1 1#%(&!5;#?XY!%W9#?rsV?R1%#fl?rs1?u?xD1?u1?afl#?rs1G?XY?1fl?a?%rs1zsV?!R/01?ON(!1?t#c?8?u?(!1zs%TLU?1(!?U?#s?O?N1N(!?ON1DE?*.#Vfl?1%?V#v?rs#?wVv?NUA?G?1?m#?E?Sm?|?#T?i?%9?#?1rs?flVF?i6KP#aVFm1?i6K#?T?1?,?.PUA?1&(!%?U#%vw(!?ub?#pqrs?/0?#?tU?%23?#?tU%?qvw(!1?%?fljkm$mrsm#0jknolmc71No%W9#tU(!v?rs?#$s#?D&(!%#(?+(!?D1&(!%Zc?c)(!d*efgGq?#?XY?/.?Pi?Noa?1?#T?6(lX#fl?/0#VJ&(!NP?i+1SM%T?L&(!1XY?flbfl?(!#?(!19flbfl,?-%?x&(!1M?U?8#?F(!1?+flj1?XYZ?.1noRlmNo#0jkG$lm?$GBc71?|?R?%&(!cu?88?#!c8(!XY?q!1&(!1?/?(!1?#?$%?%?F/&(!i1?7c?u?&?PZ?O?1?%?(#&(!?1V!?fl?)(!1?*#c?y?+?)(!?1E%?Vt?(D$?(!x?1#!?fl?)IJ?V+?FKL?#?Fzi,?E-?XY!?h1?p%&(!iflVU?1h?,-#?V#?F3?.?h?,-h1zs%j#?lm1q.R?no1?#Lh?(!h?+8Ql/?,#F9b.?h?D1fl?%0zs?#?02cU9?0zs%&(!flbfl?(!#P(!?R(!ONB1?U?#T?1P6(123?y#?4P(!=?/05?%fl?1&(!?(!1TU67#fi?c?81/097h?L?:;1$4t?1Q?%a#T?Q?+%+#$%&(!R?V#$%iU?fl?1s%?N$I#o!ORl/?AA?DBC#67?1?/0Db?+aG1GH#jkbcde$/0$?$fQW#s&(!1XY=?1/g?,hg?#F46(I16(?i?V%=?1VflD?j1t?#?D?O?rk?1r1GH#%a?b&(!?h1rflJl#mz&(!?N081flA?#?1&(!Z1flnA%ef#op?R67?4%&(!|VD?W1xyzs#?/01fl?#!E?R?flbfl$q#?&(!?1rs?#HN?A1?M?Ftu#!=?1?R!?h1rflJl?L6(vw?#%ax.yz?e#?8!op#&(!167?D%j#lm$no$G&(!#?xVWQRrQR1#(?|“$R!?c?:1?q7?#cXY!7tfl?$?Vu?RXY/0?fl#X?1?C#?.?flV6&(!1,?-?q6(#aV6&(!1?q671?-%+3+!$!)*+&012+&,34?(!lc(!$?(!#V?b?+1F?R?1(!%?(!V?L?$?Lx1#?Fi?E(!$D(!R(!%xT?#&(!,V?(!1st$!-!#VU?JK%?(!?&(!q2cxJ?:U19%:U?b?#&(!V?(!1,st$!-#?(!i&(!12cR?q?AP?6K%U#&(!1?qg?A?(!1?qg?#?o6(I1?VWoqI1D/g?A1.#?(!1?t?x&(!q1?#?o6(?Dth?D?.f#&(!1NG_oD?(!?NGGH%#?b#?(!#c?8?u?.?(!D1?V%67?b?#&(!iV?(!1?Rsy$!#?Z+VWaG?+R?A1#aflVW?(!1?A1%9Ub#&(!1Z?o?.xJ?1?o#$%?(!1?ox?%&(!Z?o1?I&(!Z?aG?8?RaG?1?u?