【摘要】：長(zhǎng)期以來(lái)，我國(guó)以政府為主導(dǎo)的高速經(jīng)濟(jì)發(fā)展突出了社會(huì)主義市場(chǎng)經(jīng)濟(jì)發(fā)展的“效率”，但是這種“效率”缺乏符合中國(guó)國(guó)情的經(jīng)濟(jì)理論作為依據(jù)并受到了西方經(jīng)濟(jì)理論的影響。當(dāng)政府采用寬松的貨幣政策刺激經(jīng)濟(jì)發(fā)展的時(shí)候，錯(cuò)誤的計(jì)量方式將會(huì)把由于通貨膨脹影響而抬高的資產(chǎn)價(jià)格計(jì)入會(huì)計(jì)收益，從而提高了投資資產(chǎn)的收益率。這樣的會(huì)計(jì)信息造成這樣的經(jīng)濟(jì)后果：投資者更青睞收益率高的實(shí)物資產(chǎn)投資，而銀行利率缺乏吸引力，因此更多的資本轉(zhuǎn)化為了實(shí)物資產(chǎn)形態(tài)。當(dāng)資產(chǎn)價(jià)格被嚴(yán)重扭曲并產(chǎn)生泡沫的時(shí)候，資產(chǎn)收益率與存款利率收益率之間存在著一個(gè)異常的“差”，即收益寬幅。 收益寬幅現(xiàn)象的存在，導(dǎo)致財(cái)務(wù)杠桿被濫用，對(duì)賭經(jīng)濟(jì)充斥社會(huì)，，造成了整體經(jīng)濟(jì)結(jié)構(gòu)的失衡，其更深層次的影響則是破壞了我國(guó)的社會(huì)主義核心價(jià)值觀。因此收益寬幅現(xiàn)象的危害是巨大的，對(duì)其進(jìn)行研究有著重要的現(xiàn)實(shí)意義。 收益寬幅中最為典型的是貨幣資產(chǎn)形態(tài)（銀行存款）與實(shí)物資產(chǎn)形態(tài)（房地產(chǎn)）之間的收益寬幅。因此，本文選此作為研究對(duì)象進(jìn)行研究。本文首次嘗試以收益寬幅的定義為基礎(chǔ)對(duì)貨幣資產(chǎn)形態(tài)與實(shí)物資產(chǎn)形態(tài)間的收益款幅度進(jìn)行計(jì)算，通過(guò)對(duì)北京、上海、廣州三地的數(shù)據(jù)進(jìn)行計(jì)算得出的結(jié)果進(jìn)行分析。通過(guò)這一分析證實(shí)了收益寬幅現(xiàn)象確實(shí)存在并影響著我國(guó)宏觀經(jīng)濟(jì)的運(yùn)行。之后本文又對(duì)影響不同形態(tài)收益寬幅的影響因素加以分析研究。 在上述理論研究的基礎(chǔ)上，本文運(yùn)用VEC模型對(duì)不同形態(tài)資產(chǎn)間收益寬幅及其影響因素進(jìn)行了實(shí)證檢驗(yàn)。檢驗(yàn)的結(jié)果表明，治理不同形態(tài)資產(chǎn)間收益寬幅需要運(yùn)用綜合的手段，總結(jié)起來(lái)為十六個(gè)字，即：收緊銀根，完善市場(chǎng)，調(diào)整稅收，改進(jìn)計(jì)量。 本文最后對(duì)研究當(dāng)中的不足進(jìn)行了總結(jié)，并提出了未來(lái)對(duì)于收益寬幅理論進(jìn)一步研究的設(shè)想與展望。
[Abstract]:For a long time, the "efficiency" of the development of the socialist market economy has been highlighted by the high speed economic development led by the government in our country. But this kind of "efficiency" lacks the economic theory in accordance with China's national conditions and is influenced by western economic theory. When the government adopts loose monetary policy to stimulate the economy, the wrong measure will include the inflation-driven asset price into the accounting income, thus increasing the return on investment assets. Such accounting information has economic consequences: investors prefer high-yield investments in physical assets, while bank interest rates lack attractiveness, so more capital is converted into physical assets. When asset prices are severely distorted and bubbles arise, there is an unusual "difference" between the return on assets and the rate of return on deposit rates, that is, the wide range of returns. The existence of the phenomenon of broad income leads to the abuse of financial leverage, the flooding of the society with the economy of gambling, and the imbalance of the overall economic structure, whose deeper influence is to destroy the core values of socialism in our country. Therefore, the harm of the wide-band phenomenon is great, and it has important practical significance to study it. The most typical of the broad income bands is the broad band between the form of monetary assets (bank deposits) and the form of real assets (real estate). Therefore, this article chooses this as the research object to carry on the research. Based on the definition of broad band of income, this paper first attempts to calculate the range of income between the form of monetary assets and the form of real assets, and analyzes the results obtained by calculating the data of Beijing, Shanghai and Guangzhou. Through this analysis, it is proved that the phenomenon of broad-band income does exist and affects the operation of China's macro economy. After that, this paper analyzes and studies the influencing factors of different forms of income broadbanding. On the basis of the above theoretical research, this paper uses VEC model to test the broad income and its influencing factors among different types of assets. The results of the test show that it is necessary to use comprehensive means to manage the broad income band among different forms of assets, which can be summed up as sixteen words: tighten the money, perfect the market, adjust the tax revenue, and improve the measurement. At the end of this paper, the deficiency of the research is summarized, and the prospect of the future research on the theory of broad income is put forward.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275

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