Research On The Formation Mechanism Of The Virtual And Real Structure Of Capital And Its "threshold Effect"

It is well known that capital has liquidity and profit-seeking.Capital flow can beobserved from different perspectives.We can study capital flow between countries and regions from the perspective of space.We can also study capital flow between the first industry,the second industry and the third industry from the perspective of industry.This paper is to study capital flow between virtual economy and fictitious economy from the perspective of fiction and reality.The classification of fictitious economy and real economy can be traced back to Marx's discussion on fictitious capital in Capital.Marx's research from loan capital to interest capital and then to fictitious capital reveals that fictitious capital is not combined with labor,but only the essential characteristics of "paper copy" of money,which also clarifies the essential characteristics of fictitious economy not directly participating in production,only profiting from the price fluctuation in the circulation process.On the contrary,the real economy is an economic activity that combines capital and labor,and realizes value multiplication through production and transaction.The main representatives of fictitious economy studied in this paper are finance,investment real estate,gambling,collection,etc.In recent years,the whole society has been concerned about a hot,focal and difficult problem.The so-called " economic disembodied " is the vigorous development of various industries in the fictitious economy,the price of fictitious assets has been rising or even frothing,and the investment,production,circulation and other links in the real economy have been developing slowly.Abnormal phenomenon of "heat and cold".Not only is China facing this problem,but many countries around the world are facing the same problem.It is the "real to fictitious" of capital that leads to the "economic disembodied".On the contrary,the "economic disembodied " further attracts the flow of capital from the real economy to the fictitious economy,which promotes each other,and finally leads to the growing trend of "economic disembodied".Why does capital flow from real economy to fictitious economy? What are the basic causes and laws of flow? How to define and observe the flow of capital between fictitious economy and real economy? What is the relationship between the ratio structure of capital flow into fictitious economy and real economy and economic growth?What are the characteristics of China's capital structure compared with other countries?How to optimize and adjust the structure of capital flowing into fictitious economy a nd real economy?…… This paper is trying to think and answer along the direction of this series of questions.In order to do a good job in the research of this paper,the author combed the existing literature carefully: through the study of Marx's Capital and Rudolf Hilferding's Financial Capital,the author deeply understood the essential difference between fictitious economy and real economy from the perspective of Marxist political economy;through the study of the achievements made by the scholars in the study of "economic disembodied" of the first batch of China,such as Cheng Siwei,Liu Junmin,Cheng Jiming,etc,I have further understood the phenomenon,characteristics and influence of China's "economic disembodied";through the consulting of the research articles on the relationship between money,finance and economic growth by western economists such as Fisher,Schumpeter,Keynes and Vicsell,as well as the "financial deepening","financial repression" and "financial threshold" theories by the contemporary western economists,enriches the understanding of the research on this issue in the western world;through the in-depth consideration of the latest research results of Huang Huayi,Suo You,Sun Yan,Zhang Qiancheng and other domestic scholars on the fictitious and real structure of financial assets,the interaction between fictitious economy and real economy,many inspirations and gains have been obtained.While thanking the predecessors for laying a solid foundation for the research in this field,I also found some directions for further improvement and upgrading.There is still rooms for further in-depth research in the existing literature in terms of theoretical evidence,quantitative analysis,case study,etc.From the perspective of research ideas: first of all,we need to establish a theoretical framework for research.The theory of capital pursuing profit put forward by Marx in Capital is the most basic theoretical support of this paper.The theory has clearly stated that capital will flow to a higher profit level.But how to define,quantify and compare the profit level,and how to compare the profit level in terms of time dimension and risk degree? Marx's theory has no specific explanation.In order to further improve the theoretical basis of this paper,after certification,this paper believes that the "capital price theory" mentioned in Fisher's "Interest Theory" introduces the dimension of time and risk through the way of future income discounting,which is a good supplement to Marx's "capital profit-seeking theory".The combination of the two constructs the core theoretical basis of this paper.Second,from the micro case observation.To observe and study capital flow,the most direct and concrete method is to observe how capital flows in the process of production and operation of an enterprise,and then it can be gradually extended from a capital,an enterprise to an industry,and then extended to the whole economy,from micro to macro.This paper focuses on two representative entities,namely,Youngor Group Co.,Ltd.and Zhefu Holding Group Co.,Ltd.,one belongs to the textile and clothing industry,which is a typical representative of light industry,one belongs to the large-scale equipment manufacturing industry,which is a typical representative of heavy industry,which reflects the two most important aspects of the real economy;these two enterprises are both civil enterprises which are relatively less interfered and protected by policies,can fully reflect the impact of the market on capital flow.Both of these two enterprises are listed companies with a share and have annual reports that can be inquired for more than 10 years,with relatively rich data sources and relatively accurate content.This paper studies the flow of capital in the process of enterprise operation,analyzes the typical cases of capital "from the real to the fictitious" from the micro level,which leads to the systematic research on the theoretical level.Third,the theoretical deduction is carried out step by step.The first step,this paper analyzes the general direction,root cause,flow process and basic laws of capital fictitious and real flow,which together constitute the mechanism of capital fictitious and real flow.The second step,based on the analysis of the mechanism of capital fictitious and real flow,this paper puts forward that the ratio of capital flow into fictitious economy to capital flow into real economy is the core observation point of "capital fictitious and real structure",which is from the traditional perspective the total amount research turns to the structure research,and constructs the quantification method to calculate the "capital fictitious and real structure".The third step,it demonstrates the "threshold effect" between the capital fictitious and real structure and the economic growth with the method of theoretical deduction,and proves the existence of the "threshold effect" with the empirical method,and finds the "threshold" of the capital fictitious and real structure to the economic growth through the mathematical model Legal system.The "threshold effect" of "capital fictitious and real flow mechanism","capital fictitious and real structure" and "capital fictitious and real structure" on economic growth is the core theoretical research content of this paper.The fourth step,theory should be combined with practice to guide practice.Through collecting and sorting out a large number of data from developed countries and emerging market countries,this paper studies the "threshold effect" of capital structure of other countries by using empirical methods,compares the structure of capital structure of our country with that of developed countries and emerging market countries,finds out the differences and analyzes the reasons,and finally divides the current adjustment policy of "disenchantment from the real to the fictitious " of China's economy analysis and interpretation,and put forward new suggestions.In this paper,case study,literature induction and logical deduction,theoretical model analysis and empirical test are used.It is innovative in constructing theoretical analysis framework,putting forward the new observation point of "capital fictitious and real structure" and carrying out quantitative calculation,putting forward and demonstrating the "threshold effect" of capital fictitious and real structure on economic growth.In the process of research,the author also realized that there is still rooms for further improvement in the accuracy of concept definition,the rigor of theoretical deduction,the accuracy and richness of data in empirical analysis.