Virtual economy is relative to the real economy, and it is the inevitable product of economic virtualization (called "financial deepening" in the west). The essence of economy is a set of value system, including material price system and asset price system. Different from the material price system supported by cost and technology, the asset price system is a specific price system based on capitalization pricing, that is, virtual economy. Because of capitalization pricing, people's psychological factors will have an important impact on virtual economy; In other words, the virtual economy has inherent volatility in its operation.
From the reality, the asset quality of the real economy sector will be a basic joint point. The quality of enterprise assets is not high, mainly manifested in:
First, the asset-liability ratio is too high. The asset-liability ratio of industrial enterprises in China is about 70%, which means that their net assets have been mortgaged at 100% for more than two times, and there are no assets available for mortgage guarantee to obtain loans. Therefore, what these enterprises lack is not debt funds but capital funds. Lack of capital directly means that enterprises seriously lack the stamina to increase assets and promote business development. We estimate that to reduce the asset-liability ratio of industrial and commercial enterprises to about 50%, the capital that needs to be supplemented will reach more than 3 trillion yuan.
Second, the capital structure is unreasonable. Most of the state-owned enterprises in China are wholly-owned, and some of them have been changed into limited liability companies, but in most cases, all state-owned enterprises share in each other. Under the extremely limited financial funds of governments at all levels, it means that the capital of these enterprises will be difficult to be fully supplemented, and it is also difficult to fundamentally change the situation of "separation of government from enterprise".
Third, the technology content of assets is not high. Since 1980s, the technological progress of enterprises in China has been quite rapid, which has played a key role in supporting the rapid development of the national economy. However, these technological advances are mainly formed through "introduction". The quality of enterprise assets depends largely on its advanced technology and market competitiveness. Developing and applying high technology is the key mechanism for transforming non-performing assets into high-quality assets.
Fourth, the assets are too small. The "small" scale of assets of enterprises in China is a typical example. The asset scale of most enterprises is difficult to meet the requirements of economies of scale, which limits the large-scale application of high technology to a certain extent, resulting in unreasonable resource allocation and high product cost.
In view of the fact that the largest supplier of funds in China has changed from government finance to residents; Therefore, the key point is to develop the capital market, mobilize millions of residents' funds into the capital funds needed for the operation of the real economy, and provide a long-term property foundation for the sustainable development of the national economy. To this end:
First, while speeding up the standardization of the capital market, efforts should be made to speed up the development of the capital market. This includes not only expanding the scale of securities, but also adding new securities, expanding and opening up new markets, and expanding the channels for residents to invest and enterprises to obtain capital funds. Among them, the joint-stock system, the conversion of creditor's rights into social equity, and the construction of national debt based on the operation of state-owned assets by capital management are all concrete measures that should be paid attention to.
Second, actively promote venture capital and accelerate the pace of high-tech industrialization. Knowledge economy is the process of knowledge transforming into economy. In this process, the role of venture capital is extremely important. Therefore, it is very important to actively create conditions, encourage all sectors of society to participate in venture capital and develop new technologies, new processes and new markets.
Third, actively create conditions to promote the monetization of the real economy and asset securitization. Physical monetization and asset securitization are inevitable products of the development of market economy. Non-monetization of physical objects has many disadvantages. The non-securitization of assets seriously restricts the accurate pricing of assets and the revitalization of asset stocks.
Fourth, strengthen financial supervision and guard against financial risks. To strengthen financial supervision, the key issue is what mechanism and norms to use. Under the co-existence of dual-track system, the use of planned economy mechanism has temporarily suppressed some phenomena, but it is not conducive to the growth of financial markets and may cause greater risks. Therefore, we should pay special attention to the use of rules in line with the market economy and strengthen financial supervision.
Extended data
In the historical process, the fictitious economy originates from the internal needs of the development of the real economy, and its fundamental purpose is to promote the development of the real economy. In this regard, the virtual economy has two main functions:
First, through the issuance and trading of enterprise-related information such as relevant tickets and transparent financial information, we will guide the flow of funds, promote and adjust the allocation of economic resources among various real economic departments and enterprises, and improve economic efficiency.
Second, promote the improvement of enterprise organizational system (for example, without the decentralization of equity and stock trading, there would be no modern joint-stock company and its internal governance structure), and at the same time, promote the decentralization of business risks in the real economy by providing various financial instruments.
In modern economy, money is no longer a precious metal such as gold. As credit money, paper money and electronic money are "virtual" in themselves; Compared with the real economy, the process of operating and creating money by banks and other financial institutions also belongs to the category of "virtual". Money, capital and other financial instruments penetrate into all aspects of the national economy like blood, and the normal operation of the real economy cannot be separated from the virtual economy. A typical example is that as soon as monetary policy is tightened, the real economic sector will immediately reflect it. Throughout the world, it can be said that. Without virtual economy, there would be no modern economy.
References:
Virtual Economy-Baidu Encyclopedia