【作者】 牟新焱；

【导师】 任治君；

【作者基本信息】 西南财经大学 ， 世界经济， 2010， 博士

【摘要】 本文对虚拟资本的研究是从资本价值存在基础出发的。一般来讲,一切形式的货币资本,不论是以传统形式存在的货币资本,如活期存款、现金等形式,还是以潜在形式存在的货币资本,如可流通存单、股票债券、期权期货等；不论是国内流通意义上的本国货币形式,还是国际流通意义上的国际货币形式,只要在其价值存在基础上拥有了多重性,那么都是虚拟资本。货币资本的虚拟性是由货币的虚拟性扩展而来,后者是由货币价值的二重性决定的。在马克思的产业资本循环理论基础上,本文将货币资本的内在循环机制,即虚拟资本循环独立出来进行考察。主要研究思路是：在对价值运动的不同形态和形式进行界定的基础上,对虚拟资本运动的形成根源和运动规律展开研究。以马克思揭露的资本主义生产矛盾的经济规律为指导,通过研究价值在不同场合的转移,对虚拟资本运动参与总资本循环的机制进行分析,建立一套较为系统的信用经济体系下的资本循环理论,并在此框架中展开对价值运动、货币国际化、利率汇率决定和国际资本流动等问题的研究。本文的主要贡献在于建立了一个较为系统的虚拟资本循环模型,在价值运动上,将虚拟经济与实体经济,虚拟资本循环与产业资本循环联系起来,从存在基础到运行机制对虚拟经济和虚拟资本运动进行了系统研究。本文区分了虚拟资本预期收益率和真实收益率概念,为研究货币资本在虚拟资本循环内部的运动,以及在虚拟资本循环和实体资本循环间的转移奠定了条件。在此基础上,本文建立了信用经济下的利率模型,该模型以马克思的利率模型为基础,并从利率的非趋势性和动态均衡过程方面进行了理论拓展,揭示了货币资本供求关系的本质及其运动机制,并在此基础上对虚拟资本价格变动、价值转移、以及信用资本运动机制进行了详细分析。模型揭示了信用经济条件下,利润率和信用扩张倍数对利率运动的重要作用,并结合模型对相关经济现象、特别是本次全球金融危机前后的经济现象进行研究,在一定程度上揭示了危机的本质,为宏观政策指引提供了理论支持。本文还通过对货币虚拟价值的研究建立了信用经济下的汇率模型,并将对货币资本运动的研究从国内市场延伸到国际市场。当货币的用途从国内转移到国际时,货币在价值存在基础上发生了改变,因此货币在国际化过程中的价格——即汇率就应该由国际货币的虚拟价值决定,后者的衡量需要通过收入资本化来进行。在此思想上,本文建立了基于收入资本化的汇率决定模型,并结合利率模型对当前人民币币值、货币国际化等热点问题进行了分析,为我国外汇管理战略制定提供了理论支持。本文最大的不足在于缺乏实证分析,由于个人能力有限,无法从公开数据库中得到相关数据,尤其是表示信用扩张倍数的数据,使得本文在数据验证上相对不足；另外,由于篇幅所限对一些问题展开的不够深入,例如对发展中国家在资本国际化进程中的汇率和利率政策选择方面分析不够深入,这些都需要在今后的研究中逐步改进。更多还原

【Abstract】 In this paper, we defined the fictitious capital from the existence basis of the capital value. In general, all forms of the monetary capital are the fictitious capital because of their multiplicity value basis. These capitals, whether in the traditional form of money capital, such as demand deposits, cash and other forms, or as a potential form of monetary capital, such as negotiable certificates of deposit, stocks and shares, options and futures, etc; and whether in the form of the national monetary or the international monetary, are all the fictitious capital. The fictitious nature of the monetary capital is expanded from the monetary fictitious nature, which is decided by the duality of the monetary value.On the Marx’s cycle theory of industrial capital basis, this paper attempts to study the monetary capital internal circulation system by taking the cycle of fictitious capital independent from the total cycle. We will study the value transfer mechanism in different occasions, and establish a systematic capital cycle theory in the credit economic condition. In this framework, we will carry on the research of some top issues such as the value transfer, international currency, interest rate, exchange rate and the international capital flows.On this basis, this paper establishes a interest rate model in the credit economic condition, which is the expanding of Marx’s interest rate theory. This paper reveals the nature and mechanism of the relationship between monetary supply and demand, which is used to study the price、the value and the credit capital movement mechanisms. The model reveals that the capital margin and credit expansion play very important roles on the interest rate movement. Besides, the paper takes a research on the economic phenomenon before and after the financial crisis with the model, and reveals the nature of the crisis in a certain extent, which is used to provide the macro-theoretical support for the government economic policy guidelines. In addition, this paper establishes a exchange rate model in the framework as well. As we know, the monetary value existence basis will change when the use of money is transferred from national to international, so the money price should be decided by the monetary fictitious value in the monetary internationalization, ’which means the exchange rate should be measured by the income capitalization of the international monetary capital. From this idea, we establish an exchange rate model base on the income capitalization theory, and use it to analysis some hot questions such as RMB value and monetary internationalization.The biggest shortcoming of this paper is the lack of empirical analysis, we can not get the particular data to measure the level of credit expansion, which make the paper lack of the Data Validation; besides, it still need to take more deeper analysis on the particular questions, such as how to choose the economic policy as for the developing country, which should be improved in the future study.更多还原