货币资产形态及实物资产形态间收益宽幅现象地研究.docx

Classified Index:U.D.C:CODE: 10075NO: Dissertation for the Degree of ManagementStudy on the Phenomenon of IncomeWide which is between the MonetaryAssets and Physical Assets Candidate: Liu BoyingSupervisor: Prof. Zhao LisanAcademic Degree Applied for: Master of ManagementSpecialty: AccountingUniversity: Hebei UniversityDate of Oral Examination: March, 2014摘摘要要长期以来，我国以政府为主导的高速经济发展突出了社会主义市场经济发展的“效率”，但是这种“效率”缺乏符合中国国情的经济理论作为依据并受到了西方经济理论的影响。当政府采用宽松的货币政策刺激经济发展的时候，错误的计量方式将会把由于通货膨胀影响而抬高的资产价格计入会计收益，从而提高了投资资产的收益率。这样的会计信息造成这样的经济后果：投资者更青睐收益率高的实物资产投资，而银行利率缺乏吸引力，因此更多的资本转化为了实物资产形态。当资产价格被严重扭曲并产生泡沫的时候，资产收益率与存款利率收益率之间存在着一个异常的“差”，即收益宽幅。收益宽幅现象的存在，导致财务杠杆被滥用，对赌经济充斥社会，造成了整体经济结构的失衡，其更深层次的影响则是破坏了我国的社会主义核心价值观。因此收益宽幅现象的危害是巨大的，对其进行研究有着重要的现实意义。收益宽幅中最为典型的是货币资产形态（银行存款）与实物资产形态（房地产）之间的收益宽幅。因此，本文选此作为研究对象进行研究。本文首次尝试以收益宽幅的定义为基础对货币资产形态与实物资产形态间的收益款幅度进行计算，通过对北京、上海、广州三地的数据进行计算得出的结果进行分析。通过这一分析证实了收益宽幅现象确实存在并影响着我国宏观经济的运行。之后本文又对影响不同形态收益宽幅的影响因素加以分析研究。在上述理论研究的基础上，本文运用 VEC 模型对不同形态资产间收益宽幅及其影响因素进行了实证检验。检验的结果表明，治理不同形态资产间收益宽幅需要运用综合的手段，总结起来为十六个字，即：收紧银根，完善市场，调整税收，改进计量。本文最后对研究当中的不足进行了总结，并提出了未来对于收益宽幅理论进一步研究的设想与展望。关键词会计收益经济后果收益宽幅IAbstractAbstractIn China, the rapid development of government-led economy highlights the “efficiency”of the socialist economy. But it lacks of theoretical support which compliances with Chineseconditions， and it is affected by western economic theory. When authority selects loosemonetary policy to stimulate economic development, the wrong measurement method willlead to the raising price which is caused by inflation is included in the accounting gains, andtherefore, increased the return of investing assets. This accounting information caused sucheconomic consequence: investors prefer to invest assets which include more return. When theprice was severely distorted and then produced foam, there is a abnormal “difference”between the return of assets and the return of deposit rates, named income wide.The phenomenon of income wide will lead to the abuse of leverage and society is full of“gamb