收益宽幅现象与中国“对赌经济”的治理

刺激经济增长实施宽松的货币政策和扩张的财政政策,导致了低利率与高投资回报率的差,反应在会计收益上就会形成收益的宽幅现象,收益的宽幅现象为财务杠杆的使用提供了空间,财务杠杆的过分使用就会催生资产泡沫,会计上采用公允价值计价把资产的泡沫当作收益进一步吹大了资产的泡沫,非理性投资热充斥市场,在市场上表现为炒作和对赌,专注金融分配而不注重生产。因此,中国经济表现为明显的对赌特征,严重影响了中国的产业结构调整,治理收益的宽幅现象是实现产业结构调整的重要环节。

The Phenomenon of Gain Width and the Treatment of“ Betting Economy” in China

In order to stimulate economic growth,monetary policy and expansionary fiscal policy are usually implemented,which will result in low interest rates and high return on investment.In terms of accounting income,this will cause"income wide-gap phenomenon",a condition that provides opportunities to utilize financial leverage.However,the excessive use of financial leverage will cause asset bubble;in the meanwhile the use of fair value accounting on the valuation of the assets would further inflate the asset bubble.As a result,irrational investment flooded the market——the market focuses more on speculation and gambling,emphasizes financial allocation rather than production.As China’s economy showed significant feature of gambling economy,and this issue has seriously affected industrial restructuring,it is crucial to identify,manage and reduce"income wide-gap phenomenon"to improve and better the industrial restructuring in China.