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实体经济本应当是证券和资本市场行为的基础,后者也本该反映前者,但从美国金融市场的情况来看,证券越来越远离实业生产的基本经济状况。投资者的兴趣从具体生产活动转向了资本市场,这一市场行为对公司管理或实体经济中其他业已证券化的部门造成深刻而负面的影响。本文以公司股票和房地产抵押担保证券两类投资产品为例,探讨现代金融理论和证券衍生是如何将证券与投资分离合法化,又是如何将这种分离变成现实的。
The real economy should have been the basis of securities and capital market behavior. The latter should have reflected the former. However, judging from the situation in the U.S. financial markets, securities are getting more and more distant from the basic economic conditions of industrial production. Investors’ interest shifts from specific production activities to capital markets, which have a profound and negative impact on other securitizations in corporate governance or in the real economy. This paper takes two types of investment products, such as corporate stock and real estate mortgage-backed securities, as an example to discuss how modern financial theory and securities derivatives legitimize the separation of securities from investment and how this separation can become a reality.