2013年的“钱荒”引起了广泛的关注,其特殊性在于是在宏观流通性持续膨胀下所发生的微观流动性紧张。对此,本文基于政治经济学的理论,尝试从不同产业之间的比例关系、不同产业内部固定资本与流动资本的比例关系,以及其周转速度的差异等维度,分析经济整体资本周转速度导致货币流通速度变化的机制。研究结果发现:中国的钱荒是经济长期由投资拉动、全社会固定资产投资占比持续攀升、产业结构不断变迁所引起的结构性货币沉淀造成的。因此,中央提出的“盘活存量、用好增量”的调控思路正好可以对症下药。依照本文的逻辑,中国的钱荒问题不是货币问题,其本质是结构问题,而结构问题的背后又隐藏着体制问题。若要根治这一难题,还需要从分税体制以及银行系统等领域的全面深化改革入手,而其中的重点则在于央地关系。
Recently, "money shortage" has attracted widespread attention, and Chi- nese money shortage is also under the macro liquidity continued expansion of the micro liquidity squeeze. As a result, this article is based on the theory of political economy, and tries to analyze the mechanism of how does the economic overall velocity of turnover of capital change the velocity of money-currency, from dimensions of proportional rela- tions between different industrial sectors, proportional relations between internal fixed capital and floating capital in different industrial sectors, and the difference of its veloc- ity of turnover. The research results indicate that Chinese money shortage arises from long-term economic investment-led, whole society fixed asset investment accounted for rising, and the structural monetary precipitation caused by industrial structure changes. Therefore, the adjustment of "activating stocks, making full use of incre- ments", put forward by the central government, can suit the remedy to the case. But, to cure this problem, comprehensively deepen reforms from the tax-sharing system as well as the banking system are required, while the key lies in the relationship between central and local government.