精品网曝门白浆一区二区三区_国产精品线在线精品国语_亚洲国产三级在线观看看_日本在线一区二区三区免费观看_亚洲成a人片在线观看无遮挡_久久99精品久久久久婷婷_精品国产aⅴ_蜜臀av电影在线观看_欧美一区二区三区四区在线观看_狠狠色丁香婷婷久久综合考虑

  壹 市場(chǎng)機(jī)制調(diào)節(jié)不平等

      納西姆·塔勒布在《非對(duì)稱風(fēng)險(xiǎn)》一書中談到了不平等現(xiàn)象。他認(rèn)為不平等可以視作一種尾部的不協(xié)調(diào)現(xiàn)象，富人位于財(cái)富分布的尾部。贏者通吃效應(yīng)越強(qiáng)，財(cái)富就越不平均。他提議引入一種機(jī)制，使得最強(qiáng)大的、最富有的人有可能因其承擔(dān)的風(fēng)險(xiǎn)過大而垮塌。塔勒布強(qiáng)調(diào)發(fā)揮市場(chǎng)的力量來應(yīng)對(duì)不平等。但是，如果富人不愿意承擔(dān)過大的風(fēng)險(xiǎn)呢？

      貳 不平等來自哪里？

     法國(guó)經(jīng)濟(jì)學(xué)家皮凱蒂?gòu)?qiáng)調(diào)運(yùn)用政府的力量應(yīng)對(duì)不平等。在《21世紀(jì)資本論》中，他指出由于資本的回報(bào)率（r）大于經(jīng)濟(jì)的增長(zhǎng)率(g)，導(dǎo)致現(xiàn)代社會(huì)不平等現(xiàn)象的加劇?，F(xiàn)代工業(yè)革命并沒有真正改變r(jià)和g的關(guān)系。在十九世紀(jì)，經(jīng)濟(jì)增長(zhǎng)率從0%增加到了1%至2%。股票市場(chǎng)的投資回報(bào)率也從5%增長(zhǎng)到了6%到7%，而資本的長(zhǎng)期回報(bào)率以工業(yè)投資的新形式甚至達(dá)到了7%。在二十世紀(jì)，只有第一次世界大戰(zhàn)、第二次世界大戰(zhàn)這種非常特殊的事件會(huì)導(dǎo)致經(jīng)濟(jì)在戰(zhàn)后迅速增長(zhǎng)。在歐洲和日本，增長(zhǎng)率在五十年代、六十年代和七十年代都是6%，這就算是一個(gè)奇跡了。歷史來看，大多數(shù)國(guó)家不可能永遠(yuǎn)保持5%的增長(zhǎng)率。從長(zhǎng)遠(yuǎn)角度來說，一個(gè)國(guó)家處于世界科技前沿的時(shí)候，生產(chǎn)率的增長(zhǎng)率可能在1%到2%。這比投資回報(bào)率要低很多。

     叁 如何調(diào)控？

     這并不是說不平等的程度會(huì)變得無限大，而是意味著不平等會(huì)保持相當(dāng)一段時(shí)間。所以如果r是5%而g是1%，這就意味著擁有大量財(cái)富的人只需要用他們資本收入的五分之一去投資，他們就可以繼續(xù)享用他們的財(cái)富，假如沒有稅的話。在標(biāo)準(zhǔn)的經(jīng)濟(jì)模型里，r總是比g大。在發(fā)明與革新飛速增長(zhǎng)的同時(shí)，不平等也是巨大的，比如第一次工業(yè)革命時(shí)期和當(dāng)前。資本家和市場(chǎng)的力量非常強(qiáng)大，需要強(qiáng)大的公共機(jī)構(gòu)去調(diào)控和整改這些力量。

    肆 股市投資也會(huì)產(chǎn)生不平等

    在股市里我們運(yùn)用貼現(xiàn)現(xiàn)金流公式計(jì)算一家上市公司的內(nèi)在價(jià)值時(shí)，就是假設(shè)風(fēng)險(xiǎn)投資回報(bào)率（r）高于企業(yè)的長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)率，長(zhǎng)期看，公司的增長(zhǎng)率其實(shí)就是經(jīng)濟(jì)增長(zhǎng)率（g）。因此，從這個(gè)意義上說，在股市投資其實(shí)就是享受高于經(jīng)濟(jì)增速的資本回報(bào)率。如何調(diào)控這里面的不平等？美國(guó)有資本利得稅，我國(guó)還沒有征收。隨著國(guó)家調(diào)控不平等政策的加強(qiáng)，資本利得稅和其他各種稅都會(huì)逐漸推出。

     伍 市場(chǎng)綜述

     周二A股上漲。央行超量續(xù)做逆回購(gòu)500億人民幣，當(dāng)日到期300億，給市場(chǎng)提供信心。美股標(biāo)普500和納斯達(dá)克續(xù)創(chuàng)新高，美國(guó)10年期國(guó)債收益率上漲到1.325%，接近本月初的高點(diǎn)。

I. To solve inequality with market mechanism

Nassim Nicholas Taleb wrote in his book “Hidden asymmetries in daily life” that imparity exists due to the mechanism of winner-take- all. He pointed out that the rich people are at the fat tails of the normal distribution of fortunes. To avoid inequality in a society the government should introduce an arrangement that would push those rick people to shoulder higher risk. The higher risk the rich people shoulder,the higher probability that they would fail and lose their fortune. 

II.The roots of inequality

Contrary to Nassim’s idea of allowing market to adjust fortune distribution, Thomas Piketty wrote in his popular book “Capital in the 21st century” that government should bring up with measures to adjust fortune distribution including taxes,duties and etc. He based his arguments on that the capital return rate (r) is higher than economic growth rate (g) in the long term. This is the root that inequality widened in modern society. 

III.Government should play its role in dealing with inequality 

In the 19th century economic growth rate increased from 0 to 1 or 2%. Yet stock investment return rate increased to 6-7% from 5%. The long-term capital return rate in new technology could be as high as 7%.Economic growth rate was temporarily at a higher rate than capital return rate after the World War I and World War II due to the fast recovery and reconstruction of economy. The inequality widens with innovation becoming faster. The economic growth rate in the long term for those countries at the frontier of technology innovation is 1-2%. Yet capital return can be maintained at 5%. As long as capitalists take 1% of their capital to invest, they can maintain their fortune very easily if without taxes. Capital and market mechanism are very strong. Hence, it is necessary for government to bring up with measures to deal with the issue of inequality. Piketty’s suggestions seem to apply to China’s situation well. More measures on this issue are to be released.

IV. A summary of global stock markets 

A-share rallied as the People's Bank of China injected liquidity into the market by renewing more reverse-repo in a larger amount than those due on Tuesday. The US 10-year treasury yield rose to 1.352%. Both SP500 and Nasdaq Index reached record high. 

聲明：本市場(chǎng)點(diǎn)評(píng)由北京楓瑞資產(chǎn)管理有限公司（以下簡(jiǎn)稱“楓瑞資產(chǎn)”）“楓瑞視點(diǎn)”微信公眾號(hào)提供和擁有版權(quán)，授權(quán)上海海獅資產(chǎn)管理有限公司轉(zhuǎn)載。在任何情況下文中信息或所表述的意見不構(gòu)成對(duì)任何人的投資建議，楓瑞資產(chǎn)不對(duì)任何人因使用本文中的內(nèi)容所引發(fā)的損失負(fù)任何責(zé)任。未經(jīng)楓瑞資產(chǎn)書面授權(quán)，本文中的內(nèi)容均不得以任何侵犯楓瑞資產(chǎn)版權(quán)的方式使用和轉(zhuǎn)載。市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。