有關(guān)新經(jīng)濟(jì)時(shí)代國(guó)際投融資結(jié)構(gòu)與制度變動(dòng)問題的評(píng)述鄭輝復(fù)旦大學(xué)世界經(jīng)濟(jì)研究所2004年11月7日新經(jīng)濟(jì)的特征宏觀短期：實(shí)際國(guó)內(nèi)生產(chǎn)總值快速增長(zhǎng)、公司運(yùn)營(yíng)利潤(rùn)上升、失業(yè)率低、通脹率低、經(jīng)濟(jì)周期消失等長(zhǎng)期：密集出現(xiàn)的技術(shù)變革促進(jìn)了生產(chǎn)力發(fā)展，進(jìn)而在相當(dāng)長(zhǎng)時(shí)間內(nèi)提高了宏觀經(jīng)濟(jì)的均衡增長(zhǎng)率微觀以信息技術(shù)為基礎(chǔ)、由知識(shí)要素驅(qū)動(dòng)并通過因特網(wǎng)進(jìn)行運(yùn)作的經(jīng)濟(jì)具體：知識(shí)含量高、耗費(fèi)能源低、運(yùn)輸成本低、規(guī)模報(bào)酬遞增、正的經(jīng)濟(jì)溢出效應(yīng)金盞融發(fā)體征制吵與茶經(jīng)攜濟(jì)謊發(fā)浸展金糟融和市卷場(chǎng)靈的乒發(fā)廉展丸對(duì)尖經(jīng)承濟(jì)究活韻動(dòng)裹有砌影似響G卡o壺l渠d贊s聰m識(shí)i稻t渠h獎(jiǎng)(際1遞9數(shù)6饑9拌)暴和懸M猜c喪K初i嫂n斬n璃o駱n餡(爛1煮9棉7闊3汪)宏認(rèn)挽為之金敬融達(dá)服脅務(wù)哥的互差榨異驗(yàn)會(huì)麻導(dǎo)氏致燙長(zhǎng)識(shí)期朽經(jīng)蹈濟(jì)器增姑長(zhǎng)分率尼的夫差執(zhí)異獅。避近妥年繭的向許子多之實(shí)某證劉研獨(dú)究有在威相芽關(guān)欲性脊和絲式因躺果精關(guān)和系娛兩稍方寬面給均喝有勒類筍似幫的渠結(jié)嬌論頃。但暖也陽(yáng)有趣相此反終的冷意階見拴。金澇融指系輔統(tǒng)兩對(duì)午實(shí)勞體微經(jīng)迷濟(jì)施的戰(zhàn)作潤(rùn)用陷機(jī)擠制增欺加哄均告衡把儲(chǔ)慣蓄足率塞和底固鳳定雞資模產(chǎn)螞積們累盛率嶺。岸C少a命r綠l起i妨n揭&銅M攀a嫁y淡e鄙r盟(煎1按9堆9垃9拍)谷指蜂出買金設(shè)融酒部臟門螞的瀉發(fā)驗(yàn)展展可貿(mào)促采進(jìn)役R鐵&機(jī)D嚼投葬資惜增猴加垮以狼及韻無(wú)山形隱資伯本規(guī)的小積版累比。僅森使揮資瓦本武使臘用惱的國(guó)效赴率仇提獅高取。朝W湊u均r半g膝l辭e泛r扇(婚2哈0花0蛛0傷)執(zhí)和甲B戀e林c忠k扛(佩2攔0蕉0餐0探)舒論照證噸了舒較頁(yè)發(fā)獄達(dá)汗金皮融零系莫統(tǒng)霜常籃與亂全些要懶素湖生增產(chǎn)所率知快桶速綁增拳長(zhǎng)睛相訪伴混。為生什根么股高妙度婚發(fā)孫達(dá)顆的防金上融辨體鍵系浸僅墻出咳現(xiàn)仔在演部鳥分戰(zhàn)國(guó)跨家金帥融婚市碌場(chǎng)權(quán)普劫遍誘存博在稼外葬部圓性第，疲從佩而唇出橡現(xiàn)暈多駁重蛙均侍衡爭(zhēng)（看R丙a因j枝a賽n能&哪Z窩i怒n出g展a仰l撒e陜s釀，娛2溫0勢(shì)0朵0口)亂。金啊融拿系誓統(tǒng)刊發(fā)遲展軌過健程寨中坡的吸制面度奸約丹束病和咬路斬徑碰依沖賴刊（攪艾逼倫弦和禁蓋古爾緊，銷2逝0妨0黨2杏）敞。金追融屋體任制翅的涉兩躍大址類款型銀坡行嫁主繞導(dǎo)摧型代劉表孟國(guó)哭家爛：亦德貓國(guó)惑和腳日塘本相鴨對(duì)預(yù)優(yōu)濾點(diǎn)癢：1寨銀蕉行蒼擁艦有街信某息覽優(yōu)勇勢(shì)雷，宵可古與缺客坡戶歌建搶立銹長(zhǎng)毒期季關(guān)貌系工（植D下i攝a狀m躁o蒙n消d捆，專1文9況8講4宗）椒。2開銀評(píng)行戚有刪分游散挑風(fēng)睛險(xiǎn)伴的修功敘能侵（絮艾懇倫艙和殃蓋狐爾腿，答2彎0淡0省2對(duì)）稍。3卸銀童行表調(diào)是動(dòng)謹(jǐn)資咬金回滿呼足馳規(guī)矩模賽效紀(jì)應(yīng)參。4買銀福行暖能畝提到高猴金異融疼系爭(zhēng)統(tǒng)誘的納信引息飛效等率科（雷S浙t累i你g啄l名i酷t(yī)柳z遵，膏1御9抱8戚5代）刊。市醬場(chǎng)搜主蘆導(dǎo)軋型代鳳表毒國(guó)普家曲：肅美師國(guó)良和腔英貓國(guó)相維對(duì)討優(yōu)另點(diǎn)1搬市殿場(chǎng)檢本呼身業(yè)可沸激儲(chǔ)發(fā)儀投血資戚者膛糾債正歐資祥產(chǎn)功價(jià)汪格士誤真置愧（嬸H帥o犬l患m古s仆t槍r胞o唱m惕&姑T屠i殃r欄o嶄l輩e貢,寄1井9旱9哈3匙）嚇。2箱收習(xí)購(gòu)芒和輔兼信并莫可顧促黑使場(chǎng)經(jīng)四理詞加苗強(qiáng)訓(xùn)管儀理扇，何容垃易飼激鴨勵(lì)并相協(xié)容請(qǐng)(蝕J昂e塔n嚇s岸e模n征&透M歌u蹦r熔p繳h境y湖,油1序9窩9葬0砌)過。3筆市苦場(chǎng)疾為轟投鐘資結(jié)者棚提盛供測(cè)了駛風(fēng)展險(xiǎn)闊管刮理狀的檢手摸段禍。優(yōu)皂劣遮比張較沒勸有遠(yuǎn)明嚼確桐結(jié)縮慧論熔。(累M犁e那r唐t巴o女n禽&念B均o哥d討i難e劇,衫1繼9轎9辣5餓)劇和扭(嫌L鏟e息v綢i稿n蓋e棄,己1毒9暢9別7敲)作從彼金恐融榜功泉能產(chǎn)的下角農(nóng)度爭(zhēng)出她發(fā)臉說虜明槳體撿制泛變牧化載有慎內(nèi)夕生麥性置。桿(組L壤a斥P線o球r坦t鹿a銳e撐t獻(xiàn)a構(gòu)l負(fù),話1啟9割9緒7用,謎1膠9嘩9欠8略)藏認(rèn)條為協(xié)法朋律藥體摘制拼對(duì)濁金妻融兇部為門牙的撤產(chǎn)獲生猴有石決皇定掏作柄用圖。財(cái)對(duì)酬法己制厚不優(yōu)完翻全前的銹國(guó)鵝家利，換銀閘行閉為偏主丸的傍安遲排證可槐能循更販有宜利亮于窮經(jīng)扣濟(jì)脅增歐長(zhǎng)傭；瘦反元之私，騾市不場(chǎng)掀更查有考利何。法喂律確的淺來全源島有夜四蒙種佩：縱不搭列團(tuán)顛佳普尋通煩法舅、燭法慌蘭胡西擊民辛法凱、跨日忍爾鳥曼立民何法銅和禍斯宇堪謹(jǐn)?shù)脑杓{昆維艘亞用法澆。獅普奪通年法汽國(guó)木家懂較會(huì)注瘋重老保殺護(hù)勺個(gè)凈人角的賭產(chǎn)京權(quán)恒，遼金券融帆市教場(chǎng)鍛常哪比雞較扒發(fā)衛(wèi)達(dá)掩。新慈經(jīng)桶濟(jì)揮時(shí)投代呆的絮投架融卸資絞結(jié)沉構(gòu)類的暮變跡革新東金論融吧中從介請(qǐng)：狗風(fēng)肚險(xiǎn)幸資巷本儲(chǔ)。骨金烈融橡市脆場(chǎng)蝦的瘋產(chǎn)戴物曠，缺滿博足畏實(shí)息際麗經(jīng)缸濟(jì)椅的頓現(xiàn)竟實(shí)皺需后要限，也促顯進(jìn)暴了粉經(jīng)茫濟(jì)欲的鄰發(fā)矮展貌。新罷經(jīng)霞濟(jì)偷環(huán)扒境寺也雖是虧金揭融膽結(jié)徒構(gòu)蓄變瘦化衛(wèi)的除必每要童條稱件矮。金澡融淹體界制胡與嘆R匯&擾DR東&觸D視是鉆知艙識(shí)來的旗生慎產(chǎn)爆過投程新倦經(jīng)開濟(jì)串以察知低識(shí)忽為妻主岔要扣生宿產(chǎn)灶要泰素軌，魂R折&回D如是赤關(guān)零鍵尤。惡金門融速結(jié)扎構(gòu)掌變猛革椒的壞目往標(biāo)森：置促愚進(jìn)游R題&丈D均投著入稼以康及就使鄭其刻成男果住轉(zhuǎn)掙化智為始生丸產(chǎn)環(huán)力丟。完羊全信競(jìng)永爭(zhēng)鍬的鼠金窩融禮市瓶場(chǎng)向常蒼有焰R連&扇D薪融融資教不挑足知院識(shí)球沒奧有濤排凝他兔性區(qū)，遍當(dāng)熔其宗不些能疲保撤密累，汁企爽業(yè)嬸不芹能完獲耕取抄全藏部兆利汁益位（傘N扭e浪l匠s確o埋n本，另1改9濫5派9爭(zhēng)和揪A初r線r槍o尊w歌，美1迅9皂6司2滔）罵。知嘉識(shí)純的奏外圍溢皆不振能單定皇價(jià)碗。但賊對(duì)某新曬發(fā)伴明伶的靈模篇仿耀有牢成曉本嚴(yán)，近可翻能裹達(dá)先原凍創(chuàng)偷成糾本渣的遷5料0蹦-麻7寶5堤%鏟，霞R更&偵D括投茂資俱不制足殲有痛所晶緩?fù)牒万?qū)（劣G纖r塞i稅l主i網(wǎng)c倡h饅e宜s編，社1徹9誤9已2資；變R弦o秧m甜e州r種，誘1紡9猜8徐6絮和免A鉛g慈h謎i寧o昌n泊&怕H蹄o貍w吩i渣t觸t檔,暑1溉9靈9死7漂）司。為許了掩解宴決鳥R籠&變D頂私姓人挎投貝資藝不據(jù)足薪問奮題散，炕政檢府遭常潔在莖知扛識(shí)蘆產(chǎn)秧權(quán)爽保謎護(hù)忘、視資差金黃支駁持癢和膜稅轎收波減永免園等偷方及面下進(jìn)輕行轉(zhuǎn)干晚預(yù)犯。企蛋業(yè)誰(shuí)和栽員牲工屋在額R膛&撥D舌中牢的治不俗對(duì)動(dòng)等親性投詠資蠅大叉半到用都以掛工擋資全，害但遲知田識(shí)糧產(chǎn)州品寄相毅當(dāng)掏部役分響不宰能濁被表顯瓜性吹地副符擋號(hào)如化躬，售只糠能世以毫人茅力母資泥本蛋形柴式繭存參在倒。一聾旦平知掌識(shí)氣容尚易衰變牲現(xiàn)愿，壓企聞業(yè)里慎志重捎，矩要糞求部匯塵報(bào)帶提杯高衣。很泄難調(diào)衡價(jià)量溉R郊&誰(shuí)D騎的禍投狂入炸對(duì)旅企聚業(yè)償價(jià)稈值痛的獨(dú)影腥響沙(倘L然a影c搞h快&之S玩c輸h練a無(wú)n異k娛e咸r橫m褲a藥n徹,擺1德9續(xù)8旱8裕)敲。投明資殖者籠與趴企堡業(yè)勵(lì)的銀信圓息尋不懂對(duì)儉稱商略業(yè)年秘押密顫導(dǎo)染致揉逆芳向移選胃擇昏（促B脖h解a茄t朵t輔a柏c近h編a仇r沖y屯a嫂&噴R咬i恭t多t謀e騎r除,貌1貍9肆8該3小)藥。實(shí)露證誰(shuí)材芝料贏證肺實(shí)貢企零業(yè)揭得沿到癥R籮&聯(lián)D撥外朱部尚融磚資個(gè)后紗常趙有概超周常狐回位報(bào)咱（矛A厘l臘a扒m尿&塊W方a喇l沃t黎o阿n搏,股1摩9孝9但5叼)遷。企菊業(yè)某和斷經(jīng)令理補(bǔ)人碰間序的排委礙托旅代牌理戒問漿題委王托桶代痕理伏問文題林使撤所晶有抹者俊通險(xiǎn)過哄擴(kuò)昏大籠融擾資裝杠祖桿透減范少掩經(jīng)照理鐵人叫的渾免居費(fèi)滅現(xiàn)胳金座流焰，商導(dǎo)扔致卸外積部虹融景資獅成源本壘加賺大稱(張J淘e守n違s客o跌n鞠&劑M郵e戀c校k曬l想i捆n究g治,秧1如9庸7衡6常)玩。有飽時(shí)軟，智風(fēng)穴險(xiǎn)餅厭捷惡已的謊經(jīng)強(qiáng)理香人姻不絨愿雖意隙投支資廟于價(jià)不順確蛇定巴性趙很世強(qiáng)刃的汗R賭&仆D老項(xiàng)斬目撞。C禮h夕o老（飽1師9欠9找2走）總發(fā)黑現(xiàn)庫(kù)隨關(guān)著領(lǐng)經(jīng)翻理渠人環(huán)持廟股電的剛增拳加稀，外企寇業(yè)衡的咬R融&胃D哪投盈入茅增均加霧。機(jī)咬構(gòu)絞投征資低者嚴(yán)對(duì)乓企躲業(yè)辨和童經(jīng)跌理糖的枝行同為煎監(jiān)園督始較禽有欄效污，誓而蝴分上散鉆持記股涉的齒企續(xù)業(yè)坐相弊對(duì)槍少喜創(chuàng)類新街行努為寧(懼F總r匠a州n感c討i牙s參&奮S魄m湖i始t糞h怪,越1綠9增9雅5謹(jǐn))去。R耐&插D灘投需入戒過售大黨給晌企眾業(yè)桶帶站來行風(fēng)毅險(xiǎn)R企&鹿D虜杠億桿唯融世資尸大永的宿企得業(yè)蹈在雷經(jīng)報(bào)濟(jì)芬衰疊退啄時(shí)途現(xiàn)博金妄流你會(huì)添出腫現(xiàn)窮嚴(yán)倍重鹽問惰題值(承O勸p要l蔥e俘r指&烈T映i線t借m惰a借n微,爹1愉9橫9斯4輪)五。債燙權(quán)港融墓資曬常旦須納有民形非資隔產(chǎn)廉作臟為善擔(dān)柳保到物鼻，柏以腥無(wú)粗形醬資敢產(chǎn)始積嘗累擾為疊特拼征育的幻玉R竿&巡壽D股項(xiàng)泡目騙比監(jiān)廠皮房散設(shè)掉備學(xué)融撐資為難吩。A爐l努d坦e情r夏s予o砍n掌和僑B才e司t過k彎e齒r創(chuàng)（榜1練9搜9毯6股）班發(fā)揀現(xiàn)源清串算運(yùn)成萄本吹與燥R蒜&計(jì)D炸投亦資和成桃正叼相映關(guān)蔽關(guān)柴系糖，湯說莫明剛R責(zé)&旅D蜻投歷資辯有藝較暫大征的異沉撒沒翁成昏本玩。債核權(quán)島融柄資要需遙要念穩(wěn)蔥定悟的龜現(xiàn)爹金伐流葬。風(fēng)摧險(xiǎn)釀資務(wù)本梅與意R雁&濕D隆融濟(jì)資新寶經(jīng)挪濟(jì)美部刑門傘的非R黎&砍D慌融乳資逆高向微選聚擇激和暫道獎(jiǎng)德理風(fēng)游險(xiǎn)搖使推包聽括版股劇權(quán)襪融波資哲和傲債博權(quán)寫融司資西的續(xù)傳伍統(tǒng)鬼外逢部補(bǔ)融女資告方恩法體的黃成無(wú)本我很夾高活。欄內(nèi)公部咱融月資碑常喚成帝為編唯迫一濕的擋選硬擇媽。少但煌對(duì)贏于霉新頂生仿的騙企愚業(yè)毫不學(xué)可些能修。大韻量巡壽新負(fù)經(jīng)零濟(jì)茂部拘門害的刻企允業(yè)碎是針新情生此的莖小筆企律業(yè)倒。為磁新附企姨業(yè)據(jù)提災(zāi)供率R豪&扔D奸資籠金謀來嫌源辱是進(jìn)新聯(lián)經(jīng)胡濟(jì)夕時(shí)束代秧實(shí)燈際鳴經(jīng)素濟(jì)率部系門雕對(duì)捎金聽融遷部沙門搞提合出拾的泄現(xiàn)遼實(shí)掃要飼求抗。風(fēng)鑄險(xiǎn)槐資茶本槍是鍵新飾經(jīng)橡濟(jì)壤時(shí)的代吐有趁關(guān)就新演企拜業(yè)踩融若資餐的擴(kuò)一孝個(gè)潤(rùn)重巴要誼制嚴(yán)度甜安貫排“列新準(zhǔn)經(jīng)章濟(jì)滾”笨企望業(yè)證比廁”欺老貍經(jīng)肅濟(jì)跌”頑企校業(yè)立預(yù)憂期潔回卻報(bào)鄰高以但剪不竊確腰定刻性跪大愚。高或增廳長(zhǎng)竄的沸預(yù)杠期竹使槳企故業(yè)禁急燭需化外傲部蛾融藏資贏。風(fēng)哀險(xiǎn)雨資蛛本東是儲(chǔ)為符“針新日經(jīng)訊濟(jì)探”弊（傾主許要歉是甘I殘C扒T構(gòu)業(yè)券）絨中滑的譽(yù)新梢企傍業(yè)案量此身詳定乳做饞的頂融候資資形炕式夫。映較雪好兵地描處聰理趴新腐生嘗企義業(yè)樹知調(diào)識(shí)撤產(chǎn)禽品庫(kù)的大生捎產(chǎn)佛和叫轉(zhuǎn)揉化榜過協(xié)程乘中粉的澡信澤息堵和君激零勵(lì)麥問惑題世。風(fēng)窄險(xiǎn)抬資清本醬的衣管愧理也者農(nóng)是權(quán)金嚇融羞、挑技損術(shù)塞和元經(jīng)逝營(yíng)表方貸面幕的顛專丈家質(zhì)，址直拌接參參綿與恭被汁融廊資案企斗業(yè)素的古管籠理雀，痛極深大心地眉緩萄和育了舉R則&柱D被中牲的突信走息欲不擦對(duì)棕稱朵的戴局雄面邀。在新美恒國(guó)啦的速新遠(yuǎn)經(jīng)儉濟(jì)鳥產(chǎn)扣業(yè)棚中咽，侮風(fēng)調(diào)險(xiǎn)智資章本代融爸資室的服企左業(yè)番相恢對(duì)昌于謝其烈他叔企悄業(yè)琴成雙長(zhǎng)芽得忠更果快捕（示H寨e渾l撐m質(zhì)a鳥n份&仙P飛u珠r芽i方,悔2鵲0宗0叮0再)存.風(fēng)舊險(xiǎn)混資蛇本煌能堆幫沸助濫企決業(yè)梁達(dá)努到丹上讓市喂標(biāo)栗準(zhǔn)漸（六B吹l桐a巡壽c簽k剪&檔G筍i拿l猴s阻o林n感,巡壽1來9桶9鑄8翠）艘，維為席自創(chuàng)身欄提哨供核了果退兄出奴機(jī)雞制忍。有拐關(guān)永風(fēng)蚊險(xiǎn)票投示資崇的互實(shí)貪證石研暑究美皮國(guó)者的何風(fēng)賀險(xiǎn)喚資最本淺與隱新遼經(jīng)貢濟(jì)費(fèi)產(chǎn)雹業(yè)乘的伸超呈常法發(fā)粒展稱有減強(qiáng)天相慣關(guān)業(yè)性在宣市找場(chǎng)鹿主梨導(dǎo)利的圾金毛融公體河系納中榴少盼與邁企哈業(yè)怒緊足密傻聯(lián)扁系惠的綱金隙融貍中摘介團(tuán)，麻風(fēng)扯險(xiǎn)爛資在本遭通通過犯充界分街參朋與竟企歐業(yè)更的趟經(jīng)右營(yíng)雀，摧發(fā)妻揮刮有疤關(guān)除創(chuàng)炸業(yè)懇的粒專狐業(yè)尼知懷識(shí)鉆和屈經(jīng)陣驗(yàn)切，疊把靈企礎(chǔ)業(yè)糕從斤小逐帶福到權(quán)大豬（批C赴a浙r慣v渠a擾l亡h寨o冒,另1郊9盾9近6廟）風(fēng)著險(xiǎn)敗資泳本曠由王于筒參獎(jiǎng)股革，跟有之理喚由賊對(duì)陳企刮業(yè)屑進(jìn)媽行捎實(shí)減時(shí)鄉(xiāng)豐的鴿監(jiān)棵控暮。同酒時(shí)蕉，到風(fēng)躁險(xiǎn)大資哥本裁分營(yíng)階蓬段鵲融掘資玩的逮合顛約聯(lián)安阿排孔給倦企漿業(yè)虛家頂以植激繁勵(lì)捕用勒企頓業(yè)爪的坐績(jī)爬效紋爭(zhēng)白取畫新泛的啄融禽資網(wǎng)。另返一叢方陵面扭，迎金變?nèi)隰~市壓場(chǎng)衫為糕風(fēng)揪險(xiǎn)鏡資瞞本講提桐供吳了捐退濃出腫途廁徑千。瞞J朽e臂n攔g倍&串W風(fēng)e剝l岡l賭s瞇(本2部0桶0控0槳)湯發(fā)猶現(xiàn)圣I穩(wěn)P建O賢是和風(fēng)禿險(xiǎn)滅投盡資型最典強(qiáng)肝的去驅(qū)飛動(dòng)孤力者。坑H紛e熟g捷e塑&消P同a刺l要o念m亦i扔n辟o紐奉(種2意0鉗0肥3余)猶發(fā)房誠(chéng)現(xiàn)索美喚國(guó)隨的盜風(fēng)崗險(xiǎn)姐資鵝本菜家炊偏摩好惑持棄有滲或弦然肥控您制橡權(quán)懷。德歷國(guó)縮慧及麻其瞇他鮮國(guó)狀家博的椒風(fēng)鐵險(xiǎn)霧投氧資甲表崖現(xiàn)會(huì)較帝差美哄國(guó)桐和降德弦國(guó)貪作扁為現(xiàn)市堡場(chǎng)敞主仁導(dǎo)爬和語(yǔ)銀俊行侍主軌導(dǎo)寬兩攏端炕的貧樣浸本秩國(guó)垃家僑，晉風(fēng)由險(xiǎn)令投樣資侵的值表鞭現(xiàn)固截轎然晉不鴿同風(fēng)。1刃9段9斗0渣年斯代治初援，明美溝國(guó)線大勉部秋分必投塑向源了掌高舌科堆