日本泡沫经济崩溃的必然性分析以及对中国的启示

从虚拟经济（主要是股票市场）与实体经济的关系角度来分析导致日本泡沫经济崩溃的最根本原因在于经济的基本层面：日本的生产率低下，并且长期没有提高，从而实体经济缺乏发展空间，无法填充虚拟经济中产生的泡沫。而从微观和宏观两方面分析，导致日本生产率低下的原因则是缺乏市场竞争的经济体制。日本泡沫经济崩溃的必然性给予了当今中国的股票市场许多教训。

An Analysis of the Inevitability of the Collapse of Japan's Foam Economy and the Lesson to be Learnt

Analyzed from the angle of the relationship between virtual economy(stock market chiefly) and entity economy, the ultimate causes that led to the collapse of Japan's foam economy are found at the basic levels of the economy of the country, such as its long-term low productivity that led to the lack of space for the development of entity economy and hence the impossibility for the foam created in the virtual economy to be filled up. Considered at both the macro and micro levels, the causes that led to Japan's low productivity are the lack of market competition and effective economic system. Important lessons could be drawn for China' s stock market from the inevitability of the collapse of Japan's foam economy.