摘要：Money into the stock market is to support the proposition that the real economy has spread over many leaders and the media,on the conditional proposition under the guidance of the monetary funds into the stock market has brought an unprecedented prosperity of stock market in great quantities,however,due to its established proposition is conditional,such as credit funds into the stock market,however,the spread of the proposition of the condition of not emphasize its cause of the current stock market boom collapsed,has adverse effect on the healthy development of the real economy.Therefore, support the development of the stock market is to support the development of the real economy has been the focus of academics and policy makers to discuss..After building the monetary circulation model based on stock market and real economy,we analysis the promoting mechanism of funds getting into the stock market to the real economy from the equity financing,stock investment,securitization,wealth effect,balance sheet and service output,and the hindering mechanism from “stock market bubble”and “funds diverted”. After establishing equation according to the flow of money circulation model,we can know that the funds getting into the stock issue market can maintain the monetary system of circular economy balance to promote the development of the real economy and the prerequisite of funds getting into the secondary stock market support entity economic development is the ratio of the money occupied by the stock market and the real economy match the proportion of the size.%资金进入股市就是支持实体经济的命题曾传播于众多领导及媒体之上，在这个有条件的命题指引下，货币资金大量进入股市带来了股市的空前繁荣，然而，由于其命题成立是有条件的，诸如信贷资金不流入股市，然而，在不强调其条件的命题的传播造成当前股市的暴涨暴跌，反而反作用于实体经济的健康发展。因此，支持股市发展是否就是支持实体经济的发展已经是学术界和政策制定者讨论的焦点。通过建立股市与实体经济关联的货币循环流模型，分别从股权融资、股票投资、证券化、财富效应、资产负债表以及服务产出六种渠道分析资金进入股市对实体经济的促进作用机制，从“股市泡沫”和“资金挤占”分析资金进入股市阻碍实体经济发展的机制。根据货币循环流模型建立货币循环流平衡方程，分析得出资金进入一级股票发行市场能够维持经济体系货币循环平衡促进实体经济发展，资金进入二级股票交易市场支持实体经济发展的前提条件是流入股市的资金与实体经济资金的比例 C t 和两者规模的比例βt相匹配。
