党的二十大报告指出，坚持把发展经济的着力点放在实体经济上。在我国实体经济下行压力严峻、虚拟经济膨胀势头明显的背景下，研究经济虚拟化问题有重要的理论和现实意义。本文紧扣虚拟资本增殖方式的独特性，拓展马克思的资本循环理论，深入探究我国实体—虚拟关系的历史特征、成因与结构变化趋势。理论层面，提出了包含虚拟资本的资本循环分析框架。基于此，揭示了虚拟资本的来源与虚拟经济服务实体经济的本源，分析了生产资料、消费资料和虚拟资本之间的互动，主要包括两大部类再生产的不平衡等问题如何导致更多虚拟资本的衍生，虚拟资本的回流对两大部类再生产在总量上的促进作用和在结构上的调节作用，虚拟资本的自我膨胀趋势对两大部类再生产在总量上的挤出效应和在结构上的扭曲效应。结合杠杆、投机、垄断等机制，进一步考察了经济虚拟化问题的利润率（资本回报率）部类分布特征。方法层面，构建了实体—虚拟部类表，测算了虚拟经济比率、虚拟资本自我膨胀率、虚拟经济服务实体部类比等结构指标和虚拟经济乘数效应等关联指标，对比说明了虚拟化与货币化和金融化的量化差异、本文指标体系量化虚拟化问题的可行性及其在分析实体—虚拟经济发展的长期与结构性规律上的优势。经验层面，通过与美国、日本和韩国比较，发现当前我国不存在以虚拟经济过度深化为典型特征的虚拟化问题，指标变动长期趋势也不符合虚拟化的理论预期，但是虚拟经济的扩张速度较快、扩张时间点参照工业化阶段较早、服务实体经济能力较弱、超额资本回报率长期较高等是实体—虚拟经济发展中的突出结构性矛盾，需要“引虚向实”支持经济高质量发展。同时，在服务实体经济的效率视角下检验了虚拟经济扩张与深化的净贡献，结果表明虚拟经济适度发展可以促进宏观效率提升，而2010 年以来虚拟资本空转问题严峻导致宏观效率受损。本文的主要创新如下：第一，引入虚拟资本，拓展了马克思的资本循环理论，明晰了虚拟资本与生产资料部类、消费资料部类及两大部类再生产的关系，有机统一了实体经济结构性失衡与虚拟化的分析框架。第二，基于理论框架，提供了量化实体—虚拟经济发展的新思路，构建了实体—虚拟部类表与指标体系。第三，运用指标体系，分析了我国面临的经济虚拟化风险及其影响机制，在总量、结构、效率三个层次上检验了我国虚拟经济服务实体经济的贡献程度。

The report to the 20th CPC National Congress emphasizes the importance of focusing on the real economy in pursuing economic growth. As China's real economy faces significant downward pressure, the fictitious economy shows an evident inflation trend, and structural contradictions such as "transforming the economy from real to fictitious" are increasingly prominent, it is of great theoretical and practical significance to study the issue of economic fictionalization. This paper closely examines the multiplication mode of fictitious capital, and extends Marx's theory of capital circulation to deeply explore the historical characteristics, causes, and trends in structural changes of the Real-Fictitious economy relationship in China.At the theoretical level, this paper proposes an analytical framework for the capital circulation of the three major Sectors involving fictitious capital, and investigates the interactions among means of production, means of consumption and fictitious capital. On this basis, the paper reveals the origin of fictitious capital and the essence of how the fictitious economy serves the real economy, further analyzing the impact of the reproduction of the two major Sectors on the derivation of fictitious capital, the volume promotion and structural adjustment of the reproduction of the two major Sectors by the reflux of fictitious capital, the crowding out and structural distortion of the reproduction of the two major Sectors by the self-inflation of fictitious capital, as well as the profit rate (capital return rate) determination mechanism for economic fictionalization issues.At the methodological level, a Real-Fictitious three-Sector model is created in the paper, and structural indicators such as the fictitious economy ratio, the self-inflation rate of fictitious capital, the ratio of real-economy Sectors served by fictitious capital and related indicators such as the fictitious economy multiplier effect are measured. Through comparison, the paper illustrates the feasibility of the indicator system and its advantages in analyzing the long-term and structural laws of the development of the real-fictitious economy.At the empirical level, through comparisons with the United States, Japan, and South Korea, the paper suggests that China's economy currently does not exhibit the typical characteristics of over-deepening of the fictitious economy. The long-term trend of indicator changes also does not meet the theoretical expectation of economic fictionalization. However, the rapid expansion of the fictitious economy, earlier referencing time point to the industrialization stage, the weaker capability of the fictitious economy in serving the real economy, and the persistently high excess profit rate of fictitious capital are among the prominent structural contradictions in the development of the real-fictitious economy. It is necessary to "steer the economy from fictitious to real" to promote high-quality economic development. This paper also tests the net contribution of the expansion and deepening of the fictitious economy from the perspective of efficiency in serving the real economy. The results indicate that the moderate development of the fictitious economy can promote macro-efficiency, but the severe problem of funds circulating within the financial Sector without entering the real economy since 2010 has resulted in damage to macro-efficiency.The main innovations of this paper are as follows: First, by introducing fictitious capital, it extends Marx's theory of capital circulation, clarifies the relationship between fictitious capital and the Sectors of means of production and means of consumption, and the relationship between fictitious capital and the reproduction of these two major Sectors, and organically unifies the analytical framework of the structural imbalance of the real economy and economic fictionalization. Second, based on the theoretical framework, it provides a new way of quantifying the development of the real-fictitious economy, constructing a Real-Fictitious three-Sector model and an indicator system. Third, using the indicator system, it addresses the question whether there is an issue of economic fictionalization in China, and assesses the contribution degree of China's fictitious economy to the real economy at the levels of total volume, structure, and efficiency.