数字智能经济时代要求人们重新认识金融体系的本质与动态运行机制。本文批
判“货币本质上是债务工具”的传统理论前提，提出金融体系量子理论（FQT）新范式：将
货币等金融工具刻画为债权（实部 D）与股权（虚部 E）叠加态的价值基准 M = D + E·i，
将金融资本的价值测量建模为依赖于基矢的投影操作，构建金融体系的量子纠缠与演化模
型，并以美联储货币政策和金融数据进行实证辨析。该体系框架以更简洁的方式揭示了金
融体系的本质特征，解释了量化宽松后的资金波动分化与“通胀消失之谜”、股权溢价之谜
以及金融不稳定的形成机制。由于此理论模型处于新体系构建的开辟阶段，实证辨析主要
基于美国金融数据，有待更多经济体数据和更微观机制的检验。研究证明货币的本质是债
权与股权叠加态的价值基准，金融体系具有类量子系统的演化性质，FQT 新范式对央行数
字货币和智能体互联网的基础科研具有启示意义。
Abstract
To re-examine the nature and dynamic operating mechanisms of the financial
systems in the era of the digital intelligent economy, this paper challenges the conventional
theoretical premise that money is essentially a debt instrument. This paper proposes a new
paradigm, Financial Quantum Theory (FQT): financial instruments, including money, are
characterized as a value benchmark in a superposition of a debt component (real part D) and an
equity component (imaginary part E), expressed as M = D + E·i. The value measurement of
financial capital is modeled as a basis-dependent projection operation, quantum entanglement and
evolution models of the financial system are constructed, and an empirical analysis is conducted
based on the US Federal Reserve's monetary policy and financial data.The framework explains, in
a more concise manner, the divergence of fund flows after quantitative easing and the “missing
inflation” puzzle, the equity premium puzzle, and the formation mechanism of financial instability. The theoretical model is still at a starting stage of formalization, and the empirical analysis is
mainly based on US financial data, awaiting verification with data from more economies and
finer-grained mechanisms. This research work proofs that “Money” is essentially a value
benchmark in a debt-equity superposition state, and the financial system exhibits quantum-like
evolutionary properties, offering implications for fundamental research on central bank digital
currencies and the Internet of Agents.
关键词
金融体系/货币本质/量子信息/价值基准
Key words
financial system/ nature of money/ quantum information/value benchmark
