金融化进程中的资本主义经济运行透视

发布时间：2018-01-12 14:27

本文关键词：金融化进程中的资本主义经济运行透视　出处：《西南财经大学》2013年博士论文　论文类型：学位论文

【摘要】：金融化为国际理论界用来描述当代资本主义发展的新特征,它与全球化、新自由主义共同刻画了三十多年来世界资本主义发生的深刻变化。“全球化、新自由主义、金融化三者中,金融化是主导力量,全球化与新自由主义的本质是金融化的垄断资本在全球的扩张。”可见,金融化与资本主义国内、国际层面的经济活动都有重要联系。它是透视当代资本主义经济运行,包括利润的获取与分配、资本积累活动以及生产总过程的关键点。2007年次贷危机和2009年欧洲主权债务危机爆发之后,很多经济学家在分析危机原因的时候都提到了金融化。因而金融化作为一个现实经济问题,再次备为关注。学术界研究了金融化的定义方式、产生的背景及驱动力、重要表现与特征,也探讨过金融化对经济运行的影响、金融化与金融危机的关系,认为：金融化的主要表现有,金融部门的膨胀、金融部门利润份额的提高、股东价值导向的公司治理、债务规模的扩大；金融化提升了金融部门的地位,拉大了收入分配的差距,金融的自由化导致了金融脆弱性进而产生金融危机。同时,在金融化的一些问题上学术界也存在分歧：如何界定一个金融化的概念,可以全面概括金融化的表现：关于金融化的驱动力也是见仁见智：19世纪末到20世纪前叶的金融资本统治时期与金融化时期,资本主义经济运行的差别与联系。本文在金融化的时代背景下,运用马克思主义的分析框架,结合理论、经验、历史等多角度的分析,从一个更深的层次对资本主义经济运行进行考察,透视了金融化进程中的资本主义经济运行的新特征,并且指出金融化是资本主义生产关系下经济运行的必然趋势,它加剧了资本主义经济运行的脆弱性,激化了资本主义的基本矛盾,从而加速经济危机的到来。本文首先在梳理和总结“金融化”相关研究成果的基础上,把“金融化”定义为一种新的资本积累模式的形成,在这个模式中金融处于主导地位,集中表现为资本积累的方式越来越通过金融渠道,以及金融资本积累的独立化倾向。随后,从生产力与生产关系的范畴阐述了金融化的根源。生产力决定的社会分工发展产生了金融部门,其中的金融资本运动方式迎合了价值增殖的动机。驱动金融化的根源还在于资本主义生产关系的特殊性：一方面,资本主义生产关系与价值增殖的悖论致使资本积累越来越依赖于金融渠道；另一方面,金融化是解决资本主义分配关系下需求不足的选择。剩余价值的获取始终是资本主义生产方式的唯一动机与目的,表现为不断地追逐利润和进行资本积累。因而当实体部门经济利润下降之时,资本从生产性部门转移到金融部门。在这里遗留了个问题,那就是金融部门能否满足资本对利润攫取的欲望。紧接着,本文对金融利润与平均利润的关系进行了探讨,目的是为了说明金融利润的来源与金融超额利润的形成；本文从资本功能的维度对金融利润的四种主要形式进行分析,得出金融部门的创业利润与投机利润,是金融部门可能保持超额利润的重要原因。实证研究表明：20世纪80年代之前,金融利润也受平均利润的调节,从而两者有大致相同的走势；在金融化进程中,金融部门参与利润分配的份额明显提高,在总体上,金融部门的利润率已经超过了平均利润率。在金融化进程中,金融部门利润率的提高,金融利润在总利润中分配份额的提升,表明了资本总利润的分配倾向于金融部门或者金融资本。这种趋势对资本主义的社会积累结构产生了重要影响。通过对金融化与新自由主义关系的探讨,我们发现新自由主义与金融化的融合,是新自由主义积累结构最具根本性的特征,因为它具有强烈的金融主导性,一种金融主导的资本积累模式逐渐形成。然后,本文通过对金融资本积累与现实积累的划分,考察了金融主导的资本积累模式的运行机制。从理论上来讲,金融资本积累与现实积累可持的条件不同,但金融利润的源泉是实体部门创造的剩余价值,因而现实积累是金融资本积累的重要前提条件。同时,金融资本积累通过流通效应、投资效应、财富效应可转化为现实积累。从金融化进程中的实际经济运行来看,金融主导的资本积累模式其运行机制的要害之处是金融资本积累越来越具有独立化的倾向,从内容到形式都开始脱离于现实积累。这从两个方面得以说明：一方面,金融主导的资本积累模式所具有的掠夺性,使利润攫取从对剩余价值的分割扩展到对资本、工资、税收的剥夺。另一方面,金融资本积累的索取权和所有权证书,在不通过任何生产过程,就可进行交易并获得利润,这迎合了资本最拜物教的本质。金融资本积累的独立化倾向,也是金融化时期与列宁所说的金融资本统治时期最重要的区别。关于金融主导的资本积累模式对实体部门积累率的影响，，本文以美国的经济数据为经验分析对象,发现金融化进程中实体部门的利润率与积累率未能同步增长。相反,积累率降低了,这主要因为是企业被金融部门取走的利润份额在逐渐增多,造成可用于现实积累的利润不足。资本主义经济运行以资本积累为中心,金融化扩散到生产总过程的各个环节,包括生产、分配、交换、消费。在生产方面,体现在金融资本通过资产拆卖、与房地产的共生等方式对产业资本进行洗劫,从经验上来看,金融资本的发展未能沿着马克思的预言而从属于产业资本的发展；在分配方面，金融所有权改变了劳资力量对比,造成的分配效应加剧了收入分配与财富积累的不平等性；在交换方面,金融改变了传统的商品交换模式，推动了交换的历史作用,但也加剧了交换价值实现的矛盾：从消费方面来看：金融化试图解决消费不足的努力,却使消费陷入更深的矛盾中,“透支”经济运行方式加剧了金融的脆弱性。综合本文对金融化进程中资本主义经济运行的透视,金融化加剧的金融脆弱性、金融化积累模式内在的悖论性、金融化积累模式的剥夺性,激化了资本主义的基本矛盾,使当代资本主义经济运行的矛盾增多,因而金融化走向危机将不可避免。金融化走向危机的逻辑,对我国社会主义市场经济建设中的转变发展方式具有重要的启示意义：要协调发展金融、房地产与实体经济；主要通过自主创新来夯实实体经济的发展；还要提高劳动收入分配缩小收入差距；最后要以共同富裕作为改革发展的方向和目标。通过这些措施以避免转变发展方式进入金融化的经济运行模式,实现社会主义市场经济的稳步前进。本文可能的创新主要是以下几点： (1)考察资本主义经济运行的过程,就是考察资本主义的生产总过程。目前对金融化进程中资本主义经济运行的探讨,要么是从货币运行的方面、生产资源配置方面、经济增长等方面着手,要么是单独分析生产总过程的某个环节,而鲜有从生产总过程的生产、分配、交换、消费四个环节进行系统性的阐述。本文试图运用马克思主义的基本原理,从生产、分配、交换、消费四个环节来考察金融化与生产总过程的关系,以期加深理解金融化进程中资本主义经济运行的新特点。 (2)以马克思主义为根本方法,运用生产力和生产关系的范畴,力图对金融化产生的根源做出马克思主义解读。在目前研究金融化的文献中,主流经济学家从金融工具创新、经济发展、生产力等角度分析过金融化的原因；大多数马克思主义的学者,从金融势力上升、经济停滞等一些视角研究过金融化产生的原因,但最多分析到利润率下降这一层面,就止步不前了。而从生产力和生产关系的视角研究金融化的根源,是鲜见的理论框架。因此,以生产力和生产关系的范畴来透视金融化的根源,是本文的一大特点。 (3)在研究金融部门利润的文献中,关注在垄断产生金融高额利润的较多,很少有从金融利润与平均利润的关系入手。本文在借鉴希法亭分析银行利润思路的基础之上,基于资本功能的维度,把金融资本分工为货币经营资本、借贷资本、金融部门的创业资本、金融投机资本,并分别论述各类资本利润与平均利润的关系,从而探讨了金融部门高额利润的原因。以此方法来分析金融利润,是本文的又一特点。 (4)通过考察现实积累与金融资本积累可持续的条件,本文对金融资本积累转化为现实积累的机制进行了尝试性的分析。在目前的文献研究中只注意到金融资本积累的虚拟性和掠夺性,而未深入研究金融资本积累通过一些方式、途径转换为现实积累的机制。因此,本文通过一些机制效应的分析,力图建立起金融资本积累与现实积累的另一层联系,并在此抛砖引玉,以期学术界有更深入的相关研究。
[Abstract]:As a new feature of international financial theory is used to describe the development of contemporary capitalism, with globalization, profound changes of new liberalism describe thirty years of world capitalism occur. "Globalization, new liberalism, financial three, finance is the dominant force, the essence of globalization and the new liberalism is the financial the global expansion of the monopoly capital. Thus, financial capitalism and domestic, international level of economic activity are important. It is a perspective of contemporary capitalist economic operation, including the acquisition and distribution of profits, capital accumulation and total production process is the key point of.2007 in the subprime mortgage crisis and the European sovereign debt crisis in 2009 the outbreak, many economists are mentioned in the financial analysis of the causes of the crisis. So the gold melted as a real economy problem, again for attention.
The academic study of the financial definitions, the background and the important driving force, performance and characteristics, also discussed the effect of Finance on economic operation, that relationship, financial and financial crises: mainly financialization, expansion of the financial sector, the financial sector profits share increase, the company the governance of shareholder value oriented, expand the scale of debt; financial department to enhance the financial position, widening the gap in income distribution, financial liberalization leads to financial fragility and financial crisis. At the same time, some problems in the academic circles on the financial differences also exist: how to define a financial integration the concept, which can generalize financial performance: a driving force of the financial and Different people, different views.: at the end of the nineteenth Century to twentieth Century during the reign of the leaves of financial capital and financial period, the capitalist economy Differences and connections.
Based on the financial background, analysis framework, the application of Marx's theory, experience, analysis of historical perspective, from the perspective of the capitalist economy to a deeper level, the new characteristics of capitalist economic perspective in the process of financial operation, and points out that finance is the inevitable trend of economic operation under the capitalist production relationship, which exacerbated the vulnerability of capitalist economy, the intensification of the basic contradictions of capitalism, thus speeding up the economic crisis.
This paper first summarizes the "financial" related research results in combing and on the "financial" is defined as the formation of a new mode of capital accumulation, in this mode of finance is in the leading position, focus on the performance of capital accumulation is more and more through financial channels and financial capital accumulation independent trend subsequently, the financial source was discussed from the productive forces and production relations. The category of the social division of labor productivity determines the financial sector development, financial capital movements which cater to the value motivation. The root drive financial lies in the particularity of capitalist production relations: on the one hand, the paradox of capitalist relations of production and value the proliferation of the accumulation of capital is increasingly dependent on financial channels; on the other hand, finance is to solve the insufficient demand of capitalist distribution relationship the choice. The acquisition of surplus value is always the only motive and purpose of the capitalist mode of production. It represents continuous pursuit of profits and capital accumulation. Therefore, when the real sector's economic profits fall, capital is transferred from the productive sector to the financial sector.
Here left a question, that the financial sector can meet the capital of profit grab desire. Then, this paper studies the relationship between financial profit and average profit are discussed, the purpose is to illustrate the formation of financial profits and financial excess profits; this paper analysis from the dimensions of capital function of the four main forms of financial profit, profit and profit that entrepreneurial speculation in the financial sector, is an important reason for the financial sector may keep excess profit. The empirical research shows that: before 1980s, the regulation of financial profit is also affected by the average profit, which both have roughly the same trend; in the financial process, the financial sector's share in the distribution of profits increased significantly in general, the financial sector, the profit rate has exceeded the average rate of profit.
In the financial process, the financial sector to improve profit margins, the share of financial profit total profit in the promotion, shows that the total profit distribution tendency of capital in the financial sector or financial capital. This trend of social capitalism accumulation structure has an important influence. Through the study on the relationship between finance and new liberalism and we found that the fusion of new liberalism and financial integration, is a feature of the new liberalism accumulation structure is the most fundamental, because it has a strong financial dominant, dominant financial capital accumulation mode gradually formed. Then, based on the financial capital accumulation division and realistic accumulation, investigates the operating mechanism of the financial the dominant mode of capital accumulation. In theory, financial capital accumulation and accumulation of reality can be held by different conditions, but the financial source of profits is the surplus real sector creation Therefore, accumulation of real capital is an important prerequisite for the accumulation of financial capital. Meanwhile, accumulation of financial capital can be transformed into real accumulation through circulation effect, investment effect and wealth effect.
From the financial operation of the real economy in the process, the key points of financial leading mode of capital accumulation and its operating mechanism is the tendency of financial capital accumulation has more and more independent of the form of content to start breaking away from reality. This can be explained from the accumulation of two aspects: on the one hand, the dominant financial capital accumulation predatory pattern has, the profit is extended from grab of surplus value to capital wage, segmentation, tax deprivation. On the other hand, the financial capital accumulation of the claim and the certificate of ownership, not through any production process, can trade and profit, which caters to the essence of capital fetishism. The tendency of financial capital accumulation, the most important difference is the period of financial and financial capital Lenin's reign. On the financial dominant mode of capital accumulation accumulation rate on the real sector The influence of the U.S. economic data for the empirical analysis object, found the real sector in the process of financial profit rate and accumulation rate is not synchronized growth. On the contrary, the accumulation rate is reduced, this is mainly because the enterprise is taken in the financial sector share profit increased gradually, which can be used for the actual accumulation of profit is insufficient.
Capitalist economy to finance capital accumulation as the center, spread to all sectors, the total production process including production, distribution, exchange and consumption. In the aspect of production, reflected in the financial capital through asset stripping, real estate and other ways of industrial symbiosis looted from capital, experience, development to the financial capital the prophecy of Marx from the development of the industrial capital; financial ownership change in distribution, labor forces, the distribution effect caused by increasing the distribution of income and wealth accumulation are unequal; in exchange, financial changes the traditional commodity exchange mode, promote the historical role of exchange, but also exacerbated to realize the value of exchange contradiction: from the perspective of financial consumption: trying to solve the insufficient consumption to make consumption contradiction is deeper, "through" economic operation The way the frailty of finance is exacerbated.
The comprehensive financial perspective of capitalist economy in the process of financial fragility, financial intensification, financial accumulation paradox inherent mode, financial accumulation pattern of deprivation, the intensification of the basic contradiction of capitalism. The contradiction of capitalism economy increase, so gold melting will be inevitable. The financial crisis to to the crisis of the logic, has important significance for China's construction of socialist market economy in the transformation of the mode of development: to coordinate the development of finance, real estate and real economy; mainly through self innovation to reinforce the development of the real economy; improve the labor income distribution to narrow the income gap; finally to common prosperity as the goal and direction the reform and development. Through these measures to avoid the economic operation mode, change the mode of development into financial, to achieve socialist City Economic progress.
The main innovation of this article is the following points:
(1) to study the process of capitalist economy, is the study of capitalist production process. The total of financial capitalism in the process of economic operation, either from the monetary operation, production resources, economic growth and so on, either a separate analysis of a part of the total production process, but not from the the total process of production, distribution, exchange, consumption of a systematic exposition of the four links. This paper tries to use Marx's basic principle, from the production, distribution, exchange, consumption four links to test the relationship between police and the general process of production of gold melt to deepen understanding, new characteristics of capitalist economy financialization in.
(2) the basic method and the Marx doctrine, the use of productive forces and production relations, trying to make Marx's interpretation of the cause of the financial produce. In the present study the financial literature, mainstream economists from financial tool innovation, economic development, productivity analysis of financial reasons; most scholars of the Marx doctrine rise from the financial, power, economic stagnation and some perspective on finance of causes, but the most analysis to the falling rate of profit at this level, stops. From the productive forces and production relations of the financial perspective of the root, is the theoretical framework is rare. Therefore, the productive forces and production relations the category of the source of the financial perspective, is a major feature of this paper.
(3) in the study of financial sector profits in the literature, focused on generating high profits in the financial monopoly is more, there is very little from the relationship between financial profits and average profit. Based on the analysis of the above ideas Hilferding bank profits, capital function based on the dimensions of the financial capital, Division of monetary business capital and loan capital. The financial sector financial venture capital, venture capital, and discusses the relationship between the various types of capital profit and average profit, so as to explore the causes of the financial sector profits. This approach to the analysis of financial profit, is another feature of this paper.
(4) the accumulation of sustainable conditions through the investigation of real and financial capital accumulation, the accumulation mechanism into reality on the accumulation of financial capital to make a tentative analysis. Virtual and predatory in literature in the present only pay attention to financial capital accumulation, without in-depth study of financial capital accumulation by some way, mechanism way into practical accumulation. Therefore, this article analyzes some mechanism effect, trying to establish the financial capital accumulation of another layer of contact with the real accumulation, and then, in order to academia has more in-depth research.

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F830;F03

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