【作者】 肖斌；

【导师】 赵磊；

【作者基本信息】 西南财经大学 ， 政治经济学， 2013， 博士

【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。更多还原

【Abstract】 Financialization is used to describe the new features of development of contemporary capitalism. It shows the changes of world capitalism more than30years together with globalization and neoliberalism."Among the globalization, neoliberalism and financialization. the dominant power is financialization, and the other two is essentially the financial monopoly capital expands in the global." It can be learnt that, financialization has important connections with both domestic and international economic activities of capitalism. It’s key point to study process of contemporary capitalism economic operation, including acquisition and distribution of profits, capital accumulation, as well as the whole process of capitalism production. After outbreaking of the Subprime Crisis in2007and European Sovereign Debit Crises in2009, many mainstream economists and Marxist economists mentioned financialization when analyze causes. Therefore, fanancialization is focused as an economic problem again.Academia has researched the fanancialization, including the definition, background and driving force, important performance, also discussed the influence of economic operation, relationship between financialization and financial crisis. The main performance of fanancialization:is expansion of financial sector, increase of the financial profit share, shareholder value orientation of governance model, and the expansion of debit. Fanancialization prompted the position of financial department, enlarged the income distribution gap. And financial liberalization leads to financial fragility, even the financial crises. Meanwhile, they are divided on some problems, for example how to define a concept of financialization, which can fully summarize financial performance; the driving force of financialization:research about differences and relations of financial monopoly capital era and financialization era.This article bases on background of financial, using analysis framework of Marxism, combines views with theory, experience, and history, from a deeper level to study capitalist economy operation, points out the financialization is an inevitable trend of capitalist economic operation under the capitalist production relations. Financialization intensifies the vulnerability of capitalist economy. That intensifies the basic contradiction of capitalism and accelerates arrival of economic crisis.Firstly, we summarizes the Financialization based on relevant research achievements, define Financialization as formation of a new mode of capital accumulation, finance is leading position in this model, focus on the pathway of the capital accumulation is more and more through financial channels, and the independent tendency of finance capital accumulation. Then, from the views of productivity and production relations, elaborates the root of financialization. The development of social division of labor which decided by productivity produced the financial sector, but fundamentally, the reason of driving financialization is capitalist production relations; one hand, paradox of capitalist production relations and value proliferation let the capital accumulation relys on financial channel more and more; On the other hand, financialization is the choice for solving the shortage of demand under the capitalist production relations.Acquisition of surplus value always is the only motive and purpose of capitalist production, performance for chasing profit and capital accumulation constantly. When real sector economy profits fall down, capital moves from production department to financial sector. Whether the financial sector can meet capital grab desire for profits, is a question. For the purpose to answering the question and explaining the source of financial profit, we discuss the relationship between the financial profits and the average profit. We analyze four main forms of financial profit from the dimensions of capital function. Concluding that gains financial promoter profit and speculative profit, is the important reason for financial sector keeping excess profit. Empirical studies show that until the1980’s, financial profit also adjusted by the average profit, thus they roughly have the same trends; in process of financialization, the share of financial sector participation in profit distribution obviously increases. On the whole, the rate of financial profit has exceeded the rate of profit.In the process of financialization, the increasing of profit rates of financial department, and financial profit allocation share in the gross profit, indicates that the capital allocation of total profits moves towards finance department or finance capital. This tendency has important influences on The Social Structure of Accumulation (SSA). According to discuss on relation of financialization and neoliberalism, the fusion of neoliberalism and financialization is the most fundamental characteristics of neoliberalism accumulation structure, because it has strong financial dominance, and formed a finance-dominated capital accumulation model gradually. Then, this paper studies internal operation mechanism and influence of the finance-dominated capital accumulation model. According to separating the finance capital accumulation and actual capital accumulation, we examine the operating mechanism of finance-dominated capital accumulation model. In the theory, finance capital accumulation and actual capital accumulation haves different conditions. But the source of financial profit is the surplus value that created by real sector, so the actual capital accumulation is an important precondition of the finance capital accumulation. At the same time, finance capital accumulation can converted into actual capital accumulation through circulation effect, investment effect and wealth effect.From the point of actual economic operation in the process of financialization. finance capital accumulation is tendency to independent more and more is the key point of the operation mechanism of finance-dominated accumulation model. One hand, finance-dominated accumulation model of predatory, extends grab profit from division of surplus value to deprivation of capital, wages, and taxes. On the other hand, claims and ownership certificate of finance capital accumulation can get transaction profit not through any production process, which meet the capital’s fetishism nature. This also is the most important difference between period of financialization and finance capital rule mentioned by Lenin. About influence of financed-dominated accumulation model to real sector accumulation, basing on US economic data, we find in the process of financialization, rate of profit and accumulation rates of real sector are failed to synchronous growth. On the contrary, the accumulation rate of real sector is reduced, that is mainly because the enterprise profits share is gradually increased, caused lack of accumulated profits which can be used in reality real sector.The capitalist economic operation centered on capital accumulation, financialization permeates to each link of the whole process of capitalism production, including the production, distribution, exchange and consumption. On the production side, the finance capital rapes industry capital through asset break-up, symbiosis with real estate capital; from empirical point of view, the finance capital doesn’t develop to the Marx’s prediction, but subordinate to the development of industrial capital. About the side of distribution, financial ownership weakens the labor force, intensifies the unequal income distribution and the accumulation of wealth inequality. In the exchange side, financialization changed the traditional mode of Commodity Exchange, promotes the historical role of exchange, also intensifies the conflict of realization of exchange value.And the consumption side, financialization tries to solve the insufficient consumption, just pushs consumption to the depper contradictions, the "overdraft" economy operation intensifies financial fragility also.Studying on the capitalist economic operation in the process of financialization in this paper, we know that financial. fragility intensified by financialization, inherent paradox of the finance-dominated accumulation model, and deprive of the finance-dominated accumulation model, intensifies the basic contradictions of capitalism. Also we know the financialization moving towards to crisis is inevitable. The logic of financialization moves towards the economic crisis, will have important implications on the economic construction to socialist market of our country:coordinating development of finance, real estate and real economy; strengthening the development of real economy through independent innovation; improving labor income distribution to narrow income gap; finally, making common prosperity as directions and objectives of reform and development. Through these measures to avoid the transformation mode of development into the financialization, realize steady progress of socialist market economy.The possible innovations of this paper are mainly the following points:(1) Study on the process of capitalist economic operation, is on the whole process of capitalism production. Now the researchs on capitalist economic operation in the process of financialization, few from the whole production process of production, distribution, exchange, consumption to do systematic explanation. Our paper tries to use basic principles of Marxism, examine financialization relationship with the total process from production, distribution, exchange and consumption, in order to deepen understanding of new features of capitalist economy in the process of financialization.(2) The basic method is Marxism. We use the category of productivity and production relations to make clear to the root of financialization. At present, most research literatures about financialization stopped at level of analysis about the rate of profit to fall. Researching the root of financialization from productivity and production relations is rare. Therefore, basing on the the category of productivity and production relations to research the root of financialization, is one characteristic of this article.(3) In the study of the financial sector profit in the literature, the more attention in the cause of monopoly, few from the relations of financial profit and average profit. Basing on the Hilferding’s analysis of bank profit, we divide finance capital to monetary capital, loan capital, venture capital, the financial sector’s speculative capital, from the function of capital dimensions. And we discuss the relations between finance capital profit and average profit also, thus to analyse the causes of financial sector’s excess profit.(4) Throughing research on the sustainable conditions of accumulation of the finance capital accumulation and actual capital, tentatively analysing the mechanism about finance capital accumulation transforming into actual capital accumulation. In the current literature studies only pay attention to the virtuality and predatoriness of the finance capital accumulation, but not observed in finance capital accumulation by converting some ways for actual capital. Therefore, through the analysis of some mechanism effect, this paper, trying to establish relationship between finance capital and the actual capital in another layer, and expecting academics have a more in-depth research in it.更多还原