普通商品金融化的形成逻辑

On the Logic of Goods Financialization

普通商品金融化形成的基本背景是社会资本充裕与金融市场不发达之间存在矛盾,资金所有者由金融市场转向商品市场进行投机或者投资。归纳来看,商品金融化的总体形成逻辑是:流通领域中流通成本的规模效应特性使得流通环节资本集聚,经销商议价权力增加,商品价格升高,形成了商品金融化的基础;以此为基础,商品的文化价值等难以准确定价的价值越多,该商品就越具有金融化的潜力,而不发达的金融市场中民间富余资金可以助推这一潜力的实现;投资该类商品套期保值和抵御通货膨胀的资产配置需求和商品价格上涨预期所引发的投资和投机需求共同推动了普通商品价格的上涨,而价格上涨和交易量的提升又增强了该类商品的流动性,进而提升了该类商品的金融属性和套保投资投机的价值,形成了正反馈下的商品金融化进程。

The financialization of goods tends to happen when there is abundant social capital in an underdeveloped financial market.Under this background,some owners of capital would invest or speculate in the goods market instead of the financial market.The logic of goods financialization can be described as the following:The scale effect of the cost of circulation causes the agglomeration of capital in the circulation sector.This would lead to the increase of dealers’bargaining power as well as the prices of goods.On this basis,the more available such value as cultural value of goods that is difficult to be accurately priced become,the more possibly the financialization of this goods will happen.In an underdeveloped financial market,the surplus of capital from private sector can also prompt the occurrence of such financialization.The demand of asset allocation for the purpose of value preservation or preventing value from losing in inflation by investing certain goods and the demand for investment and speculation in anticipating the rise of goods prices may cause the actual rise of its prices.The rise of goods price and the increase of trade may accelerate the flow of goods,and,consequently,this will lead to more speculation and bigger chance of financializing this goods.