产能过剩与货币流通速度:马克思主义政治经济学视角的分析

Excess Production Capacity and Velocity of Money:An Analysis from the View of Marxist Political Economy

产能过剩导致商品在流通过程中的停滞是影响货币流通速度的重要因素。实体经济内出现大规模的产能过剩现象,使资本周转过程中的流通时间延长,货币资本收回速度相应减慢。同时,在产能过剩情况下,产业结构调整带来投资结构的变化,作为经济“短板”的基础设施行业投资比例大幅提高,而基础部门投资规模大、投资周期长的特点客观上使货币流通速度下降。产能过剩使货币供给大量雍塞在流通渠道,形成吸收货币的“黑洞”,造成货币供应紧张。因此,在我国货币政策的实施中,需要更多关注产能过剩对经济结构性调整的影响,防范产能过剩对货币流通速度形成的干扰。

Excess production capacity leads to the stagnation of commodity in the process of circulation, which is an important factor affecting money circulation. velocity of money. Large-scale excess capacity in the real economy has caused the circulation time in the capital turnover process to prolong, and the return rate of money capital has slowed down accordingly. At the same time,in the case of excess production capacity, industrial restructuring has brought about changes in the investment structure, and the proportion of investment in the infrastructure industry has increased substantially. The large-scale investment in the basic sector and the long investment cycle objectively reduce the velocity of money circulation. Excess production capacity has caused a large amount of money supply to be congested in circulation channels, forming a“black hole”to ab sorb money, resulting in tight money supply. Therefore,in China's monetary policy, more attention needs to be paid to the impact of excess product capacity on the structural adjustment of the economy, and to prevent the interference of large-scale excess capacity on the velocity of money.