马克思的资本市场理论及其现实意义

Marx's Capital Market Theory and its Realistic Meaning

马克思的资本市场理论是马克思主义经济学中不可或缺的组成部分。马克思认为,收入资本化机制是生息资本转化为虚拟资本的关键机制;证券交易所有着传递利率信号、推进资本集中、加剧投机交易和倒置因果关系等作用;股份公司既是市场竞争的产物,也是信用机制的产物,有着推进生产力发展、实现所有权和经营权的两权分离、减缓平均利润率的下降趋势、强化市场竞争和垄断、扬弃资本主义私有制等功能,股票价格波动并不直接影响国民财富的增减。马克思的资本市场理论,对完善社会主义市场经济中的资本市场发展机制,深化资本市场体制机制改革,有着重要的指导价值。

Marx's capital market theory is the indispensable component of the Marxian Economics.Marx believes that income capitalization mechanism is the key mechanism of interest-baring capital transporting to fictitious capital;the stock exchange has the effect in generating interest rate signals,promoting capital concentration,aggravating speculation transaction and inverting causality,and so forth;the stock company,not only the product of the market competition,but also the product of credit mechanism,has the functions such as promoting the development of productive forces,achieving the separation of ownership and management rights,slowing down the downward trend of average profit rates,enhancing market competition and monopoly,and sublating the capitalist private ownership;the fluctuation of stock price does not directly increase or decrease national wealth.Marx's capital market theory has positive and important guiding value in completing capital market developing mechanism of the socialist market economy,and deepening the reform of the capital market system and its mechanisms.