数字资本主义金融化的政治经济学分析

The Political Economy Analysis of the Financialization of Digital Capitalism

数字资本主义金融化是资本主义金融化在数字时代的最新表现。数字金融资本具有风险投机性的特点,致力于建立以数据金融属性为基础的数字市场交易机制,积极预期数据资产的发展潜力,对数字平台持续融资以推动其数字金融估值快速提升。数字资本、数字平台和数据的金融化都为数字金融资本获得超额数字利润创造新的源泉,都是构建于数字劳动基础上的数字资本积累形态。数字平台的数字金融估值随着其数字垄断地位的提升而持续增强,这导致数字金融资本对数字平台经济的过度投机。然而,这种过度追求把数据价值转化为数字资本的发展模式具有不可控的风险。当数字经济增速下滑或数字投机资本过剩的情况下,这种高增长与高风险并存的模式会导致严重的数字金融危机。

The financialization of digital capitalism is the latest manifestation of the financialization of capitalism in the digital age.The digital financial capital characterized by risk and speculation establishes a digital market trading mechanism based on data financial attributes,actively anticipates the development potential of data assets,and continuously raises financing for digital platforms to promote the rapid increase of their digital financial valuation.The financialization of digital capital,digital platform and data all create new sources for digital financial capital to obtain excess digital profits,which are all forms of digital capital accumulation built on the basis of digital labor.The digital financial valuation of the digital platform continues to strengthen with the promotion of its digital monopoly position,which leads to the excessive speculation of the digital financial capital on the digital platform economy.However,this excessive pursuit of data value into digital capital development model has uncontrollable risks.When the growth rate of digital economy declines or there is an excess of digital speculative capital,this model of high growth and high risk will lead to a serious digital financial crisis.