资本积累结构金融化变迁及其内在逻辑

The Financialization Change of Capital Accumulation Structure and Its Internal Logic

金融资本的崛起是20世纪70年代以来资本主义世界发生的最为深刻最为显著的变化之一,这一崛起背后的根本原因在于资本积累结构的金融化变迁。一方面,资本积累的金融化意味着金融部门取代非金融部门,成为拉动整体资本积累的主引擎。金融部门的积累并非建立在实体经济繁荣的基础上,而是日益陷入了自我循环的金融游戏之中。另一方面,资本积累的金融化也意味着非金融企业在投资决策和积累战略方面将股东价值最大化作为首要目标,并日益深入地卷入金融市场追逐短期利益。资本积累的金融化影响了整个社会的文化氛围、价值取向等等,当经济领域强调投机优先于投资、市值优先于利润之时,必然也会带来日常生活本身的金融化。

The rise of financial capital is one of the most profound and significant changes in capitalism since the 1970s.The fundamental reason behind this rise is the financial transformation of the capital accumulation structure.On the one hand,the financialization of capital accumulation means that the financial sector replaces the non-financial sector and becomes the main engine driving overall capital accumulation.The accumulation of the financial sector is not based on the prosperity of the real economy,but has increasingly fallen into a self-circulating financial game.On the other hand,the financialization of capital accumulation also means that nonfinancial companies take maximum shareholder value as their primary goal in investment decision-making and accumulation strategies,and are increasingly involved in the financial market to pursue short-term benefits.The financialization of capital accumulation affects the cultural atmosphere and value orientation of the entire society.When the economic field emphasizes that speculation is prioritized over investment and market value prior to profit,it will inevitably bring about the financialization of daily life itself.