金融化、资本积累与就业

Financialization,Capital Accumulation and Employment

金融化反映了信用货币体系下金融资本积累与现实资本积累相背离的趋势,在我国主要表现为信贷扩张与实体经济增长背离和实体利润越来越多地分配至金融机构。基于马克思主义信用、就业理论的分析表明,在就业总量上,金融化会抑制现实资本积累,导致可变资本规模收缩并且单位可变资本对劳动力的需求下降,就业整体下滑。在就业结构上,金融化带来的金融资本积累使金融业就业经历了从扩张到饱和与高技能化的过程,实体行业则由于现实资本积累的停滞而劳动力需求大幅缩减,同时,其行业工资由于劳动者的激烈竞争而下降,大量高技能人才流向金融业;在实体行业中,新兴行业在金融资本的估值逻辑下受影响较小,传统行业就业则下滑较为严重;金融化对私营企业就业的抑制作用强于国有企业。基于2008—2021年省级细分行业面板数据的经验研究验证了上述分析。当前的稳就业政策应充分发挥社会主义制度的优越性,引导金融资本与现实资本共同积累,着力稳定传统行业和私营企业就业以弱化前期的负向影响,防范高技能劳动力“脱实向虚”。

Financialization reflects the trend of deviation between financial capital accumulation and real capital accumulation under the credit monetary system,which is mainly manifested in the deviation between credit expansion and real economy growth as well as the increasing distribution of real profits to financial institutions.The analysis based on Marxist credit theory and employment theory shows that for total employment,financialization inhibits the accumulation of real capital,which shrinks the scale of variable capital and decreases the demand for labor per unit of variable capital,resulting in an overall decline in employment.For the structure of employment,the accumulation of financial capital brought by financialization makes the employment of financial industry experience a process from expansion to saturation and high-skilled employment,while the real industry has experienced a significant reduction in labor demand due to the stagnation of real capital accumulation.Meanwhile,the wages of the real industry decline due to the fierce competition of workers,and a large number of highly skilled talents flow to the financial industry.The employment decline in the traditional real industry is more serious,while the new real industry is relatively less influenced under the valuation logic of financial capital.Financialization has a stronger dampening effect on employment in the private sector than in state-owned enterprises.Empirical research based on panel data of province-industry during 2008-2021 confirms the above analysis.The current policy of stabilizing employment should give full play to the superiority of the socialist system,guide the accumulation of financial capital and real capital,focus on stabilizing the employment of traditional industries and private enterprises to weaken the negative impact of the early stage,and prevent high-quality labor force shifting to the virtual economy from the real economy.