资本扩张的内涵、边界与常态化监管

Research on the Expansion of Capital,its Scope and its Normalized Regulation

资本具有自然形态和社会形态双重属性,自然属性主要体现资本要素作用,社会属性更多体现特定的社会生产关系。资本扩张是资本自然形态和社会形态辩证统一、相互交织的过程,具有市场型扩张、资源型扩张、牌照型扩张等三个基本模式。由于趋利性,资本存在多样化无序扩张现象,在微观和宏观层面可能存在侵害中小投资者权益、弱化监管系统有效性等多重威胁。资本监管要充分认识资本的双重属性,将“两个毫不动摇”作为资本监管的基本原则,充分尊重资本正向价值,覆盖资本扩张所有环节,重点防范资本无序扩张的潜在风险,特别是系统性金融风险和数字经济潜在的新型金融风险。资本监管要健全资本监管长效机制,深化资本监管法治建设,着重加强机构公司治理,有效统筹资本双重属性,着力提升生产力,注重优化生产关系,不断强化为中国式现代化服务的功能。

Capital has dual attributes of natural form and social form.Natural attributes reflect the role of factors,while social attributes reflect specific social production relations.Capital expansion is the dialectical unity and intertwined process of the natural and social forms of capital.It has three basic modes:market-based expansion,resource-based expansion and license-based expansion.Due to the propensity for profit,there is a phenomenon of diversified and disorderly expansion of capital,which may cause major risks at the micro and macro levels,infringe the rights and interests of small and medium-sized investors,and weaken the effectiveness of the regulatory system.And there may be multiple security threats.Capital supervision should fully understand the dual attributes of capital,take the“two unswerving”as the basic principle,fully respect the positive value of capital,cover all aspects of capital expansion,and focus on preventing the potential risks of disorderly expansion of capital,especially the systemic financial risks and the potential new financial risks of the digital economy.Capital supervision should improve the long-term mechanism of capital supervision,deepen the legal construction of capital supervision,focus on strengthening institutional corporate governance,effectively balance the dual attributes of capital,focus on improving productivity,effectively optimize production relations,and constantly strengthen the service function for Chinese path to modernization.