主管:教育部
主办:中国人民大学
ISSN 0257-2826  CN 11-1454/G4

《教学与研究》

• 政治经济学前沿 • 上一篇    下一篇

论现代经济中金融资本的逻辑

彭俞超   

  1. 中国人民大学财政金融学院
  • 出版日期:2017-12-16 发布日期:2017-12-19
  • 作者简介:彭俞超,中国人民大学财政金融学院在站博士后、国际货币研究所研究员(北京 100872)。
  • 基金资助:
    作者感谢中国博士后科学基金面上项目“金融部门与实体经济背离的原因及对策研究”(项目号: 2016M600156)的资助。

On the Logic of Financial Capital in Modern Economy

Peng Yu-chao   

  1. School of Finance, Renmin University of China, Beijing 100872
  • Online:2017-12-16 Published:2017-12-19

摘要: 在现代经济中,金融资本收益率呈现出不断上升的趋势。金融资本收益率不断上升的根本动力源于金融资本的固有逻辑,即金融资本的系统重要性,金融资本的规模经济特征和金融资本的流动性、投机性。货币资本与金融资本的统一决定了金融资本的系统重要性,进而导致国家为金融业设置了行业准入门槛。金融资本的规模经济特征使其具有了自然垄断特点。金融资本的投机性和流动性造成了资产价格泡沫的频繁出现,而泡沫破灭对不同参与者的非对称影响为金融资本的高增长提供了收益来源。

关键词: 金融资本 , 金融化 , 金融资本收益率 , 产业资本

Abstract: In modern economy, the rate of return on financial capital shows a rising trend. The fundamental reason for the rising rate of financial capital return lies in the inherent logic of financial capital, that is, the systematic importance of financial capital, the characteristics of scale economy of financial capital as well as the liquidity and speculative nature of financial capital. The unification of monetary capital and financial capital determines the systematic importance of financial capital, which leads authorities to set up industry admittance threshold for the financial industry. The scale economic characteristics of financial capital make it have the characteristics of natural monopoly. The speculative and liquidity of financial capital results in the frequent emergence of asset price bubbles, while the asymmetric effect of bubble burst on different participants provides a source of revenue for the high growth of financial capital.

Key words: financial capital , finance , financial capital return rate , industrial capital