Abstract: The level of economic and financial risk and instability in the world is increasing recently, and ensuring the stability of economy and finance has become a huge challenge for all countries. Based on the analysis of financial instability by Marx and Minsky, this paper investigates the counteradjustment effect of the investment and financing systems with Chinese characteristics led by the Stateowned economic sector on financial instability. First, the investment and financing process led by the Stateowned economic sector directly boosts economic growth and ensures relative economic and financial stability by promoting growth. Second, Stateowned bank loans create a large quantity of bank deposits, which flow into the residential sector along with the investment of Stateowned enterprises, becoming an important form of wealth for residents and enterprises. This form of wealth is less volatile than financial products created by private credit activities such as stocks, bonds and derivatives. Meanwhile, risk of bank deposits is mostly borne by banks, and the banking system dominated by Stateowned banks is backed by national credit and has a higher level of risk tolerance, providing stability in the financial market. Finally, Stateowned enterprises serve the national strategy rather than aiming to maximize profits in investment and production. They can expand aggregate demand by reverse investment during the transmission of the financial crisis to the real economy and form a hedge against debt default and deflation caused by the transmission, thereby playing an important role in stabilizing the real economy. The investment and financing systems with Chinese characteristics supported by national credit, together with the governments financial policies, constitute an important guarantee for the countrys relative financial stability and are an important part of the Chinese path to modernization. Facing the increasing instability in the world, it is necessary to give full play to the important role of the investment and financing systems in stabilizing the economy and finance, and continue to adhere to the development path of pursuing the Chinese path to modernization. 

Key words: financial instability, Marx, Minsky, State-owned banks, Stateowned enterprises

摘要： 当前世界的经济金融风险水平与不稳定性日益上升，保障经济金融的稳定运行成为各个国家面临的巨大挑战。本文以马克思和明斯基对金融不稳定性的分析为基础，考察了国有经济部门主导的中国特色投融资体制对金融不稳定性的逆向调节作用。首先，国有经济部门主导的投融资过程直接推动了经济增长，通过促进增长保障了经济金融的相对稳定。其次，国有银行贷款创造出大量银行存款，并伴随着国有企业投资过程流入居民部门成为居民与企业的重要财富形式。这一财富形式相较于股票、债券与衍生品等私人信用活动创造出的金融产品而言波动性更低。同时，银行存款这一财富形式背后的风险多由银行承担，而国有为主的银行体系背后拥有国家信用作为支撑，具有更强的风险承受能力，在金融市场上提供了稳定性。最后，国有企业可以服务于国家战略而不以利润最大化为目标进行投资生产，能够在金融危机爆发向实体经济传递的过程中逆向投资扩大总需求，对金融危机传导至实体经济所引发的债务违约与通货紧缩过程形成对冲，具有倾向于稳定实体经济的重要作用。国家信用支撑下的中国特色投融资体制与政府的金融政策，共同构成了中国金融相对稳定的重要保障，是中国式现代化路径的重要组成部分。面对世界不稳定性不断增加的局面，需要充分发挥这一投融资体制对于稳定经济金融的重要作用，继续坚持中国式现代化的发展路径。

关键词: 金融不稳定性, 马克思, 明斯基, 国有银行, 国有企业