Abstract: The rapid development of globalization has led to the formation of a capitalled global production network and the global circulation of capital, forming a global industrial, technological and value chain in which core countries dominate peripheral countriesThe implementation of the “dual longarm outsourcing” strategy has brought these lessdeveloped countries into the production system under the control of core countries, which has also stimulated the unhealthy development of financial markets and strengthened the dominance of core countries in the global production network and global financial marketThe global expansion and financial leverage of monetary capital, loan capital and virtual capital have promoted the accumulation and circulation of capital on a global scale, and further strengthened the industrial and financial control of the core countries over peripheral countriesWhile incorporating the peripheral countries into the global production network and global circulation, they become subordinated to the core country in terms of the financialization of capital accumulationSubordinate financialization and the accumulation of financialized capital not only create obstacles to the economic development of developing countries, but also encourage financial speculation that involves high risk in these countriesIn particular, the combination of subordinate financialization and the proactive form of financialization may lead to excessive financialization, resulting in financial crisesThe financial development in China should prevent the occurrence of subordinate financialization, avoid repeating the mistakes of some developing countries, and adopt a sound financial development strategy to continuously strengthen the finance sector to serve the real economy

Key words: subordinate financialization, global production network, global circulation of capital, capital accumulation

摘要： 全球化的快速发展导致资本主导的全球生产网络的形成和资本的全球循环，形成核心国家主导外围国家的全球产业、技术和价值链，其“双重长臂外包”战略实施把外围国家纳入其控制的生产体系，同时也刺激了金融市场的畸形发展，强化了核心国家在全球生产网络和全球金融市场中的主导地位；借助对货币资本、借贷货币资本、虚拟资本的全球扩张和金融化杠杆，推动全球范围内的金融化资本积累和循环，进一步加强了核心国家对外围国家的产业和金融控制，在把外围国家纳入全球生产网络和全球循环中的同时，造成外围国家从属于核心国家金融化资本积累的从属性金融化。从属性金融化和金融化资本积累不仅造成发展中国家经济发展的诸多困扰和障碍，而且助长了这些国家金融投机性、风险性，特别是这种从属性金融化同主动金融化结合形成过度金融化，极易引发金融危机。我国的金融发展要防止这种从属性金融化，避免重蹈一些发展中国家的覆辙，采取正确的金融发展战略，以不断强化金融服务于我国实体经济的能力。

关键词: 从属性金融化, 全球生产网络, 资本全球循环, 金融化资本积累