Research On Economic Financialization And The Development Of Chinese Real Enterprises

Finance is the core of the modern economy,but the real economy is the foundation of financial development.Finance surpasses the real economy,which is represented by the process of economic financialization.Economic financialization is the most prominent feature of contemporary capitalism.Over-financialization in the capitalist world is driving financial capital to gradually deviate from the right track of service industry capital,and at the same time,it is developing in the direction of usury capital hated by Marx.Therefore,to some extent,economic financialization is nothing more than a "return" of usury capital.This "return" has continuously weakened the internal power of industrial capital accumulation and destroyed the material foundation of social and economic development,thereby triggering a series of economic problems.However,based on the efficient market hypothesis,some scholars have deliberately ignored the destructive nature of economic financialization,arguing that economic financialization is merely a short-term distortion of financial development.It is undeniable that the orderly financial market has greatly promoted the development of the real economy,but the serious consequences of excessive financialization cannot be ignored.An example is that although the global financial crisis of 2008 has passed more than a decade,the vulnerability of the world economy has continued to increase.As Foster said: "(1)The stagnation of the real economy means that capitalists increasingly rely on the growth of the financial sector to obtain and expand monetary capital;(2)The superstructure of the capitalist economy cannot be separated from its foundation in the real production economy The self-inflation is completely independent,so the bursting of speculative bubbles has become a new problem that occurs periodically and intensifies;(3)No matter how far the financialization will develop,it is impossible to solve the problem of stagnation in production." Financialization is not only Instead of finding a way out for economic stagnation,it has repeatedly exacerbated the capitalist crisis.In order to get rid of the crisis,developed countries such as the United States have tried to promote economic re-development through "re-industrialization",but some of the policy measures have not achieved significant results.In fact,the industrialization of developed countries has long been completed,and the emphasis on industrialization again has to provoke deep thought: What is the relationship between finance and the development of the real economy?In the 21 st century,China's economy has also become financialized.The expansion of the FIRE sector(abbreviation of the pan-financial sector in finance,insurance,and real estate)has led to a rapid rise in asset prices,the rise of household debt levels,and the increase in physical enterprises.Rely on financial investment for profits.The economic development's dependence on finance has gradually increased,which has led to problems such as overcapacity and insufficient innovation,and the economy is facing a structural imbalance.To this end,Comrade Xi Jinping pointed out in the report of the 19 th National Congress of the Communist Party of China: "China's economy has shifted from a stage of high-speed growth to a stage of high-quality development,and it is in a critical period of transforming the development mode,optimizing the economic structure,and transforming the growth momentum." It also emphasizes the need to deepen the structural reform of the financial supply side,enhance the ability of financial services to the real economy,and provide higher quality and more efficient financial services for the development of the real economy.Domestic scholars have conducted a large number of discussions on the phenomenon,causes,operation and consequences of economic financialization,and have also explored the relationship between economic financialization and physical enterprises to varying degrees.However,when studying the issues of China's economic financialization and enterprise development,economic financialization is regarded as an established fact,and there is a lack of thinking about the different causes and characteristics of economic financialization.This article believes that the study of financialization cannot be limited to a country,and cannot be based on increasingly complex financial instruments or models.Instead,it should focus on the operation of the real economy that incorporates an international background.You will lose your fundamental thinking about the problem.Therefore,this article takes the issue of economic and financialization as the starting point,adheres to the position that Marx's political economics of production is at the basis and core position of the social reproduction process,combines Marx's systematic and rigorous industrial capital and financial capital theory,and strives to build Marxist political economics The analysis framework of financialization and enterprise development,in this process,combined with Western economic theory,Western Marxist theory,history and reality and other angles of analysis,tried to summarize the general laws of the development of solid enterprises in the process of economic financialization,and explore financial The real economy operating conditions under the cover,thinking about the differences in financialization in the socialist market economy with Chinese characteristics,and empirically analyzing the specific impact of financialization on the development of real enterprises,with a view to better exerting socialism with Chinese characteristics The advantages of the market economy prevent the economy from "removing from reality to virtuality" and provide theoretical and empirical support for achieving "high-quality" development.What needs to be explained here is that the enterprise development studied in this paper is different from the current enterprise management theory popular in academia.In Marx's related works,he did not explicitly propose the theory of enterprise development,but he took industrial capital-led capital accumulation as the key context and basis for analyzing capitalist production,which was essentially a study of the law of enterprise development trends.This is different from the current belief that enterprise development is only reflected in performance management,human capital reserves,and financial management.Marx highly abstracted and incorporated many factors that influenced the development of capitalist enterprises into the industrial capital accumulation system,and looked at the micro foundation of enterprise development from the macro perspective of the evolution of capital accumulation.This study of the development of Chinese entity companies also adheres to this idea,taking capital accumulation capacity as the main indicator to measure the development of entity companies,exploring the impact of financialization on the overall trend of enterprise development from the macro,and thinking about finance as far as possible from the micro The evolution of corporate behavior in the context of change.The main logic of this article is as follows: First,summarize the connotation of economic financialization,summarize and summarize the relationship between economic financialization and the development of the real economy;then,on the basis of Marx's theory of financial capital,industrial capital,capital accumulation and profit rate,learn from financialization Related theories,including Sifating financial capital theory,Keynesian financial investment theory,David Harvey capital space restoration theory,etc.,to construct a Marxist economic financialization analysis framework;then,in the process of economic financialization,financial capital General mechanism of development impact.From the perspective of the functional evolution of capital from commercial capital to industrial capital to financial capital and finally to financialization,the relationship between industrial capital and financial capital is discussed.Due to the inherent contradictions of capital,for capital to develop and continue in time and space,it must constantly break through its own limits.However,it is difficult to escape the trap of capital itself based on the original methods of conflict resolution and the breakthrough attempts of higher productivity dimensions.Therefore,capital needs more ways to achieve profit restoration,and the means of "solving" problems is hidden in the capital accumulation model.Capital accumulation can be divided into a dual-track system of industrial capital accumulation and financial capital accumulation.On this basis,there is also a dual-track system of profit acquisition.Due to factors such as the difficulty in realizing commodities and the increase in the organic composition of capital,the general profit rate of industrial capital tends to decline,while financial capital relies on modern financial technology,international value chain systems,and international capital flows to obtain excess profits.The industrial capital accumulation system is gradually being replaced by financial capital accumulation,and the source of industrial sector profits is increasingly dependent on financial investment rather than commodity production.Financial capital reconstructs the circulation and accumulation mode of industrial capital and realizes its own independent circulation,which leads to a series of problems such as value alienation and capital relationship alienation,but it is still difficult to overcome the inherent contradictions of capital.Next,from a historical perspective,discuss the different evolution processes and transmission mechanisms of the endogenous economic financialization and "de-industrialization" of the central countries(the United States,etc.)and the exogenous financialization and "premature de-industrialization" of the peripheral countries;Analyze and think systematically whether China has a tendency to deindustrialization and economic financialization.Thirdly,combined with the statistical advantages of econometrics,taking Chinese entity enterprises as the research object and taking profit rate as the main indicator,the empirical analysis of the microscopic impact of financialization on the investment rate(quantitative perspective)and innovation(qualitative perspective)of Chinese entity enterprises;Finally,this article draws conclusions and makes reference suggestions accordingly.The main conclusions of this article include:(1)In terms of phenomena,economic financialization is the transformation of the economy from material expansion to financial expansion,reflecting the changing process of labor-capital relations,capital relations,and market-government relations.In the market economy,the ultimate goal of the evolution of the above relationship can only be production,and enterprises as the market main body play a vital role in promoting the transformation of productivity and production relations.Enterprises increasingly rely on financial means to obtain profits.Fundamentally affect the high-quality development of the economy.Corporate financialization more directly reflects the decline of industrial capital and the expansion of financial capital.(2)In terms of reasons,the “law of decreasing profit margin trend” is an internal driving factor for economic financialization.In order to compensate for the relative decrease in the amount of profit caused by the decline in profit margin,industrial enterprises convert industrial capital into financial capital and use financial Independence of capital accumulation tends to carry out market arbitrage to obtain high excess profits.(3)From the essence of profit,economic financialization has not changed the source of value.The source of financial profit is the surplus value generated in the real economic sector.The duty of finance is to serve the real economy.(4)In the performance of financialization,the capitalization of the capitalist countries is endogenous.Although it squeezes out material production,it still has technological advantages;peripheral countries are affected by neoliberalism,and financialization shows exogenous characteristics.At the same time,financial Industrialization has interrupted the industrialization of marginal countries,and the contradiction between the socialization of production and the private possession of means of production remains the basic contradiction of capitalist society.(5)China's economic financialization has both endogenous and exogenous characteristics.China's financialization problems are more often caused by structural imbalances in the economy,and the socialist market economy has an inhibitory effect on excessive financialization.China's industrialization process is continuing,and financialization occurs in the process of industrialization,which has a profound impact on the development of physical enterprises.At the same time,compared with capitalist countries,China's industrialization bears more institutional,resource,and environmental costs.These decisions mean that China cannot take the path of financialization instead of industrialization.(6)Microscopically,the “high quality” development of physical enterprises has multi-dimensional characteristics.From the perspective of "quantity",financialization squeezes out the enterprise's industrial investment rate;from the perspective of "quality",financialization inhibits the innovation ability of enterprises and induces enterprises to pursue "quantity" in R&D without paying attention to patent output.quality".The possible innovations in this article are mainly the following:(1)Marx's theory of capital accumulation in enterprise production has rich connotations,and has conducted extensive and in-depth research on the capital accumulation model dominated by industrial capital.However,under the new background of economic and financialization,the mode of capital accumulation has undergone profound changes,and financial capital has begun to dominate the process of capital accumulation.Based on this,this article builds on the analysis framework of capital accumulation led by financial capital based on Marx's capital accumulation theory.Under this analysis framework,it first examines the limits of capital itself and the practical dilemma of industrial capital accumulation,and proposes that economic financialization is just an external means for capital to try to solve the problem of falling profit margins.Although this method is accompanied by the accumulation of capital,it has been neglected for a long time because of its contradictory secondary aspects.Therefore,this paper further proposes that capital accumulation should be divided into a dual-track system of industrial capital accumulation and financial capital accumulation,which in turn includes a dual-track system of profit distribution,which is helpful to systematically sort out the current research on capital and profit.Then,it was pointed out that as the organic composition of capital increased and the difficulty of product realization increased,the profit rate of industrial capital tended to decline,while financial capital relied on independent circulation and high-speed turnover to obtain excess profits.It is confirmed that in the initial state,the decline in the profit rate of industrial capital stems from internal contradictions in capital,and financial capital accumulation is not the root cause of the plight of industrial capital accumulation.Finally,it is believed that based on the profit-by-profit analysis of capital,the accumulation mode dominated by industrial capital gradually gives way to financial capital,which realizes its own independent cycle and drive,and begins to reconstruct the mode of industrial capital circulation and turnover.This expands the limitation of current research on economic financialization that stays in financial capital or affects the consequences,and deepens the understanding of the process,laws,and mechanisms of industrial capital accumulation under the guidance of financial capital.(2)The process of capital accumulation is the result of the dynamic deduction of contradictions within and between capitals.This article takes Marxist materialist dialectics as the fundamental analysis method,and believes that economic financialization is the result of the opposite of unlimited expansion of capital and limited space.At the same time,combined with specific methods such as historical induction,comparative analysis,and empirical measurement,we investigate the possibility of capital using economic and financial means to break through its own limits.It expands the current research using only empirical methods,lacking the limitations of dialectical thinking.(3)The current research on economic financialization is mainly based on the macro field and lacks micro-analysis.During the research process,this article focuses on the analysis of the micro-foundation of economic financialization.First,in theory,abstract the general mechanism of industrial capital to financial capital conversion,and then apply this mechanism to the inside of micro-enterprises to specifically analyze the behavior choices of enterprises facing financialization."The unreasonable leap from microeconomics to macroeconomics will lead to a"synthetic fallacy",and Marx's theory of capital accumulation naturally combines macro and micro organically,which also provides a basis for the study of this article.(4)This article comparatively analyzes the general process of industrialization-deindustrialization-economic financialization-reindustrialization in the "center-marginal" countries,and explores different occurrence mechanisms.Provide a reference for the study of China's economic and financial issues.At the same time,two logics of deindustrialization are proposed.One is that the industrial structure is moving towards "advanced";the other is the substitution of financial capital accumulation for industrial capital accumulation.The latter destroys the material basis of economic development.Summarize the deductive logic of China's industrialization-economic financialization-high-quality economic development,and find the institutional advantages of circumventing economic financialization.This expands the research that scholars usually target on the issue of financialization in the United States,and enriches the theoretical connotation of financialization with socialist political economy with Chinese characteristics,and has certain practical significance.(5)According to Marx's theory of surplus value distribution,all types of capital must participate in the value distribution and the process of profit equalization.Based on the difference in profit rates between different departments and within different companies,the concepts of potential financialization and actual financialization of the company are proposed.Empirical methods of measurement are used to study the impact of two types of financialization on industrial investment and innovation of China's physical enterprises.At the same time,it focuses on the choice of whether the enterprise is a substantial innovation or a strategic innovation in the context of financialization,which deepens the current understanding of economic financialization and enterprise development.