摘要
本文关注制造业企业如何保持较好的生产性投资动能,突出立足中国经济长期稳定增长的总结构化解企业金融化风险。研究回归马克思主义经济学对资本积累矛盾的分析,梳理了经济循环、技术创新与制度体系间的互动机理。基于我国制造业上市公司数据的经验分析显示:经营利润率提升、研发强度增加、社会主义市场经济体制完善,分别从经济、技术和制度层面有力地支持了企业实际资本积累;与此同时,企业积累特征存在部门、所有制和区域间的差异,例如,技术密集型企业和国有企业的金融化动机相对低,中、西部企业固定资产投资较易受金融投资挤出,社会主义市场经济体制完善对民营企业、西部企业实际资本投资的激励更明显等。经验分析结果有力地支持了近年来代表性经济政策对稳增长与金融化治理的意义。
This paper focuses on how manufacturing enterprises can keep active productive investment,highlighting the overall structure of China's long-term stable economic growth to resolve corporate financialization risks.This paper returns to the analysis of the contradiction of capital accumulation in Marxist economics,and sorts out the interaction mechanism among economic circulation,technological innovation,and institutional system.Based on the empirical analysis of data from listed manufacturing companies in China,it is shown that the increase in operating profit margins,the increase in research and development intensity,and the improvement of the socialist market economy system have effectively supported the real capital accumulation of enterprises on economic,technological,and institutional levels.At the same time,there are differences in the characteristics of enterprises'accumulation among sectors,ownership and regions.For example,technique-intensive enterprises and state-owned enterprises have relatively weak financial motivation,fixed assets investment of enterprises in central and western China is more likely to be squeezed out by financial investment,and the improvement of the socialist market economy system has more obvious incentives for private enterprises and enterprises in western China to invest in real capital.The results of empirical analysis strongly support the significance of representative economic policies in stabilizing growth and financialization governance in recent years.
作者
李怡乐
陈亚
Li Yile;Chen Ya(School of Economics,Southwestern University of Finance and Economics;Sichuan Network Public Opinion Observation and Research Center)
出处
《政治经济学评论》
CSSCI
北大核心
2024年第1期46-71,共26页
China Review of Political Economy
基金
国家社科基金重点项目“实施扩大内需战略同深化供给侧结构性改革有机结合的重大举措研究”(项目批准号:23AZD016)资助。
关键词
资本积累
金融化
利润率
技术
制度
capital accumulation
financialization
profit rate
technology
institution
作者简介
李怡乐,西南财经大学经济学院副教授;陈亚,四川省网络舆情监测与研究中心。
