摘要
文章以“金融衍生品货币说”的理论争议为切入点,批判性地探讨金融衍生品在当代西方资本结构中的生成逻辑与演化轨迹。在对马克思关于资本形态由产业资本向股份资本演进的理论脉络进行梳理后发现,风险并非资本运作中偶然发生的现象,而是资本本身所固有的结构性规定。作为一种风险治理的技术性工具,金融衍生品最初的功能建构于资本运动中固有的不确定性之上;然而,随着其运行日益嵌入由资本逻辑所塑造的社会结构,其定价机制不可避免地被纳入既有的权力关系与价值体系之中。由此,金融衍生品不再仅仅是风险管理的手段,而是构成了资本逻辑自我扩展的一种新形态。
This paper takes the theoretical controversy surrounding the“monetary theory of financial derivatives”as its point of departure to critically examine the generative logic and evolutionary trajectory of financial derivatives within the contemporary structure of capital.By tracing Marx’s theoretical framework concerning the transformation of capital forms from industrial capital to joint-stock capital,the paper argues that risk is not a contingent phenomenon within the operation of capital,but a structurally inherent determination of capital itself.As a technical instrument for risk governance,the original function of financial derivatives was founded precisely upon the intrinsic uncertainty of capital movement.However,as their operations become increasingly embedded in a social structure shaped by the logic of capital,their pricing mechanisms inevitably come to be absorbed into pre-existing power relations and value systems.Consequently,financial derivatives no longer serve merely as tools for risk management,but emerge as a new form through which the logic of capital expands itself.
作者
夏莹
崔居然
Xia Ying;Cui Juran(School of Humanities,Tsinghua University,Beijing 100084)
出处
《浙江社会科学》
北大核心
2025年第6期98-110,159,共14页
Zhejiang Social Sciences
基金
北京市社会科学基金重大项目“当代西方马克思主义对资本主义新形态的批判研究”(项目号:20ZDA24)阶段性成果。
关键词
马克思
金融衍生品
资本形态
Marx
financial derivatives
forms of capital
作者简介
夏莹,清华大学人文学院教授;崔居然,清华大学人文学院博士研究生。(北京100084)。
