借贷资本、资本增值与金融杠杆——基于马克思借贷资本理论的考察  

Lending Capital,Capital Proliferation and Financial Leverage:Based on the Marx’s Theory of Lending Capital

作　　者：张方波[1] Zhang Fangbo

机构地区：[1]中国社会科学院财经战略研究院

出　　处：《财经科学》2018年第9期38-49,共12页Finance & Economics

基　　金：2018年国家社会科学基金项目“中国金融杠杆周期与金融风险的形成机制及对策研究”(18CJY062);中国社会科学院2018年创新工程项目“中国开放型经济新体制研究”(2018CJY01-B004)的阶段性成果

摘　　要：本文对马克思的借贷资本理论进行了文本分析，以寻求借贷资本与金融杠杆的理论关系及运动总公式，并构建一个包含资本增值和金融杠杆的马克思主义数理模型，认为借贷资本追求更高程度的增值是它在金融领城内无序扩张和过度积累以及金融杠杆率过快提升的主要原因．随后，对中国金融杠杆的实际情况进行分析，发现无论是银行资产负债表表外快速扩张还是2015年的“股灾”和2016年的“债灾”，都验证了这一理论的有效性．最后基于规范借贷资本的运动、积累和增值的思路提出了金融去杠杆的政策建议．The textual analysis of Marx＇s theory of lending capital is needed to puts forward the theoretical relationship and general formula of movement between lending capital and financial leverage, then construct Marxist mathematical model including capital proliferation and financial leverage. It holds that the pursuit for a higher degree of proliferation of lending capital is the main reason for disordered expansion and excessive accumulation in the financial field, and for financial leverage rising too quickly. Based on the analysis of the actual situation of China＇s financial leverage, it is found that the rapid expansion out of bank balance sheet, the ＂stock disaster＂ in 2015 and the ＂debt disaster＂ in 2016 are verifying the validity of this theory. Finally, the policy on financial deleveraging is exerted based on the movement, accmnulation and proliferation of lending capital.

关 键 词：借贷资本 增值 金融杠杆 

分 类 号：F032.1[经济管理—政治经济学]