影子银行的政治经济学考察:基于马克思借贷资本理论的新框架  

The Political Economic Study of Shadow Banking:Based on New Framework of Marx’s Loan Capital Theory

作　　者：张方波[1] Zhang Fangbo(National Academy of Economic Strategy,Chinese Academy of Social Sciences,Beijing 100006,China)

机构地区：[1]中国社会科学院财经战略研究院,北京100006

出　　处：《当代经济管理》2022年第5期90-96,共7页Contemporary Economic Management

基　　金：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)。

摘　　要：鉴于影子银行业务多样化、拓扑结构复杂化、国内外运行机制差异以及功能与风险并存等丰富实践,导致学界对影子银行的界定无法达成共识的理论困境,文章基于马克思主义借贷资本运动-积累-增殖理论的新框架对其进行探索性研究,发现影子银行是社会闲置资金绕开传统信贷模式在“剩余空间”转化成借贷资本后并进一步完成多重支出与多重回流的运动、进行“生产性”和“非生产性”积累以及形成多环节超额增殖的经济过程,从而实现借贷资金最终供需匹配的载体。影子银行形式多样化和拓扑结构复杂化并未改变借贷资本作为“资本一般”和“资本特殊”的属性,而是进一步拓展了马克思主义借贷资本理论的张力和解释力,深化了对包括传统银行和影子银行的广义银行体系的认知。因此,规范影子银行发展和监管需要从抑制闲置资金无序过度转化为借贷资本、压缩资本运动链条、抑制“非生产性”积累和多环节超额增殖四个方面着手。In view of the theoretical dilemma that the academic circles can not reach a consensus on the definition of shadow banking due to the rich practices such as the diversification of shadow banking business,the complexity of topological structure,the difference of operation mechanism at home and abroad and the coexistence of function and risk,this paper makes an exploratory research on it based on the new framework of Marxist loan capital movement accumulation proliferation theory.It is found that shadow banking is an economic process in which social idle funds,after bypassing the tra-ditional credit model and transforming into loan capital in the“surplus space”,complete the movement of multiple expenditure and multiple backflow,carry out“productive”and“unproductive”accumulation and form multi-link excess proliferation.It is also a carrier to realize the final matching be-tween supply and demand of loan funds.The diversification of shadow banking forms and the complexity of topological structure do not change the at-tributes of loan capital as“general capital”and“special capital”,but further expand the tension and explanatory power of Marxist loan capital theory and deepen the cognition of the broad banking system including traditional banks and shadow banks.Therefore,regulating the development and super-vision of shadow banking needs to start from four aspects:restraining the disorderly and excessive transformation of idle funds into loan capital,com-pressing the chain of capital movement,restraining“unproductive”accumulation and multi-link excessive proliferation.

关 键 词：影子银行 借贷资本 多重支出与多重回流 双重积累 多环节增殖 

分 类 号：F0-0[经济管理—政治经济学] F830.2