制造业上市公司证券犯罪行为生成解析——以经济过度金融化为视角  

Generation and Analysis of Securities-related Crimes in Listed Manufacturing Companies-From the Perspective of Economic Over-financialization

作　　者：牛惊雷 付立柱 NIU Jingei;FU Lizhu(School of Criminal Investigation,China People’sPolice University,Langfang,Hebei Province 065000,China)

机构地区：[1]中国人民警察大学侦查学院,河北廊坊065000

出　　处：《中国人民警察大学学报》2024年第6期11-16,共6页Journal of China People's Police University

摘　　要：近年来,涉案上市公司中制造业上市公司占比持续在行业中居首,且涉及证券犯罪居多,已成为中国证监会、公安部、最高检和最高法联合打击的重点。证券犯罪行为与经济金融化趋势密切相关,深入分析经济金融化所带来的社会结构变化是精准把握诱发证券犯罪行为根源的前提。随着金融功能逐步趋向“脱实向虚”,企业在资本市场创新推动下,不仅生产经营转变为金融化运营模式,而且管理目标也由利润最大化转变为“股东价值最大化”,诱发企业为获取垄断利润投机逐利,甚至违背契约精神。从经济过度金融化的视角揭示证券犯罪行为生成的社会原因,既有助于发现制造业上市公司自身治理结构问题,又能揭示经济金融化发展的本质。净化证券市场经营环境,铲除证券犯罪生存土壤,是打击证券犯罪的有效途径。According to relevant statistics,the proportion of listed manufacturing companies among all listed companies involved in cases in recent years continues to be the largest,and most of them involve securities-related crimes.Therefore they have become the focus of a joint crackdown of China Securities Regulatory Commission,the Ministry of Public Security,the Supreme People’s Procuratorate and the Supreme Court.Securities-related crime is closely related to the trend of economic financialization.In-depth analysis of the economic financialization brought about by the changes in social structure is a prerequisite for accurately grasping the root causes of securities-related crimes.With the gradual trend of financial function“from real economy to virtual economy”,under the promotion of capital market innovation,the production and operation of enterprises have changed into financial operation mode,and the management goal has changed from profit maximization to“maximization of shareholder value”,inducing enterprises to seek monopoly and speculate profit,and some even betray the spirit of contract.Revealing the social causes of securities-related crimes from the perspective of economic over-financialization is an effective way to combat securities-related crimes as it can help not only to discover the problems of the governance structure of the listed companies in the industry,but also to reveal the essence of the development of economic financialization,to purify the operating environment of securities market and to eradicate the survival soil of such crimes.

关 键 词：金融化 资本积累 证券犯罪 制造业上市公司 

分 类 号：D917[政治法律—法学] F830.9[经济管理—金融学]