过度金融化与美国高端制造业的隐忧  

Over-financialization and the Underlying Risks to U.S.Advanced Manufacturing

作　　者：姜子莹 常皓 JIANG Ziying;CHANG Hao

机构地区：[1]厦门大学公共事务学院

出　　处：《当代美国评论》2025年第1期105-124,130,共21页Contemporary American Review

基　　金：国家社科基金项目“地方政府促进关键核心技术攻关的角色的调适研究”(项目编号:24CZZ036)阶段性成果。

摘　　要：近年来,随着波音公司等多家知名美国企业曝出质量控制问题,美国高端制造业的金融化成为备受关注的议题。长时段数据分析显示,这种金融化趋势普遍存在于美国高端制造业企业中。从历史视角看,高端制造业的金融化是美国政府的金融自由化政策、股东利益最大化理念下的企业金融运作、制造外包以及工人工会斗争与技能弱化等因素共同作用的结果,反映了资本凌驾于管理和劳动之上的理念和权力关系在美国社会中占据主导地位。本文通过对波音公司的个案分析,揭示了金融化在微观层面对美国产业竞争力的影响机制:在追逐金融资本逻辑下,波音公司形成了资本主导、组织分割、追求短期财务回报的组织管理模式,进而使其研发模式从早期的注重产品创新和安全控制转变为当前的强调节约成本和快速获利。这不仅会诱发产品质量问题,在宏观层面也会侵蚀产业公地,给美国高端制造业发展带来巨大的风险和威胁。In recent years,the exposure of quality control deficiencies in several prominent U.S.corporations,such as aerospace giant Boeing,has sparked extensive academic and policy debates regarding the trajectory of financialization in America's advanced manufacturing sector.Long-term data analysis indicates that this trend of financialization is prevalent across U.S.advanced manufacturing enterprises.From a historical perspective,the financialization of advanced manufacturing is the outcome of multiple interrelated factors:the U.S.government's financial deregulation policies,corporate financial operations driven by shareholder value maximization,global outsourcing of manufacturing,labor disputes,and workforce deskilling.This phenomenon reflects the dominance of capital over management and labor in the American socio-economic structure,highlighting the power relations in U.S.society where financial interests take precedence.Through a case study of Boeing,this article elucidates the micro-level mechanisms through which financialization undermines U.S.industrial competitiveness.Driven by financial capital imperatives,Boeing has transitioned to an organizational management model characterized by capital-centric governance,structural fragmentation,and a short-term orientation toward financial returns.This transformation has led the company's R&D strategy to shift from its traditional emphasis on product innovation and safety assurance to its current focus on cost minimization and accelerated financial returns.This shift not only triggers more product quality issues but also undermines the industrial commons at the macro level,posing significant risks and threats to the development of U.S.advanced manufacturing.

关 键 词：金融化 美国高端制造业 制造业外包 劳资关系 波音公司 

分 类 号：F42[经济管理—产业经济]