{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":104,"pdf_page":142,"physical_index":142,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"fe069e87689b8ed862e9ddad3ede7347e7acfa4dde7705ac112118ca8ea06997"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"从生产部门的剩余价值中获取的利息\n\n第三种利息是生产活动产生的剩余价值的一部分。因此，在生产和商业价值化过程中起作用的那部分资本往往与债权人对立，因为它支付的利息要从它创造的利润中扣减。然而，我们不应夸大这种对立关系。贷款资本与工商业资本之间的关系不仅仅是零和博弈。在危机时期之外，利润率往往高于利率，这意味着从事实体经济的资本家可以通过杠杆效应提高自有资金的利润率。因此，负债是商业资本和生产资本提高盈利能力的一种手段。\n\n企业的负债水平既取决于预期盈利能力的增长，也取决于对风险的评估。事实上，负债不仅会提高盈利能力，还会增加可变性。当公司业绩恶化或利率上升时，杠杆效应的预期优势就会发生逆转。当利润崩溃或利率上升时，负债成为一个关键变量，因为它增加了破产的风险。有一个例子能说明这种关系。1979年，美联储决定突然提高利率，这迅速影响了全球的借贷条件。在“全球南方”国家，这导致了一场债务危机，而墨西哥在1982年暂停偿债则引爆了这场危机。在“全球北方”国家，同样的利率上调造成了利润下降和破产激增。这种冲击也对工人产生了影响，他们的工资受到限制，工人纷纷下岗，最终才得以恢复盈利。总之，投资于生产过程的资本与贷款资本相互对立。然而，这种对立并不具有直接的对抗性，因为负债也可以维持公司所有者自己的薪酬。借贷资本也会间接影响工人。毕竟，当融资条件恶化时，工人最先受到公司脆弱性增加的影响。\n\n虚拟资本：金融怎样挪用我们的未来\n\n104","previous_page":null,"next_page":null}