{"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":"11 / 143","pdf_page":181,"physical_index":181,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"da777053c3e602e529c3b1a5e9e928d6835405014f7b982d574c24cc63a2ea94"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"回过头来看，1979年的这场政治变革似乎是新自由主义的奠基之举。鉴于美国经济的核心地位，这场政治变革的影响波及全球。随着利率的上升，食利者们卷土重来。他们看到自己的权力通过逐步的自由化得到了巩固，打破了自20世纪30年代大萧条以来金融活动受到的束缚（Duménil et Lévy，2014;Morris，1982；Smithin，1996)。根据这一解释，利率上调和金融自由化的综合影响是投资放缓的根源。如图8-3所示，利率上调耗尽了企业的自有资源。与此同时，金融业务的利润率增长，导致股东要求企业实行更高的利润率标准。因此，企业持有的利润份额减少，投资放缓。从逻辑上讲，拟议的投资项目必须符合这一新的盈利标准，因此要经过更严格的筛选。\n\n金融支付在多大程度上消耗了企业的利润？法国和美国有足够长时期的数据，似乎可以证实这一分析见图8-4（a）至图8-4（e)]。就法国而言，在20世纪70年代，我们可以看到支付的利息量有所增加，并随着利率的上升而加速。但到了20世纪80年代，随着企业降低负债率，支付的利息慢慢开始下降。20世纪90年代后半期，股息激增，金融市场上的股息支付总额从20世纪70年代初占营业盈余总额的40%左右上升到2008年金融危机爆发时的110%以上。有趣的是，回购只是在21世纪头十年才出现，而且在美国之外发挥的作用也相当有限。\n\n第八章 无须积累的利润之谜\n\n11\n\n143","previous_page":180,"next_page":182}