{"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":156,"pdf_page":194,"physical_index":194,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"101fb7d19b9922a417bcfff28b34ae1bcda6144c14250dc01fce81bcd2afec2d"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"非金融企业的金融收入\n\n为了解释无须积累的利润之谜，必须考虑与创造股东价值原则相关的意识形态和制度攻势。产业结构调整和解散强大的工会组织有助于恢复利润，而无须重振投资。无论这一转变多么重要，它都无法解释新的公司治理形式对管理战略产生的所有影响。我们还必须在“重组与分配”公式中添加第三个前提条件金融化。管理者使自己的行为与激进股东的要求相一致，这确实使他们走向了金融自由化和利率提高所开辟的新兴利润来源。确实，相比于生产性投资需要进行不可逆转的投人，金融手段的一个优势就是能够在无须进行此类投资的情况下获得更高的回报。图8-6展示了这一运作机制。为了满足股东对短期高回报的要求，公司管理层开始厌恶无法收回的成本，并把部分资源转移到金融市场进行增殖。这最终导致积累放缓。\n\n图8-7综合了第五章开头介绍的非金融企业金融收人数据。数据显示，法国非金融企业的金融收入出现了惊人的增长，这表明企业已从生产投资转向金融化积累（Clévenot，Guyet Mazier，2010)。①其他国家也表现出同样的趋势，尽管程度不那么明显。在美国，这种趋势由与股票回购相关的资本收益支撑。在除日本和英国以外的所有国家，我们都可以观察到危机后此类收入的比重显著下降。\n\n虚拟资本：金融怎样挪用我们的未来\n\n156","previous_page":null,"next_page":null}