{"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":72,"pdf_page":110,"physical_index":110,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"fb0b969eeb2130f79bcba1eacd18abf1b02f849394df4e1314b95d463593469f"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"虚拟资本的复杂形式\n\n虚拟资本基础形式的繁荣建立在积累动力的基础上，其中信贷自由化、采取新的反通货膨胀货币政策以及资本流向“北方”国家等因素发挥了至关重要的作用。自20世纪80年代初以来，即使是金融危机造成的暂时性衰退也没有扭转这一趋势，公债承担了信贷收缩和股票价格下跌所带来的压力。在更定性的层面上，虚拟资本的扩张使其超越了基础形式。过去一些微不足道的工具，如今随着发展和变得复杂精妙，正在真正深刻地改变着金融领域（Krippner，2011）。①第一个决定性因素是银行中介的衰落，转而支持市场融资（在金融市场上发行股票和债券)。这一发展趋势首先影响到英美世界的金融业，并逐渐在所有富裕国家蔓延开来，尽管速度不一。信息和通信技术为打破银行的垄断做出了贡献，使人们更容易获得公司数据和股票报价，并提高了金融市场在速度和交易量方面的效率。\n\n借款人之所以采用股权融资，是因为股权融资可以使他们获得较低的利率。这也意味着为了获得资金，企业需要发布更加正式的信息，从而摆脱与银行家之间通常被认为过度干涉的关系。对于资本提供者来说，市场融资的优势在于，在正常时期，他们可以随时变现。这种流动性为储蓄管理提供了更大的灵活性，这对集体基金和养老基金以及近几十年来负债大幅增长的保险公司都至关重要。\n\n虚拟资本：金融怎样挪用我们的未来\n\n① 罗伯特·古特曼（Robert Gultman)完美描述了这一过程，参见 Robert Gutt-man (1996, 2008)。\n\n72","previous_page":71,"next_page":73}