摘要
创业利润是马克思主义经济学家希法亭在《金融资本》中提出的关键概念,经济金融化背景下,研究创业利润有利于解释金融利润的具体来源与深层影响。首先,本文回顾了创业利润的理论源起,在政治经济学框架内对创业利润的实现过程进行了扩展分析,将创业利润划分为留存创业利润和让渡创业利润,阐述了创业利润分配对上市企业生产率的影响。然后,本文以我国A股上市公司为样本,计算了留存创业利润和让渡创业利润,发现让渡创业利润在过去较长时间里脱离留存创业利润,成为我国经济金融化的重要推手;基于基准回归、工具变量和政策冲击方法,发现让渡创业利润占比(留存创业利润占比)对企业生产率存在显著负面(正面)影响。因此,优化企业上市定价与发行制度,确保创业利润更多地流入上市企业,可以更好地发挥创业利润的积极作用,进而提高上市公司质量;同时,完善机构投资相关法律制度,通过机构投资分享留存创业利润再投资所带来的长期收益,可以增加城乡居民财产性收入,发挥股票市场在促进共同富裕中的重要作用。
Constitutive profit is a key concept put forward by Hilferding in Finance Capital.Under the background of economic financialization,the study of constitutive profit is beneficial to explain the specific source and deep influence of financial profit.This paper reviews the theoretical origin of constitutive profit,conducts an extended analysis of the realization process of constitutive profit within the framework of political economy,divides constitutive profit into retained constitutive profit and transfer constitutive profit,and expounds the productivity effect of constitutive profit distribution on listed companies.Using Chinese A-share listed companies as samples,this paper then calculates the retained constitutive profit and the transferred constitutive profit,and finds that the transferred constitutive profit has been separated from the retained constitutive profit for a long time in the past,which has promoted Chinese economic financialization.Based on the benchmark regression,instrumental variables and policy shock methods,we find that the proportion of transferred constitutive profits(the proportion of retained constitutive profits)has a significant negative(positive)impact on enterprise productivity.Therefore,optimizing the listing pricing and issuance system of listed companies to ensure that more constitutive profits flow into listed companies can better play the positive role of constitutive profits,thereby improving the quality of listed companies.At the same time,we should improve the legal system related to institutional investment,and share the long-term benefits of reinvesting retained constitutive profits through institutional investment,thereby increasing the property income of urban and rural residents and play the important role of the stock market in promoting common prosperity.
作者
杨巨
张睿康
何召鹏
Yang Ju;Zhang Ruikang;He Zhaopeng(Business School,Xiangtan University;School of Economics,Central University of Finance and Economics)
出处
《政治经济学评论》
CSSCI
北大核心
2023年第4期197-224,共28页
China Review of Political Economy
基金
国家社科基金一般项目“国有经济促进共同富裕的作用机制与政策优化研究(项目编号:22BJL112)”
中央财经大学“青年英才”培育支持计划的阶段性成果。
关键词
创业利润
金融利润
经济金融化
让渡创业利润
留存创业利润
constitutive profit
financial profit
financialization
transferred constitutive profit
retained constitutive profit
