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financialization of the Economy and Income Inequality in China

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Economic and Political Studies 2014年第2期2卷 46-66页

作者： YU LUO FRANK ZHU the School of Finance Renmin University of China the College of Business University of Illinois at Urbana-Champaign

The income gap between the financial sector and other sectors has been widening since the mid-1990s. Why do financiers in China earn more than others? We analyze this issue against the background of financialization of the economy. The year 1993 was a watershed year, in which China began the process of rapid financialization. Since 1993, the financial sector has become increasingly powerful, overshadowing other sectors. Evidence shows that the high income levels that exist in the financial sector are related to this process of financialization in China. financialization influences income distribution in China through two channels: money issuance and liquidation of social capital. The labor market equilibrium of the financial sector and wage level determination are not naturally formed but constructed. The increasing income inequality between the financial sector and other sectors is a consequence of financialization of the economy in China.

关键词： financialization income inequality social capital

Real Estate Politik:Democracy and the financialization of Social Networks

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Journal of Social Computing 2021年第4期2卷 323-336页

作者： Joanne Cheung the Haas School of Business University of CaliforniaBerkeleyCA 94720USA

The power of social network platforms to amplify the scale,speed,and significance of everyday communication is increasingly weaponized against democracy.Analyses of social networks predominantly focus on design and its effects on politics.This article shifts the debate to their business model.Built as platform businesses,social networks are privately owned public spaces with structurally limited democratic affordances.Drawing from the history,theory,and practice of land use,I develop an analogy between the financialization of land by commercial real estate development and the financialization of attention by platform businesses.Historical policies,such as incentive zoning and exclusionary zoning,shed light on how platform businesses use systems of measurement and valuation to conflate users’roles,tokenize the incentives that drive behavior,and defer the ethical responsibilities businesses have to the public.While the real estate framing reveals social networks’structural flaws and colonial roots,lessons from urban planning,community land trusts,and Indigenous land stewardship can inform their regulation and reform.Building on the broader effort to embed ethics in the development of technology,I describe possibilities to steward social networks in the public interest.

关键词： social networks social media platform studies financialization urban planning land use

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产业特征、社会结构与教育困境

Do Institutional Investors Drive financialization of Real Sectors?

职业技术教育 2024年第1期

作者：李俊

20世纪80年代以来，美国职业教育为提升质量、改善形象，采取了改变就业属性、构建贯通渠道、加强与劳动力市场的相关性等多项举措，但仍面临社会认可度低、经济回报相对有限、学生中断学业比例较高和企业参与积极性不高等诸多困难。这... 详细信息

20世纪80年代以来，美国职业教育为提升质量、改善形象，采取了改变就业属性、构建贯通渠道、加强与劳动力市场的相关性等多项举措，但仍面临社会认可度低、经济回报相对有限、学生中断学业比例较高和企业参与积极性不高等诸多困难。这背后有经济、社会和教育三方面的原因。经济方面，去技能化的产业发展渊源和金融化的经济发展路径使得美国的产业对多数劳动者的知识技能要求不高，因而参与职业教育的积极性不足。社会方面，中等收入阶层萎缩、社会不平等加剧和阶级结构固化使得适合职业教育毕业生的工作岗位减少，职业教育的实际收益以及人们选择职业教育的意愿因而降低。教育方面，受制于基础教育的问题，高等职业教育的许多学生面临严重的学习困难，难以完成学业，在毕业后又背负起沉重的经济负担，进一步影响了职业教育的收益。三方面因素的相互作用共同带来了美国职业教育乃至社会变革的困境。

关键词：美国职业教育经济社会学金融化产业发展社会结构　　American vocational education economic sociology financialization industrial development social structure

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China Finance and Economic Review 2019年第2期8卷 25-46页

作者： Wei Liu Yuqiang Cao School of Management of Jinan University China School of Accounting of Guangdong University of Forcign Studies China

The trend that China's economy is being"off the real to the virtual"is a typical fact in recent years.A large number of firms invest and hold financial asscts,the investing and profit-generating channels of the real sectors are becoming more and more financialized.By utilizing sample of Chinese A-share manufacturing firms from the year of 2007 to 2015,and using fixed effect model,this paper investigates the driving factor of the financialization of real sectors.The results show that:(1)institutional investors,overall,drive the financialization of real sectors;(2)instiutional investors are heterogeneous,that is,long-term institutional investors do not show a significant correlation with the financialization of real sectors;however,short-term institutional investors significantly drive the financialization of real sectors;(3)the results.of further investigation show that the driving effect of institutional investors on financialization is more significant in state owned firms than that in private firms.The findings have implications as follows:guiding the investment behavior of institutional investors,leading financial sector to serve the real economy,promoting financial structure reform.

关键词： institutional investors “off the real to the virtual” real sectors financialization

To What Extent Does Corporate Investment Benefit from the Firm's Financial Activities?

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政治经济学季刊 2023年第2期6卷 120-156页

作者： Xiaochen JIANG Jiayi HAN Department of Economics SOAS University of London Legal Information Center Peking University

The impressive development of China's economy over the past few decades has enabled non-financial firms to adopt financial investment in exchange for enhanced financing behavior and short-term profit(shareholder value)maximization,while the persistence of fixed investment leading to dramatic capital accumulation has spurred the nation's rapid economic growth.The existing literature has extensive discussions on the crowd-out effect of financial activities on non-financial firms'fixed investment but overlooks to what extent and under what forces financial activities potentially benefit real investment.This paper investigates whether profits from financial activities have an inverted U-shape relationship with firms'fixed investment.In particular,we aim to identify if the benefit of financial profit on fixed investment is through the financial constraint channel and/or ownership structure channel for Chinese-listed firms from 2003 to 2018.We present robust evidence to support the inverted U-shape relationship between financial profit and fixed investment for the whole sample of firms as well as the split samples of firms(SOEs and non-SOEs).Moreover,among all channels including cash flow,debt financing,managerial shareholding,ownership concentration,and state ownership,this research documents that financial profit mainly benefits firms by reducing debt burden.Firms with concentrated ownership and strong state shareholding are also more likely to crowd-out real investment or potentially alleviate overinvestment.Nevertheless,non-SOEs are more prone to benefit from financial profits by reducing the debt overhang problem than SOEs,whereas ownership concentration for SOEs non-increments the crowd-out effect.

关键词： financialization firm investment financial constraint channel ownership structure channel U-shape relationship China

Are zombie firms more incentivized to financialize?

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China Journal of Accounting Research 2021年第4期14卷 117-135页

作者： Haomin Wu Meng Yang Jun Gu School of Accounting Yunnan University of Finance and EconomicsKunmingYunnanChina School of Economics and Management Shihezi UniversityShiheziXinjiangChina Department of Accounting&Research Center for Finance and Accounting College of EconomicsShenzhen UniversityShenzhenGuangdongChina

This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector,a practice we term financialization strategy.Unlike those in the United States,Japan,and Europe,we find that zombie firms in China are not necessarily small and that they rely heavily on government subsidies in addition to bank loans for survival.In addition,we document that zombie firms in China experience limited investment opportunities in their core businesses.This combination of readily available funding and limited investment opportunities jointly motivate the financialization of firms with zombie status.We further find that financialization is preferred by non-state-owned firms and by those located in regions with less developed markets.Finally,we suggest that a contagion effect can occur in terms of financialization in provinces that have a high percentage of zombie firms.This research sheds light on the effects of a triangular relationship among firms,government agencies,and financial institutions on both the operations of individual firms and overall market efficiency.

关键词： Zombie firms financialization Spillover effect Government subsidies

Does the social security fund help non-financial enterprises to transform from the virtual to the real?

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China Journal of Accounting Research 2022年第2期15卷 149-171页

作者： Dapeng Tang Jiamei Wu Zhibin Chen School of Accounting Dongbei University of Finance and EconomicsDalianChina School of Economics and Management Southeast UniversityNanjingChina

At its 19th National Congress,the Communist Party of China vowed to“strengthen the financial sector’s ability to serve the real economy.”However,many studies provide evidence of the opposite trend,a problematic“transition from the real to the virtual,”among Chinese enterprises.Meanwhile,the investment efficiency of China’s Social Security Fund(SSF),a public fund,attracts much attention.In this context,we use A-share listed companies in China from2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization.We find that SSF holding significantly inhibits financialization and that this effect is non-linear.Mechanism analysis indicates that SSF holding suppresses enterprises’financialization mainly by improving their governance.Moreover,SSF holding more strongly inhibits small-scale(vs.large-scale),state-owned(vs.non-state-owned),and non-eastern(vs.eastern)enterprises in China.Furthermore,SSF holding can alleviate corporate value impairment caused by financialization.The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.

关键词： Social security fund holding(SSF holding) Non-financial enterprises financialization Transition from the virtual to the real China

从价值转移到风险传导：全球价值链金融化的理论动态

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当代国外马克思主义城市地租理论：研究进展与前景展望

世界经济导刊 2022年第3期

作者：王兴华刘刚

关于全球价值链的研究主要集中在生产和贸易领域，但是随着全球价值链中的主体——非金融企业的金融化和重要原材料——大宗商品的金融化，全球价值链已经从“生产链”和“贸易链”逐步发展为“金融链”。相应的，全球价值链的跨国价值... 详细信息

关于全球价值链的研究主要集中在生产和贸易领域，但是随着全球价值链中的主体——非金融企业的金融化和重要原材料——大宗商品的金融化，全球价值链已经从“生产链”和“贸易链”逐步发展为“金融链”。相应的，全球价值链的跨国价值转移和风险传导也逐步金融化，使发展中国家处于更加不利的地位。这一议题的研究属于全球价值链理论与金融化理论的交叉领域，其中的部分观点将在很大程度上颠覆国际经济秩序的传统认知。本文尝试梳理这一领域的相关研究，就金融化在“双循环”中引发的新业态和新风险，提供一个可供参考的理论思路。

关键词：全球价值链金融化价值转移风险传导　　global value chain financialization value transfer risk transmission

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