经济价值的社会建构——兼论中国特色公司估值体系
The Social Construction of Economic Value——Evidence from Financial Markets, with a Discussion on Building a Valuation System with Chinese Characteristics
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摘要: 经济价值并非完全天生的、客观的，而是被相关行动主体建构的结果。在以美国为代表的金融资本主义体系下，金融资本逐渐取得对实体经济的支配地位，上市公司的估值标准和行为模式也日益向有利于金融资本的方向演变。这一趋势的发生受到公司叙事方式变化的影响，公司被描述为“一束合同”和投资或投机对象。在新叙事基础上，公司价值标准被重塑，形成了一套富于弹性、易于操控且边界模糊的估值体系。通过金融市场，这种估值体系进一步影响了公司及相关方的行为模式，引发了实体经济萎缩、资源错配、失业增多及贫富分化等一系列经济社会问题。必须超越西方以金融资本为中心的公司估值体系产生的种种弊端，建立符合中国国情的公司叙事与价值标准，才能有效强化国家与社会对金融资本的规范与制约，推动中国特色现代企业制度建设，走出一条服务于中国式现代化和民族复兴伟业的中国特色金融发展之路。Abstract: This paper analyzes how economic value is socially constructed with evidence from the financial markets. Economic value emerges from the interpretive and institutional practices of market actors. In the regime of financial capitalism led by the United States, the valuation norms and behavioral logics of listed firms have evolved toward serving the interests of financial capital. This shift has been reinforced by changes in corporate narratives:firms are increasingly conceived as 'nexus of contracts' and as speculative or investment vehicles. Corporate value becomes fluid, easily manipulable, and institutionally ambiguous. The resulting valuation system, mediated through financial markets, reshapes corporate behavior and stakeholder incentives, producing broader socio-economic consequences-industrial stagnation, resource misallocation, unemployment, and inequality. The paper argues for the necessity of constructing corporate narratives and value standards aligned with China's developmental realities.
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Key words:
- financial capitalism /
- corporate narrative /
- value construction /
- value standards /
- valuation system
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