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維持美國金融化與全球價值鏈

時間:2016-04-21 09:55來源:livesitehelp.com 作者:William Milberg 點擊:
本文非金融企業的金融化鏈接到這些企業的全球價值鏈的廣泛發展。主要的重點是美國和它在中國的離岸外包。
Abstract 摘要
 
金融化鼓勵生產的結構調整,與企業的經營縮小其范圍,以核心競爭力。和企業的垂直和國際瓦解生產上升的能力,使他們能夠保持成本加價。因而利潤和股東價值。即使是在經濟增長放緩的背景下。在利潤分享由此產生的崛起,不支持從離岸動態收益經常預測,由于金融化壓力已經減少了固定投資,允許較高的股息支付,股份回購,并購活動及其他金融資產購買。本文探討在其他工業化國家在全球價值鏈金融化鏈接,其運作的可持續性。結論簡單地認為,非金融企業部門在目前金融板塊跌幅臉上的作用。This paper links the financialization of non-financial corporations to the extensive development of global value chains by these corporations. The main focus is the US and its offshoring in China. Financialization has encouraged a restructuring of production, with firms narrowing their scope to core competence. And the rising ability of firms to disintegrate production vertically and internationally has allowed them to maintain cost mark-ups . and thus profits and shareholder value . even in a context of slower economic growth. The resulting rise in the profit share has not supported dynamic gains from offshoring as often predicted, since financialization pressures have reduced fixed investment to allow for higher dividend payments, share buybacks, M&A activity and other financial asset purchases. The paper explores the sustainability of the global value chain financialization link and its operation in other industrialized countries. The conclusion briefly considers the role of the non-financial corporate sector in the face of the current financial sector decline. 
 
Introduction 介紹
 
研究全球價值鏈的全球化生產過程是如何治理的理解做出了貢獻。
威廉·米爾貝格:轉移的來源和利潤421性質龍頭企業,他們的關系到供貨企業,并為這些供應商的產業升級“的前景用途。這已經連接了研究經濟發展和企業管理的問題。但迄今為止,價值鏈的文獻中沒有任何詳細的資金流動還是什么全球化生產的影響已被廣泛稱為“金融化”考慮。威廉姆斯(2000年)是這個空白,在全球價值鏈框架頗有微詞:[T]他商品鏈的概念,由Gereffi和Korzeniewicz(1994年)為普及,被廣泛認為不成問題接受,即使這是一個完全不夠的方式來代表像福特堅定其中可變集零部件生產,汽車組裝,金融,汽車租賃和后市場服務的經濟動力矩陣的選擇。 (威廉姆斯,2000年,第6頁)本文是開始填寫到威廉姆斯是指空隙的努力。我特別關注美國龍頭企業和他們的低成本供應商。Research on global value chains has contributed to an understanding of how globalized production processes are governed.  
William Milberg: Shifting sources and uses of profits 421 nature of the lead firms, their relation to supplier firms and the prospects for ‘industrial upgrading’ by these suppliers. This has connected the research to questions of economic development and business management. But to date the value chain literature has not considered in any detail the implications of globalized production for the flow of funds or what has become widely known as ‘financialization’. Williams (2000) is quite critical about this lacuna in the global value chains framework: [T]he concept of commodity chain, as popularized by Gereffi and Korzieniewicz (1994), was widely accepted as unproblematic even though this was a completely inadequate way to represent the financially motivated matrix choices of a firm like Ford which variably combines component production, car assembly, finance, car rental and after-market services. (Williams, 2000, p. 6) This paper is an effort to begin to fill the void to which Williams refers. I focus in particular on US lead firms and their low-cost suppliers. I argue that the enormous expansion of global value chains has brought a lowering of input costs to lead firms, allowing them to maintain and even increase cost mark-ups, and thus profit rates and the economy-wide profit share, even during a period when domestic (US) product market prices were not moving upwards at historical rates. This shift in the sources of profits . from domestic product markets to foreign input markets . has had a number of financial implications. For one, it has contributed to the maintenance of profit rates and the increase in the profit share of national income in industrialized countries. This has coincided with a decline in manufacturing in most countries, and thus has permitted companies to return a greater share of net revenues to shareholders rather than reinvesting these revenues in new productive capacity. In the financialization literature this is attributed to the ‘shareholder value revolution’ that began in the 1980s. In the global value chains literature, the process is seen as the increasing focus on ‘core competence’, a managerial strategy that became popular around the same time.1 Second, export revenue growth in developing countries resulting from the expansion of global supply chains has been converted into rapid expansion of manufacturing productive capacity in low-wage countries and, in turn, into capital flows from the low-wage to the industrialized countries. The latter constitutes a ‘reverse capital flow’, supporting asset values in the industrialized countries and especially the US. This provides further impetus to the process of financialization. This paper is thus an effort to go beyond the inclusion of financial activities in ‘matrix choices’ of firms, in order to explore the interdependence of the processes of the globalization of production and financialization, that is, to link the issue of corporate governance to that of supply-chain governance. I find that the globalization of production by US firms has helped to sustain higher levels of financialization of the US non-financial corporate sector and this financialization creates greater incentives for cost-reducing and flexibility-enhancing offshore production by US lead firms. To put it differently, the  422 Economy and Society sustainability of a ‘finance-led growth regime’ . questioned, for example, by Boyer (2000) and Watson (2007) . is enhanced by the successful governance of global value chains by lead non-financial corporations. In the current financial sector crisis, it is precisely the non-financial corporate sector that some point to as the lynchpin of an economic recovery. The deep engagement of this sector in global value chains will affect its ability to play such a role effectively. This paper contains seven sections. The second section reviews the processes of financialization and global value chains. In the third section I take up the issue of the shifting sources of profit and the following section looks at the changing uses of profit. These sections focus largely on the US and its international trade with low-income countries. The fifth section looks briefly at the situation from the perspective of the leading low-wage trading partner of the US, China, and its trade, investment and capital flows. The sixth section explores the issues of sustainability and replicability in the interdependent relation between global value chains governance and financialization. The seventh section concludes with a brief discussion of how the financialization globalization link may evolve in response to the recent financial sector collapse, the weakening of the US dollar and the recession in the US. The task of linking value chain analysis to the issue of financialization is complicated by data limitations. In particular, while lead firm profit data are readily available, precise measures of these firms’ reliance on imports within global value chains are not public. Information on costs and revenues of supplier firms in many low-income countries are difficult to trace.2 Supplier market structures have not been widely measured. As a result, in this paper I use a number of proxy measures to identify the links between global value chains and financialization. Nonetheless, the picture suggests a strong link between governance of global value chains and the dynamics of corporate governance in the case of the US since the mid-1980s.  (責任編輯:anne)
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