自2008年美国金融危机发生以来,经济金融化成为国内外学界关注的焦点。文章从政治经济学的角度指出了金融化的本质在于资本积累演变为资本脱离剩余价值的生产与交换而通过金融系统实现增殖的过程,进而通过构建一个包含异质性主体的非对称演化博弈模型,揭示了非金融主体与金融主体之间从普通经济关系到金融关系的动态演变过程及其作用机制。研究表明:(1)经济主体之间的动态关系演变表现为非金融企业主要通过金融活动获取利润,金融企业则关注中间业务和表外业务并将普通家庭纳入其体系使之成为新的利润源泉,而普通家庭则被迫接受强势经济主体的二次分利,这些关系的变化将导致一国经济的金融化乃至金融危机。(2)经济发展状态取决于金融主体与非金融主体之间的相互关系,其中,非金融主体行为起主导性作用。在既定假设下,当非金融主体仅通过其资源保护行为影响金融主体的分利技术时,既可以促使一国经济走向新的稳定状态也可促使其走向崩溃;当非金融主体通过其资源保护行为和分利技术影响金融主体的分利技术时,经济可以实现演化稳定状态。(3)经济主体的金融化行为有三个层面的影响:一是经济主体的金融化行为促进经济主体自身在短期内实现高额资本积累;二是金融主体的分利行为与非金融主体的生产行为经常呈现对立的经济关系并容易被激化;三是没有政府介入的自由市场必然导致矛盾激化而陷入危机。因此,深入理解经济金融化问题的本质及其对经济的影响机制,对当前中国的经济转型和金融改革都具有重要意义。 Since the financial crisis in the United States in 2008, the financialization of the economy has become the focus of academic circles at home and abroad. From the perspective of political economy, the article points out that the essence of financialization lies in that capital accumulation evolves into the process of capital proliferation through the production and exchange of surplus-value capital. By constructing an asymmetric evolutionary game model with heterogeneous agents , Reveals the dynamic evolution process and its mechanism from the general economic relations to the financial relations between non-financial entities and financial entities. The results show that: (1) The dynamic relationship between economic entities evolves as non-financial firms gain profits mainly through financial activities while financial firms focus on intermediate and off-balance sheet operations and include common families into their systems, making them new sources of profit , While ordinary families are forced to accept the second dividend of strong economic entities. Changes in these relations will lead to the financialization of a country’s economy and even the financial crisis. (2) The state of economic development depends on the interrelationship between the financial main body and the non-financial main body, among which the non-financial main body plays a leading role. Under the established assumption, when a non-financial subject influences the financial technology of the financial subject only through its resource protection, it can either promote a country’s economy to a new stable state or cause it to collapse. When a non-financial entity passes its resource protection When the behavior and technology of divisions affect the divisive technology of the financial subject, the economy can achieve steady evolution. (3) The financial behavior of the economic subject has three levels of influence: First, the financial behavior of the economic subject promotes the economic entity itself to realize high capital accumulation in a short period of time; second, the divorce behavior of the financial entity and the non-financial entity Behavior often shows antagonistic economic relations and can easily be intensified. Third, a free market without government involvement will inevitably lead to the intensification of conflicts and the crisis. Therefore, a deep understanding of the nature of economic and financial problems and their impact on the economy is of great significance to the current economic restructuring and financial reform in China.