平台金融化与中小企业利润挤压：数字经济下金融与实体经济利润分配失衡研究

Platform Financialization and SME Profit Squeeze: Research on the Profit Distribution Mismatch between Financial and Real Sectors under the Digital Economy

摘要: 21世纪以来，经济金融化导致金融与实体经济利润分配严重失衡。在数字经济时代，这一趋势演化为“平台金融化”：大型数字平台依托生态垄断，深度嵌入支付、信贷、理财等金融业务，系统性挤压依附其上的中小企业利润。本文基于马克思主义政治经济学视角，揭示平台通过信息优势、准入壁垒与生态闭环构建议价权，其金融收益实质是对中小企业产业利润的分割。这种“数字租金 + 金融租金”的双重提取模式加剧资源错配，抑制创新与再投资，潜藏系统性风险。为此，应重塑平台功能定位，强化反垄断与金融监管协同，建立服务费与金融收益透明披露机制，引导平台资本回归服务实体本源，破解新型利润分配失衡困局。

Abstract: Since the early 21^st century, economic financialization has led to a severe imbalance in profit distribution between the financial sector and the real economy. In the digital age, this trend has evolved into “platform financialization”: large digital platforms, leveraging their ecosystem monopolies, have deeply embedded themselves in financial services such as payments, credit, and wealth management, systematically squeezing the profits of small and medium-sized enterprises (SMEs) that rely on them. Drawing on Marxist political economy, this paper reveals how platforms gain significant bargaining power through information advantages, entry barriers, and closed-loop ecosystems, and argues that their financial gains essentially represent the redistribution of industrial profits created by SMEs. This dual extraction model—combining “digital rent” and “financial rent”—worsens resource misallocation, stifles innovation and reinvestment, and creates systemic risks. To address these issues, the paper advocates for redefining platform roles, strengthening the coordination of antitrust and financial regulations, establishing transparent disclosure mechanisms for service fees and financial revenues, and steering platform capital back to its primary purpose of serving the real economy, thereby addressing the emerging profit distribution imbalance in the digital era.