虚拟资本的生成逻辑、异化效应与治理重构
The Logic of Virtual Capital Generation, Alienation Effect, and Governance Reconstruction

自20世纪70年代资本主义经济结构转型以来，虚拟资本的扩张逐渐脱离实体生产的物质基础，通过金融衍生品、算法交易与区块链技术构建出脱离实体经济的自我增殖体系。然而，虚拟资本在加速全球资本流动的同时，引发了微观认知剥削、中观市场失序与宏观社会分化的异化效应，通过算法权力重构、数字身份垄断与风险共振威胁现代社会稳定。针对虚实共生的治理困境，本文提出制度穿透式监管、算法合规嵌入与数字公民价值重塑的协同路径，强调技术治理需与伦理规制深度融合，以实现虚拟资本创新势能与人文精神的动态平衡，为构建可持续的数字文明秩序提供理论框架与实践启示。
Since the transformation of the capitalist economic structure in the 1970s, the expansion of virtual capital has gradually separated from the material basis of physical production. Through financial derivatives, algorithmic trading and blockchain technology, a self proliferation system has been built that is separated from the real economy. However, while accelerating the flow of global capital, virtual capital has triggered the alienation effect of micro cognitive exploitation, meso market disorder and macro social differentiation. Through the reconstruction of algorithm power, digital identity monopoly and risk resonance, modern social stability is threatened. In view of the Governance Dilemma of virtual and real symbiosis, this paper proposes a collaborative path of system penetration supervision, algorithm compliance embedding and digital citizen value remodeling, emphasizing that technical governance needs to be deeply integrated with ethical regulations, so as to achieve the dynamic balance between virtual capital innovation potential and humanistic spirit, and provide theoretical framework and practical enlightenment for the construction of Sustainable Digital civilization order.