全球农业食物体系的金融化议题日益受到关注。已有研究主要聚焦于流通领域的投机积累活动，本文将生产的维度包括进来，从整体性的角度考察农业领域资本积累方式的改变，以求更全面地把握农业金融化的特点及其对农户生产的影响。通过对玛咖产业的考察发现，基于种源垄断的产业链控制既是农业投资者获取垄断利润的有效途径，又是其捕获投机利润的基础。研究表明，农业金融化不仅是资本积累的投机化转向，而且是资本积累垄断性的增强。在垄断的积累结构中，小生产者无法凭借低成本经营赢取市场生存和发展，他们往往还是投机赢利模式下的危机承担者。

The topic of financialization of the global agri food system has received increasing attention. Related studies have focused mainly on speculative activities in the distribution sector. This article includes the dimension of production and examines the transformation of capital accumulation methods in agriculture from a holistic perspective, as a way to capture the characteristics of the financialization of agriculture and its impact on farmer household production. An examination of the Maca industry reveals that chain control based on seed monopoly is both a source of excess monopoly profits and a basis for agricultural investors to capture speculative profits. It suggests that the financialization of agriculture is not only a speculative transformation of capital accumulation, but also an increase in the monopoly of capital accumulation. In a monopolistic accumulation structure, small producers cannot survive and grow by winning the market with low cost operations. Meanwhile, they are often also the crisis bearers in the speculative profit model.

本文是贵州财经大学引进人才科研启动项目（2018YJ03）、校级科研基金项目（2018XYB13）的阶段性研究成果。

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