我国政策性银行改革动因及发展方向研究

发布时间：2018-05-05 17:22

本文选题：政策性银行 + 国家开发银行　；参考：《中南大学》2013年博士论文

【摘要】：摘要：随着社会主义经济市场化改革的推进,我国政策性银行的经营环境已经发生了巨大变化,需要我们重新审视其制度安排。政策性银行有两个功能：一是填补市场缺位,二是弥补市场失灵。填补市场缺位的功能随着市场化程度的提升会逐渐消弱,而弥补市场失灵的功能将长期存在。由于我国市场经济制度逐渐完善,市场化程度已经从1994年的37.72%提高到2011年的78.11%。在高度市场化背景下,政策性银行填补市场缺位的功能明显削弱,经济社会发展对政策性资金的需求越来越少。而与此同时,我国政策性银行体系的总体规模却在快速扩大。在需求减少和供给增加的共同作用下使得部分政策性资金流向商业性金融领域,一方面导致国有资金配置效率降低,另一方面导致金融市场无序竞争。进入高度市场化阶段是我国政策性银行改革的根本动因,政策性资金配置效率低下是我国政策性银行改革的直接动因,减小政策性银行体系规模是符合我国国情的金融改革思路。政策性银行体系规模减小的路径有三条：一是退出市场,二是商业化混合经营,三是商业化专业经营。由于我国政策性银行具有商业银行所不具备的中长期信贷优势,且我国缺乏金融机构退出市场的制度安排,第一条路径不可取；同一家银行主体不能同时经营政策性业务和商业性业务,由于两者很难区分,若混合经营,经营主体既不能忠实于国家政策任务,又不能担负自主经营、自负盈亏的责任,所以第二条路径也行不通。商业化专业经营既可以避免混合经营的各种弊端,又可以通过“市场筛选法”分离出政策性业务,所以,商业化专业经营是我国政策性银行体系缩减规模的合理路径。弥补市场失灵功能决定了政策性金融存在的长期性,我国只能对部分政策性银行进行商业化改革,因此,需要一个标准来衡量对哪家行进行商业化改革。本文设计了衡量政策性银行是否达到商业化改革条件标准的指标：国家补贴依赖度。通过测算国开行、进出口银行和农发行的国家补贴依赖度,结果显示：当前国开行和进出口银行经营的商业性业务较多,承担的政策性较少,达到了商业化改革的条件；农发行承担的政策性业务较重,对国家补贴的依赖程度较高,尚不能商业化改革。当前开发性金融理论存在诸多矛盾之处,本文从投融资期限角度重新界定了开发性金融的内涵和理论定位,从投融资期限和经营目标二个维度将金融业务分为政策开发性业务、政策传统性业务、商业开发性业务和商业传统性业务。可见,政策性银行商业化后有两种业务模式可选：一是商业传统性金融,二是商业开发性金融。由于我国对商业性中长期信贷的需求较为旺盛,而商业传统性银行受到融资渠道的限制对中长期信贷供给不足,国开行和进出口银行具有中长期的投融资优势,所以,商业开发性金融是它们在商业化改革之后形成和其他商业银行差异化竞争的业务模式选择。国开行当前的改革方向是商业化混合经营,而不是商业化专业经营。其混合经营主要表现在：一是国家信用担保可退出但未退出,二是政策性经营下产生的高绩效。国开行之所以能够混合经营,主要原因在于：一是扭曲了开发性金融的概念,使得其性质模糊不清,处于“脚踏两只船”的状态；二是缺乏完整的改革框架,没有明确具体的改革方向和完善的监管体系。若要使国开行的改革回归到商业化专业经营的道路上,国家层面必须制定完善的改革框架,国开行要彻底剥离政策性业务,并提高市场定价能力。采用SWOT战略分析法得出,进出口银行在商业化改革后要将市场定位于对外贸易领域的中期投融资市场。同时,为克服其规模小,资金成本高、资本金不足等劣势,它还需要大力的拓展融资渠道、提高投融资的市场定价能力,并多途径增加资本金。和其他银行相比,进出口银行面临的国别风险和汇率风险较高,在商业化改革后风险自担的情况下,需要加强对国别风险和汇率风险的管控。据粗略估算,当前进出口银行的资本充足率在3%-4%,要在短期内达到8%的最低监管要求,争取国家注资是最快速有效的方法。农发行要从治理结构方面保障其政策性履职效率。在国开行和进出口银行商业化改革后,农发行作为我国唯一一家政策性银行,需要加强其政策性属性。但是由于内控制度不健全、外部监管不完善导致当前农发行的功能和体制难以承担政策性金融的战略任务,势必需要从内外两方面对其治理结构进行完善。建立健全治理结构,农发行自身要完善内部控制制度；财政部作为出资人,要建立考核机制,对其绩效予以考核,包括经济绩效和社会绩效；监管部门要强化监管依据,对农发行在经营中可能产生的系统性和非系统风险予以监控。
[Abstract]:Abstract: with the promotion of socialist economic marketization reform, great changes have taken place in the operating environment of policy banks in China. We need to reexamine their institutional arrangements. The policy banks have two functions: one is to fill the market vacancy, and the two is to make up for the market failure. The function of filling out the market vacancy with the degree of marketization is raised. With the gradual improvement of the market economy system in China, the degree of marketization has been improved from 37.72% in 1994 to the highly marketable background of 78.11%. in 2011. The function of policy banks to fill the market vacancies will be weakened clearly, and the need for economic and social development for policy funds is needed. At the same time, the overall scale of China's policy banking system is expanding rapidly. Under the common role of demand reduction and supply increase, some policy funds flow into the commercial finance field. On the one hand, the efficiency of state-owned capital allocation is reduced. On the other hand, the disordered competition in the financial market is leading to the high level. The marketization stage is the fundamental motive of the reform of policy bank in China. The low efficiency of policy capital allocation is the direct motive of the reform of China's policy bank, and the reduction of the scale of the policy bank system is the thought of financial reform which is in line with the national conditions of our country.
There are three ways to reduce the scale of the policy bank system: one is to withdraw from the market, the two is the commercial mixed operation, and the three is the commercial specialized operation. Because the policy banks in China have the medium and long term credit advantages that the commercial banks do not have, and our country lacks the institutional arrangement of the financial institutions to withdraw from the market, the first path is not advisable; the same is the same. The main body of the bank can not manage both the policy and the commercial business at the same time, because it is difficult to distinguish between the two. If the two are mixed, the main body of business can neither be faithful to the country's policy tasks, but also can not undertake the responsibility of independent operation and self profit and loss, so the second paths can not work. Commercial professional management can avoid the various kinds of mixed operation. The malpractice can also separate the policy business through the "market screening method", so the commercial professional management is the reasonable path to reduce the scale of the policy banking system in China.
Making up for the function of market failure determines the long-term nature of the existence of policy based finance. China can only carry out commercialized reform of some policy banks. Therefore, it needs a standard to measure the commercial reform of which bank. This paper designs the index of whether the policy banks have reached the standard of the commercial reform conditions: the dependence of the state subsidies By measuring the state subsidy dependence of the national opening bank, the import and export bank and the agricultural issue, the results show that the current bank of China and the import and export bank have more commercial business and less policy, and have achieved the conditions of the commercial reform; the agricultural issue has a heavy policy business and a high dependence on the state subsidy. Not commercialized reform.
There are many contradictions in the current development finance theory. From the angle of investment and financing, this paper redefines the connotation and theoretical orientation of development finance, and divides the financial business into policy development business from the two dimensions of the term of investment and financing and the target of operation. The traditional business of policy, commercial development business and commercial traditional business can be seen. After the commercialization of the policy banks, there are two types of business models: one is commercial traditional finance and the two is commercial development finance. Because the demand for commercial medium and long term credit is more vigorous, the commercial traditional banks are limited by the financing channels to the medium and long term credit, and the CB and the import and export banks have medium and long term. Therefore, the commercial development finance is the choice of the business mode formed after the commercialization reform and differentiated from other commercial banks.
The current reform direction of the state bank is commercialized mixed operation rather than commercial professional operation. Its mixed operation is mainly manifested in the following: one is that the national credit guarantee can be withdrawn but not exited, and the two is the high performance under the policy management. The reason why the state Kai bank is able to mix it is the reason that the first is the distortion of the development finance. The concept, which makes its nature blurred, is in the state of "stepping on two boats"; two is the lack of a complete reform framework, no specific reform direction and a perfect regulatory system. If the reform of the national opening bank is to be returned to the road of commercialized professional management, a perfect reform framework must be formulated on the national level, and the national opening bank must be thorough. Bottom stripping policy business and improving market pricing power.
By using the SWOT strategy analysis method, the import and export bank should locate the market in the medium term investment and financing market in the field of foreign trade after the commercial reform. At the same time, in order to overcome its disadvantages such as small scale, high capital cost and insufficient capital, it also needs to expand financing channels, improve the market pricing ability of investment and financing, and increase many ways. Capital. Compared with other banks, the import and export banks face higher country risk and higher risk of exchange rate, and need to strengthen control of country risk and exchange rate risk under the risk of commercialized reform. According to rough estimate, the current capital adequacy ratio of the import and export bank is 3%-4%, and the minimum regulatory requirements of 8% in the short term will be reached, It is the fastest and most effective way to get capital from the country.
After the commercial reform of the national opening bank and the import and export bank, the agricultural issue, as the only policy bank in China, needs to strengthen its policy nature after the commercial reform of the National Bank of China and the import and export bank. However, because the internal control system is not perfect and the external supervision is not perfect, the function and system of the current agricultural issue are difficult to undertake. The strategic task of policy finance is bound to improve its governance structure from two aspects and outside. Establish and improve the governance structure, the agricultural issue itself should improve the internal control system. As a contributor, the Ministry of finance should establish the assessment mechanism and assess its performance, including the economic performance and social performance, and the supervision department should strengthen the supervision. It is necessary to monitor and control the systematic and non systematic risks that may arise in the operation of the agricultural development bank.

【学位授予单位】：中南大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F832.31

【参考文献】