风险承诺、金融市场化与国有银行体系

发布时间：2018-01-30 08:53

本文关键词： 风险承诺金融合约国有银行改革市场化悖论　出处：《国际金融研究》2017年05期 　论文类型：期刊论文

【摘要】：经过长期的制度变革,中国的金融体系正在形成自身的独特面目,这对主流的金融理论构成不小的挑战。本文试图借助国有银行改革过程对相关机理进行初步梳理。本文发现,基于财政下降条件下谋求改革与增长的特殊背景,中国金融改革从一开始就导入了金融市场化与金融控制的"两难路径",其中的关键是国家针对金融资源配置过程不得不做出的风险承诺,由此决定了国有银行改革本身所具有的"有控制市场化"和"有限市场化"的性质。有趣的是,面对国有银行体系所表现出的理论异象和成功实践,主流理论竟然得出它是一种"失败且有效"的金融体系的结论。本文认为,国有银行体系在大国经济崛起中具有显著的比较优势,确认这种优势并进一步探究其制度内涵和金融绩效,对于拓展和丰富现代金融分析的视野和结构无疑具有十分重要的理论价值。
[Abstract]:After a long period of institutional change, China's financial system is forming its own unique features. This is a great challenge to the mainstream financial theory. This paper tries to carve out the relevant mechanism with the help of the reform process of state-owned banks. This paper finds that the special background of seeking reform and growth under the condition of fiscal decline. From the beginning, China's financial reform has introduced the "dilemma path" between financial marketization and financial control, the key of which is the risk commitment that the state has to make in the process of allocating financial resources. This determines the nature of "controlled marketization" and "limited marketization" in the reform of state-owned banks. What is interesting is the theoretical vision and successful practice in the face of the state-owned banking system. The mainstream theory has come to the conclusion that it is a "failed and effective" financial system. This paper argues that the state-owned banking system has a significant comparative advantage in the economic rise of large countries. It is undoubtedly of great theoretical value to confirm this advantage and further explore its institutional connotation and financial performance in order to expand and enrich the vision and structure of modern financial analysis.
【作者单位】：中国人民大学财政金融学院、中国财政金融政策研究中心;
【基金】：教育部人文社会科学重点研究基地重大研究项目“中国金融市场体系完善过程中的政府与市场关系研究”(14JJD790040) 国家哲学社会科学成果文库项目“金融分析的制度范式”(16KJY013)研究成果
【分类号】：F832.3;F832.5
【正文快照】： 一、导论:风险承诺与金融体系的“中国面目” 按照主流经济学的观点,金融市场化可以增进金融资源配置效率,但在中国经济改革的特殊背景下,上述逻辑不一定成立。在中国经济改革过程中,金融市场化与金融控制之间实际存在的是一个充满制度张力的“两难困局”(张杰,2008)。想必绝

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