【作者】 田春雷；

【导师】 冯果；

【作者基本信息】 武汉大学 ， 民商法学， 2012， 博士

【摘要】 金融资源本是经济学上的概念，和法学研究看似不相关。但近年来，随着我国市场经济体制改革的深化，金融领域偏低的市场化程度、相对滞后的制度改革、金融发展的地区差异、行业差异、所有制差异以越来越触目惊心的形式展现在人们面前。2012年5月浙江东阳“本色集团”的吴英因非法集资7.7亿元人民币被以“集资诈骗罪”判处死刑缓期执行，表面上看这是一起刑事案件，但其背后映衬的是中国民间对金融资源的巨大需求与体制外金融无序发展的乱象，正是民间的在正规金融体制内无法满足的巨大金融需求催生出众多的无视法律的非法集资者。金融资源的需求与供给为什么要以这种惨烈的方式展现与表达？仅是违法者胆大妄为，还是金融资源配置本身也有不公平的因素哪？由此，金融资源的公平配置成为我们必须正视的严峻课题。本文试图对金融实践中的种种金融资源配置不公现象进行系统地归纳和总结，分析问题产生的原因并寻找法律解决对策。本文共计五章，框架结构安排如下：第一章金融资源配置：法学研究的新视域本章分为三节：第一节详细阐述了“金融资源观”如何产生、金融资源的核心内涵及金融资源配置的具体含义。无论是传统的金融观，还是传统的资源观都不把金融当成一种资源来看待，然而随着金融的快速发展，金融日益显示出其特有的资源属性，金融资源观由此产生。金融资源的核心内涵可以提炼为：现代社会中金融不仅是经济运行的中介、工具、还是一种集自然资源与社会资源属性于一身的对经济发展具有战略意义的资源。金融资源有独立配置的必要和可能。金融资源配置指的是在一定的经济制度安排下，市场主体与政府主体在各个生产经营者、行业（部门）、地区之间进行的金融资源的数量和使用方向的分配组合。第二节阐述了“金融资源观”对法学研究的借鉴意义，分析归纳了法学视角下金融资源的具体范围。“金融资源观”的提出为认识现代经济条件下的金融本质属性提供了新思路，也为金融法研究提供了新视角。既然金融资源是需要独立配置的领域，那么何者可以成为法律意义上的配置主体？配置主体各自的权限边界如何界分？实践中是否存在金融配置不公现象？该如何改良和重塑法律制度才能保障公平的实现？这些都是法学研究要面对和解决的问题。作为法学研究基础的金融资源来源于经济学，但受制于法律关系客体的条件，法学意义上的金融资源具体范围与经济学的范围有所差别。通过分析，本文认为，法学意义上的金融资源包括三个部分，基础性金融资源、机构性金融资源和金融商品资源。第三节运用经济法中的“国家调节理论”具体分析金融资源的市场配置与国家调节。本文认为纯粹的金融资源市场配置会出现金融市场运行不稳、运行无序、单纯逐利等“市场失灵”现象。上述“市场失灵”的存在会强化金融体系的内在脆弱性，加剧金融动荡发生的可能性与不确定性。由于市场的自由交易机制无力解决上述“市场失灵”，因此需要超越于市场的外部力量来限制其影响，这就为国家介入金融市场提供了重要的理论依据。针对上述“市场失灵”，国家一般通过建立金融调控法律制度、金融监管法律制度、进行扶持性金融资源配置立法予以矫正。在金融资源的配置过程中，市场与政府都是不可或缺的。第二章金融资源配置公平与金融法传统价值的更新本章共分为三节。第一节介绍了资源分配公平的代表性观点，为金融资源配置公平界定进行理论铺垫。在分析了亚里士多德的公平分配论、功利主义的资源公平分配论、罗尔斯的“公平的正义”与德沃金的资源平等论后认为，资源的分配无法做到完全的平等，不平等是客观存在的，通过制度对先天不利者给予适当的倾斜和照顾，保障那些获益较少的公民获得更多的权益与发展机会，是达到真正意义上社会公平的有效办法；资源分配的过程中政府必不可少。第二节从金融资源配置主体与需求主体两个层面界定了金融资源配置公平的基本含义。金融资源的配置者包括市场主体与国家主体。对市场主体而言，金融资源配置公平体现为机会公平与竞争公平；对国家主体而言，金融资源配置公平体现为规则制定的公平和结果公平。对于金融资源需求者，金融资源配置公平体现为发展公平。认为金融资源公平配置反映的是全社会的利益诉求，追求的整体性、普遍性的利益。当社会整体利益与个体利益发生冲突时，公平配置强调站在社会整体利益的立场上，充分考虑各阶层、各群体、各地区的金融需求，赋予金融需求者公平获取金融资源的机会，赋予金融机构公平配置金融资源的机会，并在机会均等的前提下对不均衡的结果适当调整，从而实现形式公平与实质公平的统一。第三节在反思金融法传统价值观的基础上认为，传统金融法的“金融安全与金融效率”的二元价值观对矫正金融资源配置不公问题无能为力，金融资源配置公平应该是金融法必不可少的价值之一。本文赞同“金融安全、金融效率、金融公平”的三元价值观，认为将金融法的价值定位从“金融安全与金融效率的二元结构”拓展到“金融安全、金融效率、金融公平”三者兼顾，是探索解决中国金融实践中资源配置不均衡问题的开始，是关键性的一步。金融资源配置公平与金融公平紧密相关。金融公平的内涵是丰富全面的，包括金融资源配置公平、金融消费者权益保护、金融活动的社会责任、确保市场公平透明和有效等方面的内容。金融公平是金融资源配置公平的上位概念；金融资源配置公平是金融公平的重要组成部分。第三章沉疴待解：我国金融资源配置不公的现状与后果本章分为四节。第一节梳理和概括了金融资源城乡配置不公的种种表现。中国金融在城乡的发展表现出明显的不均衡特征与城市化倾向。在基础性金融资源配置层面，农村金融资源流入与流出严重失衡。农村货币资源呈现出从基层金融机构向上级金融机构集中、由农村向城市集中的趋势，农村资本资源配置也陷入结构性失调状态。农业和乡镇企业信贷供给不足。农户的资金需求无法得到满足。在机构性金融资源配置层面，农村金融主体类型有限，目前农村金融市场上的正规金融除少数的国有商业银行外，只剩下农村信用合作社、农业发展银行、邮政储蓄和近几年刚开始兴办的新型农村金融机构，其中农村信用社处于事实上的垄断地位，这制约了农村金融市场竞争秩序的形成。而且近年来农村金融机构普遍偏离了为农村服务的业务宗旨，状况堪忧。在金融商品资源配置层面，我国农村地区金融工具体系发展相对滞后，金融产品的供给和需求的增长比较乏力，金融产品的分布在城市和农村严重失衡。第二节总结和归纳了东部与中西部地区金融资源配置不公的主要表现。在基础性金融资源配置层面，东部与中西部地区贷款分布不均衡，统计数据表明，近年来东部地区控制金融资源的能力显著增强，中部地区则显著减弱，而西部地区基本保持不变。东部与中西部地区人均金融资源差距较大；东部与中西部地区证券市场交易规模差异巨大；东部与中西部地区保险业发展的不均衡。在机构性金融资源配置层面，银行性金融机构主要分布在东部地区，中部和西部地区的银行性金融机构数量远远低于东部地区，证券经营机构在东中西部的分布同银行性金融机构一样具有非均衡性。东部地区的证券经营机构在总体数量、发展规模、资本数额等方面表现出明显的优势，在中国证券市场的发展过程中起主导作用。第三节概括了国有与非国有经济体之间金融资源配置不公的具体表现。在基础性金融资源配置层面，虽然非国有经济占工业总产值的比重逐年提高，但与其贡献相反的是，非国有经济获得的国家金融支持非常有限。大量金融资源配置给产出效率不断下降的国有经济体。证券市场筹资主体也主要是国家控股的上市公司。在机构性金融资源配置层面，国有金融机构在我国的金融市场中不仅拥有资本优势、数量优势、而且在业务经营中处于垄断地位，非国有金融机构数量少、资本规模小，业务范围有限，根本无法与国有金融机构相提并论。第四节阐明了金融资源配置不公导致的一系列严重后果。从理论上说，由于金融资源的供给和需求在地域、行业、群体上的非均衡性，相应的金融资源配置势必会呈现出非均衡的态势。适度非均衡有利于金融发展，过度非均衡不仅不利于金融的发展，还会导致一系列的严重后果。金融资源配置的过度非均衡导致社会收入分配差距逐渐加大；金融资源配置的过度非均衡会直接影响社会资源的配置，进而导致社会经济发展的不平衡；金融资源配置的过度非均衡导致民间金融在体制外“疯长”，近而引发较高的道德风险和一系列的法律案件。第四章金融资源配置不公的原因本章分为四节。第一节认为政府功能越位，对金融资源进行过度控制是引发金融资源配置不公的首要原因。我国现阶段金融资源配置模式不是单纯的计划经济模式，也不是纯粹的市场经济模式，更多的是处于中间状态，但政府机制发挥了基础性作用。金融资源的双重配置模式下，政府在金融市场就有了双重定位，一是为矫正金融市场失灵，维护金融市场的秩序和保持金融体系的稳健，二是对金融资源的配置进行直接控制，以便为体制内经济体的经济发展提供廉价、充足的金融资源。政府功能由此越位。政府对金融资源的利率控制、股价控制、货币市场的信贷数量与投向控制、证券市场的上市公司数量及股票发行数量控制、货币资源流向控制导致了国有与非国有经济之间金融资源配置的严重不均衡。第二节阐明国家有意设计的错位的金融监管制度是造成金融资源配置不公的重要原因。基于金融市场失灵，政府确实有必要进行金融监管，各国一般将金融监管的目标定位为：限制金融领域的不正当竞争，维护金融业的公平、有序竞争；保护存款人、投资者和社会公众利益；从整体上维护金融体系的安全，促进金融与经济的稳定、协调发展。如果实践中金融监管偏离了上述目标，没有起到这样的作用，甚至在一定程度上妨碍了市场机制的基础性资源配置功能，就说明制度的功能设计出现了错位。受“赶超战略”的影响，加之政府存在的自身“利益偏好”，我国金融监管制度的目标设定出现了偏差。金融监管制度设立的初衷由从整体上维护金融市场秩序变异为保证国家对金融资源的直接或变相控制，以保障体制内经济发展对资金的需要。金融监管制度在这一目标的指引下，在以下两个层面展开：一是通过设定带有歧视民间资本倾向的金融市场准入制度不给与(或给与较少)其他所有制形式的出资人兴办金融机构的机会，以保持国有金融机构在金融市场上占据垄断地位。金融市场准入制度歧视民间资本的倾向体现为：民间资本进入金融市场的审批标准不明；民间资本进入金融市场的注册资本门槛过高。二是通过不健全的金融市场退出制度为国有金融机构提供变相保护。金融市场退出制度的不健全体现为：现有的法律规定过于笼统，缺乏金融机构市场退出的专门规定；现有的法律规定过于简单，缺乏可操作性。不健全的市场退出制度加剧了金融资源错配。第三节分析说明一刀切的金融调控制度是造成东中西部地区之间金融资源配置不公的原因之一。统一的存款准备金政策使落后地区资金更加匮乏；同一利率水平在客观上形成了对东部地区的“利率”优惠，其政策结果使中西部地区资金流向东部。统一的公开市场操作、再贴现政策在欠发达地区的作用有限；统一的宏观紧缩政策对西部地区的限制效果更为严厉。事实上，不同地域间综合资源禀赋、生产力、供需状况、经济结构、消费能力与需求、信贷投资环境、经济主体偏好、金融业发达程度的差异始终都是客观存在的，由于上述差异导致的地区间金融发展水平的现实性差异也是不容抹杀的，忽视上述差异，实行统一的金融调控政策，不仅无法缩小这种差异，还会导致地区金融发展水平和金融资源配置程度差异的进一步扩大。第四节认为扶持性金融资源配置立法的缺失是造成金融资源配置不公的另一重要原因。所谓扶持性的金融资源配置立法是指立法者为了弥补金融市场的逐利性缺陷，矫正国家金融管制带来的资源配置偏颇，使市场竞争中的弱势群体、地区、行业有机会获取金融资源而特别进行的给与其倾斜性保护的立法。扶持型金融资源配置立法是否完善，直接关系到金融资源配置公平能否实现。目前我国扶持性金融资源配置立法基本上处于空白状态。具体表现为：其一扶持民间资本进入金融领域的立法缺失。虽然政府在民间资本市场准入规则上先后进行了一些尝试，但更多的只是非操作层面的鼓励政策，而没有具体为更具执行力和操作性的法律规则，效果差强人意。其二保障弱势群体信贷权的立法缺失。弱势群体信贷可得性不足的难题单纯依赖市场机制不足以完美地解决，必须依靠政府的“有形之手”对该领域的介入，我国在这方面的立法努力还很有限。其三规范政策性银行的立法缺失。我国于1994年相继组建了三家政策性银行，但与政策性银行重要性地位不相匹配的是，目前有关政策性银行的专门立法仍未完成，这直接影响了国家政策性金融职能的发挥。第五章金融资源配置公平的法律制度保障本章共分为四节。第一节明确指出实现金融资源公平配置的必要前提是确立市场配置的基础性地位。目前我国金融实践中存在的政府过分干预金融、人为地压低利率和汇率等金融资源非市场化配置方式已经造成金融与经济之间的恶性循环，严重地危害了中国的经济发展，直接影响到了金融资源的公平配置。确立市场在金融资源配置中的基础性地位，可以将国家对金融资源的配置限制在一定的领域内，防止国家对金融的过度干预，为资源配置公平的实现提供基本前提。金融资源市场化配置的核心是利率自由化。本文比较分析了一些发展中国家的利率市场化进程，发现那些一下子放开全部利率的市场化改革都没有成功，反而导致了宏观经济的剧烈波动甚至导致了金融危机，而那些采取渐进策略有步骤地放开利率的市场化改革一般都取得了成功。这种渐进式的改革方式值得我国借鉴。第二节构建了包容性的金融监管法律制度。要改变政府通过金融监管制度控制金融资源、偏袒国有金融的现状，创造出竞争、稳健、公平的金融环境，需要进行监管理念的更新和监管制度的变革。政府应秉持公平、包容、独立的理念进行金融监管。所谓公平监管是指金融监管当局要按照公平、公开、统一的监管标准和监管方式对各类金融机构实施监管，在规则制定和法律适用上都要秉持公平的基本理念。包容的监管强调金融监管机构的监管态度应该是开放的、兼容并包的。通过金融监管所要达致的目的除了学界公认的保护投资者的利益、维护金融市场的秩序外，还包括促进金融发展成果的公平合理分享。在金融资源配置过程中，尤其在金融资源的区域配置问题上，要保持监管机构的独立性，防止金融监管当局被重要的利益集团—地方政府“俘获”。建立公平的金融市场准入制度对于实现金融资源配置公平至关重要。公平的金融市场准入制度是指金融市场准入制度设立的目的不是为了限制多种所有制性质的竞争者进入市场以保持国有金融机构的垄断利润，而应是通过设立适当的门槛，适度控制金融机构的风险，为各类型的金融机构提供公平合理的竞争起点。公平金融市场准入制度的构建可以从以下几个层面展开：确立差异化的金融机构准入原则；明确民间资本设立金融机构的审批标准；降低金融机构的资本门槛，便于民间资本进入；放宽服务弱势群体的金融业务创新准入限制，适度的给与税收优惠和风险补偿；创造有利于民间资本准入的金融生态环境。构建公平的金融市场退出制度。公平的金融市场退出制度是指不同类型、不同规模、不同所有制的金融机构要遵循一致的市场退出原则，国家不对个别金融机构进行特别保护。是否退出金融市场的衡量标准是金融机构自身的经营意愿和客观经营情况，规模、所有制、类型不应成为金融机构退出金融市场的阻碍因素。具体而言，这需要建立统一协调的金融机构市场退出法律制度、建立和完善与金融机构市场退出相关的保险和补偿制度。第三节构建差异化金融调控法律制度。我国幅员辽阔，各个地区经济发展水平差异较大，这要求金融调控主体在制定金融调控政策时充分考虑各地区的金融发展差异，根据各地区金融的运行情况，采取差异化的金融调控策略与差异化的金融调控措施。在经济发达地区的东部地区，以间接调控为主，直接调控为辅。在经济欠发达地区的中部地区，直接、间接调控并重。在经济落后地区的西部地区：直接调控为主，逐步加强间接调控。第四节扶持性金融资源配置立法的建立与完善。扶持型金融资源配置立法包括以下几个层面：结合《“新非公36条”》制定民间资本进入金融领域的实施细则，扶持非国有金融的发展；制定《农村新型金融机构法》，扶持农村金融的发展；借鉴美国的《社区再投资法》，完善《关于鼓励县域法人金融机构将新增存款一定比例用于当地贷款的考核办法(试行)》，保障弱势群体的信贷权；加快进行政策性金融立法，弥补法律规制的空白。更多还原

【Abstract】 Financial resource is the concept of the economy. It seems to have no relations with thelegal study. However, in recent years, with the deepening of China’s market economy reform,the low degree of marketization of the financial field, the lagged reform of the financialsystem, regional differences, industry differences, ownership differences in financialdevelopment, are increasingly shocking to be lied in front of the people. Wu Ying who is thepresident of Bense Group from Dongyang Zhejiang Province, was sentenced to reprieve forillegal fund-raising770million yuan RMB in May2012. The case is still being rejudged bythe Supreme Court at present. It seems to be a criminal case. It indicates the huge demandof the financial resources and the haphazard development of the Chinese private sector,which is outside the system. It is the formal financial system that cannot meet the hugefinancial needs, which gave birth to a large number of illegal fund-raisers to ignore the law.Why are the demand and supply of financial resources showed in such a tragic way? Is it therecklessness of the illegal fund-raisers or the unfair allocation of financial resources? As aresult, we have to face the fair allocation of financial resources. This paper attempts tosummarize systematically all the allocation injustice of financial resources, analyze thecauses of the problem and look for legal measures.There are five chapters in this paper. The framework is organized as follows:The first chapter, the Allocation of Financial Resources: New Perspective of LegalStudiesThis chapter is divided into three sections.The first section elaborates the produce of the concept of financial resources, the specificmeaning of the core substance and the allocation of financial resources. Both traditionalconcept of finance and traditional concept of resources do not recognize finance as a resource.However, with the rapid development of finance, financial is increasingly showing its uniqueproperty as financial resource, which creates the concept of financial resources. The coresubstance of the financial resources can be extracted as: it is not only the economic operation of the intermediary and tools, but also a set of natural resources and social resources, whichhas strategic importance to economic development. The financial resources have thenecessity and possibility of independent allocation. The allocation of financial resources isthe portfolio allocation of quantity and direction between the market and the Government indifferent operators, industries (sectors) and regions on the basis of specific economy system.The second section describes the meaning of financial resources concept to legal study,and summarizes the specific scope of financial resources in Law Perspective. Financialresources concept provides a new idea for understanding the nature of financial propertyunder modern economic conditions, and also provides a new perspective for the financial law.Since financial resources are the areas that need to be configured independently, then whocan be the allocation subjects in the legal sense? What are the definitions of the allocationsubjects? Is there any injustice practice in the financial allocation? How to improve andreshape the legal system in order to protect fairness? All of the issues are to be faced andresolved by the legal study. As the basis of legal study, the financial resources come fromthe economy, and are limited to objective of legal relationship. The scope of the financialresources in legal sense is different from the scope of the economy. It is acknowledged thatthe financial resources include three sections in legal sense by analysis, the basically financialresources, structurally financial resources and financial commodity resources.The third section analyzes the market allocation and state regulation of financialresources by the theory of the state regulation in economic law. It is considered in thispaper, the single market allocation of financial resources will run instability, unordered andprofit pursuit, which strengthens the inner fragility of the financial system and intensifies thepossibility and uncertainty of the financial turmoil. The free transaction of the market cannotresolve the issues above, so it needs outside strength beyond the market limit its influence,which provides the important foundation for the States to involve in the financial market.Generally, it is corrected by the States through the establishment of the legal system offinancial regulation, the financial supervision of the legal system and the legislation ofenabling allocation of financial resources. In the financial resource allocation process, marketand government are indispensable.The second chapter, the fairness of the of financial resources allocation and the update of the traditional values of financial lawThis chapter is divided into three sections.The first section describes these representative views of resource allocation fairness,which pave the way for the definition of fair allocation of financial resources. It is true thatallocation of resources cannot be achieved fully equal, after analyzing the Aristotle’ sThoughts about fair distribution, Rawls’ s Justice and Ronald’ s Resources Equality. It is aneffective method to achieve the social fairness by giving the appropriate tilt and care of thecongenital disadvantaged through the system and protect those who gained less to get morerights and opportunities for development. The government is essential in the process ofresource allocation.The second section defines the meaning of the fair allocation of financial resources fromthe allocated objective and demand objective of the financial allocation. Financial institutionsand the government control the configuration of the financial resources. For financialinstitutions, the fair allocation of financial resources is the fair opportunity and faircompetition. To the government, the fair allocation of financial resources is the fairrule-making and the fair result-receiving. For the financial resource demanders, it is the fairdevelopment. It is considered that the fair allocation of financial resources reflects the interestdemand of the society, the pursuit the integrity and generality of the interest. When the socialinterest conflicts with the individual interest, for the fair allocation, it should lay stress onstanding on the social interest, consider the financial demands of all classes, groups andregions, give the fair opportunities to gain the financial resources for the financial demandersand allocate the financial resources for the financial institutions. Meanwhile, it should adjustthe unbalanced results on the premise of the fair opportunity in order to realize the unity ofthe formal fairness and the essential fairness.The third section rethinks that the binary value concept of the traditional Financial Lawis financial security and financial efficiency value, which can do nothing to correct the unfairof financial resource allocation. The fairness of financial resources allocation should be oneof the necessary values of the Financial Law. In this paper, it is recognized the three valueconcept of financial security, financial efficiency and financial fairness. In its opinion, it isthe start and first step to attempt to resolve the unbalanced problems in the practice of the resources allocation, which expands the binary structure with financial security and financialefficiency to the three value concept with financial security, financial efficiency and financialfairness.. The financial resources allocation fairness is closely related with the financialfairness. Fair finance includes the equitable allocation of financial resources, financialconsumer protection, the social responsibility of financial activities, the assurance of marketequality and efficiency. The financial fairness if the upper concept of financial resourcesallocation fairness and the financial resources allocation fairness is the most important part ofthe financial fairnessChapter III, the status and consequences of unfair allocation of financial resources inChinaThe chapter is divided into four parts.Section I summarizes the various manifestations of the unfair allocation of financialresources of urban and rural areas. The allocation of financial resources of China’s financialdevelopment in urban and rural areas demonstrates clear non-equilibrium and tendency ofurbanization. On the basic financial resources allocation level, inflow and outflow offinancial resources in rural areas are seriously unbalanced. Rural currency resources tend toconcentration of upper financial organizations from bottom financial organization and ofurban areas from rural areas. Rural capital resources allocation has also beenstructure-unbalanced. Agricultural and township enterprises credit is lacking. Capitaldemands of farmers cannot be met. On the level of the institutional allocation of financialresources, types of financial entities in rural areas are limited. Currently, except from fewstate-owned commercial banks, there are only rural credit cooperative agency, agriculturaldevelopment bank, postal savings and new-type rural financial organization booming theseyears as formal finance in rural financial market, among which rural credit agency is onactual position of monopoly. It shows formation of rural financial market competition order.In addition it worries that rural financial organizations goes far from rural service purpose inrecent years. On the resource allocation levels of financial products, financial instrumentsdevelopment in the rural areas is lagging behind, the growth of supply and demand offinancial products is relatively weak. The distribution of financial products in rural and urbanareas is seriously unbalanced. Section II summarizes the main performance of the unfair allocation of financialresources in the eastern and western regions. On the level of basic financial allocation, thereis a uneven loan distribution in the eastern and western regions. According to statistics,capability to control financial resources in eastern region is clearly stronger and it in middlepart weaker, in western part basically unchanged in recent years. There is huge difference inper capita financial resources distance for east, middle and west and in the size of the stockmarket trading of the eastern and western regions; the insurance industry in eastern andwestern regions is not balanced. On the level of the institutional allocation of financialresources, financial organizations like banks mainly lie in the east. The number ofdistribution of bank, securities institutions in the eastern regions is much higher than in thecentral and western regions. Security organizations distribution in east, middle and west isalso as unbalanced as banks. There is clear superiority for eastern security organization innumber, size, and capital and so on. It plays a leading part in China’ s security market.Section III outlines the specific performance of the unfair allocation of financialresources between the state-owned and non state-owned economy. Although proportion ofnon-state-owned economy to GDP has gradually increased, still non-state-owned economy ofthe country’s financial support is very limited, which is opposite to its contribution. A greatnumber of financial resources are allocated to state-controlled listed companies withdeclining output ratio. Financial entities in security market are mainly state holding listedcompanies as well. State-owned financial institutions in China’s financial markets not onlyhave the capital and number advantage, but also lie on a monopoly position for businessoperation. Non-state-owned financial institutions are usually with limited number,small-scale and limited business scope. It absolutely can not be compared with state-ownedfinancial organizations.Section IV illustrates the serious consequences of allocation injustice of financialresources. Theoretically due to unbalance of financial resources supply and demand inlocation, line and group, accordingly financial resources allocation tends to unbalance. Properunbalance is useful for financial development. Over-unbalance is not only good to financialdevelopment, but also leading to a series of bad results. It leads that social income gap isgradually increased; also leads the imbalance of social and economic development; the development of private finance, which runs outside the system, causes a higher risk of moralhazard and a series of legal cases.The fourth chapter the reasons of the unfair allocation of financial resourcesThis chapter is divided into four parts.Section I think the offside of government functions, excessive control of financialresources is the primary cause of unfair allocation of financial resources. Current financialresources allocation mode in our state is not simple planning economic mode, and neitherpure marketing economy. It is mostly between the two. But government system plays a basicrole. Under double allocation of financial resources, government has double position infinancial market. One is to adjust out-of-work financial market to maintain financial orderand stability, the other is to directly control financial allocation to offer cheap and sufficientfinancial resources to economic development within system. It leads to the offside ofgovernment functions. Excessive control of financial resources of government in interestrates stock, credit number and orientation of the money market, the number of listedcompanies and the number of stock offerings, the flow of monetary resources have led toserious uneven financial allocation of resources between state and non state-owned economy.Section II clarify the state’s intention to design the dislocation of the financialregulatory system is an important reason for the unfair allocation of financial resources. Dueto out-of-work financial market, it’ s necessary for government to regulate finance. Differentnations put the aim to limit unfair competition in financial field, protect financial fairness,compete in order; protect depositor, investor and social public interests; keep safety offinancial system, promote financial and economic stable and harmonious development. Iffinancial regulation in practice goes away from above goal, doesn’t play its role, and limitbasic resources allocation functions of market system to some extent, it shows thedislocation of the financial regulatory system design. The goal of China’s financialregulatory system has gone wrong under influence of over-taking strategy and interestpreference in government itself. Its attention shifts from maintenance of whole financialmarket order to ensure the direct or converted control of the national financial resources inorder to protect the needs of economic development funds within the system. Underdirection of this aim, financial regulatory system extends from two points. First, the government doesn’t give or give few opportunities to run financial organizations to investorsof other kinds of system by setting up financial permission system with non-governmentalcapital discrimination to keep state-owned financial organization position of monopoly infinancial market. Financial permission system with non-governmental capital discriminationshows that approval and examination standard for entry of non-governmental capital intofinancial market; threshold of registered capital for non-governmental entry into financialmarket is too high. Second is to offer converted protection for state-owned financialorganizations by incomplete financial market withdrawal system. Incomplete financialmarket withdrawal system shows that current legal regulations are over coarse and specialrules of financial organization market withdrawal.Section III analyzes the unified system of financial regulation is one of the reasons forthe unfair allocation of financial resources between the eastern, central and western regions.Unified deposit reserve makes fund in backward regions lacking; preferential policy ofunified interest ratio level objectively formed in east leads to capital flow from middle andwest to east. Unified market operation and rediscount policy play a limited role inless-developed regions; unified micro-contraction policy is more severe to limit the west. Infact, comprehensive resources endowment, productivity, supply and demand conditions,economic structure, the purchasing power and demand, credit and investment environmentare different in different regions. These differences can not be denied. Ignorance of suchdifferences to the implement an unified financial control policies, is not only unable tonarrow the differences, but also expand the difference between regions.Section IV thinks the lack of enabling legislation is another important reason for theunfair allocation of financial resources. The so-called enabling legislation is the tiltprotection legislation, which refers to the legislators, in order to compensate for theprofit-driven defects of financial markets, to ensure these vulnerable groups, regions,industries having the chance to get financial resources. Whether enabling allocation offinancial resources legislation is perfect, is directly related to the fact that allocation offinancial resources is or is not fair and can or can’ t be achieved. At present in China suchkind of legislation is basically in a blank state. First is there are no legislation to supportprivate capital into the financial field. Although government has tried some on its regulations, these policies are mostly encouraging on layer of non-operation, not concretelegal rules with operation force. The effect is unsatisfied. The second is the absence oflegislation to protect vulnerable groups’ credit right. The problem can’ t be solved perfectlyby depending on market system simply. It must rely on visible helping hand of governmentintervention in that field. Law-making efforts are still limited in our nation. The third is theabsence of legislation of specifications of policy banks. Our state has established threepolicy banks one after another since1994. But currently relevant legislation on policybanks has not been finished, which does not match important position of policy banks anddirectly effects display of state policy type financial role.The Fifth Chapter legal protection of the fair allocation of financial resourcesThis chapter is divided into four sections.Section I clearly pointed out that a necessary precondition for fair allocation offinancial resources is the fundamental position of established market configuration.Excessive intervention of government and driving interest rates down in China’s financialpractice has caused a vicious circle between the financial and economic, and serious harm toChina’s economic development and influence the fair allocation of financial resourcesdirectly, To establish the fundamental position of the market in the allocation of financialresources, to limit the configuration of the state financial resources in certain areas, andprevent the state from the excessive intervention are the premise of realizing the fairallocation of financial resources. The core of the liberalized allocation of financial resourcesis the liberalization of interest rates. In this paper, it analyzes the liberalization process ofinterest rates of some developing countries and finds that the countries are not successfulwhich liberate the interest rates totally and cause financial crisis. However, the countries,which take gradual measures to liberate the interest rates are successful. The step-by-stepreform will be of great help and good reference to our country.Section II builds up inclusive financial supervision and the legal system. To change thegovernment’ s over-control of financial resources through the financial regulatory system, tocreate a competitive, stable and fair financial environment, the regulatory philosophy andregulatory regime need to be updated and reformed.Government should uphold fair, inclusive, independent concept of financial regulation. The so-called fair supervision is that the financial supervision bureau should take the openand same supervision measure to all of the financial institutions and uphold the fair conceptin the rule-making and law-applying. The inclusive supervision emphasizes that the attitudeof the financial institutions should be open and inclusive. Rather than to protect the interest ofthe investment and maintain the order of financial market, it also promotes the share ofachievement of financial development. In the process of allocation of financial resources, theindependence of supervision institutions should be kept and prevent the financial supervisionbureaus from being captured by the local government.The establishment of a fair financial market access system is essential for achieving thefairness of the allocation of financial resources. It is through the establishment of anappropriate threshold, the appropriate control of the risk of financial institutions, to provide afair and reasonable competition for the various types of financial institutions. The accesssystem of equally financial marketing could be carried out by the following steps,formulating the principles for differentiate financial institutions, clearing examinationstandard for civilian capital establishing financial institutions, reducing capital requirementsfor financial institutions in order to private capital to enter, liberating the access restrictions tothe financial business innovation of service vulnerable groups and giving tax incentives andrisk compensation, creating the financial ecological environment which is helpful for civiliancapital admittance.To construct a fair financial market withdrawal system. It refers to the different types,different sizes, different forms of ownership of financial institutions should follow aconsistent principle of market withdrawal system. The States should refrain from individualfinancial institutions for special protection. The criterion of withdrawal the financial marketis its own operation will and objective management of financial institutions. The sizes,ownerships and types should not become a financial institution out of the impeding factors. Inparticular, this is needed to establish the unified legal system of market withdrawal offinancial institutions, set up and improve the market withdrawal of financial institutionsrelated to insurance and compensation system.Section III is to set up differentially financial regulation legal system. Our country has avast territory area the level of economic development in each regions are different, which requires financial regulation body take full account of regional differences in the financialcontrol policies and take differential strategy according to the financial operation. It shouldtake the indirect control as the main form of strategy and the direct control as the secondaryform of strategy in the eastern area. Both the direct and indirect control have to be usedtogether in the middle area. It should take the direct control as the main form of strategy andstrength the indirect control gradually in the western areas.Section IV is the establishment and improvement of the legislation of allocation offinancial resources. It includes the following levels: the first is to develop theimplementation details of private capital into the financial sector, to support thedevelopment of non-state-owned finance according to the Article36of NewNow-State-Owned; the second is formulate the development of new-type rural financialinstitutions Act to support the rural financial development; the third is to learn from the U.S.Community Reinvestment Act "to improve the Assessment System to encourage the localfinancial institutions to put the new deposit on the use of local loan and protect the creditrights of vulnerable groups; the fourth is to speed up the policy of financial legislation, tomake up for the legal regulation of the blank.更多还原