【作者】 周黎明；

【导师】 史晋川；

【作者基本信息】 浙江大学 ， 政治经济学， 2012， 博士

【摘要】 2008年金融危机席卷全球之后,为什么世界各国的典当业都生意兴隆,唯独中国的典当业出现较大规模的亏损?作者带着这个疑问进行了长达近两年的调研,通过对实地调研数据和跨国文献资料的分析,论证中国现代典当业有着不同于世界其他国家典当业的独特性质。作者通过分析美国等国外典当业的特点,论证这些国家的典当应属于消费主导型典当,而中国的现代典当业应属于投资主导型典当。在此基础上,对调研资料的更进一步的论证分析,作者得出结论：在中国现代典当业务中占主体的中小企业当户,大多属于技术成熟型(低技术壁垒型)企业。这些企业因不存在较高的技术准入壁垒,故在金融抑制环境下,其资金需求往往更偏好时间的快捷,从而进一步推动中国典当业发展成为投资主导型典当。鉴于中国的典当需求更多地来自于中小企业的投资需求,而非普通消费者的消费需求,作者以此为基础建立了一个关于中国典当业的中小企业融资行为模型,分析了中国现代典当业最主要的借贷主体——中小企业典当融资的特点。利用此模型,从企业融资成本的角度对金融危机后期中国典当业的“亏损之谜”提供了可能的解释：金融危机后的宏观政策从各方面降低了企业通过银行借贷的成本,而与此同时典当成本却具有刚性；作为合理的反应,企业自然偏向银行借贷而非典当融资；典当业因此大量失去企业的融资需求。宏观政策导向变动和典当行业盈利波动之间的关系映证了上述假说。本研究在以下方面有所探索：第一,分析并论证了中国现代典当业的独特性质。新中国建立前的传统典当业与世界上其他国家与地区的典当业,本文均将其界定为消费主导型典当业；中国1987年后重新复出的现代典当业,本文将其界定为投资主导型典当业。文章通过详实的资料,在当金、当户与当物等多个重要特征上对两类不同性质的典当业进行了比较研究。第二,国内外经济学界对典当业近百年来的研究均比较少,本研究耗时近两年对浙江省的典当企业进行了较大规模的实地调研,鉴于目前经济学界对典当业的研究现状,此类规模的调研在国内同类研究中尚属首次,其调研数据及结论对今后同类研究具有一定的参考价值。第三,对中国现代典当业的主要当户——中小企业当户进行了进一步的深入分析。经过对调研数据的分析和总结,作者得出结论：借助典当融资的中小企业绝大多数属于技术成熟型(低技术壁垒型)中小企业。这类企业在金融抑制环境下,由于资金需求更偏好时间的快捷,从而更进一步推动中国现代典当业向投资主导型典当方向发展。第四,建立了中国典当业的中小企业融资行为模型,并借助该模型,从企业融资成本与融资替代的角度,结合中国典当市场的供给特点,对金融危机后期中国典当业的“亏损之谜”提供了一个相对合理的解释。同时针对中国典当业的规制现状,分析了在金融抑制环境下中国现代典当业的发展取向。更多还原

【Abstract】 With the global financial crisis originated the U.S. since 2008, the pawnbroking business in the world is booming. However, Chinese pawnbroking enterprises had large-scale loss. Why? With the question, the author have undertaken a two-year survey of the pawnbroking, and found Chinese pawnbroking have some natures different from that of other countries. Pawn in America or in other countries is Consumption-based Pawn, but in China, it is Investment-based Pawn. The author then made a further investigation, and found that the SMEs, as the main customers of Chinese pawnbroking, are mature-technology enterprises (low-technical-barrier enterprises). Because of the lack of technical-entry-barrier, these SMEs prefer over the fast time in the financing needs, and have developed Chinese pawn into Investment-based Pawn.Using both firm survey and cross-country data, we find the pawnbroking industry in China is characterised by the fact that its demand is largely driven by the financing purpose of small and medium firms, which is distinct from other economies. Based on this finding, we construct and analyse a behavioural model of firm financing to try to find a key to the universe-loss puzzle. Our explanation is that the relaxed financial policies in China after the outbreak of the global financial crisis significantly reduced the cost of financing through banks as opposed to the cost of financing through pawning which basically remained rigid. As a reasonable response, firms are inclined to borrow from banks instead of pawn-brokers, causing a plummet in demand for pawnbroking.The empirical relationship between the directions of macro policies and the profitability of the pawn-broking industry positively supports our hypothesis.This paper has made some progress as following:Firstly, demonstates the unique natures of the pawnbroking industry in China. This paper argues that the pawnbroking industry before the founding of PRC and in other countries is Consumption-based Pawnbroking, and the modern pawnbroking which recovered in 1987 is Investment-based Pawnbroking. With detailed information and data, this paper has a comparative study between the two different types of pawnbroking in some important characteristics such as pawn-amount,customer and pawn-object.Secondly, there have been less studies of pawnbroking in economics field using data from the past one hundred years.it took nearly two years for author to undertake a large-scale site-survey on pawn enterprises in Zhejiang province. It is the first research on pawnbroking based on such scale survey. The research data and conclusions have a certain referenc value for similar studies in the future.Thirdly, this paper has a further in-depth anaysis in SMEs which constitutes the main customers of the modern pawnbroking in China. With the analysis and summary of research data, the author concludes that the SMEs as the main customers of pawnbroking, are mature-technology enterprises (low-technical-barriers enterprises). In environment of financial repression in China, the SMEs prefer the fast time in the financing needs, and have developed Chinese pawn into Investment-based Pawn.Fourthly, this paper creates a behavioral model of SME pawn financing in China, and with the model and the features of the supply of pawn, offers a possible explanation to the puzzle of universe loss in the pawn-broking industry in China in terms of firm financing cost and financing substitution. Finally, this paper analyzes the development trend of Chinese pawnbroking based on the regulation of the industry.更多还原