【作者】 宋陆军；

【导师】 白钦先；

【作者基本信息】 辽宁大学 ， 金融学， 2014， 博士

【摘要】 2011年岁末，我国著名资深金融学家白钦先教授荣获中国闽都教育发展基金会首届“中国金融研究杰出贡献奖”。该奖由全国有金融学博士学位授予权的近三十家高校的金融学科学术带头人和博导代表组成的评选委员会评审，并投票选定，每两年评选一次，2011年是首届，每届从报名或被推荐者中评选一人获奖。这是与2010年刘鸿儒中国教育基金会“中国金融学科终身成就奖”（限75岁以上）并列的、非政府的、全国性、权威性、专业性最高学术奖。这一奖项的获得是对白钦先教授三十多年来在学科建设发展、学术特色、理论创新、高级人才培养和社会贡献成就的一次检阅与肯定。在颁奖典礼上，白钦先教授以“新视角”概括了他对经济金融理论的创新与传承，并提出以“新金融观”和“新发展观”梳理其经济金融理论。这是对中国经济金融理论自发、自主的传承，对于深化中国经济金融理论研究具有重大的现实意义。但是，要传承一国特色的经济金融理论并非易事，这是因为一国或地区所处的地理、经济、社会、人文环境决定了各国经济金融学家研究经济金融问题时的视野、方法、关注的重点，也决定了理论体系的构建与学术特色。如古埃及人依赖灌溉体系发展起来的计划经济，古希腊的柏拉图视城邦为理想国的合理载体，中国儒家的以农为本以商为末等，都具有鲜明的时代与环境特征。经济金融理论也是如此，在各国显示了纷繁多样的特色，经济金融理论体系的构建也呈现出多样化形态，比如英国的重商主义与自由主义，法国的重农学派，德国的国家主义与历史学派，奥地利的边际主义，美国的制度学派。当我们的研究视野聚焦到现代金融理论时，在汗牛充栋的学术殿堂里，我们日益容易迷路，不知所终。从教科书到学术论文，从理论到实践充满了单一性，细微的市场与无限的自由成为金融理论的关注焦点，货币中性、中介无效、市场无效等金融中性充斥着学界，虽然实际情况是各国都在利用金融政策来调控经济运行，事实上的金融非中性却仍被激烈地排斥。为什么显而易见的事实一再被忽视？白钦先新金融观的一个基本假设就是金融非中性，跳出西方金融理论针对货币、中介、市场“中性与非中性、无效与有效”的争论，研究金融的体制、三维、资源、人文等基本属性，凸显金融对经济的作用与影响，在此基础上研究金融运行的一般规律。本文共有七章。第1章是绪论，重点是文献综述，通过对西方金融理论的系统性梳理，指出西方金融学者在研究金融中介、市场、货币等问题时的局限性，与此相对比梳理白钦先新金融观文献。第2章是白钦先金融学说概要。简要回顾和概括白钦先教授在“金融体制比较说”、“政策性金融说”、“金融资源学说与金融可持续发展战略”及“金融结构、金融功能演进与金融发展说”等四大领域研究的成果和贡献。第3章是新金融观的界定。西方金融观大致可以分为三类，以戈德史密斯为代表的金融结构观，认为金融结构的变迁就是金融发展，后来的追随者将金融结构定格为银行主导型和市场主导型，并讨论了二者的优劣；以博迪和默顿为代表的金融功能观，认为金融功能比结构更稳定，应该从功能视角分析金融问题；以布莱克-斯科尔斯为代表的金融工程观，认为金融是风险管理，以此开发出管理风险的各种金融工具并为之定价，从而实现消除不确定性风险。无论是结构观、功能观，还是工程观，都具有明显的局限性，需要从金融的另外属性探讨经济金融问题。白钦先新金融观赋予了金融新的四种属性，即体制属性、三维属性、资源属性和人文属性，与西方金融观有着不同的价值观、不同的研究路径、不同的基础假设，并与之并行而立，是中国学者独立自主的研究成果和理论创新。第4章是新金融观的基本假设。新金融观秉持以货币非中性为基础的金融非中性，是货币中性与非中性循环链条上的一次飞跃。经济金融学家对货币中性和非中性的讨论从未停止，西方金融学者长期以来陷入中性或非中性认识的漩涡，白钦先新金融观则是在新形势下一贯秉持金融非中性，完成了一次对货币非中性认知的深化。第5章是新金融观的基本属性和形成背景。本章探讨了新金融观的体制、三维、资源和人文属性，认为新金融观是新中国改革开放的实践产物，是经济金融全球化的时代产物，是金融与理论危机的反思产物。第6章是新金融观的基本内容。本章论证了体制金融、三维金融、资源金融和人文金融四者之间的关系，认为四者紧密结合在一起构成了新金融观。新金融观的微观基础是体制金融，中观基础是三维金融，宏观基础是资源金融，约束条件是人文金融。第7章是新金融观的方法论和学术贡献。新金融观的方法论是大局观的整体论，新金融观的学术贡献主要有奠定了比较金融学的学科体系，开创了政策性金融理论和三维金融理论，深化了对金融本质属性的认知，拓展了金融学的研究领域，揭示了金融学研究的民族性特征，是东方学人对金融的独特解读。本文的研究结论主要有以下几点：第一，新金融观的基本假设是金融非中性。第二，新金融观的基本属性是体制、三维、资源和人文。第三，新金融观的基本内容是体制金融、三维金融、金融资源和人文金融，这四者是紧密结合在一起的，在以“九大要素”为分析框架组建新金融观微观基础的条件下，将金融具体分为商业性、政策性和合作性三大三维一体联动的金融族类，最终将金融本质归结为资源，指出金融发展离不开人文关怀关爱，离不开可持续发展理念的支撑。第四，新金融观具有十分重大的学术贡献。体制金融、三维金融、金融资源和人文金融这些创新成果拓展了金融的研究内容，指明了金融研究的理论归宿。本文的创新点主要有：（1）揭示西方金融结构观、功能观和工程观，指出它们存在的重量性发展轻质性发展，重微观金融轻宏观金融，重技术金融轻人文金融，重实用金融轻理论金融等局限性；（2）将白钦先新金融观概括为体制、三维、资源、人文等四种属性，并区别于西方金融的结构、功能和工程属性，以一个新的视角揭示金融的本质属性；（3）创新性地总结经济金融学家关于货币中性与非中性的争论，构建模型论证了金融非中性；（4）将金融体制、三维金融、金融资源和人文金融等内容融合在一起构成新金融观，形成一个完整的理论体系，并指出四者之间的内在联系，用函数形象地表达出来。本文研究的不足主要是因自身知识水平、结构和能力等因素，用体制、三维、资源和人文等四种金融观概括博大精深的白钦先金融学说有些偏颇，需要进一步努力学习与研究。更多还原

【Abstract】 2011end of the year, China’s well-known senior financial experts Professor BaiQinxian won the China Education Development Foundation Mindu first "China FinancialResearch Outstanding Contribution Award." The award by the National AccreditationCommittee has selected financial discipline academic leaders and representativesdoctorate in finance doctoral-granting universities composed nearly30, and the voting isselected, selected once every two years,2011was the first, each winners selected fromone or the nominee of enrollment. This is2010Hongru China Education Foundation,"Chinese financial discipline Lifetime Achievement Award"(limited to75years or more)parallel, non-governmental, national, authoritative, professional and highest academicaward. This award is a professor of dialogue to get the first thirty years of the Qindiscipline construction and development, a review and affirmation of academic specialty,theoretical innovation, advanced personnel training and social contribution achievement.Professor Bai Qinxian grant awards word first "China Financial ResearchOutstanding Contribution Award" is called "financial system" for the study ofcomparative financial discipline system lay persons; Chinese characteristics is thepioneer of financial theory and policy Chinese policy financial practices initiator;financial resources is based on the theory and doctrine of the pioneers of the sustainabledevelopment strategy, financial; the development of financial theory and construction ofschool discipline system active advocate and facilitator; are scientific, academicExcellence practitioners construction, personnel training and service reform and openingup one of the four; economics finance humane care philosophy of care and nationalnationality who firmly uphold.At the ceremony, Professor Bai Qinxian a "new perspective" sums up his theory ofeconomic and financial innovation and tradition, and proposed a "new financial outlook"and "new development" combing their economic and financial theory. In fact, a countryor region in which the geographic, economic, social and cultural environment determinesthe countries economic and financial experts study the economic and financial problemsof vision, approach, focus, and also determines the characteristics of the theoretical construct and academic system. If the ancient Egyptians rely on irrigation systemdeveloped in a planned economy, reasonable carrier Plato as the ideal city-state in ancientGreece, the Chinese Confucian-oriented to agriculture and other providers for the end,have a distinctive characteristic of the times and the environment. Economic andfinancial theory is true, in numerous countries shows a variety of features, buildeconomic and financial theory system also presents diverse forms, such as the Britishmercantilism and liberalism, the French Physiocrats, German nationalism and historySchool, Austria marginal doctrine, the U.S. school system.When we study focused vision of modern financial theory, the voluminous academichalls, we are increasingly easy to get lost, disappeared. From textbooks to academicpapers, from theory to practice full unity, subtle market with unlimited freedom becomethe focus of finance theory, currency neutral intermediary invalid, void, such as financialmarket neutral flooded with academia, although the reality is all countries in the use ofmonetary policy to regulate the economy, in fact, non-neutral financial exclusion still befierce. Why is the obvious fact that has been repeatedly ignored? A basic assumption ofwhite Chin is the first new financial concept of financial non-neutral, out of westernfinancial theory for the currency, the intermediary market "neutral and non-neutral, validand effective" debate, research financial system, three-dimensional, resources, the basicproperties of humanities, highlighting the role of the financial and economic impact studyof the general law of financial operations on this basis.In this paper, a total of seven chapters. Chapter1is an introduction, focusing onliterature review, through systematic combing western financial theory, noted scholarsin the study of Western financial financial intermediaries, markets, money and otherissues limitations, contrast ratio combing white chin first new financial view of theliterature.Chapter2is to define new financial concept. Western financial outlook can beroughly divided into three categories, with Goldsmith as the representative of thestructure of the financial outlook that changes is the financial development of thefinancial structure, financial structure and later followers will freeze as bank-based andmarket-oriented, and discussed both the pros and cons; to Bodie and Merton function asthe representative of the financial outlook that is more stable than the structure of financial functions, from a functional perspective should analyze financial issues; usingthe Black-Scholes as the representative of the financial engineering concept thatfinancial risk management in order to develop a variety of financial instruments tomanage risk and to whom pricing, in order to achieve the elimination of uncertainty risk.Whether it is structural concept, functional concept, or engineering concept has obviouslimitations, economic and financial issues need to be explored from another propertyfinance. White Chin-New financial outlook gives financial new four properties, namelyinstitutional properties, dimensional attributes, resources, property and humanattributes, financial outlook and the West have different values, different research paths,different underlying assumptions, and with parallel standing, is China ’s independentresearch scholar and theoretical innovation.Chapter3is the basic assumption that the new financial concept. The new financialconcept uphold non-neutral monetary-based financial non-neutral, is a leap currencyneutral and non-neutral cycle chain. Economic and financial experts on currency neutraland non-neutral discussions never stopped, Western financial scholars have long neutralor non-neutral knowledge into the whirlpool, white chin new financial concept is the firstunder the new situation has consistently uphold the non-financial neutral, completed anon-neutral monetary deepening awareness.Chapter4is the basic properties of the new concept and form of financialbackground. This chapter explores the concept of the new financial system,three-dimensional, resources and cultural attributes that the new financial concept is thepractice of reform and opening up new Chinese product, is the product of the era ofeconomic and financial globalization, is the product of reflection and theoretical financialcrisis.Chapter5is the basic content of the new financial concept. This chapterdemonstrates the relationship between the financial system, three-dimensional finance,financial and human resources, finance between the four that the four closely togetherconstitute a new financial outlook. The new micro-finance concept is the basis of thefinancial system, the financial outlook is based on a three-dimensional, based onmacroeconomic financial resources, financial constraints humanities.Chapter6is a methodology and academic contribution to the new financial concept. The new methodology is the overall financial outlook on the bigger picture, the academiccontribution of new financial outlook mainly laid a disciplinary system compares finance,creating a three-dimensional policy finance theory and financial theory, financialdeepening awareness of the nature of the property, expand the field of finance, todetermine the ultimate purpose of the financial studies, highlighting the philosophy andsocial sciences with Chinese characteristics, Chinese style and Chinese style.Chapter7is the conclusion. The main conclusions of this study are the following:First, the basic assumption is that the new financial concept of financial non-neutral.Second, the basic properties of the new financial outlook is institutional,three-dimensional, and human resources. Third, the basic elements of the new financialconcept of institutional finance, three-dimensional finance, financial resources, financialand human, these four are closely linked, in conditions "nine elements" for the formationof a new analytical framework based on the micro-finance concept Under the concreteinto commercial finance, policy, and three dimensional integrated cooperative financiallinkage race will ultimately be attributed to the nature of the financial resources, financialdevelopment is inseparable from the humanistic care pointed caring, inseparable from theconcept of sustainable development support. Fourth, the new financial concept of greatscholarly contribution. Financial system, three-dimensional finance, financial and humanresources to financial success are the basic theory attempts to financial innovation,expanding the research of finance, indicating the theoretical end-finance research.The main innovation of this paper are:(1) the structure of the Western financialsystem combing concept, functional concept and engineering concept, pointed out thatthey are light weight of the development of the development of light weightmicro-finance macro-financial, technical financial lighter weight humanities finance,heavy light theoretical and practical financial and financial limitations;(2) the white chinfirst concept summed up the new financial system, three-dimensional, resources, cultureand other four properties, and distinguish the structure, function and engineeringproperties of the Western financial;(3) system sort of economic and financial expertsabout the neutral and non-neutral monetary discussions, build the model demonstratedfinancial non-neutral;(4) the financial system, three-dimensional finance, financialresources and human and financial content together constitute a new financial outlook, and pointed out that the intrinsic link between the four, with the function expressedvividly. The main deficiency of this study is due to their own level of knowledge,structure and capacity and other factors, with the system, three-dimensional, resourcesand financial outlook humanities four white chin first outlined the profound financialtheory somewhat biased, the need for further efforts to study and research.更多还原