【作者】 王定祥；

【导师】 冉光和；

【作者基本信息】 西南大学 ， 农业经济管理， 2006， 博士

【摘要】 本论文是关于金融产业资本循环理论与政策研究。该项研究是在深入考察中国金融发展和金融产业资本运行实际以及国内外相关研究基础之上，通过系统回顾和借鉴产业资本循环与周转理论、金融资本与生息资本理论、信息不对称与交易费用理论、预算约束与缺口理论、产业组织与金融产业化发展理论，从交易和逐利视角界定了金融产业资本的基本范畴和研究基点，多角度、规范性地定义和分析了金融产业资本的形成规律和循环增值的过程机理，进一步从理论上剖析了金融产业资本持续循环的内在动因和市场约束机制，并建立了金融产业资本循环效率的分析与评价框架。据此，运用历史分析和计量检验方法，实证检验了以银行业为代表的中国金融产业资本循环效率及其特征，从理论与现实的角度解释了效率低下的根本原因，进而以促进中国金融产业资本良性循环增值为目标，提出了配套的政策建议。一、论文的基本结论1、市场机制主导着金融以产业的方式发展是现代金融发展的显著特征，而这种发展又以逐利最大化的资本要素为支撑。现代金融是建立在分工和信用交易基础之上的，追逐利润最大化是市场金融主体——金融企业的本性和成长路径，因而正在向市场转型的国家，其金融发展应当遵循市场经济规律，促进资本密集型的金融行业发展成为强大的金融产业，这就需要承认金融机构的企业属性及其资本对市场和利润的无限追逐的本性。金融企业的资本要素统称金融产业资本，金融产业资本是一种相对稀缺的金融资源，其本性就在于对市场和利润有着无限的追求，这种追求的内在冲动要求其自身必然无休止地处于运动之中。因此，要恢复金融企业资金作为资本逐利的本性，就必须通过市场机制主导金融产业资本的运动。2、金融产业资本的形成是基于市场的需要和资本运营体系分工不断细化的产物，其形成的量客观存在着一个最优经济规模。随着社会分工的不断演进，金融产业资本逐步从产业资本和商业资本中分离出来，并成为相对独立的资本运营体系。它通过信用交易与真实经济部门的产业资本和商业资本的命运(即追求利润和共同分割利润)紧密地联系在一起，并形成利益共同体，这种联系随着信用制度的发展而发展。基于微观的和市场的角度分析，金融产业资本的内生形成又是人们避免流动性危机的必然选择。从宏观的角度看，要维持一国宏观经济稳定增长的路径，就需要使金融产业资本形成的量与真实产业资本形成的量之间保持一个最佳比例状态；如果达不到最优规模和合意比例，就会出现真实经济部门与金融经济部门不能协调发展的局面，从而制约经济的稳定增长。研究表明，在不存在制度障碍和意外冲击下，金融产业资本最优规模的形成会通过社会平均利润率规律的作用机制和市场机制得以调节和实现。如果存在政策和制度(如金融抑制政策)等意外冲击，金融产业资本合意比例的形成就会受到影响。3、无休止的循环运动是金融产业资本生命力及其发挥生产力作用的具体体现，通过不断地循环运动，既能够实现其社会价值，又能够实现其自身的价值增值。尽管金融产业资本如同真实产业资本一样，可以在金融企业内部通过金融产品的开发与交易实现循环和价值增值过程。但大多数金融产业资本的循环是通过与其外部交易主体之间达成信用交易而完成的。金融产业资本的使用权一旦借出，它就会立即转化并参与到真实产业部门资本循环中并创造社会价值，进而实现自身的价值增值。在开放经济条件下，金融产业资本的循环不分国界，只要在不同的市场间存在投资增值的差异，它就会从资本边际生产力低的市场流向资本边际生产力高的市场，并最终在资本边际生产力高的市场体聚集、循环和增值，这是市场机制主导的金融产业资本循环的普遍规律。由于各地、各行业客观存在资源禀赋和要素边际生产力的差异，在这个规律的支配下，金融产业资本在全社会的流动与配置必然会表现出非均衡的分布格局。4、市场主导下的金融产业资本循环有其内在的动因机制和约束机制。其动因机制主要有三个，即逐利机制、供求机制和价格机制。金融产业资本对利润的无限追求驱使着它不断地从低效部门往高效部门流动，并在循环中尽力规避各种风险。金融产业资本能够参与外部经济的循环，还在于市场对它存在广泛的需求，需求会引导金融产业资本的供给，但金融产业资本供给量是相对有限的，最终会制约其有效需求，并在二者的比较中形成价格机制，最终作用于金融产业资本的循环过程。利率、汇率和证券价格的变化一方面既是金融产业资本供求作用的结果，另一方面又会引导金融企业做出及时的投资策略调整，从而改变金融产业资本循环的市场范围。在金融产业资本交易中，市场客观存在着各种不确定性、风险和信息不对称等现象，从而对金融产业资本循环构成了一种内在的约束，此时，金融企业会通过金融契约机制，或采取谨慎经营方式，以规避各种市场风险，确保金融产业资本的最大化增值。5、金融产业资本循环的终极目标是实现最优效率，即用一定的金融产业资本投入实现最大限度的价值增值。在理论上，金融产业资本循环效率可以区分为三个层次，即微观生产效率、中观配置效率和宏观功能效率。微观生产效率用以考察一定量的金融产业资本带给金融企业的净利润的比例，通常以其价值增值的幅度和速度为评价标准；中观配置效率考察的是通过金融产业资本循环，金融企业最终实现的动员储蓄向投资转化的功效，其大小可以用动员储蓄向投资转化的速度和规模加以测量；宏观功能效率考察的是金融产业资本循环对宏观经济运行产生的积极效果，通常用它对经济增长的贡献大小作为评价依据。研究表明，金融产权制度安排、金融市场结构与价格机制、技术进步和金融创新、金融企业内部管理、社会信用环境与秩序都是影响金融产业资本循环效率的重要因素。据此，可以把它们作为金融产业资本循环效率的分析框架和作为实证分析的方法基础。6、中国金融产业资本循环机制不畅、效率不佳，值得我们高度关注。通过实证分析发现，中国各商业银行的资本循环效率远不如西方业绩较优的商业银行，并且微观生产效率呈现大幅度下降并逐步收敛的趋势。这种趋势的背后，市场范围的扩大和信贷规模的扩张，并没有成为促进微观效率提升的重要因素，相反，还引致了巨额的不良资产，积累了大量的金融风险。随着我国金融市场化改革的日益强化，市场对金融企业的内在约束力逐步体现出来，信贷配给和大量存差的出现，正是金融企业应对市场约束的具体表现，同时既印证了中国金融产业资本循环机制受阻的现实，也反映了金融产业资本中观配置效率存在下降的事实。在宏观效率方面，历史纵向比较表明，中国信贷资本的宏观经济效率也呈现阶段性下降趋势，但计量结果显示，银行信贷资本循环始终是促进中国经济增长的重要因素，银行业的发展和银行信贷效率的提高有利于经济的稳定增长。而目前大量存差的存在，显著降低了银行信贷效率，从而阻碍了经济的增长。7、中国低效的金融产业资本循环有着深厚的历史与现实根源。其一，现实垄断性的金融产业组织结构和人为分割的市场格局是导致中国金融产业资本循环低效的市场根源。由于市场的垄断和被分割，金融产业资本就无法在全国范围内平等地参与竞争和实现最大化增值。其二，利率管制引致的金融寻租行为，制约了金融企业最大化获得金融租金的能力。其三，政府主导金融资源的配置机制，保障了政府实现其政治目标，但却牺牲了金融产业资本的市场利益。其四，我国金融交易中严重的道德、诚信与信用缺失，加重了信息不对称程度，进而强化了银行业信贷配给动机，损害了金融产业资本循环效率。其五，国有银行金融产权的虚置和内部松散的治理是导致“X低效率”的最直接原因。此外，由财政部门、中央银行、储户等多元支持体支撑下的软预算约束也使我国金融企业极大地丧失了追求金融产业资本循环效率的激励，也削弱了中国金融产业稳健运行的根基。二、论文的重要观点1、现代金融的发展已经不再仅仅是简单的充当金融中介功能，将储蓄资源动员和集聚起来并转化成社会各个领域的投资，而是随着金融自由化和市场化的加深，金融的发展有了更为深刻的内涵。以市场机制为基础，以信用交易为手段，以逐利最大化为目标，金融的发展越来越显示出其相对独立的产业发展特性；它不仅和真实经济体发生着日益广泛的互惠互利的联系，而且还可脱离于真实经济体独立地运行，并对国民经济发展产生重大影响。因此，只有全面理解现代金融向产业化的成长路径和发展内涵，金融发展战略才能防止金融产业资本过分偏向政府公共目标而损害经济效率目标的问题，才能保障金融产业资本按照市场经济规律和价值规律运营和增值。2、市场机制主导金融资源配置和金融产业资本循环是现代金融产业发展的本质属性和内在要求。中国金融发展要顺应当代金融产业化发展趋势，就必须引入市场机制，并主要依靠市场机制配置金融资源，推进金融向着产业化方向发展，通过资本的良性循环和持续增值最终将金融发展成为资本实力雄厚、竞争能力强大的金融产业。3、追逐市场和利润最大化是金融产业资本的内在本性。在市场开放和资本流动成本较低的条件下，由于各地资源禀赋和生产效率各异，金融产业资本必然会从低效的市场流向高效的市场，从而出现金融产业资本在全社会非均衡的循环运动。但这种非均衡的循环是符合经济效率要求的。如果政府强加干预，以追求各地均衡配置，必然会牺牲金融产业资本的经济效率。为此，政府应当通过公共金融制度来弥补市场主导的金融资源配置的非均衡性，并以此为基础培育新的利润增长点，引导金融产业资本的流向，从而达到宏观调控之目的。4、如果假定中国目前的金融已经发展成为金融产业的雏形，那么，中国金融产业资本循环机制受阻、效率不佳的根源是复杂多样的，既有市场原因，也有历史原因，既有直接原因，也有间接的原因，但从根本上讲，是政府长期主导和抑制积累的结果。政府为了集中和利用稀缺的金融资本服务于国家的发展战略和自己的政治目标，从产权控制、利率管制、信贷干预和预算支持等多方面入手，广泛主导着金融产业资本的循环过程，使金融产业资本运行行政化，从而严重损害了金融产业资本独立运作所产生的增值效率。因此，要从根本上促进中国金融产业资本良性循环，就必须理顺政府和金融企业之间的各种关系，政府应当逐步退出金融企业尤其是国有金融企业的经营管理过程，让市场机制去充分地主导金融企业的运作和金融产业资本的循环。5、金融发展具有巨大的正外部性，但其风险的累积和扩散也具有强大的负外部性。为了降低负外部性，在金融产业化发展进程和金融产业资本市场化循环中，保留适当功能的政府机制仍然是十分必要的。为了推进中国金融产业资本的良性循环和金融产业的可持续发展，客观需要进行金融制度的创新，发挥好市场机制和政府机制的长处，建立起市场机制为主导、政府调控机制为补充的市场金融发展制度。三、论文的主要创新1、建立了基于交易和逐利范式的金融产业资本分析框架。论文针对长期在金融研究中将金融企业作为中介功能范式缺陷，引入新制度经济学方法，从交易和逐利视角入手，恢复了金融企业资金作为资本的本来面目，建立了基于交易和逐利范式的金融产业资本分析框架，实现了研究范式的转换，突破了传统货币银行意义上的金融机构媒介资金作用的研究，开辟了研究的新视野。2、深化了金融产业资本的形成和循环机理。论文运用马克思主义经济学的产业资本循环和生息资本理论，深入考察现代金融产业资本运动的新形式，全面总结了现代金融产业资本循环的路径。引入内生金融发展理论，发现了金融产业资本及其合意形成的内在机制。借鉴信息不对称与交易费用理论，发现了金融产业资本循环的市场约束机制及其应对的金融契约机制的不完全有效性。3、建立了金融产业资本循环效率的新的评价框架。论文突破既有的将金融资金的效率确定在金融企业微观层面的研究，将金融产业资本循环效率扩展到微观生产效率、中观配置效率和宏观功能效率三个层面，并初步确定了各自的评价准则、指标体系及其方法，为金融效率的研究开辟了一个新的视野。4、实证检验了中国金融产业资本各层次的效率。论文运用产业组织理论的SCP分析范式，建立了混合数据计量模型，发现了引致微观生产效率下降的主导因素。以回归分析、协整检验、方差分解等计量经济学工具，全面揭示了银行发展和银行信贷效率与经济增长的关系，并从中观和宏观的角度分别实证了中国金融产业资本循环效率不佳的现状及其特征。5、明确了促进中国金融产业资本良性循环的途径。论文在理论和实证导致中国金融产业资本循环不佳的根源基础上，明确了以观念转变和制度创新、解除金融约束、实现市场主导金融发展为路径依赖，围绕这一路径，提出了具体的政策建议。四、论文的政策建议1、建立信用制度，构筑和谐的市场金融生态环境．完善的信用制度是维系金融产业资本良性循环的核心制度，是构筑金融生态环境的制度基础。首先，应通过宣传、教育、典型示范等各种途径在全体公民中广泛开展诚信教育，逐步增强公民的信用意识和诚信理念。其次，加强信用立法，切实保护债权人利益，对失信行为依法严惩和治理，大力提高违约成本。再次，建立完善的个人和企业信用档案制度与信用担保制度，建立信用信息的联网和有偿共享机制，从根本上遏制失信行为；最后，应建立信用监管体系，加强对注册会计师、律师和信用评级机构等专业服务领域的监督，促进信用中介机构市场化。2、培育市场主体，完善产业金融组织及其市场体系。首先要积极扶持现有正规中小金融企业的成长，在市场准入、税收和监管等方面给予它们与国有金融同等的国民待遇；同时，还要积极培育一批新的中小金融机构，承认非正规金融资本的合法性，鼓励、引导、监管非正规金融的发展，使之步入良性发展轨道，在条件成熟时，将他们改造成为正规金融体系。其次，要加快培育和发展金融市场，使金融市场和金融企业之间形成一个合理分摊经济发展风险的良性互动发展机制，积极稳妥地推进金融产业资本进入资本市场循环增值。3、改革产权制度和治理结构，培育高素质的金融企业。在金融产权制度改革方面：一是在既有国有金融产权之外，培育、扶持一批主体明确、边界清楚的金融产权企业。为适应经济多元化的需求，可以建立一批民营金融企业，或以产融结合为核心的金融财团，或引进一批外资金融企业，鼓励非正规金融企业的成长。二是对国有金融企业进行股权多元化改革，积极创造条件上市。在完善金融企业公司治理结构方面，金融企业应按照“治理与管理分开、治理高于管理”的原则，建立起一个向出资人负责的董事会、和一个向董事会负责的经营管理层、以及一个代表股东和债权人利益的监督经营管理层的监事会，从而体现所有权、经营权、监督权彻底分离与制衡的机制。4、推进利率市场化，建立市场主导的金融价格机制。以市场机制为基础的金融产业资本循环，其中利率杠杆发挥着信号传递作用，它不仅决定金融产业资本利差收益的大小，而且利率的变化会引导金融产业资本循环结构作出迅速地调整。要实现利率杠杆的这种功能，这必须推进我国的利率市场化进程。具体做法包括：(1)应放宽直接融资的利率限制，允许利率在一定幅度内浮动，在条件成熟后，利率由发债主体和票据贴现承兑双方自行决定；(2)在全国统一货币市场基础之上形成真正的同业拆借市场利率；(3)允许存款利率适当浮动，加大贷款利率的浮动幅度，在条件成熟后完全放开；(4)建立一个富有弹性的主要由市场供求决定的有效汇率机制；(5)建立起利率与证券价格、国际资本市场价格相联系的机制，使利率的变动能在各金融价格体系间自动的传递，以引导金融产业资本的有效流动。5、硬化预算约束，构筑金融企业自我约束机制。首先，要树立金融相对稳定的理念，充分发挥市场约束的功能。根据中国的实际，金融监管必须在金融的绝对稳定(零倒闭)和机构倒闭(不稳定)之间寻求一个相对稳定状态，为市场约束力的发挥创造一个良好的市场和制度基础；其次，要消除国有银行作为国有企业软预算约束支持体的角色，硬化国有企业预算约束；第三，通过引入一批民营金融企业适当降低金融产业市场集中度，降低金融企业倒闭的负外部性。第四，建立和完善金融企业市场退出机制，并采取适当的金融企业之间的风险隔离措施，如创造相应的条件加快建立存款保险制度；第五，政府应适当从金融领域的直接经营活动中退出，妥善处置好国有金融企业的不良金融资产。6、鼓励产融结合，建立可塑性较强的银企合作关系。从银行信贷资本安全运行的角度看，构建新型的银企合作关系必须寻求三点突破：一是强化银行对企业的监控功能；二是规范政府行为，使银企关系市场化；三是建立有进有退的银企合作关系。据此，一方面可以积极鼓励产融结合，构筑稳固的长期银企关系。另一方面，银企关系应当建立在与企业的生命周期相吻合的基础上，银行信贷资本在企业经营相对稳定、融资风险较低的时候进入，在企业不能较好地处理影响其成长的因素、以及将终结其生命周期的时候退出，以保护信贷资本循环的安全。7、开拓国际市场，推进金融产业资本国际循环增值。我国金融企业应树立开放和全球意识，充分利用好国际、国内两种资源积聚金融产业资本，并积极稳妥地开拓国际、国内两个市场，让金融产业资本在保值的基础上实现最大化增值。同时，应采取包括套期保值、期权、期货、互换等现代风险管理手段规避国际金融风险，将风险可能产生的损失降低到最小的程度。8、实行政监分开，建立完善的独立于政府的监控体系。根据金融产业组织的风险特征，我国应当建立起“四位一体”的监管体系，即金融企业自我监督、利益相关者构成的市场监督、行业协会监督和监管机构的监督，以加强对金融产业资本循环的有效监管。更多还原

【Abstract】 This thesis focuses on the theory and policy of capital circulation of the financial industry. By investigating the finance development and the capital circulation of financial industry in China, and the relevant research at home and abroad, it systematically reviews and draws lessons from several theories, such as theory of circulation of industrial capital, theory of financial capital and interest-bearing capital, theory of asymmetric information and exchange expense, theory of budget constraints and gap, theory of industrial organization and development of financial industrialization. It has defined the basic category and the basic research perspective of the capital from exchange and benefit chasing, analyzed the forming law and circulation mechanism of the financial industrial capital, further theoretically reviewed its inherent impetus and market restriction mechanism, set up the analysis frame of circulation efficiency of financial industry’s capital. Hereby, with the method of history analyze and econometrics, the paper inspects the capital circulation efficiency and the character of financial industry, theoretically explains the reasons for low efficiency, and put forward the related policy measures to improve the benign circulation of the financial industrial capital in China.1. Basic conclusion in the thesis(1) It is the market mechanism that dominates the financial industrialized development, which characterizes the financial development. And the development is supported by the capital element that chases the profit maximum. The modern finance is based on work division and the credit exchanging, chasing profits maximum is the instincts and growth route of financial enterprises, so the financial development of the transition should follow the market economy law, the capital-intensive finance department should become the strong financial industry. Therefore, it is necessary to acknowledge the enterprise attribute and the profit-chasing instinct of the financial institution. The capital factors of financial enterprises go by the name of the financial industrial capital, which is a kind of relatively rare financial resource. The instinct of the capital is to pursue market and profit unlimitedly, which requires the capital to be in motion restlessly. In order to resume the profit-chasing instinct of the capital, the market mechanism must dominate the running of the capital.(2) The forming of financial industrial capital is based on the need of market and the outcome of the continual work division of capital systems, and its quantity objectively has an optimum economic scale. With the gradual progress of the social division, the financial industry’s capital separated progressively out from industrial capital and commercial capital, becoming a relatively independent capital system. It closely links to the destiny of industrial capital and commercial capital through credit exchange, forming the profit community. This kind of connection develops with the development of credit system. From the perspective of microcosmic and market, the endogenous formation of financial industrial capital is an inevitable choice to avoid liquidity crisis. From macro- perspective, to maintain the stable growth of the macro-economy, it is necessary to keep a best proportion between financial industrial capital and real industrial capital; otherwise, the real economic department and financial economic department will not develop coordinately, and the economic growth can’t develop stably. Studies have shown, without system obstacle and impact in surprise, the optimum scale of financial industry capital will be adjusted and realized through the law of social average profit ability and market mechanism.(3) The ceaseless circulation of financial industrial capital is the concrete embodiment of its vitality and productivity; it can realize not only its social value but also its value appreciation by circulating constantly. Like real industrial capital, the financial industrial capital can realize internal circulation and value appreciation through developing and exchanging the financial product. However, most circulation was finished through the external credit exchange. Once the use right of the financial industrial capital is lent out, it will immediately participate in the real industrial department’s capital circulation and create social value, further realizing own value appreciation. Under the open economy condition, there is no boundary among the capital circulation. As long as there is the value-added difference among different markets, it can flow into the market of high from the lower one about capital marginal productivity, accumulating and circulating. This is a universal circulating law of financial industrial capital dominated by the market mechanism. Because of the difference of resource endowment and element marginal productivity among the flow and allocation of the capital in the whole society will be non-balanced, due to the domination of the law.(4) There are inherent impetus mechanism and restriction mechanism in the circulation of financial industrial capital dominated by market mechanism. Its impetus mechanism includes: profit-chasing mechanism, supply and demand mechanism and price mechanism. The profit-chasing mechanism drives the capital to flow from the low-efficiency department to the high-efficiency department, and do the best to evade various risks in circulation. Financial industrial capital participating in circulation of external economy relies on the extensive demand of market to it. The demand will guide the supply of the financial industrial capital. Because the supply of the capital is relatively limited, it will finally restrict its valid demand forming a price mechanism and affecting the circulation of the financial industrial capital. The changes of interest rate, exchange rate and security price, on one hand, are the results of the supply and demand mechanism of the capital; on the other hand, can lead financial enterprise to make investment tactics adjustment, thus changing the market range of the circulation of the capital. In the transaction of financial industrial capital, there are various uncertainties, risks and asymmetrical information, thus forming a kind of inherent restriction to the financial industrial capital circulation. At this moment, in order to avoid the various market risks, guarantee the maximal appreciation of the financial industrial capital, financial enterprises will either make use of the financial agreement mechanism or adopt prudent management.(5) The ultimate goal of the circulation of financial industrial capital is to realize optimum efficiency. In theory, the circulation efficiency of financial industrial capital can be divided into micro production efficiency, middle allocation efficiency and macro function efficiency. Micro production efficiency is used to investigate the proportion of the net profit of financial enterprises brought by a certain amount of financial industrial capital, usually taking the range and speed of value appreciation as the evaluation criterion. Middle allocation efficiency is used to investigate the speed and quality of the deposit-to-investment transform of the financial enterprise through financial industrial capital circulation; Macro function efficiency is used to find out the positive result of economic development through the financial industry capital circulation, usually taking the contribution of the circulation to economic growth. Studies have suggested that financial property system, financial market structure and price mechanism, technological progress and finance innovation, management inside the financial enterprise, social credit environment and order are the important factors to influence circulation efficiency of financial industrial capital. These factors form the analyzing frame of circulation of financial industrial capital.(6) The circulation mechanism of financial industrial capital in China is not smooth and its efficiency is not good. Empirical research has shown that the capital circulation efficiency of every commercial bank in China is not as good as the efficiency of the western commercial bank with more excellent achievement, and the micro production efficiency presents a trend of tremendous drop. Behind this kind of trend, the expansion of market range and the credit scale has not become the important factor of promoting micro efficiency. On the contrary, it caused the huge non-well assets, and accumulated a large number of financial risks. With the strengthening of market-based reform of finance in China, market restriction to financial enterprise appears progressively. The existence of credit rationing and a large number of deposit-gap has confirmed the response of financial enterprises to the market restriction, and has shown the poor circulation of financial industry capital in China and declining middle efficiency. To macro efficiency, it has appeared the downward trend too. But the circulation of the bank credit capital is the important factor to promote China’s economic growth all the time. The improvement of bank credit efficiency is favorable to economic steady growth.(7) There are deep historical and realistic reasons to the poor circulation efficiency of financial industrial capital in China. First, the organization structure of the monopolistic financial industry and the artificially-separated market format are the market root of the low efficiency. Second, the financial rent caused by interest control has restrained financial enterprise’s ability of obtaining financial rent maximally. Third, the allocation mechanism of financial resource dominated by government ensured the realization of political target, but has sacrificed the market interests of the financial industrial capital. Fourth, the serious shortage of morals and credit in the financial exchange in China has aggravated the intensity of information asymmetry, damaging the circulation efficiency of the capital. Fifth, the emptily-set financial property right of the state-owned bank and the incompact administration inside are the most direct reasons for "X poor efficiency". In addition, the soft budget constraint of bank has weakened the foundation of the steady running of China’s financial industry.2. Important viewpoints in the thesis(1) The development of modern finance is not only to serve as the finance medium-transforming the deposit resources to social investment, but with the intensification of financial liberalization and marketlization there is deeper connotation about finance development. Basing on market mechanism, credit exchange and chasing the maximum profit, financial development increasingly demonstrates its relatively independent characteristic. It not only has extensive connection of mutual reciprocity and mutual benefit with real economy, but can break away from the real economy and run independently, and exert a great influence on national economic development. Only if the growth route of industrialization of the modern finance and its development connotation are entirely understood, financial development strategy can prevent the financial industrial capital from agreeing more on the government public goal and damaging its economic efficiency. It also can ensure that the financial industrial capital circulates and increases its value according to market economy law and law of value.(2) It is the essential attribute and inherent requirement of modern financial industry development that market mechanism dominates the allocation of financial resource and the capital circulation of financial industry. In order to conform to the financial industrialization trend, China must introduce the market mechanism into finance, allocate the financial resources mainly relying on the market mechanism, advance the finance industrialization and develop the finance into a financial industry with strong competitive power through the good circulation of financial capital.(3) Chasing market and profit maximum is the inherent instinct of financial industrial capital. With the market opening and lower cost of capital flow, the financial industrial capital will flow into the high-efficiency market from the poor-efficiency market due to the difference of regional resource endowment and production efficiency, thus making it circulate unevenly in the whole society. But this kind of non-balanced circulation accords with requirement of economic efficiency. If the government forces to intervene in it to pursue the regional equilibrium allocation, the economic efficiency of the financial industrial capital will be sacrificed. For this reason, the government should make up the disequilibrium through public monetary system, foster the new point of profit growth as to guide the flow of the financial industrial capital, thus achieving the goal of macro adjustments and controls.(4) Providing present finance has developed into embryonic form of financial industry already, the reasons for obstructed circulation mechanism and low efficiency are complicated and various. The most basic reason is government’s long-term dominating and controlling the finance accumulation. The government dominates the allocation of financial resource and its circulating process by controlling the financial property right, interest rate, credit scale and budget support for centralizing and utilizing rare financial capital to meet the national development strategy and its own political goal. It seriously damages the value-appreciation efficiency of financial industrial capital. So, aiming at promoting the benign cycle fundamentally, the government must keep harmonious relations with financial enterprise withdraw from the management of financial enterprises, especially the state-owned financial enterprises, and make the market mechanism dominate the running of financial enterprises and the circulation of financial industrial capital.(5) Financial development has enormous positive externalities, but its risk accumulation and diffusion has strong negative externalities. In the process of industrialization and marketlization of financial development, it is very essential to remain the government mechanism to some degree for reducing the negative externalities. In order to advance the benign cycle of China’s financial industrial capital and sustainable development of financial industry, it is in need of the innovation of financial system, the use of advantage of market mechanism and government’s mechanism, and setting up the market financial system.3. Main innovation in the thesis(1) Has established the capital analysis frame of financial industry on the basis of exchanging and chasing profit. As to the defect of mistaking financial enterprise’s function as intermediary in the long-time financial research, the thesis has introduced the new institutional economics method, from the perspective of exchange and chasing profit, resumed financial enterprise’s fund as capital, and set up new analysis frame of financial industrial capital, realized the conversion of studying pattern, broken through the traditional research of fund medium function of financial institution, opened up the new analysis perspective.(2) Has deepened the forming of the financial industrial capital and its circulation mechanism. The thesis has applied the theory of industrial capital circulation of Marxism economics and its interest-bearing capital theory, investigated new form of the circulation of modern financial industry capital, and fully summarized its new route of circulation. In the same time, by introducing the theory of endogenous finance development, this paper has found the inherent forming mechanism of financial industrial capital. And with the theory of exchange expense and information asymmetry, this paper has found out that the validity of the mechanism of market restriction and the mechanism of financial contract.(3) Has set up the new assessment frame of the circulation efficiency of financial industrial capital. This thesis has broken through the traditional study of ascertaining the financial efficiency on the micro base of financial enterprise, expanded it to micro production efficiency, middle allocation efficiency and macro function efficiency, and ascertained the assessment principles, index systems and methods respectively, opened up a new horizon for the research of financial efficiency.(4) Has positively examined the efficiency of every level of financial industrial capital in China. The thesis has used the SCP analysis pattern of the industrial organization theory, to set up the pool data models, and found the leading factor causing micro production efficiency to drop. By using modern econometrics tool it has unveiled the relation between bank development and economic growth, and the relation between the efficiency of the bank credit and economic growth, and confirmed the poor circulation efficiency of China’s financial industrial capital from middle and macro perspective.(5) Has pinpointed the ways of promoting the benign cycle of China’s financial industrial capital. This paper has put forward the route of changing idea system innovation, relieving finance restriction, and realizing the route of finance development dominated by market. Based on the route, this paper has brought forward the concrete policy measures.4. Policy proposals in the thesis(1) Set up credit system, and construct the harmonious ecological environment of market finance. This includes legislating credit, protecting creditor’s interests, raising the cost of lost credit, launching credit education among all citizens, setting up the networking of credit information and common sharing mechanism with compensation.(2) Foster the market bodies, and improve industrial financial organization and its market system. Firstly, support the growth of medium and small financial enterprises, offer them the same national treatment as state-owned finance; meanwhile, foster lots of new medium and small financial institutions, and acknowledge the legitimacy of the informal financial capital, supervise the development of the informal finance. Secondly, accelerate the development of financial market, and advance the financial industrial capital to enter capital market to increase its value.(3) Reform financial property system and administration structure, and foster high-quality financial enterprises. The financial property reform includes: First, foster a number of new financial enterprises of clear property right border. Second, reform the state-owned financial enterprises to have multi-bodies of property right. In order to improve the administration structure of financial enterprise is that financial enterprise should set up a directors committee, a management committee, and supervision committee, thus reflect the mechanism of separating and balancing completely in ownership, power of management, authority to supervise.(4) Advance the marketlization of interest rate, and set up the financial price mechanism dominated by market. This includes: relax the limitation of interest rate of direct financing, form the unified interest rate of the same business on the nationwide, allow the interest rate of the deposit and credit to float properly, Set up an effective exchange rate mechanism mainly determined by the market and the mechanism in which interest rate has contacts with security price, international capital market price.(5) Harden the budget constraint, and construct the self-regulating mechanism of financial enterprises. Firstly, establish the concept of relatively stable finance. Secondly, eliminate the support role of the state-owned bank as soft budget of state-owned enterprise, and harden the budget constraint of state-owned enterprise. Thirdly, reduce the market concentration degree of financial industry through introduce a number of private financial enterprises as to reduce the negative externalities of financial enterprises going bankrupt. Fourthly, set up the mechanism for financial enterprise withdrawing from market. Fifthly, the government should withdraw properly from the direct business activities of financial enterprise.(6) Encourage real enterprise melting in financial enterprise, and establish moldable cooperation between bank and enterprise. First, strengthen the bank’s controlling function to enterprises. Second, standardize government’s behavior and make the relation between bank and enterprise marketlized. Third, establish the advancing and retreating cooperation relation between bank and enterprise.(7) Explore the world market, and advance the international circulation of China’s financial industrial capital. China’s financial enterprises should have the open and global awareness, and make full use of the international and domestic financial resources, and open actively up international and domestic markets, to realize the maximum appreciation of financial industrial capital on the basis of maintaining value. At the same time, they should evade international financial risks and reduce its losses.(8) Separate the supervision from government, and set up the complete control system independent of government. According to the risk characteristic of financial industrial organization, China should set up the supervisory system of "four in one", i. e. financial enterprises supervising themselves, market supervising, supervision of trades society and supervision of regulator, finally strengthening the effective supervision to the circulation of financial industrial capital.更多还原