中国金融中介功能完善的战略研究

【作者】 董琦；

【导师】 徐桂华；

【作者基本信息】 复旦大学 ， 政治经济学， 2008， 博士

【摘要】 金融中介理论的发展是伴随着金融业的发展而发展的。风险、不确定性、信息成本和交易费用构成了金融中介演化的客观要求,而制度、法律和技术则是金融中介发展的现实条件。金融中介在现实的金融活动中也扮演了重要角色,它的存在促进了社会融资的顺畅进行,推动了实体经济各部门的发展。伴随着金融活动的深化,金融中介的功能得到拓展与延伸——从最初的便利支付结算(基础功能)拓展到资产转换(核心功能),并逐步延伸到信息生产、监督激励和风险管理(保障功能)。金融中介能否促进市场经济发展,关键在于金融中介运作过程中能否充分发挥金融功能。金融中介的功能比其组织结构更重要,只有金融中介不断创新和竞争才能促使其具有更强的功能和更高的效率。因此,本文尝试以功能范式为主线来阐释金融中介的发展与变革,并在功能分析中融入制度分析方法,围绕金融中介功能的演进与决定机制,探讨金融中介发展的内在规律;针对我国金融中介的功能缺陷,提出功能完善的战略对策建议,进而对全球化时代金融中介的发展趋势做出前瞻。沿着这一思路,本文各章的主要内容安排如下:第一章《导论》通过介绍本文的选题背景、选题的理论意义和现实意义,引出本文的研究对象。在此基础上,进一步明确本文的研究角度和写作思路,以及各章的主要内容。最后,指出创新与不足之处。第二章《金融中介研究的功能视角:理论综述》从功能的视角对金融中介理论进行一个系统的梳理和归纳,并重点对现代金融中介理论的功能学说进行阐述;本章还介绍了国内金融中介理论的研究现状;最后对金融中介理论进行了总体评价;对该理论分支的未来发展做出预测与展望。第三章《金融中介功能范式:分析框架》详细阐述了功能范式的分析框架,对金融中介功能的基础性问题进行了总体研究,包括金融中介的主要功能及特性,金融中介机构的类型,金融中介功能演进的内在逻辑,以及金融中介的功能效应,最后从功能演进的角度对金融中介与金融市场的互动发展进行论述。第四章《中国金融中介的功能演进:历史与现状》首先介绍了西方金融中介发展的概况。作为一个转轨经济国家,我国金融中介体系的演进经历了从功能一体化到功能分离的五个发展阶段,形成了以银行为主导的金融体制。在阐述我国金融中介体系发展历程及基本特征的基础上,本章就我国金融中介的功能缺陷问题做出探讨,最后对我国金融中介演进的机制、路径、绩效进行分析。第五章《中国金融中介的功能转型:资产转换》延续第四章的分析,提出我国金融中介功能完善的一项战略对策举措。资产转换(融资)是金融中介的核心功能,本章从功能视角出发,倡导金融中介的功能转型与结构调整:从“融资中介”转向全面“服务中介”;打破融资“痼疾”,完善金融中介的治理结构;开辟多样化的融资渠道,健全金融基础设施,促进金融体系的良性竞争。第六章《中国金融中介的功能优化:监控与激励》从发挥金融中介监控与激励功能的视角出发,提出功能完善的另一项战略对策举措:实现金融中介自身的有效公司治理;构建金融中介参与公司治理的目标模式;加强配套改革,建立动态化的信息披露机制及信息网络。第七章《中国金融中介的功能深化:风险转移与管理》就现代金融中介的重要功能——风险管理,提出功能完善的第三项战略对策举措,实现金融中介的功能深化:从承担风险向转移与管理风险转化;改进金融创新机制,鼓励以风险转移与管理为主的金融创新;优化金融体系,提升金融中介的风险承受力,稳步推进金融自由化。第八章《中国金融中介功能完善的安全保障机制》是对第五章至第七章中国金融中介功能完善的各项战略举措(资源配置、监控与激励、风险管理)的进一步讨论。由于一国的金融发展有赖于金融中介的推动,而金融中介的作用依赖于金融安全的保障。本章从金融中介的脆弱性及负外部性出发,探讨中国金融功能完善的安全保障机制,主要包括功能性金融监管、功能性存款保险制度及功能性货币稳定体系。第九章《金融全球化时代中国金融中介的发展趋势》对全文的分析进行总结,首先概述全球化时代世界主要国家金融中介发展的最新特点、趋势以及我国面临的金融风险,并对中国金融中介未来改革发展中的几点问题进行探讨:其一是金融混业与金融深化、金融功能完善;其二是发挥政策性金融的独特功能,其三是基于功能观重构农村金融体系。最后,本文总结阐述了完善中国金融中介功能需要采取的若干改革发展措施。本文的主要结论是:在市场主体多元化进一步加强的条件下,完善和强化金融中介功能是提高我国金融中介效率的重要工具。首先,要进一步强化资产转化(融资)功能。金融中介资产转化的功能主要是通过各种金融工具、提供各种服务,将吸储的货币资金贷放给需求者,使其向投资转化,最大限度地使金融资源产生增值的功能。金融中介尤其是商业银行应该逐渐拓宽资金来源渠道,扩大资金运用范围,应该使资产结构向着多元化、证券化和效益型方向发展。提高储蓄向投资转化的效率,把金融资源配置到最有效率的项目或产业上去,这一目标的实现必须以产权明晰为前提。其次,要改善信息不对称、强化监督激励功能。资金的供给者需要一种机制不仅能够监督,在必要的时候甚至能干预资金的使用,因为金融交易的信息不对称总是面临着代理成本问题。如果投资者忽视了对金融资源的监督,那么在所有权和使用权分离的条件下,就不能保证稀缺资源得到最有效地利用,从而造成全社会资源配置的失调。金融中介利用其自身优势及时搜集、获取比较真实完整的信息,据此选择合适的借款人和投资项目,避免逆向选择和道德风险,降低信息处理成本。同时,利用充分信息披露制度来解决金融中介的信息不对称和委托——代理成本问题。最后,要进一步强化风险管理功能。技术创新的迅速发展势必加快经济结构的调整,即意味着不断地有一批批产业、企业在兴起和衰落,从而经济生活中的风险不断加剧。因此,金融中介不但要发挥融资功能,更应分担和管理风险。这里的关键是要创造出多样化的金融工具和金融服务。金融中介可以通过各种业务、技术和管理,分散、转移、控制、减轻金融、经济和社会活动中的各种风险,让不同风险偏好者承担不同的风险。总之,尽管金融中介的核心功能是充当连接储蓄者与投资者之间的桥梁,对资本进行时间和空间上的合理配置,即通常意义上的融资功能,但融资功能的实现过程,必然要求有风险管理、信息处理、监控与激励等保障功能相配套。只有核心功能与保障功能之相互衔接,既充分融资,又确保投资的有效性,并且在融资、投资和投资回报之间建立起有效的传导机制,才能使全社会的资源配置形成良性循环。更多还原

【Abstract】 The development of financial sector is always accompanied by the development of financial intermediary theories. Risk, uncertainty, information cost and transaction cost are the objective requirements of financial intermediary’s evolution, while institution, law and technique are its realistic conditions. Financial intermediary plays an important role in financial activities. It promotes the smooth processing of social financing and the development of various sectors of the economy. Along with the deepening of financial activities, the functions of financial intermediary have been able to be expanded - from facilitating settlement (basic function) extended to asset conversion (core function), and gradually extended to the production of information, supervision and incentive, risk management (security functions). Financial intermediary could promote the development of market economy but the key lies in that the operation of financial intermediary can give full play to financial functions. The functions of financial intermediaries are more important than the organizational structure of financial institutions. Only constant innovation and competition could promote financial intermediaries to attain more powerful features and greater efficiency.Therefore, the paper attempts to elaborate the development and reform of financial intermediaries, from a financial functional perspective, as well as institutional analysis method. It explores the inherent law of financial intermediaries and raises strategic policy suggestions against the functional defects of Chinese financial intermediaries. Finally, it makes forward-looking on the development of financial intermediaries in the era of globalization.Along this line, the main content of each chapter is arranged as follows:In Chapter 1 "Introduction", the paper introduces the background, theoretical and practical significance of this topic and the object of study. On this basis, it further clears its study perspective and writing ideas. Finally it points out its innovation and inadequate points.In Chapter 2 "On the Functional Perspective of Financial Intermediary: A Theoretical Review", the paper summarizes the existing financial intermediary theories from a functional perspective, and focuses on the functional branches of modern financial intermediary theory. It also introduces the domestic theoretical studies on financial intermediary and gives an overall evaluation. Finally, it predicts the future development of this theoretical branch.In Chapter 3 "Financial Intermediary Function Paradigm: Analytical Framework", the paper makes an overall study on the basic issues of financial intermediary’s functions, including the core function of financial intermediary and its characteristics, the main types of financial institutions, the inherent logic of its evolution, as well as its function effects. Finally, the chapter discusses the interactive development of financial intermediaries and financial markets.In Chapter 4 "Functional Evolution of China’s Financial Intermediaries: History and Current Situation", the paper firstly introduces current development of western financial intermediaries. As a transition economy, China’s financial intermediary system has experienced the five-stage evolution period, from the functional integration to the functional separation, and gradually formed a bank-dominated financial system. In explaining the development and basic characteristics of China’s financial intermediary system, this chapter probes the functional defects of China’s financial intermediaries and then analyzes the evolution mechanism, path and performance of China’s financial intermediaries.In Chapter 5 " Function Transition of China’s Financial Intermediaries: Assets Conversion", the paper advocates to the functional transition and structural adjustment of financial intermediaries: a) transferring from financial intermediary to service intermediary, b) improving the governance structure of financial intermediaries, c) as for market conditions, building up diverse financing channels, strengthening financial infrastructure, and encouraging competition of financial system.In Chapter 6 " Function Improvement of China’s Financial Intermediaries: Supervision and Incentive", the paper proposes to optimize the supervision and incentive functions of financial intermediaries: a) achieving financial intermediaries’ own effective corporate governance; b) constructing the target mode for financial intermediaries to participate in outside corporate governance; c) strengthening supporting reforms to establish dynamic information disclosure mechanism and information network.In Chapter 7 "Function Deepening of China’s Financial Intermediaries: Risk Conversion and Management", the paper raises suggestions on risk management: a) realizing the functional transition of financial intermediaries, from taking risks to risk conversion and management; b) improving financial innovation mechanism, to encourage the innovation on risk conversion and management; c) optimizing the financial system, improving the risk tolerance capability of financial intermediaries, and steadily promoting financial liberalization.In Chapter 8 "Security Mechanism of China’s Financial Intermediary Function Improvement", the paper starts from the vulnerability of financial intermediaries and negative externalities, and discusses the security mechanisms, including functional financial supervision, functional deposit insurance system and functional currency stabilization system.In Chapter 9 "The Development Tendency of China’s Financial Intermediaries in the Era of Globalization", the paper firstly gives the overview of latest developments and trends of financial intermediaries in major countries. Then it discusses some issues of China’s financial intermediaries in future’s reform: a) the premise of financial conglomerates - financial deepening and financial functions improvement, b) unique role of the policy-oriented finance, c) restruction of rural fiancial system from financial function perspective. Finally, it summarizes the study in this paper and raises the strategic suggestions on .China’s financial intermediaries’ function improvement.The main conclusions of this paper are: on the conditions of diverse market players, functional improvement of financial intermediary is an important tool to enhance the efficiency of financial intermediation.Firstly, we must further strengthen the assets conversion (financing) function. The asset conversion function of financial intermediaries is to lend the savings from the suppliers to the demanders, through various financial tools and service, in order to maximize the value-added functions of financial resources. Financial intermediaries, especially commercial banks should gradually expand the source of funding channels, and expand the scope of funds-using, to develop the asset structure towards diversification, securitization and efficient direction. The goal that improving the efficiency of converting savings into investment and deploying financial resources to the most efficient projects or industries, could only be achieved upon clearly defined property rights.Secondly, information asymmetry should be improved, so that supervision & incentive function could be strengthened. Capital providers need a mechanism to monitor, if necessary, even intervene on the utilization of funds, because the asymmetric information of financial transactions always leads to delegate cost. If investors overlooked the financial resources of supervision, in the separation of ownership and the right to use under the conditions of scarce resources, they will not be able to guarantee the most efficient utilization, thereby leading to the imbalance of the whole society on resources allocation. Financial intermediaries use their own strengths to collect timely, complete and real information, and accordingly choose suitable borrowers and investment projects to avoid adverse selection and moral hazard, as well as reducing the cost of processing information. At the same time, adequate information disclosure system is required to solve the information asymmetry and delegation problems for financial intermediaries.Finally, the risk management function should be further strengthened. The rapid development of technological innovation is bound to speed up the adjustment of economic structure. It means that there are constant rise and decline of industries and enterprises, while the risks in the economy are largely growing. Therefore, financial intermediaries should not only act as financing intermediaries, but also act as risk conversion and management agents. The key is to create diverse financial instruments and financial service. Financial intermediary could decentralize, diversify, control and reduce a variety of risks in financial, economic and social activities, through various business, technology and management and let people with different risk preference to bear those different risks.In conclusion, despite the core function of financial intermediaries is to serve as a bridge between savers and investors, to allocate capitals in the dimension of time and region, i.e. financing function, but the realization of financing function requires risk management, information processing, supervision and incentive and other support functions as accessories. Only if the core function closely cooperates with the other supporting functions with effective financing and investment through an efficient transmission mechanism, the resource allocation in the entire society can be activated and finally forming a virtuous cycle.更多还原