【作者】 汪洋；

【导师】 白钦先；

【作者基本信息】 辽宁大学 ， 金融学， 2008， 博士

【摘要】 国债作为市场经济条件下重要的宏观经济变量,属于财政与金融的双重范畴。国债的金融属性特征在不同的经济环境条件下所表现的形式与程度不同。经济发展程度越高,国债的金融属性特征就表现得越为明显,随着经济的发展,政府经济管理职能的变迁及扩展,国债规模也逐步扩大,国债对于经济的影响也日益深入与广泛,国债作为金融资产以及作为金融资源的表现也就更加充分。理论与实践都已证明,国债是财政与金融重要的连接点,国债操作是政府实施财政政策与货币政策配合与协调的重要环节,并在其流转运动中联系着微观层次与宏观层次的经济运行。因而,研究国债的经济效应必须将国债的财政属性与金融属性结合起来,才有利于揭示国债本身所固有的本质特征。国债既是当今世界各国密切关注的重要经济问题,更是中国转型经济中的重大现实问题。中国经济增长与社会发展离不开国债的支持,经济市场化改革与金融运行机制完善离不开国债运行机制的完善。但是,目前中国国债的运行还存在着许多困难、矛盾和问题。其深层原因是中国还处于由计划经济体制向现代市场经济体制的转型过程中,在这个过程中,金融制度变迁相对滞后,因此,国债的经济金融功能的实现也处于相对滞后的变动、完善和发展之中。这种变动、发展和完善过程,有些方面体现了现代市场经济中国债运行的一般规律,有些方面则具有中国经济转型期的特征。因此,本文研究的主要目标是:通过对国债的金融功能及其国债对主要经济金融变量(货币供应、利率、汇率、资本流动等因素)的影响及其实现机制的研究,系统深入地研究和探索市场经济条件下国债金融效应的一般规律,并客观地分析中国转型期国债运行的金融特点,即中国国债在中国金融体制改革中发挥的作用,并在此基础上提出提升中国国债金融功能和有效合理发挥国债经济金融效应的路径和策略。本文首先通过对不同经济发展阶段的中西方国债的实践发展和理论演进特征进行历史性考察与分析,理解与掌握国债发展的历史前提及社会经济基础,从历史与实践的角度考察西方国债的发展脉络,在其变迁过程中发现国债发展的历史逻辑。通过分析得出如下结论:国债的发展是一个历史渐进过程,国债的理论与实践的发展同一定的历史阶段和经济发展状况相适应,并表现出明显的阶段性特征,国债作为政府政策工具体现着政府的意志与要求,随着社会经济条件的变迁,国债的发展与变迁与其相适应,并逐步体现出其市场性的特征,国债的经济功能也逐步由财政功能向其财政与金融双重功能的转化,国债的理论研究也由宏观逐步向宏观与微观市场结合的理论转变。通过对国债金融的金融资产属性、金融资源属性以及金融功能属性的分析,对国债的金融功能进行了系统的经济学意义上的阐述,指出国债所具有的基本经济金融功能:资源配置功能、风险管理功能、提供流动性功能,基准利率功能、宏观经济管理功能、金融稳定与调控功能。完善的国债及国债市场所具有的这些功能并不是相互割裂的,而是密切联系相互统一并互为前提,国债经济金融功能的发挥不仅需要完善的市场经济环境也需要相应合理的制度安排,国债的各项金融功能共同统一于国债对于经济金融体系的动态演进与相互作用之中。国债的不合理运用也能导致负效应及影响,并可能会增加经济体系的财政与金融的风险,合理运用国债及国债市场是保证经济金融稳定发展的重要条件之一。在讨论国债的“准货币”和“铸币税”性质基础上,进一步论证了国债作为金融资产的货币特性以及国债所具有的货币效应。根据国债运行的不同阶段,国债的货币供应效应是不同的,影响国债货币供应效应的因素非常复杂,既有市场经济本身所具有的经济运行及经济主体行为因素,还体现着政府的制度安排与政策意图,同时还受到经济环境以及金融体制等诸多方面因素的影响与制约。在分析基本的利率决定理论的基础上,将国债因素纳入宏观经济模型,通过国债运行对于储蓄,消费、投资以及货币供求的影响分析,得出国债运行在封闭与开放不同经济条件下国债发行的利率效应。并就国债基准利率效应进行了深入的讨论。在对国债与国际收支及汇率关系的理论综述的基础上,讨论了开放经济条件下国债与国际收支以及国债与汇率的相互关系,并通过运用扩展的M-F模型分析了固定汇率和浮动汇率制度下的国债融资的政府支出效应的机制。另外,本文还从政策层面分析了国债政策与财政货币政策之间的相互关系,国债政策是财政政策与货币政策最为重要的连接渠道并具有其独特的特征,国债政策与财政货币政策的协调与配合是宏观经济管理与调控的重要内容与必然要求。对于封闭经济与开放经济条件下国债融资的财政政策与货币政策的配合与协调进行了较为深入的研究,在此基础上提出了国债政策与财政货币政策协调与配合的原则及可供选择的模式。理论研究的最终目的在于寻求对中国国债发展的现实做出解释与分析,以及在此基础上的理论创新,并为中国经济金融的改革与发展服务。因此,本文的立足点始终围绕中国国债发展的实际情况,基于中国改革开放进程与体制转轨环境中财政、金融不断变革的特性,对中国国债的金融效应予以应有的实证分析,通过对改革开放以来至2006年中国国债与相关经济变量的相互关系进行计量检验以及经验分析,得出如下结论:(1)中国国债的货币供应效应具有明显的阶段性特征,在1994年以前,由于经济体系及制度制约,国债的货币效应并不显著,1994年后由于经济环境的变化以及国家政策的逐步调整,国债的货币供应效应有所体现,但还不是非常显著,国债的金融功能还没有充分有效的发挥出来,发展国债市场,建立完善的国债运行机制,发挥国债的货币供应的宏观经济调控效应是中国国债发展的必然选择。(2)对于中国国债发行的利率效应进行实证检验,中国国债的利率效应并不显著,分析其成因在于中国非市场化的利率体制以及金融体系发展的约束。还从实证的角度分析了中国国债利率与金融市场利率的相互关系,讨论了中国国债利率没有成为基准利率的影响因素,得出中国国债市场的发展与完善对于利率市场化改革具有重要作用。(3)同时,在国债与汇率、资本流动与国际收支之间关系的理论考察的基础上,就中国在经济转轨过程中的国债的发行对于国际收支,净出口的相互作用机制以及人民币汇率制度改革对于中国国债经济效应的影响进行了较为深入的研讨。(4)分析了改革开放以来中国国债政策运用在宏观经济管理以及市场化改革进程中的变化以及效果。中国国债政策的实施对中国经济发展与增长发挥了重要作用。随着经济金融体制改革的逐步深化,市场主导型金融体系国家金融战略的逐步实施,资本市场尤其是国债市场的发展,对于中国经济发展,尤其是金融发展以及金融体系的完善的重要性日益显现出来。金融改革的深化离不开国债市场金融功能的完善及其有效发挥,并对国债市场的发展提出了更为迫切的要求。国债市场的建设与发展已经成为中国金融体系市场化改革的关键。因此,最后本文从中国国债及国债市场的功能定位出发,讨论了中国国债金融功能错位形成的原因及其影响,在此基础上从中国国债发展同金融体系结构、商业银行改革以及中国金融可持续发展的角度论证了中国国债及国债市场在中国金融体系变革中发挥的作用,并认为,中国的国债市场发展必须同中国的经济体制变革相适应,既要吸收国外先进的国债市场的成功经验,同时要根据我国转轨经济发展中的实际情况,按照国债市场发展本身所特有的规律,深化国债市场的改革和创新,加快国债市场发展和开放的步伐,充分发挥国债市场的经济金融功能,提升国债市场的效率,以利于最终构筑起功能完善、协调发展的金融市场体系。更多还原

【Abstract】 The national debt, as the important macroeconomic index under the market economy condition, is the double categories of fiscal and finance. The national debt possesses the characteristics of its financial assets and financial resource attribute from the day of emerging in it, just this kind of attributive character is different from the form of the behavior or intensity of economic development degree in different economic environments, the higher economic development degree is, the mare obviously the financial attributive character of the national debt is, with the development of economy, changes and expansion of government’s economic management function, the scale of the national debt increases progressively too, the national debt deepens and extensive economic influence, it is just more abundant the national debt and regarded as the behavior of financial resources as the financial assets. Theory and practice have all already proved, the national debt has been checked by finance and connection with important finance, it is that government implements the important links that the fiscal policy cooperates with monetary policy with the coordination that the national debt is operated, and is contacting the economical operation of microeconomic level and macroeconomic level in its movement of circulation. Therefore, studying the effect of the national debt must combine fiscal attribute of the national debt and financial attribute together to announce the essential characteristic of the national debt.The national debt is a current close concerned thing of countries all over the world, and the realistic problem that China makes the transition in economy even more. China’s economic growth and social development are due to the support of the national debt, the market-based reform of economy and financial operating mechanism improve the completion that is due to the operating mechanism of national debt. However, a lot of difficulties, contradictions and problems exist yet in the operation of the Chinese national debt at present. Its deep and inner reason is China still in the course of transforming into modern market economic system from traditional planned economic system, in this course, monetary system changes lag behind relatively, the realization of the function of economy and finance of the national debt is in the relative change, completion and development that lag behind. This kind of change, developing and improving the course, some respects have reflected the universal law that the Chinese debt of modern market economy operated, characteristic that some respects have Chinese transformation period. So, the main goal that this text studies is: through research the financial function of the national debt and national debt correctly to the variable of main economy and finance Influence and realizing the research of the mechanism in (factors such as money supply, interest rate, exchange rate, capital flow ,etc.), the system studies and explores the universal law on financial effect of the national debt under market economy terms deeply, analyze China transformation period financial characteristic that national debt operate objectively, Chinese function that national debt give play the China reform in banking system, and propose promoting financial function and valid route and tactics that give play to the effect of economy and finance of the national debt of the Chinese national debt rationally on this basis. This paper, through developing and carrying on historical investigation and analysis with the theory gradual progress characteristic to different practices of the national debt of the western at stage of economic development at first, understand and grasp the historical prerequisite of development of national debt and social economic base, investigate the train of thought of development of the western national debt in terms of history and practice, find the historical logic of development of national debt in its changes. Draw the following conclusion: The development of the national debt is the course of advancing gradually of a history, theory and development practice of the national debt concern with certain historical stage and economic state of development, demonstrate the obvious phased characteristic, the national debt reflects the willing and requirement of the government as the government policy tool, with the changes of the social economic condition, development and the changes, instead of being suitable for of the national debt, and embody its market ability characteristic progressively, the economic function of the national debt is from the financial function to its finance and double transformation of function of finance progressively, the theory that the theoretical research of the national debt is combined with the microeconomic market progressively.Through analyzed the financial assets attribute, financial resources attribute and the finance function attribute to the finance of the national debt, have carried on the exposition in the systematic economics meaning to the financial function of the national debt, point out the basic function of economy and finance that the national debt has: Resource distribution function, functions of management of risk, offering the function of liquid, function of Bench Mark, functions of management of macroeconomics, financial stability and function of regulation and control. These functions that complete national debt and market of national debt have do not isolate each other, but maintain close ties and unify and is both as the prerequisite each other, the full play of the function of economy and finance of the national debt not only needs complete market economy environment also needs corresponding and reasonable system to arrange, every financial function of the national debt is unified in dynamic gradual progress and interaction of the national debt to system of economy and finance together. The unreasonable application of the national debt can cause negative effects and influence too, increase the risks of the system finance of economy, use the national debt and market of national debt to guarantee one of the important conditions of steady development of economy and finance rationally.“mintage tax”to discuss national debt, have further proved the national debt as the monetary characteristic of the financial assets and monetary effect that the national debt has. At stage on the basis of the what the national debt operates, money supply effects of the national debt are different, the factor influencing effect of money supply of the national debt is very complicated, there are economical operation and behavioral factor of the economic subject had by itself of market economy, still reflect the system of the government is arranged with the policy intention, still influencing by a great deal of respect factors such as economic environment and banking system at the same time and restriction. On the basis of it is analyzed that the basic interest rate determines the theory, include the factor of the national debt in the macroeconomic model, run for depositing money through the national debt, consumption, investment and influence analysis of money supply, obtain the national debt and operate the interest rate effect that the national debt is issued under closing the economic condition different from open economy. On the foundation of theory survey of national debt, international revenue and expenditure and interest rate relation, have discussed the reaction of national debts and international revenue and expenditure, national debts and interest rate under the open economy condition, and has analyzed the government expenditure effect of national debt financing under the fixed exchange rate and floating exchange rate system through using expanding M-F model, have concentrated on discussing that arranges interest rate mechanism and exchange rate mechanism and corresponding international conduction mechanism which makes the effect of economy and finance of the national debt in different systems.In addition, this paper has also analyzed the reaction between the policy of the national debt and financial monetary policy from the aspect of policy, the policy of the national debt is financial policy and the most important connection channel of the monetary policy and has its unique characteristic, national debt policy and financial coordination and it matches to be macroeconomic management and important content that adjust and control with must require of monetary policy. Cooperate with monetary policy and coordinate comparatively deep studying with the financial policy of financing of national debt under the open economy condition in closing economy, have put forward the principle that the policy of the national debt and financial monetary policy coordinate and cooperate and mode suitable for choosing on this basis.Analyzed that the final purpose of the theoretical research lies in seeking to make explanations to the reality of Chinese national debt development, and the theory innovation on this basis, and serve for reform and development of China’s economy and finance, herein the foothold on the actual conditions of Chinese national debt development, develop the characteristic that the finance and banking is being improved constantly in the bad-tempered process and system transition environment on the basis of China’s reform, the financial effect on the Chinese national debt gives the analysis of due real example, economic reaction of variable go on, measure, examine and experience analyze to 2006 Chinese national debt since the reform, draw the following conclusion: (1)The money supply effect of the Chinese national debt has not obvious phased characteristics, before 1994, because economic system and system were restricted, the monetary effect of the national debt was not prominent, because the change of the economic environment and gradual adjustment of state policies after 1994, the money supply effect of the national debt reflects, but not still very prominent to some extent, the financial function fully effective yet bringing into play of the national debt, develop the market of national debt, set up complete national debt operating mechanism, the inevitable choice of giving play to the effect of macroeconomic regulation and control of the money supply of the national debt to be Chinese national debt development. (2)Examine the real example as to the interest rate effect that the Chinese national debt is issued, the interest rate effect of the Chinese national debt is not prominent, it is analyzed that its cause lies in China’s non market-oriented interest rate system and restraint of financial system development. Have also analyzed the reaction of the Chinese national debt interest rate and interest rate of financial market in terms of real example, the Chinese national debt interest rate of discussion has not become the influence factor of Bench Mark, obtaining development and completion of the market of Chinese national debt will have important function on the market-based reform of interest rate. (3)At the same time, on the basis that the theory of the relation is investigated among national debt, exchange rate, capital flow, to the international revenue and expenditure on the issue of the national debt in economic transition of China, interaction mechanism and the relation and RMB exchange rate system of net export have reformed and carried on comparatively deep discussion to the influence on the economic effect of the Chinese national debt. (4)Analyzed the application of change and the result and national debt policy in the marcoeconomic management and market-based process of reform of China’s financial monetary policy since reform. The implementation of the Chinese national debt policy has played an important role in China’s economic development and growth.With the gradual promotion of the economic reform in financial system, gradual implementation of the national financial strategy of financial system of the leading type of market, the capital market is especially the development of the market of national debt, as to the economic development of our country, the financial development and adjustment, optimization and importance of completion of financial system of structure. Financial promotion of reform leave national debt market financial completion of function and give play effectively, and has put forward more urgent requirement for the development of the market of national debt. The construction and development of the market of national debt has already become the key to the market-based reform of China’s financial system. So, this text proceeds from Chinese national debt and functional demand of the market of national debt finally, discussion reason and influence formed of misplacing of financial function of Chinese national debt, develop with the financial system structure to the Chinese national debt on this basis, commercial bank reform and China financial angle of sustainable development prove Chinese national debt and national debt market function that give play to carry on dark reconstruct, in China financial system, the development of market of national debt of China must suit with the economic system of China improves, should absorb the successful experience of the foreign and advanced market of national debt, should be according to the actual conditions in the economic development of transition of our country at the same time, develop itself peculiar law according to national debt market, deepen national debt reform and innovation of market, speeding up the development of market of national debt, give full play to the function of economy and finance of the market of national debt, promote the efficiency of the market of national debt, in order to benefit the economic system of financial market of constructing intact and complete, coordinated development finally.更多还原