克服我国融资结构失衡的法律制度研究

【作者】 王后春；

【导师】 种明钊；

【作者基本信息】 西南政法大学 ， 经济法学， 2008， 博士

【摘要】 研究融资结构的目的在于揭示融资结构、金融法律制度和经济发展三者之间的关系。本文认为这种关系可概括为:通过完善金融法律制度能够优化融资结构从而促进经济发展。同时,金融和经济发展相互关系的历史说明:单一、失衡的融资结构不利于经济发展,而均衡、多元的融资结构对经济发展具有促进作用。本文的研究对象是中国的融资结构问题,对此是从下面三个层次展开的:第一,融资结构的应然状态是什么。我国目前的融资结构是一种实然状态,要分析和评价我国融资结构就必须将其置身于融资结构的应然状态之中,也就是要用融资结构应然的理论体系来检视我国的融资结构,只有通过理论检视所得出的结论才是科学的,所提出的建议才具建设性。因此,本文首先抽象出融资结构应然的理论体系,主要论述的有两项:一是融资结构内涵到底是什么,也就是融资结构内部应该由那些要素构成。对此本文从两个视角来揭示:从金融资源配置的视角而言,它是政策性(政府)、市场性(正规金融组织)和民间性(非正规金融组织)金融资源配置方式相互组合和搭配的产物。这是从宏观层面揭示了金融资源借助于政府或市场的力量将其配置给资金需求主体的过程,要求不同配置方式均衡发展而不能相互替代,共同完成金融资源在社会经济部门之间的合理流动;从储蓄到投资转换的视角来说,它是法定融资方式和融资工具在社会融资中的组合和比例,这是从微观层面说明储蓄到投资转换运动过程的。它要求各融资方式和工具协调发展,社会融资中不同的融资方式和融资工具应保持一个合理的比例,不能过分依赖某一种融资方式或融资工具,这样才能加速储蓄向投资的转化,实现社会资金的供求平衡。可见,完备性是对融资结构内部要素最根本的要求。二是融资结构系统的外部环境因素是否对融资结构的形成有影响。运用系统理论对融资结构系统进行分析后可知:金融法律制度、经济发展阶段及金融文化等外部因素对融资结构的形成具有一定的影响,这些外部因素共同构成影响融资结构生成的外部环境。因此,适宜性是对融资结构外部环境因素最根本要求。本文重在说明金融法律制度是影响融资结构形成的最重要外部因素,它的完善程度和执法水准直接影响到合理融资结构的形成。至此,可以将融资结构的应然状态概括为:融资结构应该是完备的内部要素和适宜的外部环境因素的完美结合。第二,我国融资结构到底存在什么问题。用上述融资结构应然理论中的“完备性”和“适宜性”对我国融资结构检视后发现:因我国社会融资主要依赖国有商业银行,其他融资方式和工具不健全,使融资结构内部要素的“完备性”不够;同时,由于金融法律制度供给不足或缺失,使形成合理融资结构的外部环境的“适宜性”不足。这两方面的原因导致我国融资结构处于一种失衡状态,具体表现为:一是金融资源配置方式发展失衡,即重商业性金融资源配置方式轻政策性金融资源配置方式,歧视民间性金融资源配置方式;二是融资方式搭配失衡,即在储蓄到投资的转化上重间接融资方式轻直接融资方式,国有商业银行在社会融资中处于垄断地位;三是融资工具比例失衡,即重债权型融资工具轻股权型融资工具。从法律制度的视角看,造成我国融资结构失衡的原因是政府对金融法律制度的强制性变迁,其结果使我国融资法律制度缺失或供给不足进而导致融资结构失衡。这种强制性制度变迁虽然保证了政府对金融资源的控制,但使融资方式和融资工具非均衡发展,导致了国有商业银行垄断市场地位和单一的资本市场结构以及对民间融资的歧视。融资结构的失衡状态对经济和金融本身的发展都是不利的,其负面影响主要体现在以下几方面:一是从宏观层面看是融资公平和效率的缺失。就融资公平而言,相对于城市,农村地区的公平融资机会在一定程度上被剥夺;相对于国有企业,非国有企业特别是中小企业融资难所体现出的融资非公平。就融资效率而言,主要体现在国有商业银行经营效率不高和整体金融资源配置效率低下。二是微观层面上是导致企业缺乏长期资金支持以及对公司治理效率的影响。国有商业银行无力提供长期融资和资本市场资源配置效率不高使企业缺乏长期资金支持。同时,我国目前阶段实行的是以国有商业银行为主的债务型融资结构,是与以股东为中心型的公司治理模式不相匹配,其结果是弱化了企业公司治理的效率。三是对金融自身层面而言是滋生了民间融资异常活跃,弱化了金融调控功能。第三,如何完善或优化我国融资结构。通过上述分析,我国融资结构失衡是由于融资结构内部要素的“完备性”不够造成的,其实质是因我国融资法律制度缺失或供给不足,形成合理融资结构外部环境的“适宜性”不够导致的。本文认为:通过完善以下几方面的金融法律制度是能够克服我国融资结构失衡状态的:一是完善规制国有商业银行垄断地位的法律制度,具体为:完善商业银行市场准入法律制度以优化商业银行体系的市场结构、规范我国民营银行市场准入法律制度以强化商业银行之竞争、完善政策性银行立法以剥离国有商业银行政策性业务、构建国有商业银行共同治理法律制度以提高国有商业银行经营效率;二是完善构建多层次资本市场体系的法律制度以扩大融资渠道,包括构建二板市场法律制度、完善企业债券法律制度以及完善投资基金法律制度。三是完善民间融资法律制度,使其能够规范发展以满足不同经济主体的融资需求,并正式成为我国融资结构的组成部分。本文分三编十章,具体内容如下:第一编理论篇:融资结构、金融法律制度与经济增长的关系。本编是本论文的理论基础部分,重点阐述了融资结构、金融法律制度与经济增长的关系,三者关系可概括为:通过完善金融法律制度可以优化融资结构从而达到促进经济增长的目的。本编分为四章,具体内容是:第一章:融资结构与经济增长的关系。这是写作本文的逻辑起点,即研究融资结构的目的在于优化融资结构从而促进经济发展。首先,从两个层面界定了融资结构的内涵:即从金融资源配置方式来说,融资结构是金融资源不同配置方式相互组合的产物;从储蓄到投资转化的角度来看,融资结构是不同融资方式和融资工具相互搭配的产物。进而论述了融资结构具有相对稳定性、动态变革性、法定性、弹性和系统性。其次,阐述了融资结构产生的客观和主观基础:前者是指随着融资方式和融资规模的扩张以及其结构性矛盾的凸现,为从结构上研究融资问题奠定了物质基础,即随着信用形式和信用工具的不断丰富和发展,融资结构进一步复杂化,从结构上分析融资问题成为必要和可能;后者是指为减少融资风险和提升融资效率,需要研究融资结构内部要素如何保持合理的比例和组合状态,使优化融资结构的研究成为必要。最后,阐述了单一、失衡的和多元、均衡的融资结构对经济发展的不同影响,揭示了融资结构与经济发展之间的关系。第二章:融资结构的内部要素。首先,在系统论理论的指导下对融资结构系统进行了分析,论述了融资结构作为一个系统具有整体性、相关性和开放性,进而论述了完备的融资结构内部要素是保证其发挥整体功能的关键。其次,从金融资源配置方式的视角认为融资结构是不同金融资源配置方式的组合,进而分析了政策性、商业性和民间性金融资源配置方式的特征和功能。最后,从储蓄到投资转换的视角认为融资结构是不同资方式和融资工具在社会融资中的比例和搭配,进而说明了基础性要素和派生性要素对融资的作用。第三章:影响融资结构的外部因素——法律及其它。本章重点论述了融资结构系统与外部环境因素的关系,说明外部环境条件的变化可以改变融资结构。首先,论述了法律为何对金融发展重要。在介绍了“法律决定论”和“法律金融学”的观点之后,认为法律对金融重要源于金融的脆弱性和虚拟性。其次,论述了金融法律制度对融资结构的影响。对这一问题是从金融法律制度为什么能够影响以及如何影响融资结构两方面来说明的。最后,论述了实体经济的发展阶段和金融文化对融资结构的影响。第四章:发达的市场经济国家的融资结构及启示。首先,介绍了英国和美国的“市场导向型”融资结构和日本和德国的“银行导向型”融资结构的特点及比较优势。其次,论述了这两种融资结构的发展趋势以及对构建我国融资结构的启示。第二编实践篇:我国融资结构实践。我国融资结构是随着会融体制改革而形成和发展的。因此,从金融发展的历史来看,我国融资结构一方面是从单一走向多元,融资效率不断提高;另一方面,融资结构的内部要素未能得到均衡发展,突出的表现在银行产权的国家垄断和金融市场竞争中的国有银行垄断,这种“双垄断”使国有商业银行在融资结构中处于“绝对优势”地位,这种状况不仅抑制了其他融资方式的发展,更为重要的是使融资结构发展呈现出失衡状态,结构性矛盾非常突出。我国融资制度强制性变迁是造成融资结构失衡主要原因,其表现在克服我国融资结构失衡的金融法律制度缺失或供给不足,其本质就是缺乏形成合理融资结构适宜的外部法律环境。本编分三章,具体内容如下:第五章:我国融资结构的变迁及其特征。首先,介绍了我国融资结构历史变迁过程,大体经历了三个阶段:一是1983年以前计划经济时期的以财政为主的阶段;二是1983-1990年经济转型期以银行信贷为主阶段;三是1990年以后的融资结构逐渐多元化阶段,并分析了各阶段融资结构的特点以及存在不足。其次,指出了我国融资结构主要特征是结构失衡,表现在:金融资源配置方式发展失衡、融资方式搭配失衡和融资工具比例失衡,这三种失衡最终集中地体现在国有商业银行在融资结构中处于垄断地位。第六章:我国融资结构失衡的负面效应。本章从宏观、微观和金融自身发展等方面说明了融资结构失衡的负面效应。首先,从宏观层面而言导致融资公平和效率的缺失。就融资公平而言,农村地区和非国有企业公平融资机会在一定程度上被剥夺;就融资效率来说,主要体现在金融机构特别是国有商业银行经营效率低下和整体金融资源配置效率不高。其次,从微观层面来说导致企业缺乏长期资金支持和企业公司治理效率低下。最后,从金融自身而言表现为滋生民间融资异常活跃,削弱了金融宏观调控功能。第七章:我国融资结构失衡的成因分析。从制度变迁视角来说,融资制度的强制性制度变迁是导致我国融资结构失衡的主要原因。本章的主要内容为:首先,介绍制度变迁的两种方式即强制性制度变迁和诱致性制度变迁,说明了二者的适用范围、适用结果以及其哲学基础,最终的结论是过分适用某一种制度变迁形式都不利于良好制度的形成;其次,论述了我国融资制度强制性变迁在银行制度、资本市场制度及民间融资制度中的具体体现;最后,论述了我国融资制度强制性变迁两种后果:即制度变迁的动力不足和制度供给不足或缺失。第三编救济篇:完善金融法律制度以优化我国融资结构。本篇从制度建设的角度提出了克服融资结构失衡的法律对策,主要分两个方面:一方面是克服国有商业银行垄断地位的法律制度建设;另一方面是完善其他融资渠道的法律制度建设。本篇共分三章,具体内容如下:第八章:完善规制国有商业银行垄断地位的法律制度,包括四方面的内容:一是完善商业银行的市场准入法律制度以优化其市场结构;二是规范我国民营银行市场准入法律制度以强化商业银行市场竞争;三是完善政策性银行立法以剥离国有商业银行政策性业务;四是构建国有商业银行共同治理法律制度以提高国有商业银行的经营效率。第九章:完善多层次资本市场体系法律制度。包括三方面内容:一是构建二板市场法律制度,为中小企业和高新技术企业开辟新的融资渠道;二是完善债券市场法律制度,以优化资本市场结构;三是完善投资基金法律制度,为风险投资和高科技成长型企业开辟投融资渠道。第十章:完善民间融资法律制度。包括三方面的内容:一是从融资法定和金融创新之间的关系,对我国民间融资生存空间的困境进行了辨证分析,从理论层面揭示了应该正视并“善待”民间融资。二是分析了我国目前民间融资的生存状况以及对其进行监管的具体措施,认为我国目前对民间融资的监管手段单一、打击过重,不利于民间融资的生存和发展;最后对如何规范我国民间融资提出了若干法律制度建议。更多还原

【Abstract】 The purpose to study financial structure is to reveal the relationship between financial structure,financial legal institutions and economic development.The relationship can be summarized as improving financial structure by improving financial legal institutions and achieving the purpose of promoting economic development.The history of the relationship between finance and economy reveals that single and unbalanced financial structure will not help economic development,while balanced and multi financial structure could help economic development.The thesis focuses on financial structure in China,which is to be carried out from the following three levels.First,what is financial structure as it ought to be? Chinese current financial structure is a state as it is,or a reality,if we are to analyze and estimate the objectivity of Chinese financial structure,we have to put it into the state as it ought to be,that is,we have to apply the theoretical system on financial structure as it ought to be to review our financial structure.Only conclusion after theoretical review could be scientific,and its advice is helpful.Therefore,the thesis first should summarize the theoretical system as it ought to be on financial structure,which consists of two things:first,what are the implications for financial structure,that is,which factors are involved in financial structure.This thesis reveals the inner factors of financial structure from two perspectives:from the perspective on financial resources allocation,it is the combination of government,formal financial organization and non-formal organization,which reveals the financial resources being allocated to the bodies in need of funds with the help of government or market forces, requiring the balance development among different allocating means which could not replace each other but commonly finish the reasonable flow of financial resources among social economic department;from the perspective of switching saving to investment,it is the combination and proportion for the legal means and tool to collect funds,which reveals the specific operation process from micro-level perspective,requiring balanced development among each financial means and tool.Different financial tool and means should keep in a reasonable proportion in social funds collection,not depending too much on some financial means or tool,which could help accelerate the transformation from saving to investment,thus achieving the balance on social funds supply and demands. Therefore,completeness is the most fundamental requirement on inner factors of financial structure.Second is what are the exterior factors affecting financial structure,that is, whether financial legal institutions could affect or determine financial structure.After analyzing financial structure by systematic theory,we can know that exterior factors such as financial legal institution,economic development stage and financial culture do influence the formation of financial structure,these exterior factors together forming the exterior environment affecting the formation of financial structure.Therefore,suitableness is the fundamental requirement on the exterior factors of financial structure.The thesis puts an emphasis on explaining financial legal institutions being the most important factors affecting the formation of financial structure,their improvement and execution level directly affect the formation of financial structure.Here,the state of financial structure as it ought to be should be summed up as the perfect combination of complete inner factors and suitable exterior factors.Second,what are problems in Chinese financial structure? The thesis examines Chinese financial structure via the above theories,finding that Chinese financial structure is in a unbalanced state,which are revealed by the following:first is the unbalance of financial resources allocation mean,that is,putting too much emphasis on commercial financial resources allocation,looking down on policy financial resources allocation,and discriminating civil financial resources allocation;second is the unbalance on the cooperation of different financial means,that is,putting emphasis on indirect funds collection and looking down on indirect funds collection in the switch from saving to investment which makes sate-owned commercial banks at monopoly in social funds collection;third,the unbalance of the portion each tool covers,that is,putting emphasis on credits tool and looking down on shares tool.The reason causing the unbalance of Chinese financial structure is the compelling evolution of financial institution evolution by the government from legal perspective,which makes Chinese financial institutions supply in great demands.This compelling institution evolution ensures the control on financial resources from the government,but the lack for the balanced development in financial means and tools leads to the monopoly of state-owned commercial banks in the market, single capital market structure and the discrimination on civil finance.The unbalances in financial structure do not help the development of economy and finance.The negative effects mainly exposed in the following aspects.First is the lack of fairness and efficiency in funds collection from the macro perspective.As far as the fairness on funds collection is concerned,the opportunities to collect funds fairly in rural areas to some extent are deprived of compared with cities;non-state-owned enterprises,especially enterprises of medium or small size are hard to collect funds compared with sate-owned enterprises.As far as financial efficiency is concerned,it is revealed by low operation efficiency in state-owned banks and low financial resources allocation efficiency.Second is the effect on enterprises and its operation without long-term funds support from microscope. State-owned commercial banks not providing long-term financial support and the low resources allocation efficiency in capital market make enterprises lack long-term financial support.At the same time,nowadays in China debts financial structure is the major mode in state-owned banks,which can not meet shareholders-centered corporate control mode, and weakens the efficiency of corporate control.Third is the abnormal activity of civil finance from the finance itself,which weakens the function of financial regulation.Third,how can we improve Chinese financial structure? The insufficient supply on Chinese financial legal institutions is the key reason for unbalance of financial structure by the above analysis;therefore,we can improve financial legal institutions to rectify the unbalance in Chinese financial structure.The legal institutions to overcome financial structure mainly includes the following:first is the legal institutions to regulate the monopoly of state-owned commercial banks;second is to improve legal institutions on constructing multi-level capital market to expand the financial channels;third is to improve legal institutions on regulating civil finance,making it meeting the financial demands from different economic bodies and becoming formally as part of Chinese financial structure.This thesis consists of three parts in ten chapters.The first part is on theory:relationship between financial structure,financial legal institutions and economic growth.This part is the theoretical basis,focusing on the relationship between financial structure,financial legal institutions and economic growth, which could summarize as improving financial structure by improving financial legal institutions and achieving the purpose of promoting economic development.This part consists of four chapters.ChapterⅠis the relationship between financial structure and economic growth,which is the meaning to write this thesis,that is,study financial structure is to improve financial structure and help promote economic development.In this chapter,the author first defining the implications of financial structure from two levels:financial structure is a product of mutual effects from different financial allocation means from the perspective of financial allocation means;financial structure is the product of mutual collocation and combination of different financial means and tools from the perspective of transition from saving to investment;financial structure is comparatively stable,revolutionary, legitimate,flexible and systematic.Second,the author explains the base to produce financial structure.There are object base and subject base for financial structure:the former refers that with the expansion of financial means and financial size as well as the appearance of structure conflicts,which sets the material base for further research on financial structure,that is,with the credit form and credit means developing and enriching increasingly financial structure becomes more complex,it is possible and necessary to analyze financial problems from the structure;the latter refers that to reduce financial risk and raise financial efficiency,we need to study how the inner factors in financial structure keeping reasonable proportion and combination state to make the research necessary.In the end,the thesis explains the different effects on economy caused by single,unbalanced financial structure and the multi,balanced financial structure,which reveals the relationship between financial structure and economic development.ChapterⅡis the inner factors in financial structure.First,the author analyzes the financial structure system under system theory,explaining that as a system financial structure has the nature of unity,relativity and openness,thus points out that the completeness of the inner factors for financial structure is the key to ensure the unity performing its functions well.Second,the author believes that financial structure is a combination of different financial resources allocation,and then further analyzes the characteristics and function of policy,commercial and civil financial resources allocation. In the end,the author believes that financial structure is a proportion and collocation in social finance for different financial means and tools,thus explains the function of fundamental factors and derivative factors on finance from the perspective of transition from saving to investment.ChapterⅢis the exterior factors in financial structure:laws and others.This chapter focuses on the relationship between financial structure system and exterior environment factors,pointing out that the change in exterior environment could change financial structure.First,the author explains why law is important for financial development.After introducing the main ideas on "law determination" and "law and finance ",the author believes that the importance of law on finance comes from the weakness and invention of finance.Second,the author explains the effects of financial legal institutions on financial structure.This issue is to be explained from how financial legal institutions could influence financial structure.ChapterⅣis the financial structure in developed countries and their revelation.First, the author introduces the characteristics and comparative advantage of "market-oriented" financial structure in Britain and US,and "bank oriented" financial structure in Germany and Japan.Then,the author discusses the tendency of the two financial structures and the revelation on Chinese financial structure construction.PartⅡis on practice:the practice of Chinese financial structure.Chinese financial structure is formed and developed with the financial system reform,therefore,from the historical perspective,Chinese financial structure goes from single to multi with a increasingly efficiency growth;on the other hand,the inner factors in financial structure do not develop in a balanced way,prominently being revealed by state monopoly in the banks property and the monopoly of state-owned banks in financial market.The double monopoly makes state-owned commercial banks at an "ultimate superiority" in financial structure,which not only restricts the development of other financial means,but also makes the financial structure in an unbalanced state.The main reason for the unbalanced financial structure lies in the compelling evolution of Chinese financial institution,which is revealed by the lack of financial legal institutions to overcome the unbalanced financial structure,and the essence of which is the lack of exterior legal environment to form reasonable financial structure.This part consists of three chapters.ChapterⅤis the evolution and characteristics on Chinese financial structure.First, the author introduces the historical evolution of Chinese financial structure.Chinese financial structure experienced three stages:first is the period before 1983 which is characterized by finance at the main position;second is the period from 1983to 1990 which is characterized by bank credits;third is the period since 1990 which is characterized by multi bodies gradually.The author also analyzes the characteristics and deficiencies of the financial structure at each stage.Second,the author points out that the main problem in Chinese financial structure is unbalanced structure,which is revealed by the development unbalance in financial resources allocation,collocation unbalance in financial means and proportion unbalance in financial tools,which ultimately are revealed by the monopoly of state-owned commercial banks in financial structure.ChapterⅥis the negative effect on Chinese financial structure.This chapter revels the negative effects caused by unbalanced financial structure from macro,micro and finance itself.First,from macro level,it causes the lack of fairness in finance and efficiency.Second,from micro level,it causes the enterprises lacking long-term financial support and a low efficiency in corporate control.In the end,from finance itself,it causes the abnormal financial activities too much active,weakening the function of financial macro regulation.ChapterⅦis the reason analysis on Chinese unbalanced financial structure.The key reason to cause the unbalanced financial structure is the compelling institution evolution from the perspective of system evolution.In this chapter,the author first introduces the two ways of institution evolution,explaining their applying fields,consequence and their philosophy basis,and reaches the conclusion that too much application of some institution evolution form does not help the formation of good institution;second,the author discusses the compelling evolution of Chinese financial system as well as its performance in bank system and capital market system;in the end,the author explains the two consequences caused by compelling evolution of Chinese financial system,less incentive for institution evolution and less supply for institution.Part three is remedy:legal institutions to overcome unbalanced Chinese financial structure.This part proposes legal advice to overcome unbalanced financial structure from the perspective of system building,mainly in two aspects:first is the legal institutional building to overcome the monopoly of state-owned commercial banks;second is to improve legal institutional building for other financial channels.This part consists of three chapters.ChapterⅧis legal institutions to overcome the monopoly of state-owned commercial banks,including four aspects:first is to improve the legal institutions on market admission for commercial banks to improve market structure;second is to normalize the market admission institutions for non-state owned banks to strengthen market competition for commercial banks;third is to improve the legislation for policy bank to separate their policy operation from sate-owned commercial banks;fourth is the legal institutions on common management in state-owned commercial banks to improve their operation efficiency.ChapterⅨis the legal institutions constructed to improve multi-level capital market. First,the legal institutions should be built for two boards market to provide financial support for small and medium-sized enterprises and high-tech enterprises.Second,legal institutions on bonds market should be improved to optimize capital market structure. Third,the legal institutions on investing funds are to be improved for providing financial support on risk investment and high-tech developing enterprises.ChapterⅩis the legal institutions to improve normative civil finance.First is to analyze the living space for civil finance and reveal that we should not look down but "friendly treat" civil finance.Second,the author analyzes the living condition s of Chinese civil finance and specific supervision measures,believing that the supervision on civil finance in China lacks more means and punishes too much,which do not do good to its the existence and development.In the end,the author proposes some legal advices on how to regulate civil finance.更多还原