【作者】 张令骞；

【导师】 白钦先；

【作者基本信息】 辽宁大学 ， 政策性金融学， 2009， 博士

【摘要】 政策性金融至今仍在世界各国普遍存在,成为各国现代金融体系中不可分割的组成部分。中国政策性金融机构自成立以来,一方面,在促进社会经济发展,尤其在基础设施和基础产业建设、农业生产和对外贸易发展方面,发挥了不可替代的重要作用;另一方面,中国经济体制进行了较大变革,经济结构处于不断变化与调整之中,政策性金融体系与业务已经不能适应这种发展与变化的要求,部分传统的政策性金融业务受到挑战,新的政策性金融领域有待逐步开拓。在这种情况下,中国政策性金融在2004年后开启了改革之旅,并成为继国有商业银行股份制改造之后的又一个热点话题。从改革的取向和进程来看,决策者没有把中国政策性金融的制度供给与制度需求有机结合起来,而是在落实科学发展观、建设和谐社会与小康社会的背景下,选择了与之极不相称的改革路径——商业化。目前,国开行已经转型为商业银行,上市指日可待;农发行和进出口银行在国开行的示范效应下,收缩政策性业务,扩大商业性业务,商业化之势似乎不可逆转。不论从中国政策性金融实践的自我审视来看,还是与国外政策性金融发展经验的比较来看,中国政策性金融已发生了明显的异化。本论文以中国政策性金融异化为切入点,首先对中国政策性金融的实践进行了回顾、梳理与评价,指出中国政策性金融既存在因重视社会效益而忽视经济效益产生的低效率,又存在因重视经济效益而忽视社会效益产生的低效率;既有与商业性金融非协调合作的低效率,又有适应性差导致的金融资源配置的低效率。并就政策性银行转型的问题作了进一步讨论,使读者对政策性金融机构的改革有一个全面而清晰的认识。其次,归纳了中国政策性金融异化的种种表现,即在政策性金融与商业性金融的总量与结构方面,资源配置宏观与微观主体、宏观与微观目标方面,资金缺口与其财务自动补偿机制方面,政策性金融的宗旨任务与其综合实力方面,政策性金融的公共性与市场性方面,国家对政策性金融全力支持与适度监管方面,以及国家与社会的实际需求与政策性金融改革方向方面等均产生了背离甚至是严重背离。再次,从国家在政策性金融发展中的职责缺位与越位并存、市场化思维的引导与路径依赖、政策性金融的理论弱化与扭曲、制度的嬗变与背离、认识的误区与误导、内部人控制和利益集团的博弈等六个方面对中国政策性金融体制异化的原因进行了深入分析,尤其对市场化运作、新开发性金融及其理论作了重点剖析,全面揭露了新开发性金融的本质及其存在的风险。第四,从政策性金融异化后其发展的方向不可控,政策性金融异化对金融发展的负效应、对经济发展的负效应、对国家与社会发展的负效应等四个方面阐述了中国政策性金融异化的后果。第五,从10个方面探求了政策性金融存在与发展的理论依据,对政策性金融与商业性金融在概念边界、业务范围和经营目标等方面作了的比较,说明了政策性金融是不可或缺与不可替代的;并从中国的现实国情离不开政策性金融、政策性金融在中国应长期存在两个方面说明中国的政策性金融只能加强不能削弱。第六,通过对国外政策性金融及其发展趋势的考察分析,总结出国外政策性金融运作的经验及其对中国的启示。第七,从增强中国政策性金融机构的自履约机制着手,提出了应加强政策性金融法制建设、变更政策性金融外部监督体系、建立政策性金融绩效评价体系、完善政策性金融风险补偿机制、动态调整政策性金融机构的业务范围等六个方面的建议。同时,设计了重构中国政策性金融体系的基本原则与基本框架,论证了中国政策性金融业务应由专门的政策性金融机构来承担,并对现存的政策性金融机构的职能定位进行了探讨,最后提出了新建一批急需的政策性金融机构的建议,包括政策性区域性开发银行、中小企业银行、住房信贷银行、农业保险公司以及存款保险公司等。更多还原

【Abstract】 Policy-based finance is still prevalent around the world and has become an integral part of modern financial system. Since the establishment of Chinese policy-oriented financial institutions, on the one hand, it has played an irreplaceable role in the promotion of socio-economic development, especially in the development of infrastructure and basic industries, agricultural production as well as foreign trade. On the other hand, China’s economic system has changed a lot and the economic structure is in constant adjustment. Policy-oriented financial system and business can not meet the requirement of such development. Some of the traditional policy-oriented financial business is being challenged. New policy-oriented financial sector is to be gradually opened up. Under such circumstances, the Chinese policy-based finance opened up the journey of the reform in 2004 and became the hot topic after that of the joint-stock reform of the state-owned commercial banks.From the view of the orientation and the process of reform, the policy makers have not combined the system supply and system demand of Chinese policy-oriented finance properly. In the background of implementing the scientific development concept and building a harmonious society and a well-off society, the incompatible reform path– commercialization, is being selected. At present, China Development Bank has been transformed into commercial bank. The listing is just around the corner. Under the demonstration effect of China Development bank, the Agricultural Development Bank and Export-Import Bank decreased policy-related business and increased commercial business. Commercial trend seems irreversible. Whether from the view self-examine of Chinese policy financial practices or from that of the policy experience of foreign financial development, Chinese policy-based finance has created a clear alienation.Using Chinese Policy-Oriented Finance alienation as breakthrough point, this paper first reviewed and evaluated China’s Policy-based Financial practice. It pointed out that low efficiency of Chinese Policy-Oriented Finance for economic benefits and social benefits, and low efficiency for financial and non-commercial co-ordination and financial resources allocation. Then the theses made a further discussion on transition of policy-related banks in order to give a comprehensive understand of financial institutions reform.Secondly, the paper summed up the various manifestations of Chinese Policy-Oriented Finance alienation, such as scale and structure of Policy-Oriented Finance and commercial finance, macro and micro objectives of resources allocation, the funding gap and automatic compensation mechanism, mission and strength of Financial policy, support and moderate supervision on policy-based finance, as well as deviation between actual needs of society and financial reform direction.Thirdly, the paper made an in-depth analysis on the reasons of Chinese Policy-Oriented Finance alienation from six aspects, such as co-exist of lack and offside country’s responsibility, market-oriented thinking and path dependence, weak financial theory, departure and evolve of institution, errors and misleading reorganization, the game between the internal control and interest groups. The paper mainly focused on analysis on market-oriented operation, the theory of new development finance, and exposed a new comprehensive development on essence and risk existence of Policy-Oriented Finance.Fourth, the consequence of the alienation of policy-based finance is expressed from the following four aspects: incontrollable development, negative effects on financial development, economic development as well as on social and country development.Fifth, this paper explored theoretical basis of existence and development of policy-related finance from ten aspects, compared the boundary concept, business scope and operational objectives between financial policy-related finance and commercial finance, and then it gave the conclusion that the policy-based finance can not be replaced. It also got the idea that Chinese policy-oriented financial management can only be strengthened.Sixth, through inspection analysis on the foreign policy and its development trend, the paper summed up the experience of foreign financial operation and its impact on the Chinese Enlightenment.Seventh,from perspective of strengthening the self-compliance mechanism of Chinese policy-oriented financial institutions, the paper put forward six proposals, such as to strengthen the legal system, change the external oversight system, establish the performance evaluation system, improve the risk compensation mechanism, adjust dynamically business scope of policy-oriented financial institutions. Meanwhile, the paper designed the basic principles and framework for reconstruction of Chinese policy-oriented financial system. It also demonstrated that Chinese policy-oriented financial services should be devoted to special institutions to take care. Finally, the paper discussed the function of existing policy-oriented financial institutions, and suggested to build a number of policy-oriented financial institutions, including regional development banks, small and medium-sized banks, housing credit bank, agricultural insurance, as well as deposit insurance companies.更多还原