中国农村金融供给问题研究

【作者】 张薄洋；

【导师】 武捷思； 李志辉；

【作者基本信息】 南开大学 ， 金融学， 2009， 博士

【摘要】 本文的研究对象主要是我国农村金融供给问题。本研究基于这样一个共识:金融发展是推动经济增长的重要动力。在此前提下,对这一共识在中国经济转轨阶段农村经济的适用性进行了实证分析,重点考察了中国农村金融体系与农村居民人均收入、城乡居民收入差距的关系,探讨了中国农村金融体系在“三农问题”产生发展过程中的作用,分析了农村金融体系功能异化的表现和供给抑制形成的原因,提出了构建新型农村金融供给体系的内涵、目标和途径。本文由三部分七个章节组成。第一部分(第一、二章)主要是理论归纳与文献综述,也是本篇论文的立论基础。第二部分(第三、四、五章)是论文的主体,在回顾和分析了中国农村经济和农村金融体系发展的历史轨迹和面临的主要问题后,指出了“三农发展”中金融因素的影响;对农村地区发展水平(农村居民收入与城乡收入差距)与农村金融体系的关系进行实证分析,根据实证结果,进一步分析了农村金融功能异化的表现,剖析了农村金融供给抑制的成因。第三部分(第六、七章)是本文研究的归宿,在借鉴国际经验的基础上,提出了多层次、多主体的新型农村金融体系,矫正“农村金融体系功能异化”,破除供给抑制的政策建议。本文的主要结论如下:1.改革开放以来,中国农村金融供给体系是造成农民增收困难和农村落后的重要原因之一。实证发现,在旧的农村金融供给体系下,金融越发展,农村金融资源和经济增长要素流失的就越厉害,城乡差距就越大,农民增收就越困难。现有农村金融体系已经形成了强大的路径依赖,必须重新构建新型农村金融体系,才能破解“三农问题”,避免经济发展陷入“拉美陷阱”,使农民等广大社会弱势群体失去分享经济社会发展成果的机会。2.中国农村金融体系功能异化和供给抑制,既有“三农发展”高风险的特质因素,也有政策失误与政府干预的因素,并在很大程度上是政府主导的农村金融改革造成的。政府干预与过度管制形成的路径依赖具有很强的闭锁(Lock-in)效应,在强化管制的政策导向下,最终导致中国农村金融供给体系错位和功能异化,未能建立起符合中国农村经济特点、符合国际经验的农村金融供给体系。3.从国际实践看,有效率和持续发展能力的农村金融供给体系必然是多元化、市场化、综合性和民主性的,这体现了农村经济高风险特征对农村金融发展的内在要求与客观规律。任何强有力的国家控制即使能够在短期获得一定成效,但是如果因过度干预而破坏了市场机制的作用,寻租动力会导致政策预期难以起到良好的效果,在长期必然难以为继(如巴西和印度)。4.实践证明,试图在现有的框架内重建中国农村金融体系的功能是走不通的。未来中国农村金融供给体系建设必须实行“新老划断”,充分借鉴日本和孟加拉国的经验,避免重蹈印度和巴西的覆辙,最终建立起类似美国模式的、同时兼具格莱珉普惠金融特征的新型农村金融供给体系。我国新型农村金融供给体系建设必须放弃国家强力主导的陈旧观念,以综合金融的视野统筹考虑,充分调动包括农民和民间资本在内的一切资本的积极性,变政府主导为政府引导、变严格管制为有效监管、变国有控制为多元竞争,充分依靠市场机制,通过改造(商业银行)、转型(农信社)、新设(合作金融)、功能扩展(保险机构)等方式,创造商业金融、合作金融、政策金融、国有资本以及民营资本充分竞争的政策环境,改变政府主导农村金融体系改革发展的单一模式,探索自上而下引导、自下而上主导的多元化发展道路。更多还原

【Abstract】 This dissertation focuses on issues related to China’s rural financial supply. Based on the consensus that financial development is one of the driving forces of economic growth, we examine if it applies to the growth of the rural economy in a transiting China. This paper devotes major efforts to studying the relationship between China’s rural financial development and rural residents’ per capita income, and the relationship between the rural financial development and the income gap. The role of rural financial system is also investigated in the formation and development of ’Three Rural Problems’. In addition, the paper also explains the function variation and repression of China’s rural finance and hence provides some suggestions on what and how to build a new-type rural financial supply system in China.The research consists of three parts including seven chapters. Part One (that is Chapter One and Chapter Two), which is literature survey, forms the theoretical foundation of the study. In Part Two (including Chapter Three, Chapter Four and Chapter Five), we adopt the econometric method and uses the time series dataset to examine the empirical relationship between rural financial development and the income of peasants, and then give some reasons for the function variation and supply repression of the rural finance. In Part Three (including Chapter Six and Chapter Seven), we put forward the connotation of a multi-level multi-agents rural financial system according to the experiences of foreign countries, and make some suggestions on how to correct the rural financial system function deviation and eliminate the repression on China’s rural financial supply.The major conclusions of the dissertation are as follows:I. The existing rural financial supply system is an important factor leading to the poverty of the rural peasants since China’s reform and openness. Under the old rural financial system, it becomes more difficult to increase the income of peasants as the finance develops. Allowing for the strong path-dependent characteristics of the old rural financial system, it is necessary to re-build a new-type rural financial system to resolve the ’Three Rural Problems’ and to avoid the "Latin American Trap".II. The function variation and supply repression of China’s rural finance result not only from the inherent high risk that lies in the agriculture development but also from inappropriate government intervention. The excessive government intervention and control is path dependent and eventually lock China’s rural financial system in disorder.III. According to international practices, an efficient and sustainable rural financial system must be diversified, market-oriented, integrated and democratic. It is a universal law and consistent with the inherent high risk of rural economy. The government intervention may be effective in short term, but in the long rung it will be invalid, say Brazil and India, since the intervention will undermine the market mechanism and the rent-seeking power will lead to policy failure.IV. It proved that the efforts trying to resume the function of China’s rural financial system in the old framework were ineffective. China’s new rural financial system must sever the link with the past. It should refer to the experience of Japan and Bangladesh to create a new effective rural financial system, which will have some characteristics both of the American model and the Grameen Bank’s GSP Financial System. The stereotypes of state-control needs to be abandoned and replaced by a new thought of comprehensive finance. China needs to mobilize the enthusiasm of farmers and private capital, and switch the idea of government-control to government-guidance, of strict control to effective supervision, of being a monopolistic market to building a competitive market. The market mechanism should play a fundamental role of in the construction of a new rural financial system.更多还原