【作者】 王鸿运；

【导师】 陈晓红；

【作者基本信息】 中南大学 ， 管理科学与工程， 2008， 博士

【摘要】 金融是现代经济的核心,世界各国无不重视金融体系的建设与完善,因为稳健而有效率的金融体系是一个国家经济健康发展的前提。Arrow-Debreu一般均衡模型作为分析金融体系的基准,把金融中介和金融市场视为储蓄者和投资者的集合,金融体系仅仅充当最终借款者和最终贷款者之间进行交易的被动媒介,从而疏漏了金融市场和金融中介的组织性质,也不可能容纳制度环境的作用,同时不能正确的认识到金融发展本身就是增长,金融发展和经济增长具有共同的原因。为此,论文试图突破以往研究金融发展的宏观主流范式,从微观机制上考察金融体系内生形成与演进的规律。论文以市场主导型与银行主导型两类金融体系的功能比较为出发点,依次讨论了其在解决风险分散、信息处理和公司治理这三个问题上的不同和差异。研究发现不同金融体系在流动性提供、事后监督、风险分散、信息处理、为新技术融资和促进公司治理等方面各有优劣,金融体系的出现并非基于这种优劣比较基础上有意选择的结果。不同国家的相当不同的市场或机构可能履行了同样的功能,各种金融中介机构和金融产品都是实现金融功能的载体。论文把金融体系的形成与演进视为一个专业化分工的过程,在这个过程中,金融创新活动居于核心地位。由于金融交易活动中的费用、信息不对称和不确定性,现实世界中的金融体系作为理想世界中的直接金融合约市场的替代物而内生出来。一个国家只有具备了有效率的经济组织产生的制度条件,才能容纳金融体系的扩展,得到经济的快速增长。虽然由于不同国家的市场规模、交易效率和交易费用的类型和大小具有差异性,金融组织的结构和形式会有所不同,金融体系分工演进的模式不同从而具有不同的金融体系类型和金融制度安排,但只要具备了金融发展和经济增长的根本性制度条件,同样会达到较高的金融深化水平和经济发展水平,故而,金融发展具有多重均衡的可能。正如金融体系的产生是企业家寻求的结果,金融制度安排也是被管制者所寻求的,而只有这样内生的金融制度安排才是有效率的。改革开放以来,我国的金融体系在数量上经历了由银行主导到银行地位逐渐下降的变化进程,但这种数量上的相似性并不意味着我国的金融体系遵循了内生演进的一般规律,相反,在国民收入分配格局变化、渐进性体制转轨路径的确立、政府对经济的强有力控制及经济转轨初期的低货币化水平等初始条件的制约和影响下,我国的金融体系走上了另一条演进路径,政府无论在银行体系的形成和扩张中还是在股票市场的兴起中都起了主导作用。在政府主导型的金融体系演进路径中,由政府的目标函数所决定,银行体系和金融市场的首要功能在于为国有经济提供金融支持,由此造成了现阶段我国金融体系严重的功能性缺陷和结构性矛盾,进而间接融资和直接融资的严重低效率,因此,必须通过金融结构的调整改变我国金融体系的演进路径,使金融体系的功能得以充分发挥。中国目前积极发展资本市场显然是必要的,但是“市场”并非是一个抽象的概念,它涉及到金融工具、交易制度和金融机构和相关的监管、投资者保护等法律安排。我们不能简单地将市场与金融中介对立起来,市场的发展并不排斥金融中介的发展,金融市场与金融中介从静态角度看,是竞争关系,从动态角度看则是相互促进、“螺旋发展”的关系。不同金融体系的演进趋势不是互相替代,而是融合。市场和中介的关系是竞争中的互相依存。一国金融体系的改革重点不应是简单的发展银行中介或金融市场,而是综合两者的优势,加强金融基础设施的建设,促进信息的生产和交流,完善相关的法律体系与金融监管体系以便于整个金融体系服务功能的充分发挥。更多还原

【Abstract】 The finance is the core of the modern economy. All countrys and regions focus on constructing financial system since a steady and efficient financial system is the base of a national economy’s healthy development.As the basis of the analytical financial system, financial intermediaries and financial market were viewed as an aggregation concluding both depositors and investors by Arrow-Debreu general equilibrium model. Financial systems merely serve as an intermedium passively between the final borrowers and lenders proceeding to trade. The localization on analysis frame of orthodox financial theories cannot but neglects characters of both financial market and financial intermediaries, and it then impossibly embody the effect of institution circumstance. At the same time, it also make person cannot have cognizance of that financial development itself is to increase, and both financial development and economic growth have the common reason. For this, the article tries to break through the before research pattern and investigates endogenous evolution of financial system from microcosmic mechanism.The article takes two kinds of financial systems’function comparison as point of departure and has discussed various approaches and differences between two kinds of financial systems when they handle with risk sharing and management, information processing and corporate governance.The fact drives us to a conclusion:diferent financial system has each superiority in aspects of liquidity supply, post supervision, risk sharing, information processing, financing for advanced technology and accelerate corporate governance.Secondly, this paper regards the formulation of financial system as a course of both division of labor and specialization. In this course, financial innovation is essential. Because of transaction cost, asymmetric information and uncertainty existing in the activities of financial transaction, financial systems in real world are created endogenously, which can be viewed as substitutes of immediate financial contract market in ideal one. Only one nation possesses institution terms that can result in the creation of efficient economic organization, could hold an expansion of the financial system and achieve a great economic growth. Because the type and size of the market scale, trade efficiency and trade expenses of diferent countries are diferent, it not only changes the structure and form offinancial or ganization, but also brings on the diferent modes of evolution in division of labor of financial systems, which is the reason of forming diferent financial system types and financial institution arrangements. However, once one country has possessed fundamental institution terms of financial development and economic growth, it will get higher finance-deepen level and economic development level. Financial development has a possibility of multiple equilibrium. For the developing countries and transition ones, which lack of institution terms needed in financial development, imitating the financial system of the developed countries can not bring on anticipated financial development and economic growth. Just as formulation of the financial system is the result of entrepreneurs’ seeking, financial institution arrangements are also looked for by the supervisor, while this kind of endogenous financial institution arrangement is most efficient.Thirdly, the financial system of our country has experienced the process from the bank-oriended system to the descend position of bank on quantity since reform opening, but the likeness of this kind of quantity does not mean our financial system is following the inside regulation of the evolution, on the contrary, the variety of allotment structure on national income, the establishment of transition path on reform, government’s powerful control to the economy and the low currency level etc made our financial system walk up another evolution path. Not only in the formation of the bank system with extend but also the boom of stock market, government has a predominant function.In financial system of predominanced government, the initial function of the financial market and the bank system lie in providing finance support for the state economy, resulting in the severe functional shortcoming and structural inconsistency of our financial system, so the low efficiency of financial system.We have to adjust the finance structure to change the evolution path of our financial system and make the function of the financial system work well.China’s developping the capital market actively is obviously necessary at present, but the market is not an abstract concept, it involves the financial tools, trade system, financing institution and investor protecting etc. We can’t in brief lie to stand opposite in the market and finance, the development of market doesn’t reject the development of financial intermediate.It is the competition relation lying to see from the static state angle or the relation of spiral development seeing from the dynamic state angle on the contrary. Diferent finance systems progress gradually by sticking to gether but not superseding.There lationship between market and bank is to depend on for existence incompetition.The emphasis for one finance system’s reform will not be simply improving bank intermediation or financial market, it is vital to synthesize the superiotities, enhance construction of basic financial infrastructure, promote the production and exchange of information and to perfect relative law system and financial supervision system to make the finance systems work more effectual.更多还原