【作者】 陈飞翔；

【导师】 陈晓红；

【作者基本信息】 中南大学 ， 金融学， 2007， 硕士

【摘要】 一国经济发展好坏与金融发展程度好坏密切相关。不管是在发达国家、发展中国家还是转轨经济国家，金融创新或金融抑制都会催生非正规金融的发展。从一定意义上而言，我国非正规金融是金融抑制的产物。与此同时，非正规金融现象也是世界性的。本文考察了我国非正规金融的利率水平的演变、运行机制的内在机理等发展规律，发现民间借贷利率基本上趋于市场化水平并且处于“二元”分割的垂直状态，即低利率与高利率并存的现象。这种“二元”垂直状态的出现一方面基于中国社会圈层结构的“人情依赖”，进而在双方借贷的圈层内是低息的，甚至是无息的；另一方面，资本的天然趋利性能够有意无意地打破低息的圈层结构，自然而然地向高利息方向演进。本文进一步研究发现，我国非正规金融实质上是个非正式利益共同体，其利益表现渠道主要体现在有意规避法律来获取必要的经济资源并与体制内的既得利益集团进行长期的利益博弈。非正式利益共同体为了确保其利益的持续性维持，在很大程度上依赖于内生性的长效救济机制，其本质是通过关联契约、社会资本、个人声誉、利益共同体、社区团结等关键变量的有力督促，使得这种事后监督变得可能和有效并且减少了内生交易成本。换句话说，长效救济机制是法律救济的一种变体——“准法律”关系，即协商与道德的混合体。有趣的是，当非正规金融受到正规金融和国家法律抑制时，个人和民间更趋向于边际创新来改善自己的不利境况，但其边际创新的压力取决于现实环境。本文还通过对民间金融比较发达的温州地区的专门研究和调查发现，温州的民间金融正处在理性转轨的时期，正由持续、快速、活跃的发展势头转向增长趋势逐渐放缓、甚至停滞不前的尴尬境地，并且在区域金融结构中逐步边沿化。这种现象的出现不是偶然的，而是民间金融非合法化的一种周期性现象。同时还发现，民间金融对温州当地的民营经济的发展至关重要。大家普遍认为民间金融的高风险性，但在温州并不如此，甚至比国有银行的金融风险还低。其要害在于信用交易内生于民间借贷机制，对风险具有自发的消散作用，起到了降低风险或转移风险的效果。自发消散风险系统与温州“重商主义”文化共同推动信用租金最大化，其贴现率通过系统治理机制体现出来。进一步研究发现，温州民间金融的风险一部分来自系统风险，另一部分来自非系统风险，并且在一定的条件下，系统风险与非系统风险能够互换。系统风险可以通过内生性的风险消散来化解，而非系统性风险只能通过有效的制度安排转移出去。当民间金融的系统风险在某些变量的改变下转换为非系统风险时，系统本身就无能为力了。在缺乏相关的正规制度安排平抑非系统风险时，系统可能导致瘫痪引发巨大的金融风险，甚至引起社会动荡。基于此，本文认为非正规金融不仅是正规金融的有益补充，而且对农村、小城镇及中小企业的发展起到了巨大的推动作用。同时也呼吁有关部门尽快给予非正规金融合法化的地位，让其从不确定性的发展怪圈中走出来，能够和正规金融公平、公开、公正地参与全球金融一体化的竞争当中去。更多还原

【Abstract】 Quality of a country’s economic development is closely related to level offinancial development. Whether it is in developed countries, or in developingcountries or in transition countries, financial innovation or financial restraint will beinhibited development of the informal finance. In some sense, the informal finance isa product of financial restraint. Meanwhile, it is a worldwide phenomenon.Based on studying mainly a comprehensive review of interest rates of evolutionoperating mechanisms in the non-formal financial, the internal mechanism of thenon-government financial development in China’s informal finance,and so on, thearticle found that the borrow-loan interest rates have tended to the market, at a"duality" of vertical state, that the coexistence of low interest rates and high interestrates. This "dual" state, on the one hand, based on structure of China’s social sphere—"favors reliance"—leads to the low-interest loans, or even silent in both sides. Onthe other hand, profit-making capital of the nature can intentionally break low-interestof the layered structure, naturally evoluted the direction of higher interest rates.Further investigation found that the non-formal financial is informal interestcommunities essentially. Performance of their interests reflected in the main channelintends to circumvent the law to obtain the necessary economic resources, to strugglewith vested interest group of the system in the long-term interests of the game.Informal interest community in order to ensure their interests to maintain thecontinuity, largely dependent on the endogenous mechanism for long-term relief, itsessence is the use of the strong effective supervision of the key variables, such asassociated contract, social capital, personal reputation, profitical communities,community unity. After making this, the supervision becomes possible and effectiveand reduces transaction costs. In other words, long-term relief mechanism is a variantof legal remedies—quasi-legal, the mixture with moral or consultation. Interestingly,when the non-formal financial was inhibited by formal financial or state laws,individuals and civil societies trend to more marginal innovation to improve theirs inthe disadvantageous position. However, the pressure of marginal innovation comesfrom the reality.Through specialized research and investigation on the non-formal finance indeveloped region in Wenzhou, this paper found that Wenzhou is a period of rationaltransition, form the sustained, rapid and active development to the trend of a gradualslowdown in growth, or even stagnation awkward position, and gradually edge of theregional financial structure. The emergence of such a phenomenon is not accidental,but a cyclical phenomenon of illegalization of the non-formal financial. It also foundthat it plays an important role of private economy in local development. It is generallybelieved that the non-formal financial risks is so high, but not in Wenzhou, even lowerthan the state-owned banks. That it keys to risk dissipation is spontaneous due tocredit transactions borned in its borrowing mechanism, played a risk reduction or risk transferred effect.Spontaneous risk dissipation system and "commercialism" culture inWenzhou Commons to promote the maximum rent credit, and demonstrate itsdiscount rate through management system. Further study found that the part risk ofthe non-formal financial comes from the system, partly from non-systematic risk.Under certain conditions, the system can exchange risk from non-systematic risk eachother. System risk can be passed within the internal dissipation system to resolve thedispersed nature of the risk, but non-systematic risk only can transfer througheffective institutional arrangements. When the systemic risks have changednon-systematic risk in certain non-financial variables, the system itself is powerless.Meanwhile, the lack of related to formal arrangements to stabilize risk, the systemparalysis caused huge financial risk, and even lead to social unrest.For this reason, this paper thinks that the non-formal financial is not only a usefulcomplement to the formal financial, but plays an important role promotingtremendously the development of rural and small towns and small-medium enterprises.It also calls for the legalization of the informal financial departments as soon aspossible, and will end its uncertainty allowed to get out of the development cycle andwill take part in fair, open, just competition with the formal financial among them toparticipate in global financial integration.更多还原