【作者】 马晓楠；

【导师】 白钦先；

【作者基本信息】 辽宁大学 ， 金融学， 2014， 博士

【副题名】基于三维金融架构的视角

【摘要】 改革开放以来，中国农村经济取得了飞速发展，2013年我国农业产值降到整个GDP的10%左右，这标志着中国正处于迈向现代化的关键时期，进入了“中等收入陷阱”，能否跨越这一陷阱，就意味着要大力推进农村新型城镇化建设，要大量转移农村劳动力，要大力支持农村中种田大户和家庭农场。显然，单纯依靠农民自有收入来满足农村经济大发展时期所需要的资金是不现实的，农村经济发展面临着巨大的资金缺口。2014年以来，连续11年中央一号文件全“姓农”，这也说明了农村问题的极端重要性。“三农”问题是10亿农民的生存、温饱和小康问题，是农村经济与社会发展稳定问题，可以说农民不富则中国不富，农村不稳则中国不稳。国外农村金融发展的实践表明，合作性金融是农村金融体系的重要组成部分，并且与政策性金融一起构成农村金融体系的核心和主体，商业性金融只是作为合作性金融和政策性金融的巧妙补充，三者构成一种稳定的三维一体金融架构。然而，2003年以来，中国农村信用合作社开始新一轮合作金融制度改革，目前已经形成农村信用合作社、农村合作银行和农村商业银行等三种组织形式的农村金融体系。严格意义上，中国农村信用社已经基本完成了股份制改造，由原来体现合作制原则的资格股转变为体现股份制原则的投资股，也就是说，中国农村信用合作社已经是真正意义上的商业性银行，如此以来，中国农村金融体系就只有商业性金融这一族类存在，合作性金融被异化了，政策性金融也被弱化甚至异化了。这种“跛脚”的农村金融体系是不稳定的，面临着严重的问题。这也是2014年中央一号文件指出要发展新型农村合作金融组织的重大现实意义，这是对中国农村问题认识的深化。政府的强制行为可以消灭中国农村的合作金融机构，可以将农村信用合作社变性，但是改变不了合作金融存在的深刻的社会经济根源，改变不了合作金融发展的一般规律，因此有必要重新发展农村合作金融。本文按异化论和回归论两大主题，全文分为七个章节。第1章是绪论。本章通过梳理国内外关于合作性金融理论的文献明确合作性金融是三大基本的金融族类之一，进而梳理中国农村合作金融异化与回归方面的文献，对于中国农村合作金融异化问题，国内学者明显地分为两种意见，即赞成异化和反对异化，本文明确反对中国农村合作金融的异化，并指出异化后的农村合作金融应当回归其合作金融本质。第2章是三维金融理论概述。三维金融理论是近年来由我国著名资深金融学家白钦先教授提出并阐释的，三维金融理论创造性地将合作性金融纳入与政策性金融、商业性金融相并列对称的三大金融族类之一，并以此构建相互联系、相互统一、相互影响、密不可分的稳定性极强的三维一体金融架构，这是对金融基础理论认识的升华，也是对金融基础理论的又一重大创新。在各国农村金融体系中，合作性金融是不可或缺不可替代的，在中国尤其如此，必须高度重视重构中国农村合作金融的极端战略重要性。第3章是中国农村合作金融的异化及负效应分析。中国农村合作金融的异化是指其偏离合作本质而商业化市场化了，或者说合作性金融商业性金融化了，主要表现就是产权股份化、管理集中化、业务市场化、目标营利化和普世精英化，农村合作金融从产权形式、管理制度、业务经营、服务宗旨和服务对象都由合作性质向商业性质转变，具备了商业性金融的本质特征。但是，异化后的农村合作金融会产生极其严重的负效应，如导致农村金融结构严重失衡，导致农村合作金融功能严重性缺失，导致三维金融架构严重性破坏等，这也严重制约着中国农村经济社会的可持续发展。第4章是中国农村合作金融异化的动因分析。农村合作金融的异化动因有很多，从定性分析的视角看，异化原因主要是合作制的精神内涵和本质被扭曲、农村经济金融生态环境恶化和官办替代民办造成合作性本质弱化等；从制度变迁的视角分析，农村合作金融管理体制的无序更迭加剧了中央与地方政府之间的利益博弈和“委托—代理”难题，加上我国经济金融体制改革产生的严重路径依赖引导农村合作金融向商业性金融转变等都促使农村合作金融的异化；从模型构造的视角分析，通过构建“委托—代理”模型和路径依赖模型从实证的角度证明了二者是造成合作性金融异化的根本原因；农村合作金融异化的最根本原因在于理论创新的滞后和理论认知不足，长期以来国内学者只注重商业性金融而忽视合作性金融，或者未能从三维一体架构视角来理解合作性金融，合作性金融的极端战略重要性被长期忽视，在实践上的反映就是将中国的合作性金融变性和异化。第5章是中国农村合作金融回归的典型国家经验启示。本章通过研究德国、法国、美国、日本等国家农村金融体系，发现这些国家都十分重视在农村构建完善的三维一体金融架构，给重构重建中国农村合作金融带来十分有益的启示，如合作性金融是农村三维金融体系的核心，与政策性金融一起共同构成农村金融体系的核心和主体，因而要构建地方—中央多层次完善的合作性金融体系等。第6章是中国农村合作金融回归的路径设计。在分析了中国农村合作金融异化及异化原因之后，借鉴国外先进经验，我国应该重构重建农村合作金融体系，秉着“新建新生，往建放生”的原则加强顶层设计，选择适宜中国的农村合作金融体制模式，实现中国农村合作金融的回归。第7章是中国农村合作金融回归的政策建议。实现中国农村合作金融的回归，要从构建完善的农村三维一体金融体系，重构重建新型农村合作金融机构，充分发挥市场在配置农村合作性金融资源中的基础性作用，优化农村合作性金融重构重建的经济金融环境，完善农村合作性金融信贷担保和损失补偿机制，加强对农村合作性金融的支持和宣传培训等方面入手，有针对性地逐步地实现农村合作性金融的回归。本文的创新点主要有：（1）以三维金融理论贯穿全文，从整体上、系统上、全局上思考中国农村合作金融的异化与回归问题；（2）归纳总结出中国农村合作金融异化的表现，如产权股份化、管理集中化、业务市场化、目标营利化和普世精英化等，其本质是合作性金融商业性金融化；（3）多角度多层次分析中国农村合作金融异化动因，通过构建数理模型论证了“委托—代理”和路径依赖是造成合作性金融异化的根本原因，进一步指出基础理论创新的滞后是根源背后的根源；（4）以三维一体金融架构系统梳理了典型国家农村金融体系，归纳总结出德国金字塔式、法国上官下民式、美国多元复合式和日本附属式等农村合作金融模式，为中国农村合作金融回归提供参考。当然，由于知识结构和理论水平问题，本文仍然存在理论准备不足、理论认知有待提高等不足，这也是论文以后有待完善的地方和努力方向。更多还原

【Abstract】 Since the implementation of the policies of reform and opening-up to the outsideworld, the Chinese rural economy has obtained the rapid development. The total outputvalue of agriculture was below10%of China’s GDP in2013and it symbolized thatChinese agriculture is in a crucial stage of modernization and is in front of the “MiddleIncome Trap”. How to go beyond the trap highly depends on vigorously promoting theconstruction of the rural urbanization, transferring huge rural labors, supporting the morespecialized farming household and family farms. The income gap between the urbanand the rural residents was still treble. Obviously, only depends on the rural residentsincome cannot fulfill the capital needs of the rural economy development, the ruraleconomy development is facing a huge capital shortage. For about11years, the centralNO.1documents were all concerned about the agriculture, which can well told theextremely importance of the rural problems. Three Rural Issues are about problems of thesurvival, the sufficiency of food and clothing and moderately high standard of living of1billion farmers, problems of the rural economy and the public stability. Without thewealth being of the farmers, China has no richness, without stability of rural areas, Chinahas no stability.The practice of rural finance development in foreign countries pointed out thecooperative finance is the most important element of rural finance system, compoundingwith the policy finance to firm a core and main parts of rural finance system, and thecommercial finance is only a supplement to them, the three together build up a stablethree-dimensional financial structure. However, since2003, the Chinese ruralcooperative credit unions started a new round of cooperative finance reform, and formeda rural finance system contains the rural credit unions, the rural cooperative banks andthe rural commercial banks. Strictly to say, Chinese rural credit unions has accomplishedthe shareholding reform, from the cooperative rules and regulations bases to theshareholding system, qualify stocks changed into investment stocks, that is, in reality,Chinese rural credit unions are commercial banks, Chinese rural finance system only hasone pattern as the commercial finance, the cooperative finance alienated and the policy finance is weakened and even alienated. The hobbling rural finance system is unstableand is facing fierce troubles. That is why the central NO.1document pointed out todevelop new style of rural cooperative finance institutions. It deepened the awareness ofthe rural problems, although the government can enforce to perish the cooperativefinance institutions, can change the nature of the credit unions, but the deeply social andeconomic root for the cooperative finance existence cannot changed, the general rules ofcooperative finance development cannot changed. Therefore, it is crucial to rebuild anddevelop the rural cooperative finance.The first chapter is introduction, this chapter carefully reviewed the literature aboutthe cooperative finance theories both in domestic and overseas and pointed out thecooperative finance is one of the three basic elements of finance system. Then went on toreview the alienation and the regression of Chinese rural cooperative finance literature,there were two different opinions about the alienation of Chinese rural cooperativefinance, agree or disagree to it. This dissertation was strictly against the alienation ofChinese rural cooperative finance and also pointed out that the rural cooperative financeshould regress to its cooperative nature.The second chapter is the overview of the three-dimensional financial theory.Three-dimensional financial theory was generated and illustrated by Professor BaiQinxian, the Chinese famous senior financial economist. Three-dimensional financialtheory creatively put the cooperative finance together with the commercial finance andthe policy finance as parallelized three financial sectors, upon this to build up a interconnection, interlinked, interaction and interwovenness three dimensional financestructure with superb stability. It sublimated the awareness of finance basic theory andit is a huge innovation to the finance basic theory as well. In every country’s ruralfinance system, the cooperative finance is indispensible and irreplaceable, especially inChina, therefore, we must pay attention to rebuild Chinese rural cooperative finance.The third chapter analyzed the alienation of Chinese rural cooperative finance andthe severe consequences of it. The definition of the alienation pointed out that thecooperative nature was drifted and became commercialization and marketization， alsocan put this way, the cooperative finance became commercial finance. Its main featureswere equity share capitalization, management centralization, business mercerization, profit driven and elitism rather than plebification. The rural cooperative financechanged to commercial finance from the pattern of the equity, the regulations of themanagement, the business operations, the purpose of the service and the service targets，full of the natures of commercial finance. However, after the alienation, it alsogenerated extremely bad effects, for instance, rural finance structure heavily imbalanced,the shortness of the functions of the rural cooperative finance, severely destructive threedimensional finance structure and also restricted the sustainable development of Chineserural economy and society.The fourth chapter analyzed reasons of the alienation of Chinese rural cooperativefinance. There were plenty reasons caused the alienation, from the qualitative analysis,the main reason was lack of the spirit of the cooperative, worsen of the financial ecologyof Chinese rural area and government-run instead of civilian-run weaken the nature ofcooperative. From the institutional evolution analysis, the management system disorderlychanges made the puzzle of interest game and principal-agent dilemma between thecentral government and the local government even worse, and put Chinese economy andfinance system reforms generated path dependence which drove Chinese ruralcooperative finance to became commercial finance on top all made the alienation. Fromthe modeling analysis, through setting up the principal-agent model and the pathdependence model to prove these two issues were the fundamental reasons of thealienation. From the theoretical analysis, the root reason of the alienation was lack ofinnovation of the theory and short of knowledge of it. For quite a long period, Chineseacademics only pay attention to the commercial finance and ignore the cooperativefinance, never think from three-dimensional financial structure perspective to understandcooperative finance. The ignorance of the extremely importance of cooperative financeshowed out in practice was the denaturation and the alienation of the Chinese ruralcooperative finance.The fifth chapter is the inspirations of cooperative finance in typical countries forthe regression of Chinese rural cooperative finnace. This chapter analyzed the ruralfinance system of Germany, France, The United States and Japan and found out thesecountries attached great importance to set up consummate three dimensional financestructure, this brought useful inspiration to China as to put the cooperative finance as the core to the rural three-dimensional financial system, together with the policy finance toform the core and main parts of the rural finance system, therefore, we have to build alocal-central multilevel completed cooperative finance system.The sixth chapter is the path design for the regression of Chinese rural cooperativefinance. Upon the above analysis of the alienation of Chinese rural cooperative financeand the reasons of it, carefully chose quotable experiences, China has to rebuild the ruralcooperative finance system, we should stick to the principal that “new build new style,old ones let them be” to think about the top-level design and to choose the most suitablepattern for Chinese rural cooperative finance system, in order to realize the regression ofChinese rural cooperative finance.The last chapter is the policy suggestions for the regression of Chinese ruralcooperative finance. To achieve the regression of Chinese rural cooperative finance, aperfect rural three-dimensional financial structure was needed, we need to build new typerural cooperative finance institutions, to give full play the basic role of the market in ruralcooperative finance resource allocation, to optimize the economic and financialenvironment of the rural area, improve the credit guarantee and the loss compensationmechanism of rural cooperative finance，to strengthen the support, propaganda andtraining progress about rural cooperative finance, step by step, with pertinence to realizethe regression of Chinese rural cooperative finance.The innovations of this dissertation are as below:(1) to adopt three-dimensionalfinancial theory linking through the whole texts, to take the whole situation into accountand to think about the alienation and the regression of Chinese rural cooperative finance;(2) to summarize the appearances of the alienations of Chinese rural cooperative finance,such as, equity share capitalization, management centralization, business mercerization,profit driven and elitism rather than plebification. The cooperative nature was driftedand became commercialization and marketization;(3) to analyze reasons of thealienation of Chinese rural cooperative finance from different perspectives and multilayer,through setting up the principal-agent model and the path dependence model to provethese two issues were the fundamental reasons of the alienation. From the theoreticalanalysis, the root reason of the alienation was lack of innovation of the theory and shortof knowledge of it;(4) to review the typical countries rural finance systems by the three dimensional finance structure, summarizing different rural cooperative finance patternsof each country, the Pyramid style of Germany, the up-down style of France, themulti-compounding style of the United States and the affiliated style of Japan in order togive inspirations to the regression of Chinese rural cooperative finance. Because of theimperfect knowledge structure and the low level of the theory mastered by the authorgenerated this dissertation certain weaknesses, such as the research was mainly done bysecondary materials and the knowledge needs to be broaden, this also means the improvespace and leading direction from now on.更多还原