【作者】 张希慧；

【导师】 彭建刚；

【作者基本信息】 湖南大学 ， 金融学， 2009， 博士

【摘要】 近年来我国民间金融日渐活跃,在促进经济发展中发挥了积极作用。同时,由于这些资金游离于监管体系之外,在一些地方出现了民间金融的无序发展,给金融和社会带来了不稳定。因此,研究我国民间金融的发展和规范具有重要的理论意义和现实价值。论文研究了我国二元经济结构与民间金融的关系,研究了我国民间金融存在和发展的必要性和可能性,研究了民间金融发展对我国经济发展的影响等问题,在此基础上,对规范和引导我国民间金融健康发展提出了政策建议。全文分为民间金融存在和发展的理论基础、民间金融发展的边界和形态、对经济的影响及存在的问题、国际经验借鉴和对策研究五个部分。论文对民间金融的内涵进行了界定,认为民间金融是经济中自发产生的,游离于国家金融监管体系之外的金融行为和金融组织。论文通过实证分析发现二元经济结构变动与我国民间金融发展存在短期和长期的Granger因果关系,这表明了二元经济结构增强是导致民间金融存在和发展的原因,也表明了正规金融发展不足也会促进民间金融的发展。在我国存在二元经济结构的背景下,金融市场的信息不对称程度更高。由于民间金融的“草根性”,在狭小的信贷交易圈内相对正规金融具有比较优势。论文运用经济学原理论证了民间金融的规模边界,即民间金融贷款平均成本曲线和正规金融贷款平均成本曲线的交点为最佳分界点。这一最佳分界点表明,业务规模小于该点时,民间金融机构在经济上具有比较优势;而业务规模大于该点时,正规金融机构在经济上具有比较优势。民间金融只是在业务规模不大时具有比较优势。论文还通过案例论证了民间金融的地域边界和人际边界,指出民间金融适合人际关系稳定的地域空间。论文研究了民间金融的形态和演化路径。根据民间金融的组织形式和信息不对称的特征,将民间金融分为简单形态、中间形态和专业形态,这为对民间金融进行分类指导和管理提供了理论依据。本文还得出了正规金融是专业形态的民间金融演化的终点的结论。论文分析了我国民间金融的现状和存在的主要问题,从正反两方面分析了民间金融对我国经济发展的影响。通过实证分析发现我国民间金融发展与民营经济发展之间存在短期和长期的Granger因果关系,说明民间金融对于民营经济的发展有着积极的支撑作用。考虑到民营经济发展对我国经济增长有重要的贡献,民间金融则有效地弥补了我国正规金融对民营经济支持的不足,因此,民间金融在我国的存在和发展应得到肯定和支持。并通过案例分析讨论了我国民间金融的正负效应。通过分析若干国家民间金融的经验和教训,为我国民间金融的发展和规范提供了启示。根据我国三种民间金融形态的演变过程、现实问题和发展走向,论文认为规范简单形态民间金融的基本思路应是明确其合法地位。规范中间形态民间金融的基本思路应是防范高风险。规范专业形态民间金融的基本思路应是引导其参照正规中小金融机构管理,并视时机引导其向正规金融机构转化。更多还原

【Abstract】 China’s informal finance has been active increasingly in recent years, which plays a positive role in promoting economic development. In the meantime, the funds of informal finance have drifted away from the supervision system, the disordered development of informal finance in some sectors has appeared, which brought about financial and social unstability. Therefore, doing research on the regulation and development problems of informal finance has great theoretical significance and practical value.The dissertation studies systematically on the relationship between China’s dual economic structure and informal finance, the possibility and the necessity of informal finance existence and development in China, and the impact of the informal finance development on China’s economic development and so on. Then, based on the analysis above, practical policy suggestions are provided on how to regulate and guide informal finance development. The dissertation is divided into five parts, including the theoretical basis on the existence and development of informal finance, informal financial development’s boundary and forms, the impact on China’s economy and problems of informal finance, drawing on international experience and the countermeasures of the informal finance regulation development.By doing empirical analysis, the dissertation finds both short and long-term Granger causal relationship between dual economy structure and Chinese informal finance development, which shows that the growing degree of the dual economic structure is the reason for the existence and development of informal finance, and demonstrates the deficiency of formal financial development also promotes the development of informal finance. Under the circumstance of China’s dual economic structrure, the degree of information asymmetry in finance market is even higher. Because of the grassroot characteristics of informal finance, it has information advantage in narrow credit transactional circles compared with formal finance. Then, the dissertation demonstrates the scale boundary of informal finance using economics theory, that is, the intersection point between the average cost curves of informal finance and that of formal financial. The intersection point is the best cut-off point indicating that informal finance has comparativ advantage in the economy when its business scale is less than the point, and formal financial institutions has a comparative advantage in the economy while its business scale is greater than the point. That is, the informal finance has the comparative advantage only when its business scale is small. The dissertation desmonstates the geographical boundary and interpersonal boundary of the informal finance, and points out that it fits for the geographical space with stable interpersonal relationship by case study analysis.The dissertation studies the forms and the evolution routes of informal finance. According to the organization forms of informal finance and the features of asymmetric information, informal finance is divided into three forms, i.e. the basic form, the intermediate form and the more advanced professional form. This division provides a theotical basis on classific guidance and management to the informal finance. After analyzing the evolution route, it comes to the conclusion that formal finance is the terminal of informal professional form’s evolution.Then, the dissertation analyses the status and problems of informal finance, and analyzes its impact on Chinese economic development from the positive and negative respects. Then, through empirical analysis, it finds that informal financial development is the short-term and long-term Granger reasons for Chinese economic development. The empirical results shows that informal finance has positive supporting effect on the development of the private economy. Taking into account that the development of the private economy has an important contribution to China’s economic growth, and informal finance has made up effectively the inadequecy of Chinese formal finance in supporting the private economy, therefore, the existence and development of informal finance in China should be affirmed and supported. Then, the dissertation also discusses the positive and negative effects of the informal finance through case study. Last, it learns from the experiences and draws on lessons of some countries for Chinese informal finance regulation development.Finally, according to the evolution processes, the practical problems and development direction of the three forms of informal finance, the dissertation states that the basic idea about regulating the basic form of informal finance should be to make sure of its legal status. While, the basic idea on regulating the intermediate form of informal finance should be to prevent its high risk. As to regulating the more advatage form of the informal finance, the basic idea should be to provide guidance for its management refering the fomal small and medium-sized institutions, and depending on the time opportunity to accordingly guide it to the formal financial institutions.更多还原