摘要
民间信用扩张成为我国近年来金融发展中最引人注目的现象之一。本文在探讨国家主导型渐进式金融演进中国家信用和民间信用的消长关系的基础上,系统考察了决定和推动民间信用扩张的四个动力要素,即民间资本积累、民营部门融资需求、地方分权和地方政府租金以及国家稳定性租金。本文重点考察了地方租金激励对民间信用扩张的积极效应以及隐含的风险,尤其是强调了地方政府的过度干预可能给民间金融的规范化带来的不良后果。本文的结论是,地方政府在民营银行组建过程中的过度介入,容易导致民营银行内部治理结构和产权结构的扭曲,增大民营银行的效率损失。
The expansion of informal finance is one of the most important phenomena of china financial development. Based on the discuss of the relationship between state finance and informal finance during the state-dominated financial transition, this paper investigates four motive factors that decide and promote the expansion of informal finance: private capital accumulation, financial demands of private sectors, local rent inspiration, and the state stability rent. The paper mainly discusses the influence of the local rent encouragement on the expansion of informal finance, especially emphasizes the risk of excessive government intervene. The paper concludes that excessive intervene will lead to the twisting of the governance structure and property right structure in the private banks and increase their efficiency lost.
出处
《财贸经济》
CSSCI
北大核心
2008年第1期79-85,共7页
Finance & Trade Economics
基金
国家社会科学基金项目“民营经济融资约束与民间金融内生成长研究”的阶段性成果(批准号:05CJL012)
关键词
国家主导
地方租金激励
民间信用
动力要素
治理结构
State Domination, Local Rent Inspiration, Informal Finance, Motive Factors, Governance Structure.
