摘要
国有银行的不良资产问题曾被国内外经济学家长期关注,本文试图对既有的相关文献进行梳理和评述。由于国外文献总体上乏善可陈,因此进入本文视野的大部分有价值的观点都来自于国内文献。大致地说,国内偏重制度视角的经济学家在不良资产的特殊性问题上存在不少共识,但对特殊性本身的理解则见仁见智。根据本文的考察,经济金融改革启动不久,就有学者敏锐地发现国有银行的不良资产属于国家负债的"金融方式";一些文献由国家融资切入几乎触到了不良资产形成的真正源头;另有文献认为不良资产是国有银行为寻求财政补贴最大化过度提供信贷而形成的一种"局部均衡";还有文献基于双重债务融资格局认为不良资产是一种金融支持均衡,进而确认其长期存在的逻辑合理性。无论如何,这些文献为人们重新认识不良资产的特殊性提供了一些可贵角度。透过这些视角,人们可能发现,国有银行的不良资产并非想象中那么可怕,它或许是一整套金融制度设计的有机组成部分。
The paper is a tentative review of the literature available on Non-performing Loans(NPLs) in state-owned banks(SOBs),an issue of long-standing interest to economists both at home and abroad.Given the meagemess of foreign literature on this topic,the papers and books reviewed are mostly by domestic scholars taking an institutional perspective.To them,NPLs in SOBs feature a specialty.And it is to this special characteristic that they attached various understandings.Some,for example,soon after the beginning of the reform,perceived that NPLs in SOBs are actually a financial form of national debt.Some almost traced to the real origin of NPLs from the perspective of state financing.Some believed that NPLs are sort of partial equilibrium arising from the overcredit behavior for the purpose of seeking maximum fiscal subsidy on the part of SOBs.Still,some developed the argument,on the basis of the dual debt financing pattern,that NPLs are in fact a reflection of the equilibrium of financial support,thus featuring the logic of reasonable existence in a long period.Undeniably,these views have given us some insight into the issue of NPLs and made us realize that NPLs in SOBs are not as frightening as they have appeared.Rather,they might have unbelievably constituted an organic part of the financial system in design.
出处
《金融评论》
CSSCI
北大核心
2015年第6期1-14,123,共15页
Chinese Review of Financial Studies
基金
中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)重大基础研究计划项目"金融分析的制度范式与制度金融学"(10XNL008)
教育部人文社会科学重点研究基地重大研究项目"中国金融市场体系完善过程中的政府与市场关系研究"(14JJD790040)专项资金的支持
