新中国70年金融风险的防范和化解
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摘要
新中国成立70年来,经济建设取得了举世瞩目的成就,没有发生系统性金融危机,这离不开对金融风险的积极防范和化解。新中国70年防范和化解金融风险的基本经验包括:及时识别和处置金融风险,对于暴露出来的体制机制问题加以改革,着力处理好社会稳定问题,增强经济主体信心。下一步,要着力改革基础设施投融资体系,强化不良资产处置机制,推进股市法制建设,完善上市公司退市制度,妥善处理企业间"三角债"问题。
Since the founding of the PRC, economic construction has made remarkable achievements. There has been no systemic financial crisis, which can not be separated from the active prevention and resolution of financial risks. The basic experience of preventing and defusing financial risks in the past 70 years in the PRC includes: identifying and dealing with financial risks in time, reforming the exposed problems of system and mechanism, making great efforts to deal with the problems of social stability and enhancing the confidence of economic subjects. Next, we should focus on reforming the infrastructure investment and financing system, strengthening the disposal mechanism of non-performing assets, promoting the legal construction of the stock market, improving the delisting system of listed companies and properly handling the "triangular debts" of enterprises.
Since the founding of the PRC, economic construction has made remarkable achievements. There has been no systemic financial crisis, which can not be separated from the active prevention and resolution of financial risks. The basic experience of preventing and defusing financial risks in the past 70 years in the PRC includes: identifying and dealing with financial risks in time, reforming the exposed problems of system and mechanism, making great efforts to deal with the problems of social stability and enhancing the confidence of economic subjects. Next, we should focus on reforming the infrastructure investment and financing system, strengthening the disposal mechanism of non-performing assets, promoting the legal construction of the stock market, improving the delisting system of listed companies and properly handling the "triangular debts" of enterprises.
引文
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[2]王永魁.20世纪60年代初特殊形态的通货膨胀[J].党史博览,2013(6):40-41.
[3]赵志君.人民币汇率改革历程及基本经验[J].改革,2018(7):43-52.
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[6]余永定,肖立晟.解读中国的资本外逃[J].国际经济评论,2017(5):97-115.
[7]KRAAY A,NEHRU V.When is external debt sustainable?[J].The World Bank Economic Review,2006,20(3):341-365.
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[17]谢德仁,郑登津,崔宸瑜.控股股东股权质押是潜在的“地雷”吗?---基于股价崩盘风险视角的研究[J].管理世界,2016(5):128-140.
[18]李志生,金凌,张知宸.危机时期政府直接干预与尾部系统风险---来自2015年股灾期间“国家队”持股的证据[J].经济研究,2019(4):67-83.
[19]石锦建,刘康一,李稻葵.中国金融发展的经验与展望[J].中国金融,2019(7):83-85.
[20]聂辉华,江艇,张雨潇,等.我国僵尸企业的现状、原因与对策[J].宏观经济管理,2016(9):63-68.
[21]李曙光.论我国市场退出法律制度的市场化改革---写于《企业破产法》实施十周年之际[J].中国政法大学学报,2017(3):6-22.
[22]谢欣,姚治宇.中国已成全球最大电梯市场未来仍存三大机遇[EB/OL].(2017-09-27)[2019-04-09].http://www.nbd.com.cn/articles/2017-09-27/1151171.html.
[23]智研咨询.2017年中国电梯行业发展现状分析及未来发展趋势预测[EB/OL].(2017-08-09)[2019-04-09].http://www.chyxx.com/industry/201708/548760.html.
(1)Reinhart&Rogoff研究“二战”后经济体通胀问题时定义“通胀危机”为年化通胀率超过40%。
(1)http://finance.sina.com.cn/money/bank/20130626/072415917875.shtml.
(1)“休眠企业”是指已经被工商行政管理部门吊销营业执照,但企业没有注销。这说明这些企业并没有按照规定进行清算。
[2]王永魁.20世纪60年代初特殊形态的通货膨胀[J].党史博览,2013(6):40-41.
[3]赵志君.人民币汇率改革历程及基本经验[J].改革,2018(7):43-52.
[4]FRANKEL J A,ROSE A K.Currency crashes in emerging markets:an empirical treatment[J].Journal of International Economics,1996,41(3-4):351-366.
[5]REINHART C M,ROGOFF K S.This time is different:eight centuries of financial folly[M].Princeton University Press,2009.
[6]余永定,肖立晟.解读中国的资本外逃[J].国际经济评论,2017(5):97-115.
[7]KRAAY A,NEHRU V.When is external debt sustainable?[J].The World Bank Economic Review,2006,20(3):341-365.
[8]施华强.国有商业银行账面不良贷款、调整因素和严重程度:1994-2004[J].金融研究,2005(12):25-39.
[9]李德.我国银行业处置不良资产的思路和途径[J].金融研究,2004(3):28-36.
[10]林晶,张昆.“影子银行”体系的风险特征与监管体系催生[J].改革,2013(7):51-57.
[11]宋怡青,李欣.周正庆回忆清理三角债始末[J].发展,2015(3):60-62.
[12]BARRO R J,URSVA J F.Stock-market crashes and depressions[J].Research in E-conomics,2017,71(3):384-398.
[13]EICHENGREEN B,BORDOM.Crises now and then:what lessons from the last era of financial globalization?[A].Monetary History,Exchange Rate and Financial Markets:Essays in Honor of Charles Goodhard[C].Cheltenham:Edward Elgar,2003,2:52-91.
[14]SCHWARTZ A J.Real and pseudo-financial crises[A].Money in Historical Perspective[M].University of Chicago Press,1987:271-288.
[15]ALIBER R Z,KINDLEBERGER C P.Manias,panics,and Crashes:a history of financial crises[M].Springer,2017.
[16]陈松林.信贷资金流入股市对货币政策的影响[J].中国金融,2001(4):22-24.
[17]谢德仁,郑登津,崔宸瑜.控股股东股权质押是潜在的“地雷”吗?---基于股价崩盘风险视角的研究[J].管理世界,2016(5):128-140.
[18]李志生,金凌,张知宸.危机时期政府直接干预与尾部系统风险---来自2015年股灾期间“国家队”持股的证据[J].经济研究,2019(4):67-83.
[19]石锦建,刘康一,李稻葵.中国金融发展的经验与展望[J].中国金融,2019(7):83-85.
[20]聂辉华,江艇,张雨潇,等.我国僵尸企业的现状、原因与对策[J].宏观经济管理,2016(9):63-68.
[21]李曙光.论我国市场退出法律制度的市场化改革---写于《企业破产法》实施十周年之际[J].中国政法大学学报,2017(3):6-22.
[22]谢欣,姚治宇.中国已成全球最大电梯市场未来仍存三大机遇[EB/OL].(2017-09-27)[2019-04-09].http://www.nbd.com.cn/articles/2017-09-27/1151171.html.
[23]智研咨询.2017年中国电梯行业发展现状分析及未来发展趋势预测[EB/OL].(2017-08-09)[2019-04-09].http://www.chyxx.com/industry/201708/548760.html.
(1)Reinhart&Rogoff研究“二战”后经济体通胀问题时定义“通胀危机”为年化通胀率超过40%。
(1)http://finance.sina.com.cn/money/bank/20130626/072415917875.shtml.
(1)“休眠企业”是指已经被工商行政管理部门吊销营业执照,但企业没有注销。这说明这些企业并没有按照规定进行清算。