转型中的我国农村金融发展研究
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摘要
经验研究表明,中国农村金融发展状况与农村经济增长存在一种长期的均衡关系。其中,农村金融发展水平的提高对农村经济增长具有推动作用,这符合现代金融发展理论的预期。不过,农村金融发展状况并不是随着农村经济增长而相应发生显著变化的,这意味着,中国农村金融发展状况并没有明显地内生于农村经济之中。实际上,中国农村金融的发展受到国家严格的管制。在转轨经济中,国家试图通过对农村金融的管制,来汲取农村的金融资源,从而保证对国有经济的金融资源供给。
国家对农村金融的管制使得中国金融发展呈现出明显的城乡“二元性”特征,即,农村金融发展滞后于城市金融发展。显然,按照现代金融发展理论的逻辑,这种金融发展的“二元性”必定会带来显著的经济后果。经验研究表明,农村金融发展相对于城市金融发展的滞后确实造成了城乡收入差距的扩大。
如果不把城市的金融发展水平作为参照物,一些体现金融发展水平的指标,如金融相关率(FIR)等,会误导我们对农村金融状况做出判断,因为这些指标在衡量农村金融发展水平时,往往具有良好的表现。暂且不论这些指标的设计缺陷,事实上,要对农村金融状况做出全面、准确的评价,既需要宏观的视角,也需要着眼于微观层面。
在从微观层面对农村金融状况加以审视时,可以发现,其一,农户在消费及其生产投资上面临着严重的信贷约束;其二,乡镇企业自从上个世纪90年代初期以来也陷入了融资困境。值得指出的是,乡镇企业融资困境一方面是国家对农村金融管制的产物,另一方面也暴露出国有金融体系固有的弊端:国有金融体系对乡镇企业的融资同样存在“软约束”问题,这最终导致了乡镇企业对信贷的滥用。而信贷滥用所酿造的金融风险迫使国家采取压缩对乡镇企业贷款额度等行政措施来缓解危机。
国家对农村金融的管制,其本质在于,国家以金融剩余的形式对农村经济剩余加以切割与转移。在上个世纪80年代中后期,伴随着家庭联产承包责任制制度活力释放完毕,以及乡镇企业资本密集度提高,这种对农村金融剩余的切割与转移,最终导致农村经济发展受到资本缺乏的制约。此时,农村金融制度就处于一种非均衡状态之中。农村非正规金融的兴起是对农村金融制度非均衡的一种响应。当然,作为一种诱致性制度变迁,它同时也是一个中央政府、地方政府以及非正规金融供需主体这几者
The empirical research indicates that there is a long-term equilibrium between the conditions of rural finance development and rural economic growth in China. A high level of rural finance development has positive effect to the rural economic growth, which is consistent with the anticipation of the modern financial development theory. However, the conditions of rural finance development fail to come up with the steps of rural economic growth, which means that the conditions of rural finance development is obviously not endogenous from the rural economic growth. Actually, rural finance is under rigid regulation from the government. In the economic transition, in order to ensure enough financial resource to State-owned ecnomy, the government draws financial resource out of rural areas through rural finance regulation.The regulation on rural finance leads to the apparent "Duality" between Chinese urban and rural areas, that is, the rural finance development lags behind that of the urban, which will undoubtedly lead to a notable economic consequence according to the reasoning of modern financial development theory. The empirical research indicates that the comparative lag of Chinese rural financial development contributes to the increasing gap between urban income and rural income.Some criteria showing the level of finance development, such as finance interrelation rate (FIR) and so forth, will mislead our judgment about conditions of rural finance development, if we do not take the level of urban finance development as the frame of reference, since these criteria often perform well when used to assess the level of rural finance development. As a matter of fact, in order to draw a general and precise evaluation of the conditions of rural finance development, we need macroeconomics as well as microeconomics views, let alone the inherent flaws of these criteria.Under the microeconomics views, we do not have to go too far to reveal that there are two problems existing in conditions of rural finance development: first, farmers are up against tight credit constraint in consumption and investment; second, the township-village enterprises (TVEs) have been disturbed by the inadequate financial support since 1990's. It is remarkable that, on the one hand, the inadequate financial support that TVEs receive is the result of the regulation on rural finance, while on the other hand, it exposes the inherent defects of state-owned financial system, because the state-owned financial system imposes "soft
constraint" on the credit to TVEs, which induces eventually TVEs to abuse the credit. The government has to reduce the amount of financial support to TVEs in order to elude the risk resulting from the credit abuse.The nature of the regulation imposed on rural finance is the government-designed segmentation and transfer of the rural economy surplus, in the form of financial surplus. The segmentation and transfer was the cause of the capital constraint on rural economics development, with the depletion of the vigor of the household contract responsibility system and the rise of capital density of TVEs, in about 1985-1990. Then the un-equilibrium of rural financial system came into being, and, as the response, rural informal finance emerged. Rural informal finance emerging is an induced innovation of institution, meanwhile, which also is a game among the central government, district governments and rural informal finance supply-demand sections.Under the regulation on rural finance, the normal effects of rural financial system are distorted and the function of effectively allocating economic resource is restricted, which is the crux that for what reason the long-time rural financial reform fails to obtain the expected merit. The reform does not develop the concrete financial formation such as rules, systems to exert its regular function; instead, it simply tries mending the existing inherent flaws of the financial mechanism.For the recent years, the "three -dimensional -rural- issues" has been serious day by day, and the rural economy has bee
国家对农村金融的管制使得中国金融发展呈现出明显的城乡“二元性”特征,即,农村金融发展滞后于城市金融发展。显然,按照现代金融发展理论的逻辑,这种金融发展的“二元性”必定会带来显著的经济后果。经验研究表明,农村金融发展相对于城市金融发展的滞后确实造成了城乡收入差距的扩大。
如果不把城市的金融发展水平作为参照物,一些体现金融发展水平的指标,如金融相关率(FIR)等,会误导我们对农村金融状况做出判断,因为这些指标在衡量农村金融发展水平时,往往具有良好的表现。暂且不论这些指标的设计缺陷,事实上,要对农村金融状况做出全面、准确的评价,既需要宏观的视角,也需要着眼于微观层面。
在从微观层面对农村金融状况加以审视时,可以发现,其一,农户在消费及其生产投资上面临着严重的信贷约束;其二,乡镇企业自从上个世纪90年代初期以来也陷入了融资困境。值得指出的是,乡镇企业融资困境一方面是国家对农村金融管制的产物,另一方面也暴露出国有金融体系固有的弊端:国有金融体系对乡镇企业的融资同样存在“软约束”问题,这最终导致了乡镇企业对信贷的滥用。而信贷滥用所酿造的金融风险迫使国家采取压缩对乡镇企业贷款额度等行政措施来缓解危机。
国家对农村金融的管制,其本质在于,国家以金融剩余的形式对农村经济剩余加以切割与转移。在上个世纪80年代中后期,伴随着家庭联产承包责任制制度活力释放完毕,以及乡镇企业资本密集度提高,这种对农村金融剩余的切割与转移,最终导致农村经济发展受到资本缺乏的制约。此时,农村金融制度就处于一种非均衡状态之中。农村非正规金融的兴起是对农村金融制度非均衡的一种响应。当然,作为一种诱致性制度变迁,它同时也是一个中央政府、地方政府以及非正规金融供需主体这几者
The empirical research indicates that there is a long-term equilibrium between the conditions of rural finance development and rural economic growth in China. A high level of rural finance development has positive effect to the rural economic growth, which is consistent with the anticipation of the modern financial development theory. However, the conditions of rural finance development fail to come up with the steps of rural economic growth, which means that the conditions of rural finance development is obviously not endogenous from the rural economic growth. Actually, rural finance is under rigid regulation from the government. In the economic transition, in order to ensure enough financial resource to State-owned ecnomy, the government draws financial resource out of rural areas through rural finance regulation.The regulation on rural finance leads to the apparent "Duality" between Chinese urban and rural areas, that is, the rural finance development lags behind that of the urban, which will undoubtedly lead to a notable economic consequence according to the reasoning of modern financial development theory. The empirical research indicates that the comparative lag of Chinese rural financial development contributes to the increasing gap between urban income and rural income.Some criteria showing the level of finance development, such as finance interrelation rate (FIR) and so forth, will mislead our judgment about conditions of rural finance development, if we do not take the level of urban finance development as the frame of reference, since these criteria often perform well when used to assess the level of rural finance development. As a matter of fact, in order to draw a general and precise evaluation of the conditions of rural finance development, we need macroeconomics as well as microeconomics views, let alone the inherent flaws of these criteria.Under the microeconomics views, we do not have to go too far to reveal that there are two problems existing in conditions of rural finance development: first, farmers are up against tight credit constraint in consumption and investment; second, the township-village enterprises (TVEs) have been disturbed by the inadequate financial support since 1990's. It is remarkable that, on the one hand, the inadequate financial support that TVEs receive is the result of the regulation on rural finance, while on the other hand, it exposes the inherent defects of state-owned financial system, because the state-owned financial system imposes "soft
constraint" on the credit to TVEs, which induces eventually TVEs to abuse the credit. The government has to reduce the amount of financial support to TVEs in order to elude the risk resulting from the credit abuse.The nature of the regulation imposed on rural finance is the government-designed segmentation and transfer of the rural economy surplus, in the form of financial surplus. The segmentation and transfer was the cause of the capital constraint on rural economics development, with the depletion of the vigor of the household contract responsibility system and the rise of capital density of TVEs, in about 1985-1990. Then the un-equilibrium of rural financial system came into being, and, as the response, rural informal finance emerged. Rural informal finance emerging is an induced innovation of institution, meanwhile, which also is a game among the central government, district governments and rural informal finance supply-demand sections.Under the regulation on rural finance, the normal effects of rural financial system are distorted and the function of effectively allocating economic resource is restricted, which is the crux that for what reason the long-time rural financial reform fails to obtain the expected merit. The reform does not develop the concrete financial formation such as rules, systems to exert its regular function; instead, it simply tries mending the existing inherent flaws of the financial mechanism.For the recent years, the "three -dimensional -rural- issues" has been serious day by day, and the rural economy has bee
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