县域经济发展中地方中小金融机构作用研究
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摘要
县域经济是国民经济的基础,是我国经济增长的重要推动力量。县域经济的重要性决定了对经济有重要推动力的县域金融的重要性。地方中小金融机构作为县域内主要的金融中介体,对县域经济增长中资本的积聚、配置等都能起到强大的支持作用,而县域中小金融机构在对县域经济发展提供有效支持的同时获得自身的可持续性发展。本文从县域经济这一平台上,研究地方中小金融机构的作用。一方面,在县域经济层面上把握地方金融发展问题的实质,找到县域中小金融机构发展的根本方向；另一方面,探寻提升地方中小金融机构在县域经济发展中发挥作用能力的途径。
通过分析国内外的经济增长与金融发展理论,结合我国县域经济的特征,以及地方中小金融机构的比较优势,得出地方中小金融机构支持县域经济发展的理论基点：第一,资本的形成、聚集和流动对于县域经济的发展具有重要的促进作用；第二,县域经济发展需要县域增长极的带动,而地方中小金融机构是县域增长极的有力支撑；第三,地方中小金融机构发展有利于优化县域金融结构；第四,地方中小金融机构在满足县域中小企业和广大农户的资金需求上具有比较优势。从而明确了地方中小金融机构在县域经济发展中的功能定位,即地方中小金融机构应当尽力满足县域中小客户、微型客户的需要,走小型化、地方性、区域性的发展模式。
随着县域经济的不断发展,县域经济对县域金融提出了新的需求,县域金融在量和质上都存在不能满足县域经济发展的问题,即存在县域金融供给抑制。充分发挥地方中小金融机构的功能有利于改善县域金融供给抑制,表现为：其一,地方中小金融机构的发展能增加县域资金的供给总量；其二,地方中小金融机构的发展能适应县域经济中低层次的资金需求；其三,地方中小金融机构的发展能改善县域金融的供给机制,从而提高县域资金的供给效率。
理论分析结果表明,地方中小金融机构能够在县域经济发展中起着重要的作用,我国县域经济发展的客观现实也要求进一步发挥地方中小金融机构的功能,以改善县域金融供给抑制。为进一步理清我国地方中小金融机构对县域经济发展的支持程度以及支持县域经济发展的内在机理,本文选择了湖南省88个县(市)作为样本,实证检验县域中小金融机构对县域经济发展的作用,结果显示湖南省农村信用社系统的发展对湖南省县域第一产业、县域第二产业和县域第三产业都有明显的促进作用。为进一步揭示其内在的机理,本文选择具有代表性的望城县为样本,作进一步的检验,发现农村信用社对该县第一产业和第二产业的支持作用都十分明显,对该县第三产业的支持作用不明显；国有商业银行对该县第三产业的支持作用明显,对该县第一产业和第二产业的支持作用不明显。而且农村信用社对该县GDP增长的贡献要远大于该县的国有商业银行。
实证结果说明县域中小金融机构对县域经济发展确实起到了重要作用,但县域金融供给抑制的存在同样表明,县域中小金融机构还没有满足对其金融服务的需求,其功能的发挥尚存在诸多的问题。本文从自身因素和外部因素两方面剖析影响县域中小金融机构功能发挥的内部、外部因素。认为金融资源分布不均匀、未能准确进行市场定位、产权不清晰与法人治理结构不完善、存在较大的风险隐患、未与其他类金融机构形成联动效应等,是其内部影响因素；县域法治保障不完善、部分县域信用环境不佳、县域的不合理行政干预程度较高等,是其外部影响因素。为增强上述分析结论的说服力,本文还以湖南省县域金融生态作为案例,运用相当详尽的数据加以论述和佐证。
运用湖南省88县(市)的相关数据从自身因素和外部环境因素两方面实证研究各因素对县域中小金融机构作用发挥的影响程度,从而找出关键因素。实证结果显示,县域中小金融机构的资本充足率、市场占有率对其作用的发挥具有显著的正向影响,成为其在当地发挥作用的自身关键因素；借贷诚信水平和法制环境对其作用的发挥具有显著的正向影响,成为其在当地发挥作用的外部关键因素。
抓住主要矛盾,就能够有效地提高县域中小金融机构对县域经济发挥作用的能力。本文从农村信用社产权制度改革、增强农村信用社的盈利能力、建立与农村信用社经营特征相适应的资本监管标准和监管方式、县域中小金融机构合理的功能定位、放宽县域中小金融机构市场准入以及完善县域信用体系和加强县域法制建设等方面提出了对策建议。
County economy is the basis of the national economy and an important driving force of China's economic growth. The importance of county economy determines the importance of county finance, which is a vital driving force of the economy. As the county's major financial intermediary, the local small and medium financial institutions play a strong supporting role on the capital accumulation, allocation, and so on, of the county's economic development. What's more, while providing effective support to the county's economic development, the institutions obtain sustainable developments of their own. On the platform of the county economy, this article studies the role of local small and medium financial institutions, so that on one hand, it grasps the substance of local financial developing problems form the economic level in the county to find their developing fundamental direction, on the other hand, it explore the way to enhance the local small and medium financial institutions' ability in the county economic developing.
By analyzing the domestic and international economic growth and financial development theory, combining with our county economic characteristics and local small and medium financial institutions' comparative advantage, it comes to the theory of basic points which is the institutions'support to county economic development. First, capital formation, accumulation and mobility for the county's economic development plays an important role in promoting. Second, the county economic development need the growth pole's drive, and that local small and medium financial institutions are very strong support for the county growth pole. Third, the local small and medium financial institutions'development help to optimize the county financial structure. Fourth, the institutions have a comparative advantage when meeting the financial needs of county small and medium enterprises and most of farmers. Thus, the functional position of local small and medium financial institutions in county economic development is clearly defined as that they should make effort to meet the need of the county small and medium customers and micro-customers, and take the small, local and regional development model.
With the continuous development, the county economy proposes new financial needs. While the county finance in both quantity and quality can not meet the needs of the county economic development which is the problem of county financial repression. Giving full play to the function of local small and medium financial institutions helps to improve its financial reppression in the following ways:Firstly, local small and medium financial institutions'development can increase the total capital supply. Secondly, the development of local small and medium financial institutions can adapt to the low-level capital requirement in the county economy. Thirdly, the development of local small and medium financial institutions can improve the supply mechanisms of the county finance to increase its capital supply efficiency.
Theoretical analysis results show that local small and medium financial institutions plays an important role in the county's economic development, and the reality of China's county economic development also requires further developing the capabilities of local small and medium financial institutions to improve the local financial reppression. To figure out the support extent and the internal mechanism of local small and medium financial institutions'support for county economic development,88counties (cities) in Hunan Province were chosen to be the sample in this paper to empirically test local small and medium financial institutions'function in local economic developing. The result indicated that the development of rural credit cooperative system in Hunan Province has obvious promoting effort on the county's primary industry, secondary industry and tertiary industry. For the sake of revealing the inner mechanism, this article has chosen the Wangcheng County, which is representative, as the sample to do a further test, then it is found that the positive effect on the county's primary industry and secondary industry for the Rural Credit Cooperatives is very obvious but not on the tertiary industry, in addition, the state-owned commercial banks'positive effect is clear to the tertiary industry but not for the primary industry and the secondary industry. What's more, the Rural Credit Cooperatives'contribution to the county's GDP growth is much larger than the state-owned commercial banks.
Empirical results indicate that the county's small and medium financial institutions play an important role on the county economic development indeed, but the existence of the county financial repression shows that the county's small and medium financial institutions can not meet the financial services needs and many problems still exist in playing their function. Based on the problems, this study analyzes Internal and external factors to affect the functioning of the county's small and medium financial institutions. The authors believe that the uneven distribution of financial resources, no accurate market positioning, unclear property rights and imperfect governance structure, the existence of large potential risks, the small overall size and not forming linkage effects of the Non-bank financial institutions, etc., constitute the internal factors. On the other hand, the imperfect rule of law, the poor credit environment of some counties, the high level of unreasonable administrative interference are the main external factors. To enhance the persuasiveness of above analysis conclusions, this paper uses the county financial ecological environment in Hunan Province as a case, and use very detailed data to discuss and support the conclusions.
Using the relevant data of88counties (cities) in Hunan province, the impacts of the factors on the role of small and medium financial institutions are investigated empirically from internal factors and external environmental factors. And the key factors are identified. The empirical results show that the capital adequacy ratio and the market share of small and medium financial institutions have significant positive effect to the role that its playing, as the main internal factors. In the external environmental factors, the lending credit level and legal environment play a vital effect on the role of small and medium financial institutions.
To improve the role of county's small and medium financial institutions for the county economy, the key points should be focused. The paper puts forward the countermeasure suggestions from the following aspects:the property reform of rural credit cooperatives, enhancing the profit ability of rural credit cooperatives, building the appropriate capital supervision standard and method for rural credit cooperatives according to its business characteristics, the functional orientation of county small and medium financial institutions, relaxing the market access of county small and medium financial institutions, improving the county's credit system and strengthening the county's legal system etc.
通过分析国内外的经济增长与金融发展理论,结合我国县域经济的特征,以及地方中小金融机构的比较优势,得出地方中小金融机构支持县域经济发展的理论基点：第一,资本的形成、聚集和流动对于县域经济的发展具有重要的促进作用；第二,县域经济发展需要县域增长极的带动,而地方中小金融机构是县域增长极的有力支撑；第三,地方中小金融机构发展有利于优化县域金融结构；第四,地方中小金融机构在满足县域中小企业和广大农户的资金需求上具有比较优势。从而明确了地方中小金融机构在县域经济发展中的功能定位,即地方中小金融机构应当尽力满足县域中小客户、微型客户的需要,走小型化、地方性、区域性的发展模式。
随着县域经济的不断发展,县域经济对县域金融提出了新的需求,县域金融在量和质上都存在不能满足县域经济发展的问题,即存在县域金融供给抑制。充分发挥地方中小金融机构的功能有利于改善县域金融供给抑制,表现为：其一,地方中小金融机构的发展能增加县域资金的供给总量；其二,地方中小金融机构的发展能适应县域经济中低层次的资金需求；其三,地方中小金融机构的发展能改善县域金融的供给机制,从而提高县域资金的供给效率。
理论分析结果表明,地方中小金融机构能够在县域经济发展中起着重要的作用,我国县域经济发展的客观现实也要求进一步发挥地方中小金融机构的功能,以改善县域金融供给抑制。为进一步理清我国地方中小金融机构对县域经济发展的支持程度以及支持县域经济发展的内在机理,本文选择了湖南省88个县(市)作为样本,实证检验县域中小金融机构对县域经济发展的作用,结果显示湖南省农村信用社系统的发展对湖南省县域第一产业、县域第二产业和县域第三产业都有明显的促进作用。为进一步揭示其内在的机理,本文选择具有代表性的望城县为样本,作进一步的检验,发现农村信用社对该县第一产业和第二产业的支持作用都十分明显,对该县第三产业的支持作用不明显；国有商业银行对该县第三产业的支持作用明显,对该县第一产业和第二产业的支持作用不明显。而且农村信用社对该县GDP增长的贡献要远大于该县的国有商业银行。
实证结果说明县域中小金融机构对县域经济发展确实起到了重要作用,但县域金融供给抑制的存在同样表明,县域中小金融机构还没有满足对其金融服务的需求,其功能的发挥尚存在诸多的问题。本文从自身因素和外部因素两方面剖析影响县域中小金融机构功能发挥的内部、外部因素。认为金融资源分布不均匀、未能准确进行市场定位、产权不清晰与法人治理结构不完善、存在较大的风险隐患、未与其他类金融机构形成联动效应等,是其内部影响因素；县域法治保障不完善、部分县域信用环境不佳、县域的不合理行政干预程度较高等,是其外部影响因素。为增强上述分析结论的说服力,本文还以湖南省县域金融生态作为案例,运用相当详尽的数据加以论述和佐证。
运用湖南省88县(市)的相关数据从自身因素和外部环境因素两方面实证研究各因素对县域中小金融机构作用发挥的影响程度,从而找出关键因素。实证结果显示,县域中小金融机构的资本充足率、市场占有率对其作用的发挥具有显著的正向影响,成为其在当地发挥作用的自身关键因素；借贷诚信水平和法制环境对其作用的发挥具有显著的正向影响,成为其在当地发挥作用的外部关键因素。
抓住主要矛盾,就能够有效地提高县域中小金融机构对县域经济发挥作用的能力。本文从农村信用社产权制度改革、增强农村信用社的盈利能力、建立与农村信用社经营特征相适应的资本监管标准和监管方式、县域中小金融机构合理的功能定位、放宽县域中小金融机构市场准入以及完善县域信用体系和加强县域法制建设等方面提出了对策建议。
County economy is the basis of the national economy and an important driving force of China's economic growth. The importance of county economy determines the importance of county finance, which is a vital driving force of the economy. As the county's major financial intermediary, the local small and medium financial institutions play a strong supporting role on the capital accumulation, allocation, and so on, of the county's economic development. What's more, while providing effective support to the county's economic development, the institutions obtain sustainable developments of their own. On the platform of the county economy, this article studies the role of local small and medium financial institutions, so that on one hand, it grasps the substance of local financial developing problems form the economic level in the county to find their developing fundamental direction, on the other hand, it explore the way to enhance the local small and medium financial institutions' ability in the county economic developing.
By analyzing the domestic and international economic growth and financial development theory, combining with our county economic characteristics and local small and medium financial institutions' comparative advantage, it comes to the theory of basic points which is the institutions'support to county economic development. First, capital formation, accumulation and mobility for the county's economic development plays an important role in promoting. Second, the county economic development need the growth pole's drive, and that local small and medium financial institutions are very strong support for the county growth pole. Third, the local small and medium financial institutions'development help to optimize the county financial structure. Fourth, the institutions have a comparative advantage when meeting the financial needs of county small and medium enterprises and most of farmers. Thus, the functional position of local small and medium financial institutions in county economic development is clearly defined as that they should make effort to meet the need of the county small and medium customers and micro-customers, and take the small, local and regional development model.
With the continuous development, the county economy proposes new financial needs. While the county finance in both quantity and quality can not meet the needs of the county economic development which is the problem of county financial repression. Giving full play to the function of local small and medium financial institutions helps to improve its financial reppression in the following ways:Firstly, local small and medium financial institutions'development can increase the total capital supply. Secondly, the development of local small and medium financial institutions can adapt to the low-level capital requirement in the county economy. Thirdly, the development of local small and medium financial institutions can improve the supply mechanisms of the county finance to increase its capital supply efficiency.
Theoretical analysis results show that local small and medium financial institutions plays an important role in the county's economic development, and the reality of China's county economic development also requires further developing the capabilities of local small and medium financial institutions to improve the local financial reppression. To figure out the support extent and the internal mechanism of local small and medium financial institutions'support for county economic development,88counties (cities) in Hunan Province were chosen to be the sample in this paper to empirically test local small and medium financial institutions'function in local economic developing. The result indicated that the development of rural credit cooperative system in Hunan Province has obvious promoting effort on the county's primary industry, secondary industry and tertiary industry. For the sake of revealing the inner mechanism, this article has chosen the Wangcheng County, which is representative, as the sample to do a further test, then it is found that the positive effect on the county's primary industry and secondary industry for the Rural Credit Cooperatives is very obvious but not on the tertiary industry, in addition, the state-owned commercial banks'positive effect is clear to the tertiary industry but not for the primary industry and the secondary industry. What's more, the Rural Credit Cooperatives'contribution to the county's GDP growth is much larger than the state-owned commercial banks.
Empirical results indicate that the county's small and medium financial institutions play an important role on the county economic development indeed, but the existence of the county financial repression shows that the county's small and medium financial institutions can not meet the financial services needs and many problems still exist in playing their function. Based on the problems, this study analyzes Internal and external factors to affect the functioning of the county's small and medium financial institutions. The authors believe that the uneven distribution of financial resources, no accurate market positioning, unclear property rights and imperfect governance structure, the existence of large potential risks, the small overall size and not forming linkage effects of the Non-bank financial institutions, etc., constitute the internal factors. On the other hand, the imperfect rule of law, the poor credit environment of some counties, the high level of unreasonable administrative interference are the main external factors. To enhance the persuasiveness of above analysis conclusions, this paper uses the county financial ecological environment in Hunan Province as a case, and use very detailed data to discuss and support the conclusions.
Using the relevant data of88counties (cities) in Hunan province, the impacts of the factors on the role of small and medium financial institutions are investigated empirically from internal factors and external environmental factors. And the key factors are identified. The empirical results show that the capital adequacy ratio and the market share of small and medium financial institutions have significant positive effect to the role that its playing, as the main internal factors. In the external environmental factors, the lending credit level and legal environment play a vital effect on the role of small and medium financial institutions.
To improve the role of county's small and medium financial institutions for the county economy, the key points should be focused. The paper puts forward the countermeasure suggestions from the following aspects:the property reform of rural credit cooperatives, enhancing the profit ability of rural credit cooperatives, building the appropriate capital supervision standard and method for rural credit cooperatives according to its business characteristics, the functional orientation of county small and medium financial institutions, relaxing the market access of county small and medium financial institutions, improving the county's credit system and strengthening the county's legal system etc.
引文
②[英]亚当.斯密：《国富论》(上),郭大力、王亚南译,商务印书馆1979年版,p315.
①《马克思恩格斯全集》第26卷,人民出版社1973年版,P598.
①[美]阿瑟.刘易斯,经济增长理论,梁小民译,上海三联书店1990年版,p45.
①数据来源：根据《2010中国金融年鉴》、中国人民银行《2010年中国农村金融服务报告》和中国人民
①数据来源于中国人民银行《2008年中国农村金融服务报告》
①数据来源：《2010中国区域金融运行报告》,中国人民银行,2011年6月1日。
①数据来源于中国人民银行《2010年度中国农村金融服务报告》。
① Engle, Robert F.and C.W.J.Granger. Co-intergration and Error Correction:Reprsentation, Estimation, and Testing, Econimetrica,1987,55:251-276
① Pedroni, P. Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Repressom[J]. Oxford Bulletin of Economics and Statistics 1999,61:653-670.
② Kao,C. Spurious Regression and Residual-Based Tests for Cointegration in Panel Data[J]. Journal of Econometrics,1999,90:1-44.
①Granger, C. W. J. Investigating Causal Relations by Economic Models and Cross-Spectral Methods[J]. Econometrica,1969,37:424-438.
①数据来源于《中国金融年鉴》、《中国保险年鉴》以及《中国银行业监督管理委员会2010年报》。
①详细可参考白仲林,面板数据的计量经济分析,南开大学出版社。
①关于Hausman检验详见：高铁梅,计量经济分析方法与建模,清华大学出版社,2006年。
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①《马克思恩格斯全集》第26卷,人民出版社1973年版,P598.
①[美]阿瑟.刘易斯,经济增长理论,梁小民译,上海三联书店1990年版,p45.
①数据来源：根据《2010中国金融年鉴》、中国人民银行《2010年中国农村金融服务报告》和中国人民
①数据来源于中国人民银行《2008年中国农村金融服务报告》
①数据来源：《2010中国区域金融运行报告》,中国人民银行,2011年6月1日。
①数据来源于中国人民银行《2010年度中国农村金融服务报告》。
① Engle, Robert F.and C.W.J.Granger. Co-intergration and Error Correction:Reprsentation, Estimation, and Testing, Econimetrica,1987,55:251-276
① Pedroni, P. Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Repressom[J]. Oxford Bulletin of Economics and Statistics 1999,61:653-670.
② Kao,C. Spurious Regression and Residual-Based Tests for Cointegration in Panel Data[J]. Journal of Econometrics,1999,90:1-44.
①Granger, C. W. J. Investigating Causal Relations by Economic Models and Cross-Spectral Methods[J]. Econometrica,1969,37:424-438.
①数据来源于《中国金融年鉴》、《中国保险年鉴》以及《中国银行业监督管理委员会2010年报》。
①详细可参考白仲林,面板数据的计量经济分析,南开大学出版社。
①关于Hausman检验详见：高铁梅,计量经济分析方法与建模,清华大学出版社,2006年。
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