摘要
理论界对民间融资市场的关注,基本定性于“民间融资活动是金融制度缺陷下对正规金融的替代和补充”。本文研究得出另一视角结论,即金融制度缺陷对民间融资的派生现象是浅表性的,民间融资与金融制度的关联仅仅是部分相关,而作为无可替代的要素市场内生性特征是其存在和发展的基础,金融制度约束只能局部抑制其作用边界,但无法完全控制其命脉。
A prevailing doctrine on unregulated finance is that it is a substitute or complement for regulated banking. However, this paper shows that unregulated finance partially relates to financial system, and the former has its own endogenous development logic. The evolution of financial system may not restrict the growth of unregulated finance.
出处
《金融研究》
CSSCI
北大核心
2005年第12期161-168,共8页
Journal of Financial Research
关键词
民间融资
金融制度
内生性
正规金融
unregulated finance, financial system, endogenous evolution.
