摘要
经过资本市场化改革后,国有银行的发展呈现两种典型现象:一是从银行层面看,其业绩呈爆发式增长;二是从宏观层面看,存差持续扩大和债权结构失衡等现象反映出其金融活动与实体经济日益脱节。这表明资本市场化改革在使国有银行微观绩效改善的同时并不必然带来宏观整体效率的增进。本文认为国有银行制度市场化的核心在于功能市场化,即由财政替代功能转向市场金融功能;对于国有银行功能演进而言,资本市场化改革只是必要条件而非充分条件,从长期而言,更需要国有银行资产市场化改革的推进。未来国有银行市场化改革中,增量改革比存量调整更为重要,其功能转化将取决于新市场金融要素的成长速度与竞争压力程度,其中内生性金融力量的成长对于国有银行乃至整个金融制度改革有着更为重要的意义。
This paper argues that the outstan ding achievement of state-owned banks in China does not mean the im-provement of their performance in financial resource allocation. The core of Marketization of state-owned bank system is Marketization of its functions, namely, replacing its role as alternative to fiscal instruments with market-based financial functions. For the functional evolution of state-owned bank system, the capital-oriented marketization is necessary but not sufficient. In the long term, it’s more important to promote assets-oriented marketization reform.
出处
《金融评论》
2013年第4期15-32,124,共18页
Chinese Review of Financial Studies
基金
陕西省重点学科"国民经济学"专项资助
关键词
国有银行
制度市场化
银行功能
State-owned Bank
Marketization
Banking Function
