摘要
长期以来,理论界对于国有金融制度角色及其绩效的评价见仁见智。不少人认为,除了国有安排,中国经济改革过程还有其他更好的金融制度选项。本文试图对此问题进行系统梳理与澄清。若基于理论与历史相统一的逻辑视角,作为一种特殊的金融安排,国有金融制度先是承接了中国深厚制度传统,特别是战时金融的制度遗产,后又为支持经济赶超与经济改革而重新量身定做;它深嵌于由新中国建国以来的后发工业化、放权让利改革中的财政困局,以及经济崛起对战略性金融制度的长期需求等重要环节联接而成的逻辑链条之中。其制度面目虽然迥异于欧美模式的标准轮廓,但却别无他选,因为除此,其他任何金融安排均无力支持过去近40年来史无前例的伟大制度转型和经济崛起。更何况,这种被国内外长期诟病甚至诅咒的"异类"金融制度,经历数度劫波之后已然成长为全球最具影响力的金融力量之一。本文的结论是,准确评判国有金融制度角色与绩效的要害不是看它是否符合什么先验的标准模式,而是看它能否有效支持长期的经济增长与社会福利的增进。
In theoretical field,opinions on the state-owned financial system and its performance have long been divided.To some economists,China deserves an option better than the present arrangement.Is that really so?In the paper,I will present a systematic review and clarification of this issue.Seen from a historical perspective,it can be said that the state-owned financial system is in fact an institutional heritage of the Chinese culture,especially a tradition in war time.Later,it has been tailored to meet the specific need of catching-up economy and the open reform.So,our choice of such a system is dictated not only by history but also by other factors like advantage of backwardness,fiscal difficulty resulting from decentralization,long-term economic demand for financial support,etc.Indeed,such an institutional arrangement is very much different from the mode in the west.Yet,undeniably,it is the one which has helped China achieve the unprecedented successful transition and create the economic miracle in the past four decades.What is more,despite the frequent sharp criticism coming from home and abroad,it has vigorously grown into one of the most influential financial forces in the globe.In light of this,my conclusion is:The key criteria to judge the state-owned financial system is not to see whether it is in conformity with some'standard'mode;but to see if it can provide effective support for long-term economic growth and lead to the enhancement of social welfare.
出处
《金融评论》
CSSCI
北大核心
2017年第1期1-15,共15页
Chinese Review of Financial Studies
基金
教育部人文社会科学重点研究基地重大研究项目“中国金融市场体系完善过程中的政府与市场关系研究”(14JJD790040)
国家哲学社会科学成果文库项目“金融分析的制度范式”(16KJY013)专项资金的支持
关键词
政府主导型金融体系
赶超战略
国有银行
中国金融制度选择
Government-Oriented Financial System
Catching-Up Strategy
State-Owned Banks
Financial Institution
