地方金融系统的演进逻辑、存在状态与监管制度导引

The Evolutionary Logic, Current State, and Regulatory Framework of the Local Financial System

摘要:

地方金融系统已成为中国金融业提升服务实体经济能力的重要组成部分,其可持续健康发展的核心要义在于牢牢守住不发生系统性金融风险的底线。本文旨在明确地方金融系统的内涵,重新审视地方金融系统演化的本质特征及其现实状态。研究发现,地方金融系统的演化历程,是金融资源配置权在“ 中央-地方” 之间,基于不同发展阶段目标进行动态博弈与职能协同的过程,也是新兴市场金融系统确立、调整与再造的过程。这一过程既揭示了地方金融系统监管主体的模糊和错位,也演绎了地方金融系统“ 拐杖” 存在的现实逻辑。地方金融系统的可持续存在是经济发展的最适金融制度结构安排,其规模边界取决于地方经济扩张引致的金融制度需求,该需求与国家监管高层对地方金融系统风险外溢的容忍度共同决定了最终的均衡。地方金融系统的10年演化,可视为一场深刻的体制改革试验。当下,地方( 新兴市场) 金融系统的重构,一方面依赖于崇尚契约的市场生态修复,另一方面取决于业已确立的地方金融监管系统的完善。

Abstract:

The local financial system has become an important part of China’s financial industry to improve its standard of service for the real economy. It’s the core meaning to promote the sustainable and healthy development of the local financial system for holding fast to the bottom line of no systemic financial risk. A clear connation for a local financial system was endowed, and then its essential characteristics accompanied the evolution and its status of being under the theoretical framework of nationalism were overlooked. From the perspective of nationalism theory, the evolution of the local financial system is a process which can be considered as bursting with mutual substitution between the central-local competition for financial resource allocation right and the centralization of financial management authority, and also a process in which the market financial system can be establishment, frustration, and its remodeling. Throughout this process, it’s exposure both the ambiguity and dislocation of regulators, and the status of being as crutch of the local financial system. As the best optimal financial structure for economic growth, the scale boundary of local financial system is nailed to an intersection point between the financial institutional demand caused by local economic growth expansion and the tolerance of the national top regulatory authority to the risk radiation of the local financial system. In extreme cases, a corner solution would be generated. The last ten-years evolution of the local financial system can be seen as an experiment of systematic reform. Currently, this exploration is undergoing a phase of structural adjustment and high-quality reconstruction. Its system remodeling or reconstruction, on one hand, relies on the ecological restoration of the social credit system, on the other hand, depends on the establishment and perfection of the specialized regulatory system.