金融制度变迁、法治与金融发展

【作者】 巴劲松；

【导师】 马君潞；

【作者基本信息】 南开大学 ， 金融学， 2009， 博士

【摘要】 我国金融改革开放三十年取得了巨大的成就,这种成就是多方面的,尤其是在当前全球金融危机反衬下,中国金融更是辉煌。但是,我国的金融法治缺陷和金融制度滞后是共识,中国的金融发展存在“制度之谜”。在这个时候,冷静地从理论上反思金融发展,具有重要意义。本文假设金融发展是经济增长的关键,将研究重点放在寻找决定金融发展的要素之上,而不是研究金融发展和经济增长之间的关系。经过对金融发展理论文献的梳理,认为金融机构的增多、金融规模的扩张等金融指标是金融发展的结果,而金融功能的多元化、金融制度的健全是金融发展的本质,从逻辑上论证了对金融发展而言,“制度是重要的”、“法律是重要的”。在“制度是重要的”、“法律是重要的”基础上,进一步分析制度、法律作用于金融发展的内在机制。通过对成文法系和判例法系的比较,得出判例法系比成文法系更具有动态适应力,但我国属于成文法系,在适应金融市场需要的适应机制上具有独特的路径,即通过规范性文件等低效力层次的制度来满足金融市场对制度的需要,这种模式是“法官造法”的替代机制,具有经济上的合理性,但是,对金融制度体系、法治则具有负面作用,其总成本大于总收益。本文还论证了法治对于金融发展的重要性、分析了法治与制度变迁的关系。从经济学角度看,法治是一种节约交易成本的架构,是人类总结出来的一种成本最低的治理社会的模式,通过确认产权来激励公众创造财富,通过法律责任制裁违约、损害公共利益的行为,从而鼓励生产性努力而不是分配性努力。同时,法律应当为制度变迁留下空间,因为制度变迁是一种成本低的制度替代一种成本高的制度,有利于社会进步、经济发展和公众福利改进。制度变迁是制度的替代、转换与交易,体现为一种效率更高的目标模式替代另一种低效率起点模式过程,中国的金融制度变迁是一种组合式的变迁过程,基于转轨经济对于目标模式的已知性,表现为政府供给主导的强制型制度变迁,实际上是回归金融功能对制度的基本需求,是一种兼有制度移植、自生自发秩序和制度创新的变迁的过程。我国金融制度变迁过程中,政府主要供给产权制度,监管部门供给金融交易制度和监管制度,而法治架构、保护债权人利益和投资者利益的基本法律制度则供给严重不足,法律规范中行政责任远远多于民事责任。本文认为,中国金融发展的原因在于通过产权改革和法律确认,赋予了商业银行独立的市场地位,将银行功能与财政功能区分开来,中央银行与商业银行区分开来,商业性业务与政策性业务区分开来,从制度上保障了金融功能的回归;同时引入了不同类型的金融机构进行竞争,并部分将个人利益、金融机构利益一致化。但是,中国金融体系在金融功能的深化上,筛选有效率的客户上,将储蓄转化为投资的能力上依然低下,这种低下是由制度原因造成的。由于法治架构、保护债权人利益和投资者利益的基本法律制度则供给严重不足,产生了贷款向大企业集中等替代现象,而解决中小企业金融供给不足的制度方案就是增加对债权人利益的保护的法律制度。本文认为,国际金融发展的历史是沿着银行—保险—证券的路径,与此同时,金融功能历经了从融通资金到信用创造,再到转移风险的发展历程。转移风险越来越成为金融的核心功能。这是由于银行的委托代理问题最小,验证成本最低,功能简单,对金融制度尤其是法律制度需求最低。随着金融发展和经济体系的需要,一方面商业银行转型,从以大客户为主向为中小金融机构提供服务,从信贷业务为主、利差收入为主向零售业务为主、手续费收入为主,从资金供给者,到综合金融服务提供商,另外一方面,大力发展直接融资,这需要以保护债权人利益和投资者利益的角度重构我国的金融法律,实行金融法治。本文将金融制度变迁、法治与金融发展三者统一在一个分析框架之内。综合运用了制度经济学、演化理论、转轨理论、法金融学等多种理论,分析了我国金融制度变迁的动力机制、制度结构和变迁路径,对中国金融制度变迁的独特现象作出了独特的分析,将“法律是重要”的理论与中国金融发展状况结合,论证了法治对于中国金融发展的重要性;同时对中国金融制度的设计提出了合理建议。更多还原

【Abstract】 The 30 years of opening and reform in China witnessed great achievements in many fields,which are especially splendid in the environment if global financial crisis.However,it is commonly accepted the financial law system is under developed,which left the development of financial industry in China a mystery.In this special period,it is of great importance to calm down and reconsider such development from the perspective of a theorist.Assuming the financial development is critical to economic growth,this article focuses on the essentials to the financial development other than the relations between the financial development and economic growth.Based on the research on many documents of the financial development theory,it is concluded that the increase of number of financial institutions and the scale of financial industry is the result of the financial development,whereas the diversification of function of financial industry and the improvement of financial system is the essence of the financial development. This demonstrates the system and laws are important to the financial development.Based on the theory that the system and laws are important to the financial development,this article further analyzes the intrinsic functioning mechanism of system and laws on the financial development.By comparing the statute law system and the case law system,it is concluded the later is of more adaptability.However, the statute law system in China requires a unique adaptability for the financial market,etc.rules and policies of low legal effect are used to meet the need of financial market for law system.This is a substitute for judge-made law and is more economic.But such law system has negative impact on the financial system and costs more,but earns less.This article also discusses the importance of law system for the financial development and the relationship between ruling by law and evolution of system. From the perspective of economics,ruling by law is an economical structure and a model to rule the society with lowest cost,in a way of motivating public to create wealth by affirming the ownership of property,to produce other than to obtain by punishing default and other behaviors detrimental to the public interest.Meanwhile, law system should leave space for further evolution from high cost to low which is good for the development of society,growth of growth and improvement of public welfares.System evolution is the replacement,conversion and trade of rules,which shows a process of a more efficient target model replacing a low efficient model.The financial system evolution in China is a combined process based on the knowledge that the target model for a transitional economy is clear.It is in a form of change of coercive system led by government,and in fact a basic need of financial function for system,a process incorporating system transplantation,spontaneous evolution of order and system innovation.In this process,government supplies property rules, regulators supply financial trading rules and regulatory rules,however,the supply of basic framework of ruling by law,legal system protecting the interest of creditor and investor is not enough,and there are more administrative liabilities than civil liabilities.This article argues the financial development in China is mainly attributable to the legal affirmation of property-right reform which gave commercial banks an independent position in the market and assured the return of real financial function through separating banking function from fiscal function.Meanwhile,the introduction of competition among various kinds of financial institutions aligns the interest of individuals and financial institutions.However,the deepening of financial function,scanning efficient customers and the ability of converting savings into investment are still under developed,which is mainly caused by system problems. Due to the short supply of framework of ruling by law and basic legal system protecting the interest of creditor and investor,a phenomenon of loan concentration to big enterprises occurred,whereas,a solution for the lack of financial support for small and medium sized enterprises is to increase laws protecting the interest of creditor and investor.This article also argues the history of international banks’ development is a path of banks-insurance-securities,and meanwhile,the financial function is seen as evolved from funding,credit creation to transfer of risk.Transfer of risk is more and more becoming the core function of finance,because thus there are fewest problems in the banking agency function,and lowest cost of verification,simplest function and lowest need of financial policies especially legal rules.As needed by the financial development and economic mechanism,on one hand,commercial banks are shifting from providing service to big customers to providing service to small and medium sized financial institutions,and shifting from relying on credit business and interest income to relying on retail business and fees income,and shifting from a supplier of fund to a provider of comprehensive financial services,on the other hand,commercial banks are putting great efforts in direct financing which needs a restructure of China financial laws in a view to protect the interest of creditor and investor,and application of ruling by law.This article incorporates the evolution of financial system,ruling by law and financial development into one analysis framework.It analyzes the motivation, structure and path of financial system evolution by using many theories including institutional economics,evolution theory,transition theory and legal financial theory,and makes a unique analysis on the unique financial system evolution in China.It also combines the theory "law is important" and the reality of financial development in China,and demonstrates that the importance of ruling by law for China’s financial development,and in addition,provides suitable proposals for the design of China’s financial system.更多还原