【作者】 徐加根；

【导师】 曾康霖；

【作者基本信息】 西南财经大学 ， 金融学， 2008， 博士

【摘要】 本文从利益集团作用的视角来研究中国金融制度的改革。利益集团是指在一个社会中或某个具体变革过程中那些具有共同利益或利益倾向比较一致的人们组织起来以各种集体行动的方式来影响其他组织或公共部门决策的联合体。利益集团内涵可以抽象为三个要素：共同利益、组织化、集体行动。成员的共同利益是利益集团存在的前提；组织化是利益集团形成和存在的保障；集体行动是利益集团的作用机制。利益集团的组织化程度有高低之分,它既可以呈现为显性的组织形态,也可以隐性的组织形态出现。我们可以把利益集团组织化程度分为四个等级：法定正式组织；未经法定程序的契约型组织；没有固定的组织结构和名称的非正式组织；故意隐形的组织,主要是非法的犯罪组织或有意隐瞒自己利益倾向的组织。集体行动也有多种表现形式,或者是显性的集体行动,或者是默认的集体行动,还可以是内部协商一致之后的利益集团代表或代言人行动。从利益集团的视角分析金融领域的问题,属于金融政治经济学的分析方法。金融政治经济学是跨越金融学、政治经济学、法学等多个领域的交叉性金融学科。该理论超越了主流金融学的理论框架,将法律、政府、利益集团等因素纳入金融分析之中,为金融学的研究提供了一个全新的视角。利益集团是金融政治经济学的最重要的分析视角之一,它取代单一个体成为金融决策或制度改革研究中的重要分析单位。本文内容主要包括三个部分,除导论外,第一部分是利益集团的理论综述和利益集团作用机制分析的理论基础,包括第二章和第三章；第二部分是金融制度改革中利益集团作用机制的理论分析部分,包括第四章和第五章；第三部分是对利益集团作用的价值分析及对策建议部分,即第六章。第一章是“导论”,主要介绍了本文选题的现实背景和理论背景；说明了本文采用的研究方法,包括个人主义方法论以及学科交叉分析、数理逻辑实证和规范分析等三种分析方法；阐述了本文写作的总体思路和主要观点；总结了本文创新之处、不足之处和可以进一步研究的方向。第二章是“利益集团理论的综述”,包括三节内容。第一节从利益的概念出发,分析了利益关系变动导致利益集团形成的过程,即从利益分化、利益冲突、利益聚合,直至利益群体出现和利益集团形成的过程。第二节从国内研究和国外研究两个方面分析了利益集团概念的丰富内涵,在外延上从各个角度将利益集团进行分类,反映了利益集团多样化的形态。第三节从政治学和经济学两个角度梳理了利益集团的有关理论,特别是经济学关于利益集团的理论对后续分析有很强的理论支撑作用,最后对中国学者关于利益集团的认识进行了综述。。第三章是“中国利益集团作用机制与金融制度改革”,本章实际上是为分析中国金融制度改革中利益集团作用机制奠定理论基础,确立金融政治经济学的分析框架。本章包括三节内容,第一节分析了中国改革进程中社会结构的演变,即从国家、中间阶层和民众三层社会结构,向国家、市场和公民社会三元社会结构的演变,提出了平等的三元社会结构更需要利益集团作为中间的决策层次的观点。本节还分析了中国社会的利益集团的特征,旨在为后面的理论分析提供“中国背景”。第二节全面系统地梳理了各类利益表达机制,将其划分为制度性、组织性和行动性三类利益表达机制。分析了利益集团的作用机制,其中涉及到的博弈论和最优规划的数理模型,为后面的理论分析提供了“技术准备”。第三节首先对金融发展理论进行综述,引申出金融政治经济学的分析方法,从法律、政策、非正式制度、利益集团等方面介绍金融政治经济学的研究成果,为接下来的理论分析提供“理论基础”。第四章是“中国证券市场制度改革中利益集团作用机制分析”。证券市场制度主要包括证券发行制度、证券交易制度和证券监管制度,本章侧重分析证券发行制度。本章分三节,第一节结合中国证券市场的实际,分析了中国证券市场中利益集团的特征,并初步解读了其目标函数和约束条件。第二节研究利益集团在新股发行制度改革中的作用机制。在梳理新股发行制度的基础上,建立了监管者、发行企业和投资者三方利益集团的两阶段博弈模型。第一阶段是监管者与发行企业之间的利益共同体和投资者的博弈,两个利益集团就是否高利润发行进行博弈；第二阶段是监管者和发行企业的博弈,他们之间以造假与监管的或然率为基础进行博弈。第三节研究利益集团在股权再融资制度改革中的作用机制。在回顾股权再融资制度改革之后,建立了上市公司(大股东)和投资者两方利益集团之间的信号博弈模型,选取的信号是再融资股权份额,监管者作为公共利益代表者,通过制定资产收益率和再融资价格两类再融资条件发挥作用。第五章是“中国国有商业银行制度改革中利益集团的作用机制分析”。本章分三节,第一节回顾和评价了国有银行制度改革的历程,分析了国有银行股份制改革中各类利益集团的类型与特征。第二节建立控制权竞争模型来分析国有银行制度改革中的利益集团作用机制。该数理模型是国内大股东、境外战略投资者和国内小股东三方利益集团之间的博弈,其中银行价值和控制权收益是判断各类均衡结果的两个有效判据。第三节是政治银行家模型,该模型反映的是国有银行大股东、政治银行家(有政治利益目标的银行家)和境外战略投资者三方的两阶段博弈。第一阶段是大股东和政治银行家之间基于委托代理关系的博弈,模型揭示出双方的激励合约(即工资合约)与银行家努力程度之间靠政治利益来平衡；第二阶段是政治银行家与境外战略投资者之间的博弈,银行家作为谈判人可能因为政治利益而选择与境外战略者合谋,即低价出售银行股份。第六章是“利益集团的协调与金融和谐发展”。本章分三节,第一节对利益集团的作用效应进行了正反两个方面的评价,提出应该从存在性和作用效果两方面对利益集团进行价值评判,指出利益集团具有存在性上的正当性,考察利益集团的性质应该主要看其发挥的作用。第二节探讨了利益集团协调机制,首先提出利益协调的原则,归结出三类协调机制,然后重点分析了政府与利益集团之间的协调。第三节在评析中国金融改革的基础上,着重剖析了金融业特有的利益关系性质,金融业偏袒强势利益集团和忽视弱势利益集团的“嫌贫爱富”是金融业本身的性质所决定的。论文最后提出了协调利益集团促进金融和谐发展的建议。更多还原

【Abstract】 This paper researches on Chinese financial institution reform from the view of interest group. Interest group refers to the organized combo that have common interests or goals and influence other organizations or public sectors decision-making by collective action in a society or a specific reform. Interest group can abstracts into three elements:common interest, systematization and collective action. Common interest is the premise of interest group, which is the basis of aggregation. Systematization is the guarantee of interest group forming and existing, which combines individuals to an action group. Collective action is the effect mechanism of interest group, through which interest group expresses and achieves the common interests. However, the systematization degrees of interest groups are not all the same. Interest group could appear as a dominant organization form or a recessive one. Systematization degree could be divided into four levels: formal organization, contracted organization, informal organization without fixed organization structure or fixed name, including virtual organization existing in form of network, intentionally cryptomorphic organization, which mainly refers to criminal organization or organization intended to conceal its own interest.Interest group is an inevitable social and economic phenomenon, which appears after interest differentiation, conflict, collection and disintegration of interests groups. At present, Interest group has become a hot topic. Once unfairness appears or any reform encounters hindrance, the action of interest group is mentioned although it is hard to define. Interest group appears simultaneously in Politics, Sociology and Economics, which shows it is a complex social being. It’s necessary for social progress and economic development to study interest group from theoretical perspectives including investigating the rationality of its existence, analyzing its effect mechanism, evaluating its action and coordinating its development. Researching financial issues from interest group perspectives is kind of analysis method of Political Economics of Finance. Political Economics of Finance is a cross-discipline based on Finance, Political Economics, and Law. This theory jumps out the theoretical framework of standard finance, which provides a new angle for finance study by bringing factors like law, government and interest group into analysis. Interest group is not only one of the most important analysis perspectives, but also an important analysis unit of the research of financial decision and financial system reform.As a kind of exploratory transformation of theoretical research on Finance, Political Economics of Finance corresponds to the transformation of research paradigm earlier in Western Economics. Since the mid-late period of last century, there has been a trend called "New Political Economics of Finance" which refers to economics research overseas regresses to Political Economics. Hence the research of the mainstream Neoclassical Economics based on fixed system and became more technicalization, some economists began to study the effect of something like politic, ideology, system and culture on people’s economic behavior and formed New Institutional Economics, New Economic History, Property Rights Economics, Law and Economics, Political Economics of Regulation, Public Choice Theory, Constitutional Economics and so on, all of which constitute New Political Economics.One methodology and three kinds of research methods are used for analysis. The individualism methodology is insisted for research of interest group. Although interest group is a research object of group pattern, it’s believed that all the interests originate from individual need which constitutes group interest, and collective action is completed by the cooperation of different individuals. In research, the whole interest group is considered to be an individual, which is endowed with utility function and studied with its constraint condition as a decision unit. Besides this, three study methods are taken (1) The measure of cross-disciplinary research is used since Political Economics of Finance is a new cross-discipline financial discipline, and interest group is a concept appears simultaneously in many disciplines.(2) Positive method of mathematical logic. Two study methods of logical positivism, the game theory and the Optimal planning mathematical model, are taken to study action mechanism of interest group, which reflects the independent decision-making of a single individual and the gambling process among different interest groups.(3) Normative analysis. The effect and properties of the action of interest group is analyzed normatively to make an objective value judgment about interest group.Three parts are included in this paper (1) conception and literature review.(2) Theoretical analysis of the value of interest group’s action.(3) Evaluation of the action of interest group and countermeasures.The first part is theoretical review of interest group and theoretical basis of the action mechanism of the interest group. Chapter2is "theoretical review of interest group", which analyses based on the conception of interest and points that the formation of interest group is caused by the change of social interests relationship. This chapter reviews the theories of interest group from the angles of economics and politics, and summarizes the Chinese scholars’viewpoints of interest group. Chapter3is "analysis of the action mechanism of the interest group and reform of financial system", which provides theory basis for the analysis of the action mechanism of interest group in the reform of Chinese financial system and establishes the analysis framework as Political Economics of Finance. First, to provide "Chinese background" for analysis, this chapter begins with the analysis of interest groups and their characters in the reform of China and proposes that interest groups are needed as intermediate decision level in "Three-Component Society" which is composed by country, market and civil society. Second, based on the review of various interest expression mechanisms, interest expression mechanism are defined as institutional interest expression mechanism, organizational interest expression mechanism and action interest expression mechanism. To provide "technical preparation" for analysis, the analysis of action mechanism of interest group including Game Theory and Optimal Planning Mathematical Model is attached. Last, to provide "theory basis" for analysis, analytical method of political economics of finance is introduced by the reviews of the development of finance, and achievements of political economics of finance are introduced from the angles of laws, policies and informal institutions.The second part is the theoretical analysis of the action mechanism of interest group. Chapter4is "analysis of the action mechanism of interest group in the reform of Chinese securities market". This chapter begins with analysis of the characters, constraints and objective function of interest group based on Chinese securities market. Secondly, models for discussing the action mechanism of interest group are established based on the reform of system of IPO and SEO. The model based on the reform of SEO is a signaling game model between the interest group of listed companies (large shareholders) and the interest group of investors, whose signal is shares of SEO. Regulators act as the spokesmen of public interests by regulating return on asset and re-financing price. Chapter5is "analysis of the action mechanism of interest group in the reform of state-owned commercial banks". This chapter firstly reviews and evaluates the process of the reform of sate-owned commercial banks and, analyzes types and characters of interest groups in shareholding reform of state-owned commercial banks. Based on this, shareholding reform of state-owned commercial banks is analysis by using control contest model and political banks model. Control contest model is a game among three interest groups including domestic large shareholders, foreign strategic investors and domestic minority shareholders, whose equilibriums are judged by two effective criterions-value of bank and return of control. Political bankers model a two-stage game among three interest groups including large shareholders of state-owned commercial bank, political bankers (bankers with political aim) and foreign strategic investors. Principal-agent relationship exists between large shareholders and political bankers, political interests would balance incentive contracts (salary contracts) and hardworking of bankers. Political bankers and foreign strategic investors may be collusion because of political interest.The third part includes value analysis of the action of interest group and countermeasures. Chapter6is "coordination of interest groups and harmonious development of finance". This chapter firstly advances that the value of interest group should be judged by existence and action effect which is introduced by positive and negative comments about the action of interest group, and points that the existence of interest group is legitimate. Secondly, coordination mechanism of interest group is discussed and three kinds of coordination mechanism are proposed, the analysis of coordination between government and interest groups is the emphasis. Thirdly, the characters of the interest relationships of financial industry are analyzed based on the analysis of Chinese finance reform, which decides the financial industry emphasizes on the strong interest groups and ignores the weak interest groups. At last, the advices about coordinating interest groups to promote harmonious development of finance are proposed.更多还原