金融效率论——金融资源优化配置的理论与实践

【作者】 王振山；

【导师】 夏德仁；

【作者基本信息】 东北财经大学 ， 金融学， 1999， 博士

【摘要】 现代经济是一种货币信用经济。在货币信用经济条件下，经济资源的分配与配置不能直接地实现，必须借助于货币和货币资本的交易和配置来完成。因而经济资源配置是否能够最大限度地满足经济成长的要求和人们提高福利的需要、是否能实现帕累托效率（Pareto efficiency），将在相当程度上取决于金融交易及其结果，取决于货币和货币资本的分配。 金融在现代经济中的地位和作用如此地重要，以致于它已经不仅仅是经济发展的一个要素，而是一种资源——金融资源（Financial resource）——的存在形式。由实体经济与货币经济的相互作用关系决定，金融资源是经济资源的独立形式，金融效率（Financial efficiency）则是指金融资源配置的帕累托最优（Paretooptimum）状态，是经济效率的表现形式和推动因素。 中国经济体制改革开放以来，金融资源的增长及其市场化配置机制的培育，对促进经济快速增长做出了重要贡献。但是，金融效率低下、金融资源浪费严重的问题，正日益成为制约经济和金融持续、健康、稳定发展的障碍。因此，研究确定金融效率的标准、实现条件和制约因素，寻求解决提高金融效率的对策和出路，就具有了十分重要的理论意义和实践价值。 《金融效率论》在重新定义金融资源、金融效率等基本概念的基础上，以金融效率为主线，将帕累托效率理论发展和延伸至金融资源的配置领域，并对金融效率的帕累托条件、决定金融效率的外定因素以及金融体系内在运行特征对金融效率的影响等问题进行了系统的理论研究与实证分析。 作者认为，金融资源配置的帕累托效率条件是：1．储蓄者或投资者任意两种金融商品的边际替代率相等且等于商品价格之比。或任意两种金融商品的边际投资收益率相等。2．金融资源需求者，即融资者任意两种融资产品的边际融资转换率均相等且等于两种商品价格之比，或任意两种融资商品的边际融资成本相等。3．使融资者和储蓄者同时达到最佳状态的条件是：任意两种金融商品供给的边际转换率等于相应两种商品投资的边际替代率且等于两种商品价格之比。金融资源配置市场机制的成熟有助于帕累托条件与金融效率的实现。这些研究成果丰富和发展了金融理论，拓宽了理论经济学的研究范围，开辟了金融理论研究的新领域，具有重要的理论意义。 作者认为，总体经济运行的效率状况是决定金融效率最主要的外定条件。除此之外，市场机制、金融交易信息条件和金融交易成本对金融效率的实现有 2 全冈效享论——全回资西伏化配置的理论与实践一重要影响。论文分别就金融制度创新、金融技术创新、金融产品创新以及金融管制、市场开放和金融自由化等固素对金融效率的影响进行了理论和实证分析。作者认为，金融创新、市场开放和“金融自由化”通过培育金融资源配置的市场机制、提高金融交易透明度和信息完全性、降低金融交易成本对提高金融效率做出贡献。金融管制则是在市场失灵时，弥补金融效率损失的权宜之策，从长期来看，只有当金融管制与培育市场机制并行时，才对金融效率的提高发挥积极作用。 作者最后指出，金融不稳定除了源于总体经济的缺陷外，其直接原困是金融效率低下。要保持货币金融体系的稳定，创造经济健康威长的金融条件，必须大力提高金融效率，并将提高金融效率作为全部金融政策的核心目标和主要出发点。 论文关于提高金融效率的一系列政策建议对指导我国当前金融体制改革与金融实践具有现实意义。更多还原

【Abstract】 Without transaction of money or monetary capital, society will not succeed in the allocation of economy resource in modern economy, Which is actually a kind of money credit economy. Then, whether the allocation of resource could meet the de- mand of economy growth and welfare improvement and achieve the Pareto ?opti- mal, will, to some extend, depend on the result of financial transaction and itself, and the allocation of money or monetary capital. Financial System is so important in the modern economy that it?s not only a factor for economy development, but also a kind of existing form of financial re- source. From the interactive relation between material and monetary economy, it gets to the conclusions that financial resource is a kind of independent form of econ- omy resource, financial efficiency mean the Pareto option of financial resource allo- cation and the promotion of economy efficiency. Since the economy reform, the growth of financial resource and the develop- ment of market ?oriented allocation mechanism have contributed significantly to the rapid growth of economy in China. However, the financial inefficiency and wasting of financial resource are the increasing menace to sustained, healthy and stable de- velopment of economy and finance. So, it is very important in theory and practice to study the criteria of financial efficiency and the premise and limited factors to achieve financial efficiency and get the solution to the improvement of financial effi- ciency. Following the principle of financial efficiency, on financial efficiency redefined some basic conception, such as financial resource, financial efficiency. It expanded the theory of Pareto ?efficiency to the field of financial resource allocation, and made systematically theoretical and positive analysis on the Pareto premise and the exogenous and endogenetic factors that have great effect on the financial efficiency. The author discussed the premise for the Pareto efficiency of financial resource allocation. These premises are 1) for the demander for financial resource or fi- nancier, the marginal financial substitution of any two types of financial product must be equal and equal to the rate of price of the two products. Or the marginal cost of financing by financial product must be equal. 2) For saver or investors, the 2 marginal substitution of any types of financial product must be equal and equal to the rate of price of the product. Or the marginal investment return of any types of financial product must be equal; 3) For both financiers and savers, to achieve the optimal condition, the marginal transfer rate of any type of financial product must equal to the marginal substitution of the investment in the two types of product. The improvement for the market mechanism of financial resource allocation is help- ful to meet the premise for Pareto option and to achieve the financial efficiency. These discussions have great contribution to the theory of efficiency and financing and make initial steps on a new field in the studying of financing theories. The doctrine concluded: except that the performance of gross economy is the most important exogenous factor affecting the financial efficiency, the market mechanism, availability of transaction information and the cost of financial transac- tion have substantial effect on the financial efficiency as well. The doctrine conduct- ed the theoretical and positive analysis on the innovation in f更多还原