转轨时期中国财政风险与金融风险联动问题研究

【作者】 王正耀；

【导师】 刘锡良；

【作者基本信息】 西南财经大学 ， 金融学， 2006， 博士

【副题名】基于国有商业银行股份制改造视角的分析

【摘要】 我国经济转轨所取得的丰硕成果,与国民经济的两大主要部门即财政与国有商业银行的支持密不可分,在渐进性的制度变迁过程中,财政与国有商业银行承担着主要的制度变迁成本。随着“强财政、弱金融”向“弱财政、强金融”格局的演变,制度变迁的成本分摊机制发生了变化,改革的成本从初期以财政承担为主逐步转变为以国有商业银行承担为主。这种转变固然与财政尤其是中央财政支配能力的下降而其职能不断延伸扩张,使收支产生不匹配导致较大的财政风险密切相关,但国有商业银行作为我国金融体系的核心和货币政策的传导环节,成本的转嫁使国有商业银行积聚起巨大的金融风险,其典型表现为资本充足率的缺乏、大量不良资产的存在、国际竞争力的下降等。现代经济的金融化特征以及国有商业银行在我国国民经济中的核心地位,决定了如不能及时、妥善的对国有商业银行存在的巨大金融风险加以控制和化解,那么在全面开放我国银行业市场、银行间竞争日趋激烈的背景下,我国国有商业银行不仅处于被动局面,而且有可能导致其风险的不断恶化,从而对整个社会的政治经济稳定产生冲击,有可能使多年改革的成果化为乌有。正因为如此,自1998年开始,我国对国有商业银行实现财务重组,通过发行特别国债、剥离不良资产等手段,使国有商业银行的财务指标趋于好转,但其产权单一、治理结构不完善、不良资产的产生机制等问题依然存在。为彻底扭转国有商业银行的这种局面,2003年10月在政府的安排和推动下,采取了以外汇注资、剥离不良资产和产权改革等手段多管齐下的方式对国有商业银行进行股份制改造。对国有商业银行进行股份制改造,我国采取了三步走的战略。对国有商业银行股份制改造的过程,同时也是原来存在于国有商业银行内的金融风险显性化的过程。国有商业银行是提供准公共产品的机构,同时也具有马太效应的负外部性,国有商业银行在国民经济中的重要地位,中国经济转轨时期特殊的国有商业银行制度安排使国有商业银行成为“第二财政”,以及财政承担公共风险的职能属性等,所更多还原

【Abstract】 The affluent fruit of the economic transitional period of our country is inalienable from the support of two major divisions of national economy, that is, treasury and state-owned commercial bank. In the gradual institutional vicissitude process, treasury and state-owned commercial bank bear the major institutional vicissitude cost. With the transition from“strong treasury vs. weak finance”to“weak treasury vs. strong finance”, the cost allocation mechanism of institutional vicissitude has some changes, the reform cost assumption gradually shifts from treasury of the early stage to state-owned commercial bank of the later stage. This shift is nevertheless closely related to the considerable fiscal risk resulted from the weakening of fiscal (especially central fiscal) payment ability, unrelenting extension and expansion of its power and the consequential mismatch of revenue and expenditure, however, as state-owned commercial bank is the core of the financial system of our country and is a conduit of monetary policy dissemination. The graft of the cost accumulates tremendous financial risks in state-owned commercial bank, typically represented as inadequacy of capital sufficiency ratio, great amount of non-performing loans and descending of international competitiveness, etc.The financial characteristics of modern finance and the central status of state-owned commercial bank in national economy demonstrate that unless the tremendous financial risk of state-owned commercial bank can be controlled and alleviated, against the background of full opening of banking industry of our country and increasingly intensified banking competition, state-owned commercial bank of our country will not only be trapped in a disadvantageous situation, but also deteriorate in risk problem, thus it will bring shock to the whole political and economic stability, and will possibly nullify the achievements of the many years’更多还原