渐进转轨、国家能力与金融功能财政化

Gradual Transition, State Capacity and Fiscal Functions Performed by Financial Sector in China

渐进改革过程中,中国政府面临许多挑战,需要保持并强化国家能力。为了弥补分权化改革中国家财政能力下降的不足,中国政府加强了对金融业的控制,促使其行使财政职能。这体现为:在动员资源过程中,金融业替代税收收入功能;在资源配置过程中,金融业替代财政支出功能。由此,导致了金融资源被异化为中央和地方政府的财政资金,金融业被异化为"第二财政"。作为"第二财政"的金融业,发挥着提供铸币收入、平衡预算赤字、替代财政投资、平衡地区差距、替代财政补贴等多项财政功能。这种替代既有逻辑上的必然性———渐进改革的必然要求,也有其现实上的不合理性———财政功能和金融功能的错位。中央政府和地方政府主导下的金融改革,造成了这一错位,只有进行金融制度建设,赋权于财政,还权于金融,才能建立起有效的公共财政制度,发展起健康的市场金融体系。

This paper argues that China's government has made Chinese financial sector perform the functions of public finance in order to maintain the state capacity since Chinese economic transition. As a result, Chinese financial sector provides funds to meet the requirements of public finance to cover the budget deficit,eliminate the regional economic disparity and substitute government investment and so on, just acting as a secondary fiscal institution affiliated to the Ministry of Finance to allocate and mobilize national resources. Such expansion of Chinese government's financial capacity, therefore, has damaged the development and reform of Chinese financial sector as well as the government's fiscal capacity. Solutions are finally put forward, including the suggestion to restructure its financial sector and fiscal institutions.