信贷非均衡行为的负外部性及成因分析——简论国有商业银行负外部性的体制诱因

Analysis about Negative Externalities and Its Causes of Credit Non-Equilibrium—Discussion to Traditional Inertia Factor of State-owed Commercial Bank

银行是典型的具有负外部性的部门,其外部性的重要根源在于其经营的主要是社会资本以及围绕其形成复杂的债务链。国有商业银行负外部性的体制诱因为泛行政化条件下法人治理结构不健全以及利率非市场化。实施资产负债比例管理似乎提高了国有商业银行的理性化程度,但在特定理性化表象下银行表现出信贷非均衡行为,给宏观经济运行带来显著负外部性。解决国有银行信贷非均衡行为的根本出路是重组其资本结构,坚持政银分离,完善法人治理结构和建立有效的代理人约束激励机制,加快推进利率市场化改革。

Bank is typical sector of negative externalities,the important crux lies in dealing with social capital and complex debt chain surrounding social capital. The traditional inertia factors of state-owed commercial bank are unsound structure of corporate governance under the condition of wide government intervention and non-marketization interest rate system. Implementing the proportion administration to assets and debts seems to improve ration degree of state-owed commercial bank, but bank' s credit non-equilibrium action under the specific ration degree bring remarkable negative externalities on the macroeconomics. The fundamental approaches of resolving this credit non-equilibrium action are reorganizing the structure of state-owed bank's capitals, making bank detach from government intervention, improving the structure of corporate governance, establishing valid restriction and stimulation mechanism to deputy, and moreover accelerating the reformation of interest rate marketization.