非正规金融与正规金融协同性的实证分析:温州案例

The Synergy of Informal Financial and Formal Financial: Case Study of Wenzhou

许多实证研究表明,非正规金融与正规金融具有相互影响、相互补充、相互协作的关系。本文把这种关系定义为协同性。本文通过对民间金融发达的温州市的个案研究,证明了非正规金融与正规金融具有显著的协同性关系。这种关系不仅体现在对中小企业资金来源的供给结构上,还表现在利率变化与融资规模上。在此基础上,对这种协同性关系进行了理论归纳,最后是结论:要给非正规金融必要的制度空间;完善这种协同性关键是要发挥民间金融市场化的机制,避免政府直接干预;还须考虑金融生态环境因素的影响。

Many empirical researches indicate that informal finance and formal finance interact, supplement and cooperate with each other. The article defines this relationship as synergy. The synergy is proven to be obvious in the case study of Wenzhou, where informal finance is quite advanced. The synergy not only appears in the structure of funding supply to SMEs, but also shows in the various interest rates and financing scale. Based on this, this article draws a final conclusion： Informal finance should be given necessary systemic space; The key to improve the synergy is to exert the market mechanism of informal finance and restrain government＇s direct intervention; Financial ecological environment should be taken into account.