风险约束、市场深化和产权结构的动态演变

Risk Constraint,Market Deepening and the Dynamic Evolution of Property Rights

对于我国所经历的"经济增长奇迹",来自于金融和产权领域深层次的制度变迁固然值得人兴奋,但以此作为理解中国经济发展的主线其解释力还稍显不足。鉴于此,本文通过引入"生产风险"和"交易风险"两个重要概念,发展了一个内生"生产风险"和"交易风险"的新兴古典投资-储蓄模型,进一步说明金融深化和产权改革之所以能促进经济增长,其得益于不断推进的市场化改革和日益完善的资源配给制度。当市场缺失或失灵,"生产风险"成为效率损失的主要来源时,金融抑制和传统产权结构仍然有助于弥补私人投资不足,并实现次优的经济增长。所以,厘清不同经济发展阶段所依赖的经济和制度环境才应该成为进一步改革的逻辑前提。

The great changes in financial and property rights have been one of the most exciting ways in understanding China's Economic Miracle during past 30 years,while only emphasizing the two might not be enough.Therefore,by introducing the notions of Production Risk and Transaction Risk,this paper develops a new classical investment-savings model with endogenous production risk and transaction risk.The new model concludes market reform and resource allocation system are the key for economic growth in deepening financial reform and property reform.In case of market failure,when production risk acts as the main cause of efficiency loss,the arrangement of financial restraint and state enterprise can promote economic growth.Hence,identifying different economic environment in different period helps understand the theory itself and then obtain the right suggestions.