地方政府干预银行业:内在逻辑与经验证据

Local Government Intervening in Banking Industry:Inner Logic and Empirical Evidence

源于财政分权与晋升激励的制度安排,地方政府成为推动地方经济发展的主角。在"为增长而竞争"的过程中,地方政府对银行业进行干预以攫取廉价的金融资源。分税制改革削弱了地方政府的财政能力,增强了地方政府对银行业进行干预的动机。借助于各种行政手段,尤其是通过对地方金融机构的操控,地方政府对银行业的干预得以实现。地方政府干预导致大量信贷资金财政化,将带来明显的通货膨胀后果。地方政府干预推动了地方性金融机构的崛起。尽管地方性金融机构崛起有助于打破银行业由国有大银行所主导的高度垄断局面,但由于地方政府对地方性金融机构的深度干预,地方性金融机构崛起对银行中介效率的提升作用十分有限。

As the result of fiscal decentralization and the institutional arrangement of promotion incentive, local govern-ments have played the dominant role in promoting local economy. In the process of “competing for growth”, the local governments intervene in banking sector to grab cheap financial resources. The tax-sharing fiscal system reform has weakens the fiscal capacity of local government, which enhances the motivation of the local government to intervene the banking industry even more. Local government intervention has promoted the development of local financial institutions. The emergence of local financial institutions helps to break up monopoly of state-owned banks. But due to the excessive intervention of local governments, local financial institutions have a fairly limited role to enhance the banking intermedi-ary efficiency.