近代中国两种金融监管制度的比较:基于交易费用视角的研究

A Comparison of Two Financial Regulatory Systems in Modern China:From the Perspective of Transaction Costs

近代中国前后出现了两种金融监管制度,即北京政府时期的市场化监管制度和南京政府时期的行政化监管制度。在市场化监管制度模式下,因政府监管的缺位,中国金融业出现大发展与大混乱并存的局面,这种局面导致了高昂的交易费用,阻碍了金融业的健康发展。南京国民政府上台以后,通过强制性制度变迁确立了行政化监管制度,在行政化监管制度模式下,政府取代市场主体成为金融监管的主体,政府法令取代同业法规成为金融监管的主要依据,政府的介入降低了交易费用,使中国金融业在抗战爆发前结束了长期混乱的格局。

In period of the modern China, there were two financial regulatory systems, namely the market-oriented regulatory system during the period of Beijing government and administration-oriented regulatory system during the period of the Nanjing national government. Under the mode of market-oriented regulatory system, because of a lack of government supervision, Chinese finan cial industry was featured by great development and big chaos which led to high transaction costs and hindered the healthy development of financial industry. After the Nanjing national government came in- to power, it established the administration-oriented regulatory system through mandatory institutional changes. And under the mode of administration-oriented regulatory system, governments, instead of market, became the subject of financial regulation, government decrees replacing trade laws and regula- tions were the main basis of financial regulation and government intervention reduced transaction costs, leading to an end of the long-term chaotic pattern of financial industry in modern China before the out- break of Anti-Japanese War.