国家战略冲击下的“沉没成本”:重庆三峡库区农村信用社案例研究

The Study of "Sunk Cost" under the State Strategy:A Case of RCC in Sanxia Region

本文以三峡库区农村信用社在特定国家战略下承担的社会成本进行个案研究 ,以总结在缺乏补偿机制的体制安排下经济主体在特质性冲击下的困境。研究发现 :随着三峡库区的淹没 ,当地农村信用社的债权和资产也部分转化为机构的沉没成本 ,其中固然有特定冲击的不可抗拒性———作为金融机构显然需要服从国家战略大局 ,但是也存在企业和居民利用移民机会悬空债务等行为导致沉没成本的进一步扩大化。其中显示的另一个政策性问题在于 :农村信用社的“地区”法人性质是无法应对此类冲击的 ,一定范围内的债权联合是有利于制约债务人信用风险的理性选择。

This paper studies the social costs of rural credit cooperatives (RCCs) in Sanxia region caused by special state strategy, to review the dilemma of RCCs in a exposure to systematic risks. The conclusions are following. Firstly, debt evasion of debtors by taking advantages of immigration is a leap of loan loss. Secondly, as small sized regional financial institutions, RCCs are incapable to resolve regional shocks. Thirdly, property rights should be respected by the state, enterprises and individuals as well. Finally, in long run, trans-regional assets cooperation among RCCs should be considered, and in short-run, central bank refinance is a reasonable solution.