网络金融、制度变迁与经济绩效

Network finance,Institutions Change and Economic Performance

文章以新制度经济学理论为基础,从全新的视角探讨了网络金融在当代中国经济发展中的重要作用。文章认为网络金融不仅能够为中国经济提供巨大规模递增效应,而且通过推动资本租赁价格与投资者偏好的改变引发了中国金融制度深刻嬗变,即由汲取性金融制度向包容性金融制度变迁,以确保新的制度均衡有利于潜在经济绩效的实现。一系列非正式约束的改变与正式规则的建立能够有效调动资源和促进实体经济发展,均启示着国家如何采取政策措施以成为在非人际关系化交换条件下从网络金融市场中获取收益的复杂契约实施有效监督的"第三方",将是中国经济能否进一步腾飞的一个重要因素。

Based on new institutional economics theory, this paper discusses the important role of network finance in the development of China＇s economy from a new perspective. The article considers that the network finance can not only provide the huge scale of the Chinese economy, but also lead to the profound changes in ChinaJs financial system, which is benefi- cial to the realization of the potential economic performance by promoting the change of the price of capital lease and the preference of investors. The establishment of a series of informal constraints and formal rules can effectively mobilize re- sources and promote the real economy development. It is also a significant factor for China＇s economic development to take policy measures to implement effective supervision of the third party, which is effective in the implementation of the com- plex contracts, which can be obtained from the network finance.