理解中国金融改革——一个制度金融学范式的解释框架

Understanding China's Financial Reform——An Explanation Based on the Institutional Finance Paradigm

我国经济金融改革是一个连续的过程,前一个改革时期所形成的结果自然成为后一个改革时期的逻辑起点和约束条件。因此,对我国金融体系的改革和演变历程进行大历史和长周期考察,能够更深刻地理解其中的内在逻辑。本文试图建立统一的制度分析框架,梳理建国以来至今整个中国金融体系形成、改革和发展的历史逻辑和理论逻辑,并在此基础上,展望下一步中国金融改革动向。分析表明,我国二重性质的社会结构和赶超式经济发展战略是最初形成垄断均衡金融制度的根源;而地方间经济竞争与抢夺金融资源、国有商业银行的市场化改革、民营经济的崛起与内生性金融的成长等因素,则正在推动我国金融体系由垄断走向垄断竞争。展望未来,市场化改革仍然是我国金融改革的主基调;金融机构准入的市场化以及金融要素价格的市场化,将成为未来我国金融改革的两条主线。

China＇s economic and financial reform is a continuous process, and the results of the previous reform period naturally became the restraints and logical starting points of the latter reform period. Therefore, examining China＇s financial system reform and evolution from a long historical perspective can get a more profound understanding of its inherent logic. This paper attempts to establish a unified institutional analysis framework, and combing the historical and theoretical logic of the formation, reform and development of China＇s financial system since the founding of the People＇s Republic of China. Based on this, this paper deducts the next step China＇s financial reform trends. The analysis shows that China＇s dual social structure and catch up strategy of the economic development is the root of formation of a monopoly balanced financial system. Local economic competition and snatching financial resources, the market-oriented reform of state-owned commercial banks, the rise of private economy and the growth of endogenous finance are driving China＇s financial system from monopoly to monopolistic competition. Looking ahead, market reform is still the main tone of China＇s financial reform, and the marketization of financial institutions＇ entry and the marketization of financial factors are the two main lines of China＇s future financial reform.