农村金融二元体制惯性及其资本抑制机理研究

Research on the Inertia of the Dual Rural Financial System and Its Capital Inhibition Mechanism

金融成长与资本形成是一对共生的范畴。金融体制改革前后近40年间,中国农村金融呈现U型成长轨迹,同期农业资本增长率却始终在低水平线上徘徊。以行政导向与市场引导交叉融合为核心的农村二元金融体制,在金融产业组织、市场格局和制度安排等方面制约农村金融与农业资本的良性互动,导致农村金融市场运行失范、价格失真、供求失衡。文章认为,根本解决办法是推进农村正规金融机构治理结构改革,促进农村正规金融机构成为真正的市场主体。当前应从拓展正规金融机构业务领域、调整税收优惠体系、增强农村金融服务、引导农村商业性金融发展、扶持规模化农业,以及促进工商业资本投资农业等角度解决现实问题,为深化改革创造条件。

Financial growth and capital formation are a pair of symbiotic categories. During the 40 years of the financial system reform in China, the country＇s rural finance has experienced a You - shaped growth. Over the same period, the agricultural capital growth rate has been at a low level. With the integration of administrative orientation and market guidance at the core, the dual rural financial system stops rural finance from having be- nign interaction with agricultural capital in terms of financial industrial organizations, the market structure and institutional arrangements, leading to abnormal operation of the rural financial market, the price distortion and the imbalance between supply and demand. The fundamental solution is to promote the reform of the corporate governance of formal rural financial institutions and get these institutions to be become real market players. We should expand the business scope of formal financial institutions, adjust the tax system, improve rural financial services, guide the development of rural commercial finance, develop large - scale agriculture, and ensure that industrial and commercial capital is invested in agriculture. That could create conditions for deepening reform.