提升中国普惠金融普惠性的策略研究——基于中国两群体金融中介模型的运用

Enhancing the Inclusive Nature of Inclusive Finance in China——A Study Based on the Financial Intermediary Models of Two Social Groups

在我国,众多低收入人群及中小微企业作为"弱势群体"的一部分,对可投资资金的需求远远超过其供给。大量金融资源又集中于富人或大型企业等"强势群体"手中,因而最终导致了"融资难"和收入差距扩大的现象。解决的有效途径是充分发挥普惠金融的调控杠杆功能。金融中介是普惠金融调控功能的关键主体,基于两部门金融中介模型思想,分析经济市场中"强势群体"和"弱势群体"之间投资与储蓄的调控杠杆机制,可以发现以后的努力方向:一是加强金融中介的普惠性职能建设,完善整体经济环境,有效降低分摊在单一弱势群体上的资金风险,提高他们获得金融服务的可能性。二是推动"互联网+"金融创新,设计有针对性的金融创新产品,以风险控制为关键考察要素,为更多的弱势群体提供金融服务,缩小国民收入差距。三是推进普惠金融建设,提升普惠金融服务群体金融资源的获得面,降低金融中介的财富积累"门槛水平"。四是完善互联网金融法律体系建设,宏观调控方面需要政府部门健全财政、货币监管政策,建立有利于金融服务渠道建设的财税支持政策体系;在微观调整方面需要各省市因地制宜调整金融监管体系,明确各新兴金融机构的信息中介定位。五是提升商业可持续性,坚定普惠目标,通过不断的技术革新和金融创新,最终实现普惠金融发展目标。

Capital markets serve as an'invisible hand'in improving the efficiency of financial resource allocation,but at the same time they have produced a negative impact on income distribution between the advantaged group and the disadvantaged group. In less developed countries,the scarcity of financial resources and the adequacy of investment opportunities always coexist. In China,a large number of low-income people together with micro,small and medium-sized enterprises form part of what is called the 'disadvantaged groups',where the demand for available investment funds far outweigh the supply of such funds. On the other hand,too many financial resources are grabbed in the hands of the privileged few men of wealth and enterprises of mega size,namely,the 'advantaged group',which eventually leads to difficulties in financing as well as the phenomenon of income inequality. In order to redress the situation of financing difficulty and income inequality,we should give full play to the control and leverage function of inclusive finance. Financial intermediation is the key subject of the control and leverage function of inclusive finance,which is an efficient means of facilitating the transfer of financial resources,realizing the optimization of the structure of income distribution and promoting sustainable economic growth. Therefore,based on a two-sector model of financial intermediation and growth advanced by Vicente Galbis,the present paper proposes relevant strategies for enhancing the inclusive nature of inclusive finance in China with a view to bridging the gap between the advantaged group and the disadvantaged group and achieving the ultimate goals of the development of inclusive finance in China.