政府与市场之间:中日开发银行融资改革的比较研究

Between State and Market:A Comparative Study of Development Bank Capitalization Reforms in China and Japan

20世纪90年代末中国和日本同时进行了开发银行改革,都试图将银行的主要融资方式从政府调控融资转变为市场发债融资。改革的结果是,中国的国家开发银行基本实现发债融资,而日本开发银行却仍高度依赖于政府的资金调控。两场时间重合、目标相同的改革,得到不同的结果,"变革时机"和"路径依赖"决定了金融制度改革的结果。战后30年中不断壮大的政府调控型金融制度约束了日本的改革进程,而中国政策性银行的融资市场化并未受到成熟旧制度的制约。强调政府调控在政策金融中的作用,对当下增速放缓的中国经济具有借鉴意义。

Since the late 1990s, both China Development Bank （CDB） and Development Bank of Japan （DBJ） have undergone reforms, shifting their primary ways of fund -raising from government - coordinated funds to issuing bonds in the market. The results of the two reforms, however, are quite different. CDB has been able to finance effectively in the capital market, while DBJ＇ s capital inflow still remains to rely on the government. Considering the similar goals and synchronic timing of the two reforms, we wonder for what the results have been different, for what the development bank of China has been able tomarketize more effectively than its Japanese counterpart, and what the policy implication is for development finance in China. The article argues that ＂timing＂ and ＂path dependence＂ determine the outcome of the reforms. The resilience of Japan＇s government - coordinated financial institution in the recent thirty years has increased the cost of marketization. Meanwhile, the absence of a full - fledged financial institutionalization in China has provided space for CDB＇ s rapid reform. Experiencing economic slowdown, China shall gain insights from Japan＇ s financial policy which stresses the role of government coordination.