经济波动、资源配置效率与金融风险防范机制构建

Economic Fluctuation,Resource Allocation Efficiency and the Construction of Financial Risk Prevention Mechanism

现有的金融风险防范理论和实践建立在一个假设之上:市场均衡是经济的理想运行状态,经济波动会造成资源配置低效率。但是,从跨时期和跨地区视角来看,经济波动可能会转化成企业、地区乃至国家的"先发优势"或"后发优势",因而是更长跨度、更大范围内的一种资源配置机制。就此而言,经济波动像垄断、外部性和信息不对称等一样,也是市场经济的基本特征,相应地,金融风险是这一基本特征的产物和表现形式。据此,文章指出了现有金融风险防范理念的误区,并给出了可能的金融监管改革方向。

The existing theory and practice of financial risk prevention are based on a hypothesis： market equilibrium is the ideal situation in eco-nomic movement, while economic fluctuation can lead to inefficiency. But the economic fluctuation may be transformed into first-mover advantage or second-mover advantage of enterprises, regions or countries from the perspective of time and space, so it is a resource allocation mechanism in a longer span and wider range. In this case, economic fluctuation is also an essential characteristic of the market economy like monopoly, externality and information asymmetry. Thus financial risk is the product and form of this characteristic. Based on this, the paper points out the misunderstanding of the existing financial risk prevention ideas and gives the possible direction of the financial regulation reform.