摘要
中长期资金有助于促进资本积累,对于经济增长具有重要意义。与发达国家相比,我国中长期资金供给不足、渠道单一、配置低效等问题均较为突出。金融结构论者将原因归结为我国银行体系一家独大、直接融资市场发展滞后,解释力可能稍显不足。鉴此,本文站在金融功能论的视角,淡化直接、间接融资渠道的概念,抽象出金融系统通过期限转换供给中长期资金的一般原理,即通过市场化或政府主导的方式,为资金供给方提供安全补偿、流动性补偿、外生风险补偿、盈利补偿,是金融系统实现和促进期限转换的必要条件。国际对比的结果也表明,我国金融市场不发达和银行中长期资金投放不足的深层次原因是上述补偿机制有待进一步完善。据此,本文认为,优化我国中长期融资应充分发挥市场在资源配置中的决定性作用,更好发挥政府作用,集中精力优化上述补偿机制,强化金融系统的期限转换功能,稳步增加中长期资金供给,着力提高中长期资金配置效率。
Medium and long-term funding helps to promote capital accumulation,which is important for economic growth.Compared with developed countries,China's medium and long-term funding shows some prominent contradictions,such as insufficient amount,few channels and inefficient allocation.Financial structure theorists attribute the reason to the dominance of China's banking system and the lagging development of direct financing markets,which may be insufficient in explanation.So,from the perspective of financial functional theory,we ignore the difference between direct and indirect financing channels and abstract the general principle of maturity transformation of financial system through which providing the medium and long-term funds,that is,providing security compensation,liquidity compensation,exogenous risk compensation and profit compensation for fund providers through marketization or government participation,which is the necessary condition for the financial system to realize and promote maturity transformation.The international comparisons also support this general principle.Based on this,we believe that,in order to improve China's medium and long-term financing,we should let the market play a decisive role in resource allocation,let the government play a better role in optimizing the compensation,focus on optimizing the compensation mechanisms and strengthening the maturity transformation function of the financial system,so as to steadily increase the supply of medium and long-term funds as well as improve the allocation efficiency.
出处
《金融监管研究》
CSSCI
北大核心
2020年第2期20-34,共15页
Financial Regulation Research
关键词
中长期资金供给
金融功能
期限转换
Medium and Long-term Funding
Financial Function
Maturity Transformation