地下借贷市场去影子化:法与金融的视角

Removing the Underground Lending Market out of Shadow:A Law and Finance Paradigm

民间(非正式或地下)借贷市场是影子银行的重要组成部分。非正式贷款市场通过服务低端市场,对传统的金融体系加以补充,同时,由于处于监管范围之外,并且与正规银行之间的勾连,给金融市场带来潜在的风险。民间借贷市场处于金融监管范围之外,法律和监管无法发生有效作用,将民间借贷市场纳入正规银行体系的去影子化路径,在去除监管套利和监管真空方面有所帮助,但是也会增加监管成本和监管失灵的可能性。法与金融理论认为,法律制度是金融市场发展的决定性因素。民间借贷市场活跃的关键原因是金融排斥和金融抑制的金融市场特质没有得到改善,因此,民间借贷市场的去影子化治理的关键是改善正规银行体系的普惠性。

The focus of this article concerns the undergrounding lending market in China, which plays a supplementary role to the formal banking sector and is an important component in China’s shadow banking. As it is outside of the regulatory ambit but is interconnected with the formal banking sector, the undergrounding lending market brings risks to financial markets. The solution to remove the underground lending market out of shadow is to bring it into the formal lending market so that the current financial regulatory system can contain its potential risks so as to reduce the possibility of regulatory arbitrage and regulatory vacuum. However, financial regulation is a double-edged sword. While it helps reduce financial risks, it may also lower the incentives of financial innovation and create compliance costs and regulatory costs.According to the law and finance theory, legal system and law are the decisive factor in shaping financial markets. The origin of the growing underground lending market is financial repression. Curing the problems in relation to the underground lending market requires financial liberalization and financial inclusion.