开发性金融的理论逻辑

A Research on China Development Finance

本文总结了我国开发性金融的实践,并从制度供给和需求这一角度解释了开发性金融的内在理论逻辑:我国处于转型之中的经济制度尤其是产权制度,决定了相较于发达国家,我国政府承担了更多的经济职能,由此形成了介于'市场和政府'之间的业务,成为开发性金融的需求;国家开发银行利用政府的组织优势、我国的高储蓄率和地方政府竞争制度,进行了一些基于市场的金融创新,成为开发性金融的主要供给者。从这一理论逻辑出发,并借鉴国际政策性金融的经验,本文进一步探讨开发性金融未来的发展趋势、业务边界和监管改革。

This paper summarizes the practices of China’s development finance and develops a demand and supply framework of institutions to explain its inherent theoretic logic:China’s transforming economic institutions,especially property rights institution determine that China’s government takes more economic responsibilities compared with governments of developed countries,leading to business falling between the government and the market,which determines the demand of development finance;China Development Bank exploits the sprawling organization network of China’s government,high savings,and competitions within local governments to conduct certain financial innovations and has become the main supplier of development finance in China.Based on this theoretic logic and lessons from international development finance,this paper further studies the trend and boundaries of China’s development finance and proposes suggestions on related regulatory reforms.