农信社央行专项票据置换的政策效应评估--基于安徽亳州的实证分析  

The Evaluation of Policy Effect of Special Central Bank Bills Swap

作　　者：董晓林[1] 褚保金[1] 杨晓蓉[2] 

机构地区：[1]南京农业大学经济管理学院,南京210095 [2]中国人民银行亳州市中心支行,亳州236800

出　　处：《金融研究》2008年第9期176-187,共12页Journal of Financial Research

基　　金：中国人民银行亳州中心支行和福特基金会(北京)的支持

摘　　要：从2004年开始,中国人民银行陆续向全国农村信用社发行专项票据,以此置换农村信用社积压的不良资产和历年亏损挂账,激励信用社完善法人治理结构、转换经营机制、提高经营效益,从而进一步推动农村信用社的深化改革。本文通过对安徽亳州地区农村信用社改革情况的调查研究,评估央行专项票据置换的政策效果。研究显示,获得该项政策支持的农村信用社财务指标明显改善,资本充足率提高,股本金迅速膨胀,不良贷款下降;而信用社的经营业绩和支农功能并没有显著提高。信用社和地方政府在改革实施中行为短期化,法人治理结构的完善和运行机制的转换仍停留于形式,"花钱买机制"效果不显著。Since 2004, the People＇s Bank of China has issued special central bank bills to Rural Credit Cooperatives （RCCs） nationally to swap the non-performing assets and deficit that RCCs had kept for years, in order to stimulate RCCs to perfect corporative governance, reform their operational mechanism and performance. For the purpose of evaluating this policy effect, the authors investigate the reform and performance of RCCs in Bozhou, Anhui Province, China. The results show that for those RCCs with the policy support, their financial statement improved noticeably in terms of capital adequacy rate, equity capital and non-performing loans. However, their operational performance and the agriculture-supperting function didn＇t improve remarkably. Therefore, the paper concludes that the local government and RCCs have to make effort to reach the goal of the reform ＂to institute a good mechanism with money＂.

关 键 词：票据置换 农村信用社 政策效应 

分 类 号：F832.2[经济管理—金融学]