交易成本、法律传统与金融制度边界的决定  

Transaction Cost,Law Tradition and the Determination of Financial System Boundary

作　　者：张杰[1] 

机构地区：[1]中国人民大学中国财政金融政策研究中心

出　　处：《财贸经济》2012年第2期52-57,共6页Finance & Trade Economics

基　　金：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)重大基础研究计划项目"金融分析的制度范式与制度金融学"(10XNL008)的支持

摘　　要：金融制度边界(或者结构)的决定是制度金融理论的一个核心问题,可是,不少文献对此问题的讨论从一开始就转向对不同金融体系结构以及绩效的简单刻画与比较。特别是,一度备受追捧的法金融学理论也深陷金融制度孰优孰劣判断的"陷阱"而难以自拔。因此,正确的理论选择就是重返制度边界决定的交易成本传统。本文的讨论发现,各国之所以拥有不同的金融制度边界,基本原因是其在利用金融市场和金融企业制度方面的"比较优势"存在差异;法律传统不可能抛开市场交易方式以及交易效率而直接决定金融制度边界。相比之下,文化渊源的重要性则体现在,它决定着交易成本的初始结构,并由此影响人们对交易方式或者交易制度的选择。The determination of financial system boundary is a core issue of institutional finance. However, much of the literature has been simply obsessed with the description and comparison of different financial system structures and their performances rather than transaction cost associated with the determination of system boundary. This was the case even for the once popular law finance. Actually, appropriate practice is to pay attention to transaction cost of boundary determination. Discussion in the paper has found that the variation in financial system boundaries in various countries can be interpreted by their difference in comparative advantage in utilizing financial markets and financial entrepreneurial system. What is more, law tradition alone is not sufficient to determine the boundary in absence of market transaction means and transaction efficiency. In contrast, cultural origin alone has played the role of setting in place the initial structure of transaction cost which in turn has an effect on transaction means and transaction system.

关 键 词：交易成本 法律传统 文化渊源 金融制度选择 

分 类 号：D922.28[政治法律—经济法学] F832.1[政治法律—法学]