关于资金价格双轨制的负效应及并轨研究  

Research on the Negative Effect of the Double-track System of Capital/Price and Unification of Capital/Price

作　　者：陆岷峰[1] 王虹[1] 

机构地区：[1]南京财经大学金融学院,南京210046

出　　处：《广西经济管理干部学院学报》2012年第3期44-49,共6页Journal of GuangXi Cadres College of Economic and Management

摘　　要：资金作为一种特殊的商品,其价格不应该因为供给者的不同而不同。通常情况下,资金价格是由资金供求关系及资金供应渠道的成本和风险决定的。但由于在实际经济活动中,以商业银行为主体的正规金融资金定价带有很强的非市场性,而民间金融完全依市场资金供求来定价。这两种定价方式导致在社会资金极度紧张的情况下,民间融资中出现了高利贷现象。高利贷一方面解决了中小企业的资金困难,另一方面脱离资金状况的价格导致企业高额的利息负担,破坏了经济的发展。资金价格双轨制既是高利贷形成的体制原因,也是当前资金分配不公平的体制因素。当前必须采取有效措施,实现资金价格双轨并轨,以合理的统一的资金价格促进经济社会的良性发展。Since capital is a sort of peculiar commodity,its price shall not be differentiated against different suppliers.Generally speaking,the price of capital is determined by the supply-demand relationship of capital as well as the cost and risk of the supply channel of capital.However,in actual economic activities,the pricing of normal financial capital which mainly involves commercial banks is characterized by strong non-market orientation,while the pricing of financial capital of non-state finance completely depends on the market supply and demand of capital.These two means of pricing exist concurrently and,as a result,usurious loan emerges in non-state finance when social capital is insufficient and people are extremely eager to acquire loans.On the one hand,usurious loan helps to solve financial difficulty faced by small and medium-sized enterprises.On the other hand,the pricing of usurious loan is beyond the market supply and demand and forces the enterprises to bear excessively heavy burden of interest.As a result,economic development is barred.The double-track system of capital/price not only is the cause of usurious loan,but also is an institutional factor contributing to unfair allocation of funds at the moment.In order to facilitate the benign development of the economy and society with reasonable and uniform pricing of capital,we must now adopt effective measures to realize unification of capital/price.

关 键 词：金融改革 资金价格双轨制 并轨 民间金融 

分 类 号：F832.2[经济管理—金融学]