中国金融“做对了什么”:我国金融体制变迁的内在逻辑(1949~2019)  

What China's Financial Sector Did Right:The Internal Logic of Changes in the Financial System Changes(1949-2019)

作　　者：丁骋骋 Ding Chengcheng(Zhejiang University of Finance and Economics,Hangzhou)

机构地区：[1]浙江财经大学金融学院

出　　处：《经济社会体制比较》2020年第4期1-10,共10页Comparative Economic & Social Systems

基　　金：教育部人文社会科学规划基金项目“弱连带、结构洞与民间借贷危机的生成机理研究:治理的视角”(项目编号:19YJA790006);浙江省自然科学基金项目“弱连带、结构洞与民间借贷危机的生成机理研究:治理的视角”(项目编号:LY19G030015)。

摘　　要：文章认为,金融发展“中国模式”的基本经验在于,“在合适的时间、合适的地点、做了合适的事情”,也即在不同历史时期,根据不同国情和国家发展目标,在金融体制上作出了有利于经济发展的顶层设计。因此,金融体制演变在改革开放前后经历了从“动员型金融”向“配置型金融”转变的过程,最近十年来又经历了向“服务型金融”的转型。在这样一个金融深化过程中,也正是从“公共金融”向“公司金融”转型,最终走向“家庭金融”的自上而下的“滴落”过程。用发展的眼光看,只有成功实现这样的金融转型,原来投资驱动型增长模式才能真正转变为消费驱动型模式。俄罗斯休克疗法中的金融改革,是在不恰当的时间“做对了事情”(金融自由化),对经济不一定起正面作用。相反,中国金融看起来“没有做对”(金融抑制),但在当时历史背景下做对了激励,因此从长期来看作用是积极的。When examining the relationship between economic growth and financial development from a static point of view,it is natural to conclude that“China's financial sector has not done it right”.It is true that there are big problems in China's financial system,but it cannot be denied that it has played an important role in economic development since the founding of the People’s Republic of China.The basic lesson of the“Chinese model”of financial development is that“the right thing was done at the right time in the right place”.In other words,at different times in history,in accordance with different national conditions and national development goals,top-level design of the financial system was done to make it conducive to economic development.As a result,the evolution of the financial system underwent a process of transformation from“mobilization finance”to“allocation finance”before and after reform and opening up,In the last decade,the system has undergone a transition to“service-oriented finance”.In such a process of financial deepening,it is precisely the transition from“public finance”to“corporate finance”and finally to“household finance”.Russia s financial reform in shock therapy is“doing the right thing”(financial liberalization)at an inappropriate time,not necessarily playing a positive role in the economy.On the contrary,China's financial sector seems to be“not doing the right thing”(financial repression),but its role is positive in the long run due to getting incentives right.

关 键 词：金融体制变迁 动员型金融 配置型金融 服务型金融 

分 类 号：F812.4[经济管理—财政学]