正规金融与非正规金融：机制、效率与实证挑战
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| Title | Formal and Informal Finance: Mechanisms, Efficiency and Empirical Challenges
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| 作者 | 高明 刘玉珍 |
| Author | Gao Ming and Liu Yuzhen |
| 作者单位 | 北京大学光华管理学院 |
| Organization | Guanghua School of Management, Peking University |
| 作者Email | gaoming@gsm.pku.edu.cn；yjliu@gsm.pku.edu.cn |
| 中文关键词 | 正规金融 非正规金融 机制 效率 经济成长 |
| Key Words | Formal Finance; Informal Finance; Mechanisms; Efficiency; Economic Development |
| 内容提要 | 正规金融与非正规金融的定位和关系，不但是基础的学术问题，也是决定中国间接金融体系改革方向的依据。本文藉由机制视角建立学理框架，讨论正规金融与非正规金融的相对效率及决定因素，并藉由定义、分类、选样和研究方法，指出现有实证文献的成果与挑战；进而结合中国特征，讨论如何提高正规金融与非正规金融的效率，以提供中国间接金融体系的建设思路，最后提出未来研究方向。本文认为，正规金融与非正规金融因信息和偿付机制不同而各有其独立存在价值，其相对效率取决于经济发展阶段、金额市场规模，现有实证文献对两者作用的分歧主要源于分类、样本局限和内生性处理。就中国问题而言，本文建议，应放松管制，破除二元体制等阻碍因素，经由正规金融之竞争，提高其覆盖与效率，同时加强法律系统和履约，迫使非正规金融自我规范和提高效率。经由正规金融与非正规金融之竞争，构建有效的间接金融体系。 |
| Abstract | The relationship between formal and informal finance is not only a fundamental academic issue, but also a theoretical framework for the China's financial system reform. This paper discusses the relative efficiency and its determinants of formal and informal finance by establishing theoretical framework from mechanisms’ perspective, and further points out the contributions and challenges of the existing empirical literatures by analyzing the definitions, classifications, sampling and research methods. The paper then discusses how to improve the efficiency of the formal and informal finance by considering Chinese unique features, and provides suggestions on upgrading the indirect financial system in China. The paper concludes with suggestions for future researches. This paper proposes that formal and informal finance have their own unique advantages due to the difference in information and enforcement mechanisms, and their relative efficiency depends on the stage of economic and financial development. The existing empirical results have been controversial mainly due to the classifications, limitations of samples and endogenous problem. Regarding China issues, this paper advocates to deregulate our financial systems, abandon the urban-rural dual system, enhance the financial access and efficiency of the formal finance, and promote self-regulation and efficiency of informal finance. An efficient indirect financial system should be built through free competition of informal and informal finance. |
| 文章编号 | WP591 |
| 登载时间 | 2014-01-27 |
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