【精品】两部门合作农村金融体系形成的一般逻辑与中国经验6.docVIP

两部门合作：农村金融体系形成的一般逻辑与中国经验 周立 （中国人民大学 农业与农村发展学院 北京 100872） 摘要：农村融资困境，对农村经济发展的效率和公平影响极大。但已有成熟的城市工商金融体系，为何不能自然而然地延伸到农村地区，而需要一个单独的农村金融安排呢？原因在于，农村金融市场存在信息不对称、抵押物缺乏、特质性成本与风险、非生产性借贷为主这四个基本问题，由此导致了农村金融市场自然发育状态下的“市场失灵”和“负外部性”，为政府介入提供了充分条件。但政府介入的结果，往往以正式金融安排取代非正式金融安排，而理论和实证经验表明，非正式金融安排在解决四大基本问题上更有优势。由此，又导致政府介入后的“政府失灵”。解决两大“失灵”的关键，在于构建并运行两部门垂直合作型农村金融体系。诸多发展中国家，以及中国历史经验和当代东南沿海调查等实证经验，也证明了这一发展逻辑。未遵循上述一般经验和发展逻辑的中国农村金融体系，宜在农村金融体制的改革和研究中借鉴利用这一一般经验。 关键词：农村金融体系 正式金融 非正式金融 The Evolving Process of Rural Financial System ---- Based on Four Key Issues and Practices Abstract: The financing problems affect the efficiency and fairness objectives of rural economic development very much. Why we need a rural financial system, not choose to spread the market financial system to rural area instead? Because there are four key issues in rural financial market that can’t be solved by market financial system: information asymmetry, lack of collateral, specific costs and risks, and non-productive usage of funds. If the rural market were evolved naturally, the market failures and negative-externalities can’t be avoided. But when the government interrupts in rural financial market, it will prefer to build up a formal financial system, which restrains the development of informal arrangement, but the later has the advantage to solve the four key problems, then the government failure will comes out. The key to solve market and government failures lies on the construction of vertical cooperation rural financial system. Studies on the practices of many developing economies and China proved the evolving process. China should learn more from the common practice and evolving process in the rural financial system reform. Key words: Rural financial System; formal finance; informal finance 一、引言 信贷可得性对于农村经济和农民生活至关重要，因为它牵涉到能否使一个有利可图的农村小型投资进行下去，能否使农户的季节性收入和连续性支出之间的消费平滑化。更为关键的是，还涉及遇上婚丧嫁娶、生病上学等突发性的大额而刚性的需求来临时，能够获得必要的融资。因此，农村金融安排的存在，对于农业生产、农村发展和农民生活，都至关重要。没有融资渠道，意味着农民的再生产链条可能中断，甚至基本生活都会因缺乏平滑化手段而成为问题。 但问题接踵而至，我们已有一套成熟的工商