中国金融机构改革:从体制转换理论角度出发

本文分析了经济转型条件下中国的金融改革。中国金融系统有其独有的特征:过度的信用快速扩张;以银行为主导的金融系统;乏力的中央银行调控和商业银行监管以及大量的不良贷款(non—performing loan)。中国需要在金融、企业和财政系统三方面进行协调化改革。依据对中国资本调整策略的详细分析,本文提出不良债券部门交易(bond—bad deptswaps)是处理不良贷款的最好方式。从长远看,中国不仅要将国有银行商业化,还应给国有企业引入严格的预算约束,改革税收体制,建立独立的中央银行。

Reform of the Financial Institutions in China: from System Reform Theory Angle

This paper analyzes the financial reform in China, given the characteristics of the transition economy. The Chinese financial system has certain characteristics including and overly rapid expansion of credit, a bank - dominated financial system, weak central banks regulation and supervision of commercial banks, and a massive buildup of non - performing loans ( NPLs). The Chinese financial sector has accumulated a huge number of NPLs. China needs a coordinated reform of its financial, enterprise and fiscal systems. Following a detailed analysis of China's recapitalization strategy, this paper suggests that bond - bad debt swaps are the best option for dealing with NPLs. Moreover, in the long term, China must not only commercialize state owned banks(SOBs) , but also introduce hard budget constraints on state owned enterprises (SOEs), reform the tax system, and establish an independent central bank.