适配农村城镇化进程的最优金融结构理论研究．

一个实体经济体的最适配金融结构，内生决定于该实体经济的禀赋特性。从经济结构内涵而论，劳动力就业结构的转换、农村要素禀赋的提升以及产业结构的调整，构成农村城镇化的重要禀赋特性，小企业和新创办企业是农村城镇化中经济结构调整的主要动力。从金融交易特征观察，农村城镇化聚集了众多小企业成长所引致的异质性融资需求，与之相关的金融契约，有别于现行的二元金融系统，其资金需求规模小，企业家风险突出，这决定了适配农村城镇化的金融制度，不可能在现有二元金融系统中单独依靠对某种金融机构的改造而确立。为加速农村城镇化进程，有必要建构“区域性”的“政策导引的商业金融系统”，其核心价值在于对小额信贷的风险甄别功能。

Theory Study On the Optimal Financial Structure Matching the Rural-Urbanization

The optimal financial structure is endogenously determined by the natural endowment characteristics of the real economy. From the view of the essence of the economic structure, it is the change of labor employment structure, the promotion of the rural resource from the assets feature to the capital one and the adjustment of agricultural industry structure that constitute the core endowment characteristics of the rural - urbanization, in which the small and newly built enterprises will be the key motive force leading the adjustment of the rural industrial structure. Observating from the features of the financial transaction, the rural - urbanization clusters the heterogeneous financing demand which was born in the development of the small enterprises with the small fund demand scale and the high entrepreneur risk as the features of the financial transaction. This determines that the financial system matching the rural - urbanization can not be established by just restructuring the existing financial organizations which were born in the binary financial system, in order to accelerate the rural - urbanization, it is necessary to construct the policy -leading regional commercial financial institutions,in which the core mechanism is its function of risk screening aiming at the small enterprises.