温州式金融危机生成的制度逻辑

通过对温州金融危机进行个案考察发现， 民间金融对民营中小企业的发展具有不可或缺的作用， 但在外部宏观经济环境发生转变进而恶化中小企业生存环境时， 民间借贷的性质将从互助合作性转向投机性， 民间借贷参与者的范围也将超越有效信任边界； 于是， 其私人治理机制再也无法有效约束借款人的败德行为， 从而为金融危机的爆发提供了可能。 由温州个案还可引申出如下结论： 中国长期实践的金融管制政策不仅为温州式金融危机的生成提供了必要条件， 还抑制了非正规金融自发地向正规金融转型， 并引发了一系列的扭曲效应，如企业家人力资本才能错配、 民间金融内聚高违约风险、 投机行为泛滥以及租值耗散等。

Institution Logic for Current Financial Crisis in Wenzhou

The case study on the financial crisis in Wenzhou finds that private finance has an indispensable role in the development of small and medium-sized private enterprises. However, when the external c environment has the change which deteriorates the living environment of the small and medium-sized enterprises, the nature of private loans will turn to speculation from mutual cooperation, and the range of private loans will also exceed the valid trust boundary, and the private governance mechanism cannot effectively regulate the borrower＇s immoral behavior, which provides the possibility for the outbreak of the financial crisis. The Wenzhou case can be extended to the following conclusion： the long-term practice Chinese financial regulation policy has not only provided the essential condition for the Wenzhou financial crisis, but also prevented the non-formal finance from spontaneously transferring to formal finance, triggering a series of distorting effects such as the mismatch of entrepreneur human capital, high default risk in private finance, overflowing speculative behaviors and rent dissipation.