产权界定、市场禁入与农村非正规金融——由我国第一家私人钱庄兴衰引发的思考

通过对改革开放后第一家私人钱庄兴衰的史实进行重新考察和审视，本文经研究发现，尽管权力当局把资金自由交易权界定给了监管部门，但因监管成本和信息成本过高而无法保障该产权，个人会通过参与各类非正规金融活动来攫取一部分置于公共领域的权利。本文还基于交易费用理论解释了我国金融市场禁人政策出现松动的原因，也即维持扭曲型二元金融制度的成本以及严禁农村非正规金融活动的费用都越来越高，而且国内的经济形势也提出了放松监管的要求，在这些因素的作用下监管部门执行原有金融抑制政策的力度终于降低了。

Definition of Property Rights,Market Prohibition and Rural Informal Finance:Reflection on the Rise and Fall of a Private Bank

Through investigating the rise and fall of the first private bank since China's reform and opening,this study found that although the authorities defined cash transaction rights to the regulators who could not guarantee them because of high regulatory and information costs,individuals would take part of the rights in the public domain through participating in informal finance.The paper also explained reasons of loosening financial policy based on transaction cost theory,and found that maintenance cost of du...