中国渐进改革成本与国有银行财务重组

中国渐进改革的平稳推进得益于新增改革成本能很快地被财政支付或通过国有银行转移,对渐进改革走势影响更大的是被转移至银行的存量成本。实证数据显示,国有银行财务重组中的不良资产处置过程客观上形成了对这一成本的发现机制,但现行的财务重组方案并没有对所有成本进行最终支付,而大量采取了“后摊”与“隐性负债”的处置方式,这是中国渐进式改革的特征体现,其结果是改革成本向国家财政与中央银行的再次转移。中央银行作为“政府的银行”承担改革成本有其现实的必要性和理论的可行性,但由此造成的估值损失应该及时进行确认和记录的会计操作,中央财政预算要反映央行因参与财务重组而导致的实际资本下降。

China Gradual Reform Cost and Restructuring of State-owned Banks

The success of China gradual reform is owed to the rising reform cost being paid by treasury or being transferred to state-owned banks. Unpaid reform cost is more important for the future of gradual reform. Empirical data show that restructuring of state-owned banks conduces to assess the unpaid reform cost. The actual bank restructuring doesn't pay for all reform cost, however, it takes the form of “deferred payment” and “implicit liabilities” which reflect the characteristic of the gradual reform so that reform cost is transferred again to the treasury department and the central bank. It is necessary and feasible for the central bank to be burdened with the cost, however, revaluating losses of the central bank caused by bank restructuring must be recognized and recorded, which the fiscal budget should reflect.