民间融资风险的治理制度原因与治理模式选择——基于温州案例的研究

史小坤

(浙江工商大学 金融学院,杭州 310018)

摘要：民间融资风险不仅影响实体经济的发展,也危害到社会的稳定,迫切需要从理论上研究民间融资风险成因和风险治理模式。文章在威廉姆森差别匹配假设基础上,通过建立民间融资交易特质和治理模式匹配模型,研究我国民间融资风险的成因和治理模式选择问题。通过温州案例的分析得出,民间融资治理模式与交易特质的不匹配是我国民间融资风险产生的治理制度原因,而完善第三方治理是解决这个问题的核心。文章的结论为控制民间融资风险,发挥民间融资对实体经济支持作用,实现经济平稳发展提供政策参考。

关键词:民间融资风险;差别匹配;第三方治理;交易特质

收稿日期：2015-03-29

基金项目：教育部人文社会科学项目“民间金融风险演变与治理:不完全契约角度的研究”(13YJA790098);国家社会科学基金项目“网络借贷中的信息传递、关系治理机制与治理方式选择研究”(15BJY173)

作者简介：史小坤,女,浙江工商大学金融学院副教授,经济学博士,主要从事民间融资治理问题研究。

中图分类号：F832文献标志码：A

The Governance System Reason of Informal Financing Risk and Governance Mode Choice

—Based on the Case Study of Wenzhou Area

SHI Xiao-kun

(FinanceSchool,ZhejiangGongshangUniversity,Hangzhou310018,China)

Abstract:Informal financing risk not only affects the development of the real economy, but also endangers the stability of the society. It is urgent to study the causes and risk management mode of informal financing. In Williamson‘s discriminating alignment hypothesis, this paper constructed an informal financing discriminating alignment model to assess Chinese informal financing governance reason and mode. We perform a Wenzhou case study and conclude that the governance model and transaction characteristics do not match, which is the governance reason for financing risk. Establish the third-party governance is the best solvency for this problem. Conclusion of this article provided a policy reference for controlling the risk of informal financing so as to provide financial support for entity and achieve steady economic development.

Key words: risk of informal financing; discriminating alignment hypothesis; third-party governance; trading characteristics

一、引言

我国的民间融资曾因为满足了中国农户金融需求(张杰,2005)[1]、克服农户消费的资金限制(江曙霞，严玉华,2006)[2]、缓解中小企业融资困境和正规金融的信贷配给(郭斌，刘曼路,2002;张军,1997)[3-4],被喻为“草根金融”,对中国经济增长效率有显著的正面影响(王擎，田娇,2014)[5]。……