金融结构、金融环境与金融功能互动研究
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摘要
全球金融危机的深刻教训再一次让人类意识到金融可持续发展的重要性，也让人类不得不重新检讨金融结构、金融环境与金融功能之间的相互关系。本文在梳理现有文献的基础上，以澳大利亚近二百年的金融变迁为例，从历史纵深的角度探讨并检验了金融结构、金融环境与金融功能三者的关系。具体而言，本文回答了以下三方面的问题：第一、在过去二百多年里，澳大利亚的金融体系经历了怎样的结构性变迁；第二、澳大利亚的金融结构为什么呈现这样的变迁过程，不同的环境因素在金融结构的演变过程中发挥了怎样的作用；第三、伴随着金融结构的变迁，澳大利亚的金融功能发生了怎样的变化，金融功能的改善与金融结构变迁之间存在怎样的互动关系。
为了从多角度、多层次刻画和解释澳大利亚金融体系的变迁过程和内在机制，并且评价其变迁效果，本文采用了以深度描述和分析性叙述等为主的定性研究方法，同时结合了跨国比较和回归分析等定量研究方法。
通过研究，本文得到了以下结论：首先，澳大利亚的金融结构变迁在总体上印证了现有理论对金融发展共性规律的认识，但是亦呈现出一些的独特的发展轨迹，具体表现为以下四个方面：一、20世纪90年代末，在股票市场和基金管理部门经历了快速发展之后，银行相对于股票市场和非银行金融机构的重要性没有明显的下降，反而有复归的趋势。二、企业债券市场发展缓慢，规模较小。20世纪80年代之前，企业融资由金融中介的信贷资金主导；90年代之后，则由股权融资主导。三、政府银行在20世纪上半叶之前曾经在澳大利亚金融体系中发挥过重要作用，但后来逐渐淡出并消失；四、澳大利亚长期被四大银行垄断，维持了较高的银行集中度，高于发达国家的平均水平。
其次，澳洲金融变迁的独特规律很大程度上归因于其独特的地理位置、资源禀赋以及由此决定的产业结构和企业资金需求特征。澳大利亚四面环水且远离世界主要市场的独特地理位置，对其本国的产业发展形成了一种天然保护，使其可以长期依赖本国丰富的自然资源，形成以农业、采矿业以及旅游业为主的国民经济结构。而这三大产业对自然环境和季节的依赖，又进一步决定它们的资金流动与风险管理具有明显的跨期配置特征，进而对金融中介有更大的依赖。但是导致澳大利亚银行体系复归，企业债券市场发展缓慢，公有银行退出和较高银行集中度的更重要且直接的原因则是澳大利亚政府的干预和管制，以及这背后澳大利亚在开放与保护之间的权衡。澳大利亚20世纪初至20世纪70年代之间实施的经济保护主义政策，不仅限制了国内制造业的发展规模，提高了企业的经营成本，而且造就了松懈、死板的工作方式和对技术创新的抵制。这些因素限制了企业的直接融资需求，并且决定了金融中介在风险管理方面的比较优势。与经济保护主义一脉相承的严格的银行监管制度则更加直接地抑制了银行业的发展，强化了银行业的寡头垄断格局，并解释了政府银行的退出。总体来说，澳大利亚国内有限的市场和金融资源一方面要求它对海外市场和资本进行开放，另一方面又要求它更加注重保护本国机构在国际市场上的竞争和获益能力。澳大利亚在20世纪初以来实施的严格经济保护主义政策和严格的银行监管虽然与20世纪80年代后的金融自由化改革看似矛盾，但实质上却统一于对本国发展的利弊权衡。
再次，澳大利亚具有明显政府主导特征的金融变迁过程，对金融效率和功能产生了重要影响。20世纪80年代之前的严格的金融监管不仅抑制了微观金融要素效率的提高，而且迫使金融供给绕过监管要求变通地迎合金融需求，从而造成了金融体系内部效率失衡，最终表现为银行业危机。金融自由化改革以及金融监管体制改革之后，金融抑制得到缓解，金融微观、内部和外部整体效率都有所改善。但是以农业金融为例的深入考察表明商业性金融并没有填补所有金融需求缺口，金融排斥的问题仍然存在。从金融结构与金融功能的互动关系上看，澳大利亚的经验印证了以下两方面结论：一、金融结构与金融功能之间不存在一一对应的关系。两次世纪之交，伴随着银行业的复归，澳大利亚的金融结构呈现出一定的相似性，但其功能却迥然不同。二、金融结构的变化并不马上伴随着金融功能的调整，后者需要更长的时间。澳大利亚1983年放松管制后，金融效率没有马上提高，反而有一定程度的下降。
最后，澳大利亚金融改革的经验教训对于我国纠正金融结构失衡，制定合理的金融开放战略，以及推进政策性金融改革具有重要的借鉴意义。
The Global financial crisis has once again highlighted the importance of sustainablefinancial development. Meanwhile, it has also pressed the mankind to reconsider therelationship between financial structure, financial environment and financial function.Starting with a survey of existing literature, the thesis explored and tested the relationshipthrough a historical examination of Australia’s nearly200years financial evolution.Specifically, the thesis answered three questions: first, how has the financial structure inAustralia changed in the past200years; second, what has shaped the structural change,what roles have different environmental factors played in the course; third, how hasfinancial function been affected throughout the structural change, and what interrelationscan be found between financial function improvement and financial structure change.
To ensure an all-round and multi-layer description and explanation of Australia’sfinancial evolution, and to evaluate its effects, the thesis mainly employed a qualitativeapproach of thick description and analytical narrative, and supplemented it with cross-country comparative analyses and regressional analyses.
Based on the research, it has been concluded: first, financial evolution in Australiagenerally complies with the common pattern of financial development, which verifies theknowledge of the existing literature. However, it also demonstrates some unique features:1) after the accelerating development of stock market and fund management in the1990s,the relative importance of banks does not decline, instead it seems to experience a turningback;2) the corporate bond market has generally been small in size, and witnessed asluggish growth; the business finance was dominated by bank loans before the1980s,and was led by equity financing after the1990s;3) state banks that had played importantroles in the first half of the20th century somehow declined in importance and eventuallydisappeared;4) Australia has long been dominated by the big four banks, and maintainedrelatively high bank concentration level above the average of the developed countries.
Second, the uniqueness of Australia’s financial evolution was partly attributable toits special geographical position, its natural resource endowment and in turn the industrystructure and the financing needs of enterprises. Being surrounded by water and isolatedfrom the world major markets, Australia enjoyed a natural protection of its industries.Therefore, for a long term in history, it can simply rely on its rich natural resources and form an economy mainly based on agriculture, mining and tourism. The fact that thesethree industries are subject to the influence of natural environment and seasonal change,determines that their cash flow and risk management should exhibit strong intertemporalfearure, and hence a greater dependence on financial intermediaries. This being said, themore important and direct reason for Australia’s unique financial development path is thegovernment intervention and regulation, and behind it, the tradeoff between protectionand opening-up. The economic protectionism between early20thcentury and the1970s,had not only surpressed the development of domestic manufacturing industry, but alsogave rise to the high operation cost, liftless and rigid working attitude, and resistance totechnological innovation. These factors, combinely restricted the direct financing needsof enterprises, and determined the comparative advantage of financial intermediaries inrisk management. The heavy regulation on financial sector, which is consistent with theprotectionism policy, has more directly repressed the banking sector development,reinforced oligopolistic market structure, and accounted for the exit of state banks. Thelimited domestic market and financial resources posed a dilemma to Australia. On onehand, it requires the country to open itself to overseas market and capital; on the other, itrequires the government to protect the competitiveness of domestic financial institutionsso that they can fulfil their mission in raising the needed funds. The extreme protectionistpolicy in the early20thcentury and the bold deregulation reform since the1980s, thoughseem to be conflicting, actually unite in the tradeoff between national benefits and costs.
Thirdly, the government-led financial transformation in Australia has significantimpacts on financial efficiency and function. The stringent financial regulation before the1980s had not only hurt the micro-efficiency of financial factors, but also driven thefinancial supply to bypass the regulation to meet financial demand, which resulted in theloss of internal financial efficiency and ultimately the banking crisis. After the financialderegulation and supervision system reform, financial repression was mitigated, withmicro, internal and external financial efficiency all improved. However, an in-depthinvestigation on agriculture finance indicated that commercial finance failed to fill all thegaps of financial demand, and financial exclusion still exists. In terms of the interrelationbetween financial structure and financial function, the Australian experience attests totwo important pieces of knowledge:1) there is no fixed one-on-one relationship betweenfinancial structure and financial function. Australia’s financial structures at the turn of thepast two centuries show a great deal of resemblance, however they differ markedly in functions;2) the change of financial structure does not immediately result in the changeof financial function; the latter needs more time to adjust. As seen in the1983financialderegulation, financial function did not improve straight away; instead it dropped to somedegree.
Last but not least, the lessons and experience from Australia’s financial reform canbe learned to guide our country’s correction of financial structural imbalance, develop-ment of financial opening-up strategy, and transformation of policy finance.
为了从多角度、多层次刻画和解释澳大利亚金融体系的变迁过程和内在机制，并且评价其变迁效果，本文采用了以深度描述和分析性叙述等为主的定性研究方法，同时结合了跨国比较和回归分析等定量研究方法。
通过研究，本文得到了以下结论：首先，澳大利亚的金融结构变迁在总体上印证了现有理论对金融发展共性规律的认识，但是亦呈现出一些的独特的发展轨迹，具体表现为以下四个方面：一、20世纪90年代末，在股票市场和基金管理部门经历了快速发展之后，银行相对于股票市场和非银行金融机构的重要性没有明显的下降，反而有复归的趋势。二、企业债券市场发展缓慢，规模较小。20世纪80年代之前，企业融资由金融中介的信贷资金主导；90年代之后，则由股权融资主导。三、政府银行在20世纪上半叶之前曾经在澳大利亚金融体系中发挥过重要作用，但后来逐渐淡出并消失；四、澳大利亚长期被四大银行垄断，维持了较高的银行集中度，高于发达国家的平均水平。
其次，澳洲金融变迁的独特规律很大程度上归因于其独特的地理位置、资源禀赋以及由此决定的产业结构和企业资金需求特征。澳大利亚四面环水且远离世界主要市场的独特地理位置，对其本国的产业发展形成了一种天然保护，使其可以长期依赖本国丰富的自然资源，形成以农业、采矿业以及旅游业为主的国民经济结构。而这三大产业对自然环境和季节的依赖，又进一步决定它们的资金流动与风险管理具有明显的跨期配置特征，进而对金融中介有更大的依赖。但是导致澳大利亚银行体系复归，企业债券市场发展缓慢，公有银行退出和较高银行集中度的更重要且直接的原因则是澳大利亚政府的干预和管制，以及这背后澳大利亚在开放与保护之间的权衡。澳大利亚20世纪初至20世纪70年代之间实施的经济保护主义政策，不仅限制了国内制造业的发展规模，提高了企业的经营成本，而且造就了松懈、死板的工作方式和对技术创新的抵制。这些因素限制了企业的直接融资需求，并且决定了金融中介在风险管理方面的比较优势。与经济保护主义一脉相承的严格的银行监管制度则更加直接地抑制了银行业的发展，强化了银行业的寡头垄断格局，并解释了政府银行的退出。总体来说，澳大利亚国内有限的市场和金融资源一方面要求它对海外市场和资本进行开放，另一方面又要求它更加注重保护本国机构在国际市场上的竞争和获益能力。澳大利亚在20世纪初以来实施的严格经济保护主义政策和严格的银行监管虽然与20世纪80年代后的金融自由化改革看似矛盾，但实质上却统一于对本国发展的利弊权衡。
再次，澳大利亚具有明显政府主导特征的金融变迁过程，对金融效率和功能产生了重要影响。20世纪80年代之前的严格的金融监管不仅抑制了微观金融要素效率的提高，而且迫使金融供给绕过监管要求变通地迎合金融需求，从而造成了金融体系内部效率失衡，最终表现为银行业危机。金融自由化改革以及金融监管体制改革之后，金融抑制得到缓解，金融微观、内部和外部整体效率都有所改善。但是以农业金融为例的深入考察表明商业性金融并没有填补所有金融需求缺口，金融排斥的问题仍然存在。从金融结构与金融功能的互动关系上看，澳大利亚的经验印证了以下两方面结论：一、金融结构与金融功能之间不存在一一对应的关系。两次世纪之交，伴随着银行业的复归，澳大利亚的金融结构呈现出一定的相似性，但其功能却迥然不同。二、金融结构的变化并不马上伴随着金融功能的调整，后者需要更长的时间。澳大利亚1983年放松管制后，金融效率没有马上提高，反而有一定程度的下降。
最后，澳大利亚金融改革的经验教训对于我国纠正金融结构失衡，制定合理的金融开放战略，以及推进政策性金融改革具有重要的借鉴意义。
The Global financial crisis has once again highlighted the importance of sustainablefinancial development. Meanwhile, it has also pressed the mankind to reconsider therelationship between financial structure, financial environment and financial function.Starting with a survey of existing literature, the thesis explored and tested the relationshipthrough a historical examination of Australia’s nearly200years financial evolution.Specifically, the thesis answered three questions: first, how has the financial structure inAustralia changed in the past200years; second, what has shaped the structural change,what roles have different environmental factors played in the course; third, how hasfinancial function been affected throughout the structural change, and what interrelationscan be found between financial function improvement and financial structure change.
To ensure an all-round and multi-layer description and explanation of Australia’sfinancial evolution, and to evaluate its effects, the thesis mainly employed a qualitativeapproach of thick description and analytical narrative, and supplemented it with cross-country comparative analyses and regressional analyses.
Based on the research, it has been concluded: first, financial evolution in Australiagenerally complies with the common pattern of financial development, which verifies theknowledge of the existing literature. However, it also demonstrates some unique features:1) after the accelerating development of stock market and fund management in the1990s,the relative importance of banks does not decline, instead it seems to experience a turningback;2) the corporate bond market has generally been small in size, and witnessed asluggish growth; the business finance was dominated by bank loans before the1980s,and was led by equity financing after the1990s;3) state banks that had played importantroles in the first half of the20th century somehow declined in importance and eventuallydisappeared;4) Australia has long been dominated by the big four banks, and maintainedrelatively high bank concentration level above the average of the developed countries.
Second, the uniqueness of Australia’s financial evolution was partly attributable toits special geographical position, its natural resource endowment and in turn the industrystructure and the financing needs of enterprises. Being surrounded by water and isolatedfrom the world major markets, Australia enjoyed a natural protection of its industries.Therefore, for a long term in history, it can simply rely on its rich natural resources and form an economy mainly based on agriculture, mining and tourism. The fact that thesethree industries are subject to the influence of natural environment and seasonal change,determines that their cash flow and risk management should exhibit strong intertemporalfearure, and hence a greater dependence on financial intermediaries. This being said, themore important and direct reason for Australia’s unique financial development path is thegovernment intervention and regulation, and behind it, the tradeoff between protectionand opening-up. The economic protectionism between early20thcentury and the1970s,had not only surpressed the development of domestic manufacturing industry, but alsogave rise to the high operation cost, liftless and rigid working attitude, and resistance totechnological innovation. These factors, combinely restricted the direct financing needsof enterprises, and determined the comparative advantage of financial intermediaries inrisk management. The heavy regulation on financial sector, which is consistent with theprotectionism policy, has more directly repressed the banking sector development,reinforced oligopolistic market structure, and accounted for the exit of state banks. Thelimited domestic market and financial resources posed a dilemma to Australia. On onehand, it requires the country to open itself to overseas market and capital; on the other, itrequires the government to protect the competitiveness of domestic financial institutionsso that they can fulfil their mission in raising the needed funds. The extreme protectionistpolicy in the early20thcentury and the bold deregulation reform since the1980s, thoughseem to be conflicting, actually unite in the tradeoff between national benefits and costs.
Thirdly, the government-led financial transformation in Australia has significantimpacts on financial efficiency and function. The stringent financial regulation before the1980s had not only hurt the micro-efficiency of financial factors, but also driven thefinancial supply to bypass the regulation to meet financial demand, which resulted in theloss of internal financial efficiency and ultimately the banking crisis. After the financialderegulation and supervision system reform, financial repression was mitigated, withmicro, internal and external financial efficiency all improved. However, an in-depthinvestigation on agriculture finance indicated that commercial finance failed to fill all thegaps of financial demand, and financial exclusion still exists. In terms of the interrelationbetween financial structure and financial function, the Australian experience attests totwo important pieces of knowledge:1) there is no fixed one-on-one relationship betweenfinancial structure and financial function. Australia’s financial structures at the turn of thepast two centuries show a great deal of resemblance, however they differ markedly in functions;2) the change of financial structure does not immediately result in the changeof financial function; the latter needs more time to adjust. As seen in the1983financialderegulation, financial function did not improve straight away; instead it dropped to somedegree.
Last but not least, the lessons and experience from Australia’s financial reform canbe learned to guide our country’s correction of financial structural imbalance, develop-ment of financial opening-up strategy, and transformation of policy finance.
引文
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