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民间金融阳光化的制度选择:非存化还是银行化?
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TitleThe Institutional Choice of Legalized Informal Finance: Non-deposit-taking Lending Institution or Banking  
作者彭江波 王营 郭琪  
AuthorPeng Jiangbo, Wang Ying and Guo Qi  
作者单位山东财经大学;中国人民银行济南分行 
OrganizationSchool of Finance , Shandong University of Finance and Economics;Jinan Branch, The People’s Bank of China 
作者Emailpjb1968@163.com;wangying1778@163.com;gqprc@163.com 
中文关键词民间金融阳光化;小额贷款公司;融资安排;非存款类放贷组织;银行化 
Key WordsLegalized Informal Finance; Micro Financial Institutions; Financial Arrangement; Non-deposit-taking Lending Institution; Banking 
内容提要如何构建与实体经济“门当户对”的金融需求一直困扰着各方。非存款类放贷组织为民间金融阳光化提供了银行化之外的又一制度选择,但是前者较之于后者是否存在优势、在何种方面更具优势等存在分歧。本文以小额贷款公司为例对该问题展开探讨,研究发现,非存款类放贷组织不仅利于小额贷款公司获得了吸收非公众存款的优势,同时避免了审慎监管造成的价值损失,从而实现了“鱼与熊掌可兼得”的良好局面,而与银行化伴随的审慎监管致使其价值显著下降。进一步研究发现,小额贷款公司的融资比例调整存在“两阶段”特征:在第一阶段,小额贷款公司不需负债也能够满足双目标协同,但需配合虚拟资本计提、准入门槛降低等政策;在第二阶段,小额贷款公司需要外部债务融资才能满足双目标协同,但需配合设定融资杠杆上限的强制约束。总之,非存组织而非银行化能够从融资安排视角缓解甚至消除目标冲突。这既为民间金融阳光化的制度选择提供了参考,又为丰富金融机构体系从而弥补信贷供给“断层”提供了借鉴。 
AbstractHow to build continuous financial organizational modes in order for satisfying financial demands of the real economy has plagued all parties. The form of non-deposit-taking lending institution in addition to banking provides another institutional choice for legalized informal finance, but it is unclear whether the former will be superior to the latter and where advantages lie in. In this paper, we will explore these problems focus on micro financial institutions. We find that, the form of non-deposit-taking lending institution is not only conducive to gaining an advantage of absorbing non-public deposits, but also avoiding value loss induced by prudential regulation; by contrast, banking will incur value loss resulted from prudential regulation. In the follow-up research, adjustment of micro financial institutions leverage character two-stage: in the first stage, there is no need to raise any external financing, with carrying out certain polices such as fictitious capital requirements or lower thresholds; in the second stage, micro financial institutions must raise more external financing to achieve two aims with enforcing upper limit on leverage. In a word, the form of non-deposit-taking lending institution will relieve even eliminate goal conflict, which provide good references not only for the institutional choice of legalized informal finance but also for perfecting financial institution systems and filling credit gaps. 
文章编号WP1133 
登载时间2016-11-22 
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