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金融生态、利益输送与信贷资源配置效率——基于河北担保圈的案例研究 被引量:44

The Financial Ecology,the Tunneling of Interest,and the Efficiency of the Allocation of Credit Resources——A Case Study on the Guarantee Circle in Hebei Province
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摘要 本文研究了河北担保圈的形成动因和经济后果。研究发现:大股东利益输送需求是河北担保圈形成的内在动因,而我国失衡的金融生态环境则是更深层的制度性因素。其中,地方政府基于本位主义的信贷资源掠夺动机、商业银行迫于政府干预与市场竞争双重压力的非市场化运作以及监管机构独立性的制度性缺失共同构成了河北担保圈形成的制度性根源。本文揭示了转型时期失衡的金融生态环境制约信贷资源配置效率的一种典型作用路径,凸显了良好的金融生态环境和公司治理结构对于改善信贷资源配置效率的重要意义。 In this paper,we have studied the causes for the formation of Hebei's guarantee circle (HGC) and the economic consequence thereof. Our findings are the demand for controlling-shareholders' tunneling interest is the internal origin of the shaping of HGC,but the environment of China's unbalanced financial system—an institutional factor,is a deeper root. The local-government' motive,based on selfish departmentalism,for plundering credit resources,the nonmarket operation of the commercial-banks,which are under the pressure of governments' intervention and market competition,and the institutional lack of independence of supervision organizations,are the institutional causes for formation of HGC. We have revealed a typical channel through which un-balanced financial environment in the transitional period has restricted the allocation efficiency of credit resources,and highlighted the significance of a good financial environment and a good structure of corporate governance to the improvement of allocation efficiency of credit resources.
作者 万良勇 魏明海 Wan Liangyong and Wei Minghai
出处 《管理世界》 CSSCI 北大核心 2009年第5期6-16,46共12页 Management World
基金 本文为魏明海教授主持的国家自然科学基金重点项目“产权保护导向的会计控制研究”(项目批准号:70532003)的阶段性成果.
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