-
第五章
金融系统改革
全面商业化现有的金融系统
------------------
--
这个是银行老板都要拍手叫好
的，
想想美国，
一个银行总裁年薪可以上亿呢，
这个估计国有的银行
高层都会支
持，不过银行的底层就惨了
2. Further liberalizing interest
rates
China has
reached the stage where it needs to phase out
remaining
interest rate controls. Much
progress has been made in liberalizing interest
rates, but the remaining controls have
been blamed for many distortions in the
financial sector
利率自由化，中国已经到了需要自由化利率的阶段，
-------
-------
这个本人
认为可行，目前的银行利润高的不像话
！
3. Deepening the capital
market
Deepening the
capital market is conducive to a re-balancing of
the
financial structure and to the
catch-up strategy of innovation in science and
technology in which innovative, vibrant
private firms could emerge and thrive
深化资本市场，引入市场竞争，和私有公司发展繁荣
A commercially oriented governance
system should be introduced. While
privatization would be the best way to
make SFIs more commercially oriented,
privatization of the big SFIs would not
be easy.42 Since the government is
likely to remain majority owner of the
SOBs, state ownership functions need to
be strengthened. T
o be
effective, state ownership agencies need to act in
ways
similar to private owners.
Otherwise, given the multiple objectives of the
government,SFIs will not become truly
commercialized. China may introduce a
governance structure of banks by a
thorough stock taking of the existing state
ownership functions, agencies and
practices, and drawing lessons from
international best practice and
failures
商业导
向型的管理系统应当被引入。国有金融机构私有化是最好的商业化
方法，私有化大型国有
金融机构可能会比较困难，
（加了下标注
42
< br>，可能很难找
到合适的买家云云）
，
因为政府仍然是国企的主要拥有者，
国企的管理需要加强，
为了更有效，
国有金融机构的管理者应该更像私人拥有者，
否则
国有金融机构不
会真正商业化。中国应当引入管理机制
-
国际先进的实践经验并通过已经存在的
机构来管理银行国有股
----------------
马脚全露啊，私有化，一切为了私有
化，相
信不久中国银行可以改名为花旗银行中国分行了。
多谢各位捧场，
本人水平有限，
只摘录骨干
进行翻译，
让大家看个大概意思，
特别是国企和国有金融机构部
分的改革方向
P148 4. U pgrading
financial infrastructure and the legal
framework
Financial
infrastructure needs to be further upgraded to
facilitate the
financial market in
general and the capital market in
particular.
升级金融结构和金融法制框架以进一步提升金融市场和资本市场
Adequate and accurate disclosure and
transparency supported by
credible
accounting and auditing practices can go a long
way in supporting
financial development
by minimizing informational frictions
提高会计质量和审计标准以准确和充足的披露和透明度能够最小化信息损
耗
5. Strengthening the regulation and
supervision framework
The
independence and effectiveness of regulatory and
supervisory bodies
can be utional
arrangements are needed to better align
regulatory resources and structure to
deal with increasing integration of the
financial services industry.A well-
defined and functioning macro-prudential
framework is critically important for
China to prevent and mitigate disruptive
idiosyncratic risks, including those
that may well emerge from the rapid growth
of shadow banking could establish a
high-level financial
committee on the
basis of the existing framework, with the main
objective of
reducing systemic risk and
maintaining financial stability.
5.
加强监管和监管框架
建设独立和有效的监管机构以便适应日益集成的金融服务市场，
一个
良好和
完善的框架对于中国防止和减轻突发性金融风险是至关重要的，
< br>包括金融市场商
业化以后的影子银行活动。
中国应当在现
有的基础上建立高级的金融委员会，
主
要的目的是减少系统风险
和维护金融稳定
---------------
-----------------
影子银行就是非银行系统的存贷款机构
,
例如投资
银行
,
贷款公司等
6. Building a financial safety net,
developing crisis management and
insolvency schemes
建立一个金融安全网，提供危机管理和破产程序
---------
-----------
这完全是照
搬美国那一套
Financial liberalization
will lead to a more efficient financial system but
also increase the risk of financial
instability.
金融自由化将建立一个更有效的金
融系统但是也增加了金融市场的不稳定
性
An early warning system would be
helpful for effective oversight, early
intervention and prevention of
financial crisis.
早期预警系统对于效率有所帮助，早期预警和防止金融危机
China should create an insolvency
regime for the financial sector that
would allow for an orderly exit of weak
or failing financial institutions.
中国应对于金融机构建立破产程序，允许弱的和失败的金融机构退出市场
In China,
“
too
big to fail
”
or
“
too connected to
fail
”
is deeply rooted in
the
state ownership and control of
financial institutions. Even small financial
institutions that fail to pay off their
debt rarely go bankrupt
。
在中国，
“
大而不能倒
”
或者
“
联系太紧密而不能倒
”
根深蒂固，特别是国有控
股金融机构，甚
至小金融机构也很少进入破产程序
A formal
deposit insurance scheme is needed to deal with
potential bank
runs on privately owned
depository institutions and to protect the savings
of
small depositors
需要一个正式的储蓄保险机制对应解决潜在的私有化银行挤兑以保护小额
存款人
An effective
crisis management framework should be put in
place. China
has come out of the
financial crises of Asia in 1997 and the recent
financial
crisis of 2008 largely that
should provide no reason for
complacency, as the Chinese financial
institutions have been untested and are
not immune to external and internal
shocks
。
有效的
风险管理框架应当建立起来，中国已经走出
1997
亚洲金融危
机和
2008
金融危机，但是这不是自满的理由，中国金融机构
并没有被测试，也不是
对于内部和外部冲击免疫
7. Recasting the rights and
responsibilities of government
重新划定政府的权利和义务
Most existing problems and potential
risks in China
’
s financial
system
could be traced back to the
functions of government. An important
distinguishing feature of
China
’
s financial system is
the extensive involvement
of the
government in financial market
activities.
大量存在和潜在的风险应当在政府
职能上找根源，
一个重要的特性就是中国
金融系统是中国政府在
金融市场行为中的参与和延伸
First, the
government should put more emphasis on creating an
environment conductive to finance. The
government could invest in financial
infrastructure, allow the SFIs to price
their services and products without
interference, promote entry and impose
discipline on failures.
首先政
府应该强调创立环境，
导向金融，
政府应投资金融基础，
允许国有金
融机构对它们的产品和服务自由定价，降低门槛和惩罚失败
Second, the conflict of
interest caused by the multiple roles of
government
as owner,
supervisor and promoter should be
resolved.
第二，政府做为所有者，监管者和运营人的角色利益冲突
Third, the rights and responsibilities
of local governments need to be
aligned. Although local governments
bear the responsibility for the financial
failure of local financial
institutions, they do not have relevant
supervisory
mandates and
capabilitie
第三，
地
方政府的权利和责任应当分清，
地方政府承担地方金融机构的失败
责任，但他们并没有这样的监管权力和能力，
In this regard, there is a need to
establish an effective provincial-level
financial supervisory
framework.
在这个意义下，有必要建立有效的省级金融监管框架
Fourth, the government
needs to define and effectively provide
non-commercial financial
services. A clear line between policy
and commercial activities would
determine what services and products
shall be provided by the government or
by financial institutions owned by the
government.
第四，
政
府需要定义并提供非商业金融服务，
政策和商业行为应当清晰的分
开
-------------
这里的意思是说政策性扶持的
金融，贷款应该与商业性的贷款分开
从接下来的部分看，
重头戏可能还在金融机构改革上，
这个其实更狠，
因为金
融机构国家的经济命脉，有理
由相信
世行对于这一块是不遗余力的，而国内利
益集团也会大力推进，
一旦金融私有化，
可以想象金
融家集团对这个国家的控制
力
Obstacles to reform Moral
hazard of SOBs and SOEs. In a situation where
major banks and firms are owned by the
state, moral hazard can be pervasive.
Without hard budget constraints, firms
would continue to engage in reckless
investment and borrowing which would
lead to continued high demand for
credit despite increased interest
rates. Banks which put higher priority on
gaining market share than on profit and
prudential management would drive
interest rate competition. Weak banks
would have especially big incentives to
offer higher deposit rates to mobilize
funds and lend or invest them in high risk
borrowers or projects. This can lead to
widespread distress borrowing and
financial instability
. If
the strong incentives for moral hazard are not
properly
checked, interest
liberalization, and financial liberalization more
generally
, may
invite a high
risk of financial
instability
.
金融改革的障碍
1.<
/p>
国有企业和国有银行的道德风险，没有预算控制，公司会大量贷款，投资
< br>并持续产生信贷额度提升，
而银行为了获取高市场份额将驱动利率竞争，
相对弱
的银行会有很大的冲动提高存款利率，
这
将导致广泛的压力和金融不稳定性，
如
果这种因素没有被正确的
预计，金融自由化将导致高风险和金融市场风险
Financial weakness of some SOEs.
Currently
, SOEs pay much lower
average interest rates for their debt
than other borrowers such as private firms
and cooperatives. The weighted average
return on assets (ROA) of SOEs is
also
significantly lower than that of other firms (see
previous chapter). On the
other hand,
the average debt/equity ratio of SOEs is
substantially higher,
exceeding 230%.48
If the financial system is liberalized, many
highly
leveraged SOEs would face
difficulties in financing their investment or debt
at
low cost, deteriorating their
financial situation and possibly leading to a
insolvency society
. All
these would work to mobilize resistance to
financial
reform and build a tendency
of system inertia or regressing back to the old
system.
一些国
有企业的不良资产结构。
现在国有企业相对其他私营公司享受着低贷
款利率，
资产回报率也低于私营公司
（
------
这个必须的，
国有企业不逃税嘛，
享
受好处的同时肯定要多做贡献）
，另一个方面国
有企业的债务
/
权益比率超过
230%
（这个不知道是不是真的，
我认为数字比较有问题）
，
很多高杠杆率的国企
将面临困境甚至破产。这些
将是金融改革的障碍
Political and bureaucratic resistance.
Financial repression has created
economic rent which has been
distributed to the favored borrowers and
nurtured vested interests. Banks have
enjoyed a comfortable business
environment provided by high entry
barriers, interest rate control, and
e
xcess
demand for credit
which allows credit rationing.
Officials
’
power to control
banks and their credit allocation is
one source of their power over the economy
and society
. All these would
work to mobilize resistance to financial reform
and
build a tendency of system inertia
or regressing back to the old system.
3
政治和官僚阻力，
金融管制创造经
济寻租活动
（这个是说利用低存款利率，
高贷款利率产生的寻租
空间）
，银行享受着高进入门槛的舒适的商业环境，利率
控制和
对信用的需求允许
CREDIT RATIONAING(<
/p>
这个词是说银行对于贷款人
的挑剔
—
实际上任何银行不论中外都存在
CREDIT RATIONING
，所以这句话个
人认为夸大事实
),<
/p>
官员对于银行的控制力和信用分配存在寻租行为，这样会产生
对改
革的抗拒（
--------------
私有化能解决吗？金
融机构只怕会更混乱）
E. Sequencing
of Reforms
Keeping
adequate pace and sequencing would be very
important for the
successful progress
of financial liberalization and opening.
China
’
s financial
sector has served for the rapid
economic growth reasonably well over the last
three decades, and in the process, it
has been reformed and restructured.
However, in view of the current and
expected future economic circumstances,
it should be further reformed and
restructured. China ma
y not need to
pursue
the same structure (including
the ownership structure) and practices of
financial market as we see in most
advanced economies these days. It is also
true that the liberalization and
opening process would not be easy and could
face many challenges including
instability or temporary deterioration of
economic performance, especially when
it is not managed carefully
. While
managing financial reforms is as much
art as science, and country-specific
circumstances figure
heavily
, certain broad principles can
be put forth, drawing
on the experience
of other countries.
金融领域改革顺序（改革路线图）
1.<
/p>
保持足够的空间和正确的顺序对于成功的金融自由化和开放至关重要。
中
国的金融领域在过去三十年中保持了快速的增长，
过去也
已经有过改革。
然而在
现时的环境和可预见的未来经济环境，<
/p>
应当进行进一步改革。
中国可能不需要追
求与先进发达国家相同的结构
（包括所有制）
以及金融实践，<
/p>
另一方面自由化和
开放进程可能会遭遇很多挑战例如暂时的恶化经
济表现和不稳定，
特别是管理不
善的情况下，
< br>推进金融改革是一门艺术而不是科学，
应该根据国家特定的情况而
改革，根据一些主要原则，吸取其他国家的经验
Reckless deregulations driven by the
interests of the regulated should be
avoided as has been seen through the
experience of financial crisis of many
other countries, including the US and
Europe. Liberalization should be
complemented by strengthening
regulation and supervision. On the other
hand, too much regulation would choke
innovations and improvement in
efficiency. Striking the right balance
is not easy but is an essential
consideration.
处于管
理方利益的冒进的去规则化应当避免，
这方面欧美已有深刻教训，
自
由化应该在加强管理和监控的条件下进行，
另一方面过多的
规则可能方案创新和