CAJ | 학술논문

源于财政分权与晋升激励的制度安排，地方政府成为推动地方经济发展的主角。在“为增长而竞争”的过程中，地方政府对银行业进行干预以攫取廉价的金融资源。分税制改革削弱了地方政府的财政能力，增强了地方政府对银行业进行干预的动机。借助于各种行政手段，尤其是通过对地方金融机构的操控，地方政府对银行业的干预得以实现。地方政府干预导致大量信贷资金财政化，将带来明显的通货膨胀后果。地方政府干预推动了地方性金融机构的崛起。尽管地方性金融机构崛起有助于打破银行业由国有大银行所主导的高度垄断局面，但由于地方政府对地方性金融机构的深度干预，地方性金融机构崛起对银行中介效率的提升作用十分有限。
원우재정분권여진승격려적제도안배，지방정부성위추동지방경제발전적주각。재“위증장이경쟁”적과정중，지방정부대은행업진행간예이확취렴개적금융자원。분세제개혁삭약료지방정부적재정능력，증강료지방정부대은행업진행간예적동궤。차조우각충행정수단，우기시통과대지방금융궤구적조공，지방정부대은행업적간예득이실현。지방정부간예도치대량신대자금재정화，장대래명현적통화팽창후과。지방정부간예추동료지방성금융궤구적굴기。진관지방성금융궤구굴기유조우타파은행업유국유대은행소주도적고도롱단국면，단유우지방정부대지방성금융궤구적심도간예，지방성금융궤구굴기대은행중개효솔적제승작용십분유한。
As the result of fiscal decentralization and the institutional arrangement of promotion incentive, local govern-ments have played the dominant role in promoting local economy. In the process of “competing for growth”, the local governments intervene in banking sector to grab cheap financial resources. The tax-sharing fiscal system reform has weakens the fiscal capacity of local government, which enhances the motivation of the local government to intervene the banking industry even more. Local government intervention has promoted the development of local financial institutions. The emergence of local financial institutions helps to break up monopoly of state-owned banks. But due to the excessive intervention of local governments, local financial institutions have a fairly limited role to enhance the banking intermedi-ary efficiency.