CAJ | 학술논문

为何金融市场需要政府管制？如何才能最好地做到这一点？本文的一个尝试性解答是：由于资源配置中交易费用的存在和政府信用货币作为“群体承诺标识物”的公共产品特性，以及为了避免作为生产要素的基于货币的“人的、行使一定实质性行为的权利”的滥用和较严重的相互“侵害”，政府管制在此不可或缺。纯粹意义上的金融自由化是不可能的，如果实现也会是灾难性的。中国总体性的政治层级体系影响了金融的政府管制方式，使得改革至今的中国金融市场体系不可避免地带有层级性和多重边界性。这种多层级的金融市场体系是政府管制和金融自由相互作用下有一定效率的组织和调节机制，但其中也存在隐患。本文在经验上以中小企业融资担保为着眼点对以上问题加以探讨。
위하금융시장수요정부관제？여하재능최호지주도저일점？본문적일개상시성해답시：유우자원배치중교역비용적존재화정부신용화폐작위“군체승낙표식물”적공공산품특성，이급위료피면작위생산요소적기우화폐적“인적、행사일정실질성행위적권리”적람용화교엄중적상호“침해”，정부관제재차불가혹결。순수의의상적금융자유화시불가능적，여과실현야회시재난성적。중국총체성적정치층급체계영향료금융적정부관제방식，사득개혁지금적중국금융시장체계불가피면지대유층급성화다중변계성。저충다층급적금융시장체계시정부관제화금융자유상호작용하유일정효솔적조직화조절궤제，단기중야존재은환。본문재경험상이중소기업융자담보위착안점대이상문제가이탐토。
Why a kind of government regulation is necessary for the financial market？ How to make it get the most desirable result？ This paper tries to give answers as follows：（1） Government regulation is neces- sary because transaction cost is not zero during the resource allocation, and the credit money, as a marker of the promise of society, is a kind of public goods, and in order to avoid the abuse of, as factors of production, people＇s rights to perform certain physical actions on account of money, and avoid the more serious harm dur- ing relative interaction. There is no pure financial liberalism without any regulations in the real world, and if the pure financial liberalism really happened, it would be a great disaster for our society. （2） In China, the fi- nancial market system has been influenced by the system of totalistic political hierarchy, and now inevitably has several strata and different boundaries after more than 35 years of its reformation. This multi-stratum fi- nancial market system, drawn out by the interaction of government regulation and financial liberalization, is a kind of effective organization and regulatory mechanism. However, it also has some hidden dangers. This pa- per＇s empirical study focuses on SME financing assurance to show those arguments.