CAJ | 학술논문

温州区域金融危机是“温州模式”衰落过程中的一个必然结果，其本质上是由温州经济的人格化交易特征和关系型治理模式的内在缺陷所致，宏观环境恶化、货币政策紧缩以及金融抑制等外部因素只是加剧危机爆发的催化剂。文章构建了交易方式一治理模式一金融风险的分析框架，剖析了温州金融危机发生的内在机理，认为人格化交易特征的温州文化及其伴生的关系型治理模式难以适应工业化中后期阶段的发展，甚至阻碍了区域经济的产业转型升级。文章认为，解决温州经济发展中的金融风险问题不能仅靠金融综合改革，更需通过制度创新加快推进温州经济的交易治理模式由关系型向规则型转变。
온주구역금융위궤시“온주모식”쇠락과정중적일개필연결과，기본질상시유온주경제적인격화교역특정화관계형치리모식적내재결함소치，굉관배경악화、화폐정책긴축이급금융억제등외부인소지시가극위궤폭발적최화제。문장구건료교역방식일치리모식일금융풍험적분석광가，부석료온주금융위궤발생적내재궤리，인위인격화교역특정적온주문화급기반생적관계형치리모식난이괄응공업화중후기계단적발전，심지조애료구역경제적산업전형승급。문장인위，해결온주경제발전중적금융풍험문제불능부고금융종합개혁，경수통과제도창신가쾌추진온주경제적교역치리모식유관계형향규칙형전변。
The Wenzhou regional financial crisis was not purely a financial problem, but an inevitable result in the process of the declining ＂Wenzhou model＂. Substantially, it was caused by the characteristic of personal- ized transaction and the relation- based governance model in Wenzhou＇s economy. Other external factors such as the worsening macro environment, credit tightening and financial repression were just the catalysts of the cri- sis. This paper establishes a framework of personalized transaction, relation - based governance and financial risk to explain the fundamental causes of the financial crisis. The conclusion is that the culture of Wenzhou based on the characteristic of personalized transaction and the relation - based governance model that has come with it have difficulty in adapting to the development of the middle and later stage of industrialization, and even hinder industrial transformation and upgrading of industry in the regional economy. To solve the problem of fi- nancial risks in Wenzhou＇s economic development, it is not advisable to rely on financial reform; on the contra- ry, institutional innovations should be made to accelerate the transformation from a relation -based to a rule - based governance model in Wenzhou＇s economy.