非正式金融的风险管理
——以农村非正式金融为例
内容摘要 在我国,除了正式金融组织和制度的安排外,还存在一定规模的非正式
金融。在我国农村,各种形式的非正式金融的重要性要远远超过正式金融,因此要重新审
视非正式金融的角色和地位。农村非正式金融一般以信任为基础,它解决了资源时空转移、
风险管理、资源集中和权益分割、信息提供、激励安排和一定情形下清算支付结算功能等问
题。信任以其所嵌入的社会资本在农村金融融中发挥着金融的功能。在农户接近正式金融
制度前,它是农户一种主要融资方式与手段。一个简单的博弈论模型提示,要降低非正式
金融风险可以通过提高信息透明、增加再次相遇概率、增多备选融资对象和增加高信用关
系高收益预期等方式来实现。在实践中,应明确认可农村非正式金融,改善农村金融领域
中二元结构的紧张与对立;发展和完善现有正式金融机构和服务,替代部分农村非正式
金融。同时,应对农村非正式金融予以规范,一方面积极鼓励正常的非正式金融活动;另
一方面对各种非正式金融分门别类,分别指导,限制和取缔不正常的非正式金融活动。
关键词 非正式金融 农村金融 金融制度
On the Risk Management of Informal Financing
ABSTRACT There are existing informal financing activities besides formal financial system in
China. In rural area informal financing even plays a more important role than formal one. In fact,
informal financing activities are usually executed on the base of trust among people. Furthermore,
trust embedded in social capital can be functioned as an important mechanism of financing. It may
allocate resources over time and area, manage risk, provide information, concentrate resources and
split equity, produce incentive, and settle the payment among different people. So, it is a
substitution to formal finance institutions before farms can reach them. A model based on game
theory reveals that the risk involved in informal financing can be reduced by improving
transparency, increasing possibility of re-meeting and more potential financer, strengthen the
expect of higher payoffs while higher integrity. As practical measures, the policymaker should
recognize the role of informal finance, and encourage formal financial sector to improve it service
to replace some informal activities. Meanwhile the governmental authorities should encourage
informal financing activities on a common track and direct their business based on their catalog,
limiting and banning uncommon activities such as money laundering, gambling, etc.
KEY WORDS Informal finance Rural finance Financial system