温州此次金融改革在推动民间金融发展、促进民间资本进入金融领域方面起到了重要的作用，但同时改革方案也存在待完善之处。首先，改革方案中并未提及存款保险制度的建立，这意味着民间金融无法建立一个完善的风险防范体系。其次，利率市场化试点的成立在改革中被否决。利率市场化对于小型民间金融机构的生存和发展以及我国金融体制的改革至关重要，利率市场化的缺位意味着改革是不完全的。此外，改革方案中提到对于符合条件的贷款公司可以改制为村镇银行，但是对于改制的具体条件、改制条件由谁制定，尚未出台相关细则。

Wenzhou the financial reform in promoting the development of private financial、Promote private capital into the financial sector have played an important role，But at the same time reform plan to perfection in there。first，Reform scheme did not mention the deposit insurance system establishment，This means that private finance can not establish a perfect risk prevention system。second，Interest rate marketization reform in the establishment of the pilot were rejected。Market-oriented interest rate for the small private financial institutions and the survival and development of the reform of China's financial system is very important，The absence of the market-oriented interest rate reform means is incomplete。In addition，Reform plan to meet the conditions mentioned in the loan company can change make town bank，But for the specific conditions of restructuring、Restructuring by who make conditions，Has not yet to publish relevant rules。

　　任何改革都不可能一蹴而就，而改革的完成也不可能是一帆风顺的。民间金融的合法化和阳光化是我国在金融改革中迈出的重要一步，但这并不意味着民间借贷中存在的问题便能够得到完全解决，温州金融改革对我国现行金融体系的影响仍有待观察。

Any reform is likely to come easily，And the complete reform won't be easy。The legalization of private financial and the sun is in China's financial reform in the important step towards，But this does not mean that the problems existing in the folk lending would be to get fully resolved，Wenzhou financial reform for our current financial system influence remains to be seen。

　　编辑：马宏建

editor：MaHongJian

　　论一：机遇与挑战并存 Concerning a：Opportunities and challenges

　　郭田勇

Guo TianYong

　　民间金融是我国金融体系的重要组成部分，是对正规金融的有效补充。民间金融在服务中小企业方面具有不可替代的优势，提高了资金的使用效率，是促进“草根经济”发展的重要推动力。民间金融的完善和发展对于我国金融市场的完善和国民经济的增长都具有不可替代的意义，随着社会对金融服务需求的日益多样化，发展民间金融已成为大势所趋。

Private finance of the financial system in China is an important part，Is the effective supplement to the formal financial。Private finance in small and medium enterprise service has irreplaceable advantage，Improve the efficiency in the use of funds，Is to promote“Grassroots economy”Development of important driving force。The private finance for development and perfection of our country's financial market and national economic growth are perfect has irreplaceable significance，Along with the social demand for financial services the increasingly diversified，Private financial development has become the general trend。

　　暴露民间金融困境 Exposure to financial difficulties folk

　　长期以来，我国民间金融在发展过程中困难重重，情况并不乐观。我国对于民间金融的发展实施了诸多限制条件，大部分民间金融活动处于无序的地下运作状态，只能在“灰色地带”生存。

long，Our country folk in the process of the development of the financial difficulties，Situation is not optimistic。For the development of our country folk financial implemented many constraints，Most folk financial activities of underground operation condition in disorder，Can only in“Grey zone”survival。

　　一直以来，我国对民间金融进行较为严格的限制，多是出于对风险的顾虑。民间借贷形成了大量的体外循环资金，监督管理的难度较大，易对国家的货币政策形成冲击，干扰国家宏观政策的调控效果。在存贷款利率水平上，民间金融机构往往要高出正规金融机构，高利率加剧了贷款风险，增加了潜在不良贷款率，给整个金融体系的稳定带来了负面影响。由于大部分民间金融机构以中小规模为主，资金实力有限、经营状况不稳定，且缺乏国家的支撑力量，其抵御风险能力较低，一旦发生损失便容易出现流动性危机，甚至破产倒闭。此外，民间金融将借贷关系建立在民间信用之上，一定程度上体现出“人格化交易”的特点，这一特点在形成民间金融独特优势的同时，也带来了经营不规范、担保条件不完善等一系列问题。对于监管机构来说，由于民间金融机构较为分散，其投融资活动的规范性不及大型正规金融机构，因此，在监管方面存在一定的困难，易导致监管真空地带的出现。

Has been，Our country to private finance more strict restriction，More from the risk of concerns。Folk lending forms the bulk of extracorporeal circulation capital，Supervision and management of the difficulty is large，Easy for the country's monetary policy form the impact，The regulation of national macro policy interference effect。In the interest rate level，Folk financial institutions tend to be higher than normal financial institutions，Higher rates increased loan risk，Increase the potential bad loans，The stability of the financial system to bring the negative effects。Since most of the private financial institutions and small and medium-sized to give priority to，Capital limited strength、Operating conditions of instability，And lack of support strength of the country，The ability to resist the risk is low，Once the loss occurs then easy liquidity crisis，Even went bankrupt。In addition，Private finance will lending relationship on a folk on credit，To a certain extent in the upper“Personified trading”Characteristics of，This feature in the form of private financial unique advantages at the same time，Also brought business is not standard、Guarantee the condition is not perfect and so on a series of problems。For regulators to，Because financial institutions are scattered folk，The investment and financing activities to the standardization of large financial institutions than normal，so，In the regulation there exist certain difficulties，Easy to regulatory vacuum to appear。

　　此次民间借贷危机使民间金融发展过程中的风险和问题浮出水面，揭示了我国当前金融体系中“两多两难”——民间资本多、投资难，中小企业多、融资难——问题的存在，凸显了进行民间金融改革的必要性。民间借贷活动中的经营风险是导致此次危机爆发的原因之一，但是监管的缺失也是危机的重要根源。地下运作的状态不仅无助于增加民间借贷活动的规范化，同时增加了监管的难度。限制民间金融发展的政策并不能从根本上控制风险，只有引导民间金融进行合法化、阳光化的运作，推进民间金融机构的规范化发展，才能从根本上解决当前民间金融无序经营的难题。

The folk lending crisis that in the process of development of private financial risks and problems emerging，Reveals the current financial system in our country“Two more dilemma”-more private capital、Investment difficult，Small and medium-sized enterprise more、Financing difficult--of the existence of the problem，Highlights the necessity of the reform of the private finance for。Folk lending activities of the management risk is causes this one of the causes of the crisis，But the lack of supervision is the important root crisis。The operation of the underground does not help increase state not only the standardization of the folk lending activities，But also increase the supervision of difficulty。Limit the development of private financial policy and can't fundamentally control risk，Only private financial guide for legalized、The sunshine of the operation，Promote the standardization of the folk financial institutions，Fundamentally solve the problem of management of private financial disorder。

　　试水民间金融改革 Try water folk financial reform

　　3月28日，国务院常务会议决定设立温州市金融综合改革试验区，批准实施《浙江省温州市金融综合改革试验区总体方案》，并确定了十二项主要任务。温州金融综合改革试验区的成立具有典型意义，是我国金融改革的探路之举，为我国民间金融的发展起到了重要的示范效应。这一政策措施的出台是对民间金融问题的良好回应，意味着我国民间金融的发展将逐渐走上正规化的道路。

March 28,，The standing committee of state council decided to set up a comprehensive financial reform region of wenzhou，For approval《Zhejiang wenzhou financial comprehensive reform region overall scheme》，To determine the 12 main task。Wenzhou financial comprehensive reform the establishment of the experimental typical significance，Is China's financial reform for units，For the development of our country civil finance have important demonstration effect。The policy measures to come on stage is the good response of private financial problems，Means that our country folk finance will gradually on the road of normalization。

　　金融体制改革是我国未来金融发展的必然趋势，温州金融综合改革试验区的设立可以说是应运而生。打破银行业垄断、提高银行业的竞争性是我国目前金融改革的重要一环，而民间金融机构是真正意义上自负盈亏的经营实体，其作为银行体系的竞争者，能够为我国金融市场注入竞争因素和市场因素，促使正规金融机构提高经营管理水平和服务效率。同时，民间金融也是推动我国利率市场化的重要力量，民间借贷活动往往能够比大型正规金融机构更为准确地反映资金供求关系，从而制定更具市场化的利率水平，加快我国利率市场化的进程。

The reform of the financial system in our country in the future is the inevitable trend of financial development，Wenzhou financial comprehensive reform of experimental set up can be made。Break banking monopoly、Improve the competitiveness of the banking industry in our country at present is an important part of the financial reform，While the folk financial institutions on real significance is their own profits and losses of the business entity，The banking system as the competitors，For our country to financial markets with competitive factors and market factors，The formal financial institutions to improve the management level and the service efficiency。At the same time，Private finance is also promoting our country's interest rate marketization important strength，Folk lending activities will often be able to large financial institutions than regular more accurately reflect the relationship between capital supply and demand，Setting more market interest rates，The acceleration of China's interest rate marketization process。

　　对中小企业来说，民间金融的规范化发展将会鼓励更多民间金融机构的出现和发展，从而增加民间金融体系的整体信贷能力，进一步满足民营经济的资金需求。同时，规范化经营能够减少不合法经营状态为民间金融机构所带来的隐性成本，并对民间借贷中的高利贷现象进行限制，从而间接降低中小企业的融资成本，促进中小企业的发展。

For small and medium-sized enterprise for example，The standardization of the private financial development will encourage more private financial institutions to emerge and development，To increase the overall financial system folk credit capacity，Meet the further capital requirements of private economy。At the same time，Standardization management to reduce illegal business status to folk financial institutions brought about by the hidden costs，And the phenomenon of folk lending limit on usury，Thus an indirect drop financing cost of small and medium-sized enterprises，To promote the development of small and medium-sized enterprises。

　　此次温州金改是我国在民间金融领域的首次改革尝试，虽然改革措施的实施范围具有地域性，但是其带来的影响却具有宏观性，改革的经验将成为其他地区发展民间金融的重要借鉴。此次温州金改容易使人们联想到改革开放初期深圳经济特区的成立，两者的共性在于都具有“以点带面”的中国渐进化改革色彩。深圳特区的成立拉开了改革开放的帷幕，取得了巨大的成功。温州金改是我国金融改革的良好开端，希望在未来几年内，该模式能够取得成功，并在全国各个地区推广。

The change is our country in wenzhou gold folk in the field of finance reform try for the first time，Although the implementation of the reform measures with regional scope，But the impact of the macro is，Reform experience will be the other regions in the development of private financial important reference。The wenzhou gold to easy to make people think early to reform and open policy the establishment of the shenzhen special economic zone，Both are common in“From point to area”Chinese gradual changes colour。Shenzhen special zone was established in the open the curtain of the reform and opening up，Has been a huge success。Wenzhou gold is Chinese financial reform to a good start，Hope in the next few years，The model can succeed，In the country and each region promotion。

　　需引导与监督并举 Need to guide and supervise simultaneously

　　温州金融综合改革试验区取得成功的标志有三：第一，出现了真正由民间资本主导的金融机构；第二，民间借贷真正可以在阳光化、透明化环境中进行，没有后顾之忧；第三，金融监管机构对于民间金融机构具有足够的风险控制能力和监管能力。由此可见，此次改革的关键在于处理好效率与稳定之间的平衡关系，在推进改革的同时完善监管体系、合理控制风险。

Wenzhou comprehensive reform region financial success there are three of the sign：The first，Appeared by private capital of real leading financial institutions；The second，Folk lending in the sun can be true、Transparency setting，No worries；The third，Financial regulators for folk financial institutions have enough of risk control ability and regulatory capacity。This shows，The key to the reforms to handle good efficiency and stable equilibrium relationship between the，In carrying out reform and perfect regulation system、Reasonable control risk。

　　不规范的运作是民间金融风险积聚的根源之一，因此实现民间金融机构的规范化运作是此次改革的重要任务。规范化运作首先需要改变目前民间金融依赖于民间信用的运作模式，这一模式无法完全保证民间金融的健康发展，民间金融机构需要逐渐建立合理完善的信用担保机制、贷款管理机制以及风险化解机制，只有这样才能适应愈加复杂化的金融交易和不断扩张的信贷规模。

Not standard operation of private financial risk is one of the roots of accumulation，Therefore realizes the folk of financial institutions in the standard operation is an important task of the reform。First need to change the present standard operation of private financial dependent on the mode of operation of the folk credit，The model can't fully guarantee the healthy development of the private finance，Folk financial institutions need to establish the reasonable and perfect credit guarantee mechanism、Loan management mechanism and risk dissolves mechanism，Only in this way can adapt the increasingly complicated financial transactions and expanding the scale of the credit。

　　在改革的具体操作过程中，应采取有效措施，提高民间资本的参与程度，必须使民间资本能够真正进入民间金融领域。民间资本进入银行业有两条途径，二者并行不悖。其一是选择一批有实力、有业绩的民营资本发起设立全国性或区域性股份制商业银行，这需要监管部门制定一系列合理明确的行为规范和监管指标，只要民营资本符合一定的条件和行为规范，监管部门就应允许其进入民间金融领域，由市场对金融机构来进行“优胜劣汰”的进一步筛选。其二是遴选一批优秀的小贷公司直接翻牌为社区银行或村镇银行，这一政策不失为此次改革中的一项重要突破，监管部门在操作过程中不仅需要对小额贷款公司的转制条件和程序进行严格规定，同时也应对转制后村镇银行的经营范围、运作方式等进行详细的规定，保证村镇银行正规运行，真正服务于实体经济的发展。

In the reform of the specific operation process，Effective measures should be taken，Improve the participation of private capital levels，Must make private capital to really get into folk financial field。Private capital into the banking industry has two ways，Goes both。One is to choose a number of strength、The performance of the private capital has established a national or regional joint stock commercial Banks，This need supervision department establish a series of reasonable clear codes of conduct and regulatory index，As long as the private capital meet certain conditions and behaviour，Supervision department in the financial sector to the folk，The market for financial institutions“Superior bad discard”Further screening of。The second is the selection of a number of outstanding small loan company directly the flop for community Banks or town bank，This policy is the reform of a important breakthrough，Regulators in the operating process needs not only of microfinance company transfers the conditions and procedures for a strict regulations，Also appearing to villages after the business scope of the bank、Operational methods of the detailed rules，Ensure normal operating town bank，Real service in the development of the real economy。

　　虽然温州民间借贷拥有较长的发展历史，但是此前的民间金融机构多是在“中间地带”尴尬生存，此次改革旨在将民间金融机构转变为在“阳光地带”下进行合法经营的正规金融机构，这意味着民间金融机构的规范化需要国家政策的扶持和引导。首先要成立相关机构，为民间金融机构提供业务咨询服务，引导民间金融机构逐渐建立完善的信用担保机制、风险防范机制和公司管理机制。其次，出台切实的鼓励措施，为民间金融机构提供政策支持，帮助民间金融机构提高管理贷款和化解风险的能力，平稳完成过渡期。

Although wenzhou has a long folk lending development history，But previous folk financial institutions is to be in more“middle”Embarrassed survival，This reform to financial institutions for change in the folk“Sunshine zone”The lawful business operation under the formal financial institutions，This means that the standardization of the folk financial institutions need to national policy support and guide them。First of all, to establish institutions，For folk financial institutions to provide business advisory services，Guiding non-governmental financial institutions gradually established credit guarantee mechanism、The risk control mechanism and company management mechanism。second，Come on stage to encourage measures，For financial institutions to provide policy support folk，Help to improve the management of private financial institutions and dissolve the loan the ability of the risk，Smooth transition completed。

　　此次改革同样对各类新型金融组织和中小企业提供了宝贵的机遇。在温州金改中，新型金融组织需要抓住机遇，利用国家的政策措施提高自身的经营管理水平，逐渐步入正规化运作的道路。而中小企业则能够充分利用民间金融体系的完善缓解自身融资难的问题，拓宽融资渠道，增强自身资金实力，进而扩大生产经营规模。

The reform of new financial organization of same and small and medium-sized enterprises provided a valuable opportunity。In wenzhou gold in change，The new financial organizations need to seize the opportunity，Use of national policy measures to improve their own management，The operation of the road into gradually regularized。Small and medium-sized enterprises are able to make full use of private financial system consummation ease their own financing difficult question，To broaden the financing channels，To improve its financial strength，And then expand the scale of production and operation。

　　监管部门能否建立与民间金融运行机制相适应的监管体系，也是关系到改革成败的关键因素。温州拥有1200亿元左右的民间借贷规模，如此庞大的资金规模使得妥善的监管成为民间金融健康运作的必然选择。

Regulators can establish and folk financial operation mechanism to adapt the supervision system，Is also related to the success or failure of the reform of the key factors。Wenzhou, with 120 billion yuan of the folk lending scale，The large scale of the regulation that funds properly be folk financial health operation of the inevitable choice。

　　化解民间借贷风险首先要求建立相应的存款保险制度，存款保险公司不仅能在发生危机的情况下保护存款人的利益，减少系统性风险发生的可能性和带来的损失，而且能在诸多层面对民间金融机构进行必要的监管，约束民间金融机构的高风险行为。

Dissolve the folk debt risk establish corresponding first demand deposit insurance system，Deposit insurance company can not only in the crisis of the case to protect the interests of the depositors，Reduce the likelihood of systemic risk and damage，And in many aspects of the folk financial institutions necessary regulation，Constraint folk financial institutions risky behavior。

　　民间金融的地方性色彩决定了地方政府在监管中能够掌握更为充分的信息，而民间借贷与地方政府休戚与共的关系也使地方政府对民间借贷的主动监管成为可能。地方政府应逐渐在温州民间金融的监管中扮演主要角色，加强监管力度，并成立地方一级的独立监管机构。在短期内，地方政府可依据温州民间借贷的独特情况制定针对性的措施，在信息收集、问题处理、危机化解等问题上扮演更为积极的角色；而在长期内，地方政府可以参与到民间金融的立法中，从法规层面规范民间借贷的运行。目前，温州已成立地方金融监管服务中心，该中心主要负责对各类投资公司进行监督管理，以及对各类新型金融行业进行专项检查。在未来，地方监管机构应在民间金融改革中发挥更加重要的作用。

The local folk financial decision of local government in the color of supervision can master more sufficient information，While the folk lending and local government and the relationship between the relationship with the local government to the folk and active supervision of lending to become possible。Local governments should gradually in wenzhou private financial regulatory major role，To strengthen the supervision，And the establishment of an independent regulators at local level。In the short term，The local government is the basis of wenzhou private borrowing unique situation and develop the specific measure，In information collection、Dealing with problems、Crisis on such problems as dissolve play a more active role；And in the long term，Local governments can participate in the private financial legislation，From the aspects of the folk lending regulations standard operation。At present，Wenzhou has set up local financial supervision service center，The center is mainly responsible for the supervision and administration of all kinds of investment，And to all kinds of new financial industry to conduct special inspection。In the future，Local regulators should be in the folk in financial reform play more important role。

　　需继续突破局限 Need to continue to break through the limitations

　　此次温州金融改革在推动民间金融发展、促进民间资本进入金融领域方面起到了重要的作用，但同时改革方案也存在待完善之处。首先，改革方案中并未提及存款保险制度的建立，这意味着民间金融无法建立一个完善的风险防范体系。其次，利率市场化试点的成立在改革中被否决。利率市场化对于小型民间金融机构的生存发展以及我国金融体制的改革至关重要，利率市场化的缺位意味着改革是不完全的。此外，改革方案中提到对于符合条件的贷款公司可以改制为村镇银行，但是对于改制的具体条件、改制条件由谁制定，尚未出台相关细则。

The wenzhou financial reform in promoting the development of private financial、Promote private capital into the financial sector have played an important role，But at the same time reform plan to perfection in there。first，Reform scheme did not mention the deposit insurance system establishment，This means that private finance can not establish a perfect risk prevention system。second，Interest rate marketization reform in the establishment of the pilot were rejected。Market-oriented interest rate for the small private financial institutions and the survival and development of the reform of China's financial system is very important，The absence of the market-oriented interest rate reform means is incomplete。In addition，Reform plan to meet the conditions mentioned in the loan company can change make town bank，But for the specific conditions of restructuring、Restructuring by who make conditions，Has not yet to publish relevant rules。

　　任何改革都不可能一蹴而就，而改革的完成也不可能是一帆风顺的。民间金融的合法化和阳光化是我国在金融改革中迈出的重要一步，但这并不意味着民间借贷中存在的问题便能够得到完全解决，温州金融改革对我国现行金融体系的影响也仍有待观察。

Any reform is likely to come easily，And the complete reform won't be easy。The legalization of private financial and the sun is in China's financial reform in the important step towards，But this does not mean that the problems existing in the folk lending would be to get fully resolved，Wenzhou financial reform for our current financial system influence also remains to be seen。

　　在未来，温州金融改革还需要继续加大力度、开放更大的额度，同时增加更为实质性的内容。而决策者也需要在观念上更加开放，突破惯性思维，给予民营资本更大的施展空间，争取将温州民间金融的这一运行模式逐渐在全国各地进行广泛的推广。

In the future，Wenzhou financial reform also need to continue to intensify、Open more credits，At the same time more substantial increase the content。While policymakers also need in concept more open，Breakthrough thinking inertia，Give private capital for the larger display space，Get the wenzhou private finance operation mode gradually all around the country in a wide range of promotion。

　　（作者为中央财经大学中国银行(601988,股吧)业研究中心主任）

（The author is the central university of finance and economics to the bank of China(601988,Shares it)Industry, director of the research center）