田 立

Field made

　　农村金融对我来说有着特别的历史亲切感，我人生的第一份工作就与农村金融有关。然而，或许是出于多年来对农村金融老生常谈的麻木以及对缺乏新意的农村金融研究的失望，我好像已忘却了这个曾在我生活中伴我左右的“老朋友”，直到最近读了左晓蕾女士的《农行姓农，村镇银行岂能沿袭大银行扩张思路》的文章，才又重新唤醒了那份沉睡的情结。

The rural financial to me has a special history feeling,My life first job is related with the rural finance.however,Perhaps out of for many years to the rural financial commonplace numb and the lack of new rural financial research disappointment,I seem to have forgotten this once in my life around with me"Old friend",Until recently read the ZuoXiaoLei lady's[Agriculture bank name agriculture,Bank villages and towns shall follow big bank expansion ideas]article,Again to wake up the sleeping of the complex.

　　左女士文章最核心的问题就是农村金融的性质，而这恰是农村金融中最让人纠结，同时也是最难解决的核心问题，到底该如何处理好农业生产、农村金融机构和整个金融市场的关系，直到今天并没有一个放之四海皆准的模式，甚至找不到具有实际借鉴意义的成功例子。

The lady left the core problem is the nature of the rural finance,And this just is the most rural finance to ravel,At the same time is also the core of the most difficult problems,Exactly how to deal with agricultural production/Rural financial institutions and the whole financial market relations,Until today, and no one put the universal model,Even can't find has the practical significance of the successful example.

　　农村金融原本的服务对象就是农业生产，但农业生产的两个不平凡的特性使得这项本该平常的金融活动变得与众不同起来：农业生产的大跨度周期收入与支出，以及农产品价格的剧烈波动性。前者造成了农业生产者（无论是产业化程度较高的农场生产者还是以个体家庭为单位的个体生产者）对生产性融资的普遍依赖；而后者则造就了这些融资的巨大风险。正因如此，一般金融机构对农村金融（这里暂且仅指农业生产融资活动）非常不感兴趣，甚至有些抵触。然而，任何一个经济体都不可能听任对农村金融的漠视与孤立。于是，各种关于解决上述矛盾的研究就此广泛展开。

The original rural finance service object is agricultural production,But the agricultural production two extraordinary properties that make this should have common financial activities become extraordinary up:Agricultural production is big span cycle income and expenditure,Agricultural prices and severe volatility.The former caused the agricultural producers(Whether high degree of industrialization of farm producers or in the individual family as the unit of individual producers)Productive financing generally rely on;The latter makes these financing the huge risk.Because of this,General financial institutions to rural financial(Here for the moment only refers to agricultural production and financing activities)Very not interested,Even some conflict.however,Any one economy is likely to surrender to the rural financial ignore and isolated.so,All kinds of solving these contradictions about the research on the extensive expansion.

　　大体说来，有关农村金融的研究始终纠缠于如何处理金融市场的一般规律与农村金融特殊性之间的矛盾之上。专家学者的研究虽偶有新意，但缺乏从根本机制上治愈此病的灵丹妙药。比如最早也是最广泛的手段之一的政策银行，它虽然可以克服金融市场一般规律对市场参与者的基本约束和对农村金融不利的市场激励，但在监管体系和监管力度都存在缺陷的情况下，政策银行的负面效应不容忽视（尤其腐败）。早期农业银行(601288,股吧)以及后来的农业发展银行和农村信用社都在这方面出过问题（有些甚至很严重），而解决方式主要有两个：一是加强监管，这个看似简单的手段实际操作起来比想象的难得多；二是运用市场手段，用市场机制抑制对政策金融（实际上是国有资产）的亵渎，但这似乎又回到了矛盾的起点。

Generally speaking,The rural financial research always getting entangled in how to deal with the general rule of financial markets and rural financial particularity on the contradiction between the.Experts and scholars study though I have new idea,But the lack of fundamental mechanism from the cure of the disease in the panacea.Such as the first and the most extensive one of the means of the policy bank,Although it can overcome the financial market general law of market participants to the basic constraint and rural financial adverse market incentive,But in the supervision system and supervision dynamics are under the condition of the defects,The policy bank's negative effect can not be ignored(Especially corruption).Early agricultural bank(601288,guba)And later agricultural development bank and rural credit cooperatives are produced in this problem(Some even very serious),And there are two major solution:One is to strengthen supervision,This deceptively simple means of actual operation up much more difficult than the imagination;The second is to use market means,Use the market mechanism of the policy financial inhibition(Is actually the state-owned assets)profanity,But it seems to be back to the starting point of the contradiction.

　　运用市场手段运作农村金融的最根本问题，是资金对优质资产的追逐，这里的优质指的是同等收益水平下的风险水平，正是由于农业生产的风险性因素使得农业项目（无论产业化程度高低）都不可能成为市场资金的最优选择。相对而言，城镇经济更容易吸引市场资金，甚至是市场外资金，这也正是原来一些政策金融资金最容易出问题的地方。这种情况下，要求已市场化了的农村金融机构一味地支持农业融资实在是一厢情愿，甚至有违市场规律，一些原本属于政策性的银行如今也涉足政策以外业务（其实是典型市场业务）的现象，从另一个角度说明了这一事实。

The market operation of the rural finance means the most fundamental problem,Money is of high quality assets chase,The high quality refers to the same income level of risk level,It is because of the risk of agricultural production factors make the agricultural project(No matter industrialization degree)Can be the optimum choice of the capital market.relatively,Town economy are more likely to attract capital market,Even outside the capital market,This is the original some policy financial funds the most trouble spot.This case,Demand has the marketization of rural financial institutions is given to support agricultural financing it is wishful thinking,Even contrary to the laws of the market,Some originally belongs to the policy bank now set foot outside business policy(In fact is a typical business market)phenomenon,From another Angle proved this fact.

　　在一些人看来，农村金融机构的理想状态是：一方面按照想象中的黄金分割比例将一部分资金参与到市场金融活动中，让市场机制发挥对参与者的激励与约束作用；而另一方面，也须将另一部分资金忠实地服务于纯粹市场金融机构不愿涉足的农业金融领域，以保证经济体对农业生产的支持和依赖。遗憾的是，这样理想化的（甚至可以说是天真的）构想在现实世界中很难实现，因为它在根本上要求市场必须是割裂的。

In some people,Rural financial institutions is the ideal state:On the one hand, in accordance with the imagination of the golden section proportion will be a part of the capital to participate in the market in financial activities,Let the market mechanism play on participants' incentive and constraint function;And on the other hand,Also must will be another part of the capital faithfully serve the pure market financial institutions would not set foot in the agricultural finance field,To ensure that the economy for agricultural production support and rely on.It is a pity that,This idealized(Even is naive)Idea in the real world it is difficult to realize,Because it fundamentally request market must be separated.

　　只有在分割的市场上，我们才有可能看到同质化的资金对不同的风险存有相同的追逐需求，否则，资金会用尽一切办法突破市场的界限，去追逐优质资产。这不是道德问题，是规律问题。于是很多人就千方百计地寻找“合理地”分割市场的办法，但直到现在也没见谁找到过。

Only in the market segmentation,We can see the homogeneity funds of the different risk being the same chase demand,otherwise,Funds will be exhausted all the way to break through the limits of market,To pursue high quality assets.This is not moral problems,Regular problems.So many people will leave no stone unturned to find"reasonably"Dividing the market way,But until now also didn't see who found.

　　有一种思路比较接近于这个目标，这就是政策优惠。管理层可通过政策补贴的办法来分割市场，也就是补贴农村金融机构因从事农村金融活动而失去的那部分风险溢价，使得分割市场上的金融活动的规律趋近一致。这样一来前述问题似乎就解决了，但新的问题应运而生：政策补贴往往是静态承诺，而农村金融的不确定性却是动态过程。以静态补贴来抵冲动态的问题，就好比拿确定性来解决不确定性一样不合逻辑。可如果政策补贴动态化，技术上虽可行，由此衍生的道德风险却无法同时遏制，即获得补贴的机构将农村金融业务以外的市场业务的损失偷偷转移到补贴之内，这同样会阻碍农村金融的健康发展。

Have a kind of thought is close to the goal,This is the preferential policy.Management can through the policy subsidy way to segmentation market,Is also the subsidies for rural financial institutions engaged in rural financial activities and lose that part of the risk premium,Make segmentation market financial activity rule approach consistent.In this way the problem seems to be solved,But the new question arises at the historic moment:Policy subsidy is often static commitment,And the rural financial uncertainty is dynamic process.With static subsidies to offset the dynamic problem,Just as with certainty to solve uncertainty as illogical.But if policy subsidies dynamic,Although the technology is feasible,The derivative of the moral risk of the cannot contain at the same time,Namely get subsidies institutions will rural financial business outside of the market business losses secretly transfer within the subsidies,This will also hinder the healthy development of the rural finance.

　　另一种解决的思路是间接补贴，即对那些愿意进入农村金融领域的机构降低市场准入门槛，用“权利”换“分割”，即支持农村金融的机构可获得农村金融以外金融市场的“门票”。如果这样，就没有必要再纠缠于农村金融还要不要姓“农”的问题，而应更加关注市场门槛的水平，以及由此产生的社会成本。

Another kind of the solution is indirect subsidies,That is for those who would like to enter the rural financial field offices reduce the market access threshold,with"rights"in"segmentation",Namely support rural financial institutions may obtain the rural financial outside financial market"tickets".If so,There is no need to dwell on the rural financial also don't name"agriculture"problems,And should pay more attention to the market threshold level,And the resulting social cost.

　　实际上，在农村金融纯正性这个问题上，世上没有统一标准，也没有过什么值得仰视的榜样。发达国家在农村金融这个问题上最成功的做法，不是我们想象的市场化手段，而是赤裸裸的财政补贴！

In fact,In rural financial pure sex this problem,There is no unified standard,Also does not have any worthy of inverted example.The developed countries in rural financial this problem the most successful practice,Not we imagine the market-based means,But naked financial subsidies!

　　（作者系哈尔滨商业大学金融学院金融工程研究所所长）

(The author is Harbin commercial university financial college financial engineering institute director)