经济导报记者 杜海 宁佳彦

Economic DuHai NingJiaYan serially reporters

　　17日下午，由中国人民银行、中国银行业监督管理委员会等共同编制的《金融业发展和改革“十二五”规划》（下称“规划”）发布。值得关注的是，规划首次明确提出金融机构的“破产”问题，并已上升至立法层面。规划称，要“建立适合我国国情的金融机构破产法律体系，规范金融机构市场退出程序，加强行政退出与司法破产之间的有效衔接”。与此相呼应，“十二五”期间存款保险制度、存款保险立法等破产保护措施将进一步推进。

17 afternoon,The people's bank of China/The China banking regulatory commission jointly designed[The financial industry development and reform"1025"planning](said"planning")release.There is concern,Planning for the first time put forward the financial institutions"bankruptcy"problems,And has increased to the legislative level.Planning says,to"Establish suitable for China's national conditions of financial institutions bankruptcy legal system,Standard financial institutions market withdrawal program,Strengthen administrative exit and judicial bankruptcy effective connection between".And this photograph echo,"1025"During the deposit insurance system/Deposit insurance legislation and so bankruptcy protection measures will further.

　　经济导报记者注意到，在金融业“十一五”规划中，全文未提“破产”二字。对于企业退出机制仅表述为，“选择适合国情的金融企业市场退出模式”。

Economic gaining reporter noticed,In the financial industry"11th five-year plan"planning,Full text no mention"bankruptcy"Two words.For enterprise exit mechanism for only expression,"Choose suited to the condition of financial enterprise market exit mode".

　　“从规划首提金融机构‘破产’问题来看，投资行业的一条铁律从未改变，那就是高回报对应高风险。”深圳投行界投资顾问张臻对导报记者表示，“破产”与“退出”一词之差，表明中央已下定决心推动金融改革，使金融企业运作向更加市场化的方向推进。

"From planning the first mention financial institutions‘bankruptcy’Questions to see,Investment industry a iron law never change,That is a high return corresponding high risk."Shenzhen investment Banks boundary investment advisers to ZhangZhen serially reporters,"bankruptcy"and"exit"The difference between a word,Show that the central has made up his mind to promote financial reform,Make financial enterprise operation to a more market-oriented direction propulsion.

　　山东大学经济研究中心教授、法经济学研究所所长魏建进一步表示，“存款保险制度是利率市场化改革所需要的配套制度，没有存款保险制度的利率市场化，就像失去了一个减震器。不过，推出该制度的时机选择取决于顶层设计。”

The economic research center of shandong university professor/Law and economics institute director WeiJian further said,"Deposit insurance system is a market-oriented interest rate reform need supporting system,No deposit insurance system of interest rate marketization,Like lost a shock absorber.but,Introduced the system time choice depends on the top design."

　　“大而不能倒”将难再 "Big and can't fall"Will be difficult to

　　此前，市场一直预计，即使银行坏账爆发，由于“大而不能倒”规则，政府也会兜底。此番规划有意打破该预期，目的就是防止“大而不能倒”现象危及我国金融安全。规划提出，建立和完善银行体系与资本市场之间的防火墙，防止风险跨业传染；规范系统重要性金融机构行为，避免因过度发展造成“大而不能倒”问题。

after,Market has been expected,Even if the bank bad account outbreak,because"Big and can't fall"rules,The government will also reveal all the details.The "planning to break the expected,Purpose is to prevent"Big and can't fall"Phenomenon may endanger our financial security.Plans to put forward,To establish and perfect the banking system and capital market firewall between,To prevent the risk cross-combination infection;Standard system importance financial institutions behavior,Avoid the excessive development cause"Big and can't fall"problems.

　　“中国《银行业金融机构破产条例》已搁置数年，金融机构缺乏合理退出机制，央行在《2012年金融稳定报告》中曾强调要改进破产程序的法律框架，但立法工作却未能迅速展开。此次规划称要建立金融机构破产法律体系，可能暗示市场法律建设已有时间表，金融机构破产立法有望加速。”某城商行济南分行侯姓副行长对导报记者说。

"China[Banking financial institutions bankruptcy ordinance]Has shelved years,Financial institutions lack of reasonable exit mechanism,The central bank in[In 2012 financial stability report]Have stressed the need to improve the bankruptcy procedure legal framework,But the legislation failed to rapid expansion.The plan says to establish financial institutions bankruptcy legal system,May suggest that the market has legal construction schedule,Financial institutions bankruptcy legislation is expected to accelerate."A city firm jinan branch HouXing deputy governors to offer reporters.

　　事实上，除了市场化考量之外，允许金融机构破产，其背后仍有深意。

In fact,In addition to outside market considerations,Allow financial institutions to bankruptcy,There are still behind the profound.

　　张臻说，上半年16家A股上市银行共实现净利润4610.88亿元，占全部A股上市公司净利润的48%。“中央此前已表态要打破行业垄断，规划延续此理念，通过扶持非银行金融机构增强市场有序竞争以及建立《金融机构破产法》等手段向银行暴利宣战，同时打消市场关于政府一定会为银行业托底的预期。”

ZhangZhen said,In the first half of the 16 a-share listed Banks were A net profit of 461.088 billion yuan,Of all a-share listed company net profit of 48%."The central previously has pledged to break the monopoly industry,Planning extend this idea,Through the support non-bank financial institutions to increase market and orderly competition and building[Financial institutions bankruptcy law], and other means to bank profits declaration of war,At the same time, perish the market about the government will for banking TuoDe expected."

　　导报记者注意到，规划称，非金融企业直接融资占社会融资规模比重要从“十一五”期间的11%提高到15%以上，并提出将进一步支持券商、保险、小贷公司等非银行金融业做大做强。由此来看，银行的蛋糕将被分食，抗风险能力较差的城商行也将遭受不利影响。

Offer reporter noticed,Planning says,Non-financial enterprises of our country direct financing of social financing scale from than important"11th five-year plan"During the period of 11% to over 15%,And put forward the further support brokers/insurance/Small loan companies, such as the non-bank financial industry bigger and stronger.In this respect,Bank of the cake will be points food,The risk resistance ability of the poor city business will also suffer.

　　在金融机构破产立法等一系列市场化进程之后，金融业将发生何种变化？对此，上述侯姓副行长谨慎表示，“出于避险考虑，国外屡屡出现的负利率以及国债零利息等现象，并非不可能出现。”

In the financial institutions bankruptcy legislation and a series of marketization process later,The financial industry will be what kind of change?this,The above HouXing vice President said carefully,"Out of hedge consider,Frequent and supportive of the foreign and national debt zero interest wait for a phenomenon,It is not possible."

　　存保制推出受制顶层设计 Deposit insurance system launch captive top design

　　国际上，金融安全网通常包含中央银行最后贷款人功能、银行审慎监管与存款保险制度，而存款保险制度在我国尚处空白。此次规划明确提出，将“建立健全存款保险制度，加快存款保险立法进程” 。

The international,Financial safety net usually contains the central bank a lender of last resort function/Bank prudential supervision and deposit insurance system,And the deposit insurance system in our country is still in the blank.Put forward the planning,will"Establish and improve the deposit insurance system,To speed up the deposit insurance legislation process" .

　　魏建介绍，存款保险制是对商业银行等存款类金融机构进行风险处置的一项制度安排，主要指存款类金融机构向存款保险机构缴纳保费购买存款保险，当金融机构发生支付危机或倒闭时，对被保护的存款或其他金融资产提供部分或全部支付保障的一种制度。与政府直接救助金融机构相比较，存款保险制度的优势在于通过建立市场化的风险补偿机制，市场、股东和存款人合理分摊因金融机构倒闭而产生的财务损失。

WeiJian introduced,Deposit insurance system is to commercial bank deposit financial institutions to the risk of disposal of a system arrangement,Refers to deposit financial institutions to deposit insurance institutions pay premium buy deposit insurance,When financial institutions pay crisis happened or collapse,To be protected deposit or other financial assets provide some or all of the payment guarantee a kind of system.And the government rescue financial institutions directly compared,Deposit insurance system's advantage lies in the market by establishing risk compensation mechanism,market/Shareholders and depositor reasonable allocation for financial institutions as a result of the collapse of financial loss.

　　“存款保险制度是金融安全网的有机组成部分，在维护金融稳定方面发挥着重要作用。”魏建告诉导报记者，没有存款保险制度的利率市场化如同失去了一个减震器。

"Deposit insurance system is the organic part of the financial safety net,In the maintenance of financial stability plays an important role."WeiJian told reporters newsletter,No deposit insurance system of interest rate marketization as lost a shock absorber.

　　但是存款保险制度并不是包治百病的灵丹妙药，道德风险便是其中一个副产品。银行可能倾向于从事风险更高，利润更大的业务，储户在选择存款银行时也不再那么谨慎，有关机构也可能放松监管职能。

But the deposit insurance system and not of cure-all panacea,Moral hazard is one of the byproducts.The bank may tend to be engaged in higher risk,Profit more business,Savers in choosing deposit bank will no longer so cautious,The relevant authorities may also relaxed regulatory functions.

　　“没有完美的制度，”魏建说，“任何一个制度都有弊端，但是我国主动设立存款保险制度总比美国在经济大萧条的时候被动设立要好。储户是银行的债权人而不是股东，他们不应承担金融机构破产的无限责任。”

"There is no perfect system,"WeiJian said,"Any system has drawbacks,But our country active set up deposit insurance system than the United States in the great depression when better passive establishment.Customer is a bank creditors rather than shareholders,They shall assume no responsibility or financial institutions bankrupt unlimited liability."

　　那么如何才能进行最合理的制度设计？单纯采用对存款损失赔偿一定比例或者设定最高赔偿限额，并不能有效避免道德风险，恰当地与银行选择的风险业务挂钩的差别存款保险费率或许会更加有效。魏建则提出更为关键的一点，“这个制度本身已经具备了可以推出的条件，但是最终的时机选择取决于顶层设计，比如说谁来出钱，谁来运作，会牵涉到一些资源分配和利益分配等问题。”

So how to carry on the reasonable system design?Only with a certain proportion of a deposit for damages or set maximum indemnity,It can't effectively avoid moral risk,Properly and bank choice risk business hook difference deposit insurance rate may be more effective.WeiJianZe puts forward more key point,"The system itself already have a can launch of the condition,But at the end of the time choice depends on the top design,For example who will pay,Who will operation,Will involve some allocation of resources and distribution of interests problems."

　　提到金融机构市场退出机制，魏建认为，“目前银行破产的可能性不大，因为不良资产率没那么高，而且我国对银行资本充足率的要求相当高。”不过仍需注意到，近年来中小法人金融机构快速壮大，在地方经济金融发展中占据越来越重要的市场地位，但管理和市场等方面的诸多因素导致中小金融机构风险问题非常突出，其风险规避及市场退出已成为当前一项不可避免的议题。

Mentioned financial institutions market withdrawal mechanism,WeiJian think,"Currently, the bank bankruptcy is unlikely,Because of bad assets ratio is not so high,And our country on bank capital adequacy ratio requirements quite high."But still need to pay attention to,In recent years, small and medium-sized corporate financial institutions expands rapidly,In the local economic and financial development occupies more and more important market position,But the management and market of many factors lead to small and medium-sized financial institutions risk problem is very prominent,Its risk hedging, and market exit has currently become an unavoidable issue.

　　“因此，建立我国金融机构存款保险制度是防范风险、应对危机的必由之路，金融机构市场的退出机制也将让上述中小金融机构面临更大考验。”魏建说。

"therefore,To establish our country's financial institutions deposit insurance system is preventing risks/The only way to deal with the crisis,Financial institutions market withdrawal mechanism will also let the small and medium-sized financial institutions face greater test."WeiJian said.