一个有效率的金融体系，关键不在于具体形态如何，而在于其能否有效地支持一个国家最具比较优势的产业。国内银行体系近年来的种种尝试，正在印证这一传统而简单的比较优势理论。

An efficient financial system,The key is not in a specific form,But in its can effectively support a country the most of the comparative advantages of industry.Domestic bank system in recent years of trial,Is confirm this tradition and simple theory of comparative advantage.

　　证券时报记者 罗克关

The securities times reporter rock shut

　　从世行卸任归来，林毅夫教授用三部新著对发展经济学的“新结构”框架做了详尽阐述，由此引发了学界热议。值得一提的是，在《解读中国经济》一书中，林毅夫教授还专辟一章阐述了经济增长与金融结构的关系问题，其中观点或许对当下陷入迷茫的中国银行(601988,股吧)业发展路径给出些许启示。

From the world bank, the outgoing return,Professor Lin with three new department of development economics"The new structure"Frame made elaborate,This caused a hot debate academic circles.Be worth what carry is,in[To interpret China's economic]book,Professor Lin also designed monarch chapter expounds the economic growth and the problem of the relationship between the financial structure,The view perhaps for the confusion in the bank of China(601988,guba)Industry development path given some revelation.

　　从理论逻辑看，林毅夫教授所提倡的“新结构”框架并不神秘，主要还是古典的比较优势论。与传统的经济发展理论有所不同的是，“新结构”框架认为发展中国家利用自身比较优势，能够更快地积累资本并实现产业升级，任何试图超越一个国家资源禀赋优势的发展策略，必然带来种种扭曲的经济现象。

From the logic of theory will see,Professor Lin advocated by"The new structure"Frame is not mysterious,The comparison of the main or classical YouShiLun.With the traditional economic development theory is different,"The new structure"Framework that developing countries use their own comparative advantages,Can faster accumulation of capital and achieve industrial upgrading,Any attempt to transcend a country endowment of resources advantage of the development strategy,Will bring a variety of distorted economic phenomenon.

　　而从金融的角度，林毅夫教授认为有效率的金融体系，重点并不在于具体形态是间接融资多还是直接融资多。其中的关键，在于这种金融体系能否有效地支持一个国家最具比较优势的产业。从商业原则来说，具有比较优势的产业能够赚到最多的利润，而在整个资金借贷链条上的各类企业，也能够富有效率地循环下去，并逐渐实现自身的升级。

And from a financial point of view,Professor Lin that efficient financial system,Key does not lie in the specific form is indirect financing more or more direct financing.The key,Is that the financial system can effectively support a country the most of the comparative advantages of industry.From the commercial principle speaking,Has the comparative advantages of the industry to make the biggest profit,And in the whole fund lending the of all kinds enterprise on the chain,Can also rich efficiency to cycle down,And gradually realize own upgrade.

　　这一论断，与近年来国内银行业的发展路径相印证，会令很多原本模糊的概念清晰起来。

This thesis,And in recent years the domestic banking development path phase confirm,Can make a lot of original fuzzy concept clear.

　　首先，银监会自2008年中开始强制性约束银行将信贷资源投入中小企业的发展之中，不仅要求单列规模、单设条线，还要求信贷增速不低于全行平均水平。这在一定程度上推动了原本只关注大企业的银行重新考虑战略布局。四年下来，不少银行已拓展了小企业业务，各类业务模式也开始出现。

First of all,The CBRC since 2008 years began to mandatory constraint the bank will credit resources into the development of small and medium-sized enterprises in,Requires not only single scale/Single set line,It also requires credit growth is not lower than the average level of both.This, to a certain extent, promote the originally only pay attention to the big enterprise bank reconsider strategic layout.Four years down,Many Banks have expanded the business of small enterprises,All kinds of business model also begins to appear.

　　其中核心原因是什么？正是因为小企业在当下的经济框架中，更能够充分利用国内劳动力资源相对密集的优势，运用相对成熟的技术进行生产，从而赚得不菲利润。考虑到中小企业难以享受各种资源上的倾斜，这种自发的经济活力更应该让人敬畏。一个细节也可以从旁佐证，即便在整体信贷需求最为低迷的情况下，很多银行高管也不担心中小企业信贷需求会遭遇大的滑坡。在资本瓶颈日益突出的情况下，一些银行反而更愿意将有限的资源投向利润更为丰厚的小企业业务中。

The core reason for that?It is for small businesses in the present economic framework,More able to make full use of domestic labor resources relatively dense advantage,Using the relatively mature technology to production,Thus gain does not poor profit.Considering the small and medium-sized enterprise hard to enjoy all kinds of resources on the inclined,This kind of spontaneous economic vitality more should let a person fear.A detail also can from side evidence,Even in the whole credit demand under the condition of the downturn,A lot of bank executives is not worried about small and medium-sized enterprise credit demand will encounter big landslide.In the capital bottleneck increasingly outstanding cases,Some Banks instead more willing to put the limited resources to more lucrative business in small businesses.

　　其次，从金融与产业发展相匹配的视角看，地方中小银行的发展更有充分的需要。但是林毅夫教授认为，鼓励小银行发展的目的是为小企业融资难提供解决方案，而不是鼓励他们做大做强，继而成为新的大银行。其中理由是当下中国具备优势的资源基本集中劳动力之上，以此为主要生产要素的小企业更具有盈利空间，鼓励银行向这些领域发展符合比较优势，能够形成合理的商业链条。如果继续鼓励小银行走以往国有大行的发展老路，则必然会遇到许多老问题，过往二十年国有银行改革的经验教训足以为鉴。

secondly,Financial and industrial development from the perspective of the match,The development of the local small and medium-sized Banks have more fully needs.But professor Lin think,To encourage the development of small Banks purpose is for small business financing difficult to provide solutions,Not encourage them to become bigger and stronger,Then become the new big bank.The reason is that the Chinese have the advantages of resources focus on basic labor,So as the main factor of production of small businesses is more profit space,Encourage Banks to these fields with the development of comparative advantage,Able to form a reasonable business chain.If continue to encourage XiaoYin walk past the state-owned big done zone development,It will meet many old problems,The past twenty years the reform of state-owned Banks to the experience and lessons in the light.

　　第三，如果现有的金融结构仍然继续支持资本密集型产业的发展，则必然会形成体系内外同步流转的两个资金市场。

The third,If the existing financial structure still continue to support capital intensive industry development,You must can form system of internal and external synchronous circulation two capital market.

　　其一是缺乏比价优势，依靠各种资源价格扭曲以形成利润的大企业能够获得大量低成本的资金，但在经济下滑周期中却无从投资。其二则是能够充分使用现有生产要素、且有效率的中小企业无从获得资金支持，高成本的资金足以吞噬企业利润空间，并抑制这些具有优势的产业发展。

One is the lack of parity advantage,Depend on all kinds of resource price distortion in order to form the big enterprise profits can get low cost a lot of money,But in the economic downturn cycle but can't investment.The second is to make full use of existing production elements/And efficient of small and medium-sized enterprises financial support available,The high cost of money enough to devour profit of enterprise space,And inhibiting these has the advantages of industrial development.

　　从2008年至今诸如担保、小额信贷、民间借贷等体系外借贷中介的发展，以及曾经见诸报端的信贷资金流向民间借贷的事例看，这种潜藏的资本错配现象已经不容小视，“影子银行”也逐渐在中国出现并成为近年来颇为引人瞩目的一种现象。

From 2008 to now such as guarantee/microfinance/Folk borrowing system outside the development of intermediary lending,And had been made public credit funds flow to the folk lending of cases,This kind of hidden capital mismatch phenomenon has not involved,"Shadow Banks"Also gradually in China has in recent years and become quite eye-catching phenomenon.