编者提示：要打破目前县域金融存在的不合理结构，应培育县域金融发展的中坚力量，将县域股份制银行作为发展方向。

Editor hint:To break the existing county financial exist unreasonable structure,Should foster the backbone of the county financial development,The county will be joint-stock Banks as development direction.

　　人们往往认为金融只涉及中央和大型金融机构，对基层情况缺乏关注。可事实上，在金融行业高度垄断的背景下，由于中小企业大多存在于县域，中小企业融资难、民间高利贷等金融问题正是从县域经济而来，想要解决也就必须从县域经济入手。县域经济是国民经济发展的基础，也是控制金融风险的关键环节。

People often think that financial involves only the central and large financial institutions,Basic situation of lack of attention.But in fact,In the financial industry under the background of highly monopoly,Due to the small and medium-sized enterprise mostly exist in the county,Small and medium-sized enterprise financing difficult/Folk usury financial problems such as it was from the county economy and come,Want to solve also must from of county economy.County economy is the foundation of the development of national economy,Control is the key link of financial risk.

　　我们在对县级单位的调研中发现，目前县域金融的发展可谓喜忧参半：喜的是各种金融创新不断涌现，忧的是各类中小机构发展无序且缺乏有效监管，蕴涵风险。县域金融机构发展现状

We in the units at the county level survey found,At present the development of the county financial is mixed:Happy is all kinds of financial innovation constantly emerging,Of care is all kinds of small and medium-sized institutions development disorder and lack of effective supervision,Contain risk.The current situation of the development of the county financial institutions

　　从目前的现状看，县域内金融机构可以大致分为以下五类：各大商业银行在县域的分支机构，各县（市）成立的农村商业银行，以村镇银行、小额贷款公司、农民资金互助社为代表的县域小型金融机构，证券公司、保险公司等非银行类金融机构，以及典当行、融资担保公司等其他机构。

From the current situation to see,In the county financial institutions can be roughly divided into the following five categories:Each big commercial Banks in county branches,counties(city)Set up rural commercial bank,Bank villages and towns to/Petty loan company/Peasants' fund cooperatives as a representative of the county small financial institutions,Securities company/Insurance companies, such as class non-bank financial institutions,And pawnshop/Financing guarantee companies and other institutions.

　　从实际情况看，县域内的各金融机构均为县域经济发展作出了贡献，但也存在一些问题：

See from the actual situation,In the county of all financial institutions are county economic development to make contribution,But there are also some problems:

　　第一，全国性银行县域分支机构与当地中小企业并不结缘。首先，全国性银行县级分支机构权限有限，难以为中小企业融资服务。同时，其资金大部分上存，造成本地存款外流。其次，全国性银行为中小企业融资服务收益低、成本高，缺乏动力。

The first,National bank county branch and the local small and medium-sized enterprise does not become attached to.First of all,National bank branch authority at or above the county level limited,Hard for small and medium-sized enterprise financing service.At the same time,Most of the money deposit,Cause local deposit outflow.secondly,National bank for small and medium-sized enterprise financing services to low income/High cost,Lack of power.

　　第二，县（市）农商行“量小体弱”且发展空间受限，始终难以实现资金来源的社会化。虽然其积极地为中小企业服务，但由于受自身发展规模的限制，没有足够的能力从根本上解决中小企业融资问题。各地农商行一般都是由农村信用社改制而来，虽已改制，却未完全跳出原有的窠臼。从命名上看，监管部门出台相关规定，要求农商行名称中必须带有“农村”字样，未能从理念上打破城乡界限；从资金来源看，各地的农商行还是以吸收本县（市）存款为主；从发展战略看，各农商行尚未对资本市场有充分的关注，未能正视自身发展潜力。

The second,county(city)Agriculture business"A little weak"And development space is limited,Always hard to realize the socialization of funding sources.Although its actively for small and medium-sized enterprise service,But due to the limitation of by its own development scale,Don't have enough ability to fundamentally solve the problem of small and medium-sized enterprise financing.Agricultural businesses around is commonly by rural credit cooperatives to restructuring,Although already restructuring,But not completely jump out of the original path.Look from naming,Supervision department has issued relevant provisions,For the name of agricultural firms must be with"rural"",From concept to break the boundaries between urban and rural areas;See from the source of funds,Around the farm house or to absorb county(city)Deposit mainly;From the development strategy to see,The farming business has yet to capital market have sufficient attention,Failed to face up to their own development potential.

　　第三，县域小型金融机构作用与局限性并存。本文所阐述的县域小型金融机构包括村镇银行、小贷公司和农民资金互助合作社三类。这些机构是在金融垄断背景下地方金融创新的成果，具有积极意义。但是，由于成长过程缺乏规范指导和统一监管，这些小型金融机构依然存在局限性，是解燃眉之急的“游击队”，却难成县域金融发展的“正规军”。

The third,County small the role of the financial institutions and the limitation of coexist.This paper expounds that the county small financial institutions including bank villages and towns/Small loan companies and farmers capital mutual cooperatives three categories.These agencies are in financial monopoly place under the background of financial innovation achievements,Has positive significance.but,Due to the lack of standardized growing process guidance and unified supervision,These small financial institutions still exist limitations,Is in urgent need of solution"guerrillas",But difficult into county financial development"Regular army".

　　村镇银行已被银行监管部门纳入监管范围，但是体量小，资金来源仅局限于乡镇。同时，在现行监管政策中，村镇银行放贷还要受到一系列的限制，所有客户中农户要占到60%以上，单户贷款额不能高于注册资本10%，100万元以下的贷款要占到贷款总量70%以上，“三农”相关贷款要占到贷款总额90%以上，这也进一步压缩了村镇银行的发展空间。

Bank villages and towns have been bank regulators into the scope of supervision,But mass small,Source of funds is limited to villages and towns.At the same time,In the current regulatory policy,Town bank lending but also by a series of restrictions,All clients farmers to account for more than 60%,One family loan specified amount not higher than 10% of the registered capital,1 million yuan of the following loans to take to the loan amount 70% above,"Agriculture, countryside and farmers"Related loan to account for more than 90% of total loans,It also further compressed town bank development space.

　　目前，小贷公司可获得的商业银行融资额不得超过资本净额的50%，再加上其不能吸收公众存款，因此，必然要面对资金来源“哥们”化、资金使用社会化的矛盾；一旦投放资金无法回笼导致资金链断裂，就会直接引发社会问题。同时，小贷公司的资金使用同样受到限制：开业未满一年的小贷公司，单户贷款余额不得超过公司资本净额的10%；开业一年以上的小贷公司，单户贷款余额不得超过公司资本净额的5%。小额贷款总量、“三农”贷款总量、贷款期限在3个月以上的经营性贷款总量占全部贷款比例均不得不低于70%。这些因素决定了小贷公司前景有限，难以成为县域金融发展的主力军。而且，小贷公司的发展也有失公平。小贷公司看似打破了金融垄断，但事实上还是被少数富人所掌握，获取垄断金融背景下的高额利润。不仅如此，由于出资人资金来源多种多样，很多出资人正是从银行获得贷款后再注资小贷公司，从而导致了商业银行贷款的变相流入，使本来就十分有限的贷款资源变成了少部分人牟利的工具，进一步拉大了县域内的贫富差距。

At present,Small credit company available or junk-rated commercial Banks shall not exceed 50% of net capital,Plus it can't absorb public deposits,therefore,Must face funding sources"Elder brothers"change/The contradiction of using the capital socialization;Once on the withdrawal of funds can't lead to capital chain rupture,Will directly cause social problems.At the same time,Small loan companies use the same money is restricted:Less than a year of small business credit company,One family outstanding balance of the loans shall not exceed 10% of net capital company;Opening a year or more smaller credit company,One family outstanding balance of the loans shall not exceed 5% of net capital company.Small loan amount/"Agriculture, countryside and farmers"Loan amount/If the loan term is over three months total business loans of all loan scale to all have to less than 70%.These factors determine the small credit prospect of company limited,Hard to become the main force of the county financial development.and,Small credit the development of the company also is unfair.Small loan companies seem to break the financial monopoly,But in fact was the few who are rich knowledge,Acquisition monopoly under the background of financial profit.Not only that,Due to the contributor capital source varied,Many investors is obtain loan from the bank after the capital injection small credit company,Leading to the commercial bank loans disguised inflow,Make originally very limited loan resources into a few money making tools,Widening of the gap between rich and poor in the county.

　　在调研中发现，农民资金互助社隐患颇多。一些县（市）的农民资金互助社在民政部门注册，并由农办牵头监管，法律定位不明确，也没有纳入规范的金融监管体制。同时，目前互助社的发起人任职资格把关不严、工作人员的聘用和培训管理尚不规范，仅需少量会费便可加盟的管理体制也难以对资金来源形成有效控制，存在潜在风险。

In the survey found,Farmers mutual cooperative much hidden trouble.Some county(city)Farmers cooperatives funds in civil affairs departments registered,And the NongBan lead supervision,Legal position is not clear,Also not included in standard financial supervision system.At the same time,At present the jointly sponsors qualifications control is lax/Staff employment and training management is not standard,Only a few can join membership fee management system also is difficult to form effective capital source control,Potential risk.

　　大力发展县域股份制银行 Developing county joint-stock Banks

　　要打破目前县域金融存在的不合理结构，应培育县域金融发展的中坚力量，将县域股份制银行作为发展方向。

To break the existing county financial exist unreasonable structure,Should foster the backbone of the county financial development,The county will be joint-stock Banks as development direction.

　　第一，从县域股份制银行的内涵与优势来看，在今后的发展中，县域内应有一个开放式、现代化的县域股份制银行。从治理结构看，县域股份制银行完全按照现代金融企业构造，是独立法人；从名称看，县域股份制银行不再有“村镇”或“农村”字样；从资金来源看，县域股份制银行突破县域的地域限制，并与资本市场结缘，实现资金来源社会化；从资金使用看，县域股份制银行以“资金使用本地化”为宗旨，解决当地中小企业融资问题，为企业“输血”。

The first,The county from the connotation of the joint-stock Banks and advantages to see,In the future development,In the county should be an open/Modern joint-stock Banks county.See from the governance structure,County joint-stock Banks in full accordance with the modern financial enterprise structure,Is an independent legal person;See from the name,County joint-stock Banks no longer have"Villages and towns"or"rural"";See from the source of funds,County joint-stock Banks breakthrough county regional restrictions,And with the capital market become attached to,To realize the socialization of funding sources;From the use of fund to see,County to joint-stock Banks"The use of fund localization"For the purpose of,To solve the local small and medium-sized enterprise financing problems,For the enterprise"Blood transfusion".

　　第二，发展县域股份制银行的具体措施。从目前的实际情况看，村镇银行和各县（市）农商行比较适合作为改造对象；可以在现有基础上，将他们改造为县域股份制银行并大力发展。如果一个县域中能够有一到两家成规模的上市县域股份制银行，县域金融的发展才能真正的被引导到规范轨道上。具体来说，应从以下两方面着手：一是应对县域股份制银行的发展给予政策支持，比如在存贷比、存款准备金率、资本充足率等方面提供一定的优惠，并鼓励县域股份制银行走出县域，拓展业务范围。同时，监管部门也不要再拘泥于名称问题，应允许县域股份制银行名称中不带有“农村”、“村镇”字样，尽量减少县域股份制银行发展的政策枷锁。在此基础上，还可以考虑给予县域股份制银行一定的税收优惠。二是应积极推动县域股份制银行上市。中国目前正在陷入一个“钱多闹钱荒，涝年没水吃”的怪圈，一边是流动性过剩，另一边却是大批企业融资无门。要解决这一问题，就需要在货币市场与资本市场之间搭建桥梁，而县域股份制银行上市正是这个桥梁。如果能够顺利推进县域股份制银行上市，对县域股份制银行而言能够借助资本市场的力量，吸纳社会闲散资金用于发展；对资本市场而言，将县域股份制银行引入能够优化板块结构，为市场注入全新发展动力，可谓相得益彰。

The second,The county development joint-stock Banks of the specific measures.From the current realities,Bank villages and towns and counties(city)Agriculture business suit to as a reform object;Can be in the existing basis,Will they transform for county joint-stock Banks and vigorously develop.If a county to have one or two into the size of the joint-stock Banks listed county,County financial development can truly be led to regulate the orbit.specifically,From the following two aspects:One is the county to deal with the development of joint-stock Banks give policy support,For example, in deposit-loan ratio/Deposit reserve rate/Capital adequacy ratio, etc to provide a favorable,The county and encourage the joint-stock Banks out of the county,Expand business scope.At the same time,Regulators also don't get bogged down in the name problem,The county should be allowed the name of joint-stock Banks with"rural"/"Villages and towns"",Try to reduce county joint-stock Banks development policy chains.On the basis of,Still can consider to give county joint-stock Banks certain preferential tax.The second is the county should actively promote joint-stock Banks listed.China is currently in a"Money to make money shortage,Waterlogging years no water to eat"The strange circle of,One is the excess liquidity,The other side is not a large number of enterprise financing.To solve this problem,Will need in the money market and capital market to build Bridges between,The county and joint-stock Banks listed it is this bridge.If successfully promote county joint-stock Banks listed,For county joint-stock Banks can with capital market forces,Absorb the social idle funds for development;In the capital market,The county will be introduced joint-stock Banks can optimize the plate structure,For the market into the new development power,Is bring out the best in each other.

　　完善金融办建制 Perfect financial system to do

　　目前，县域金融监管工作遇到了很多困难。由于证监会、保监会等金融监管机构没有县一级建制，使得县域金融的某些业务部门缺乏对口监管单位。同时，小贷公司、农民资金互助社等新兴小型机构不断涌现，在法律定位尚不明确的情况下，也无法将其归属现有的监管部门实施监管。为了解决这些问题，各县级政府纷纷组建了县金融办来填补监管空白。

At present,County financial supervision work have encountered a lot of difficulties.Due to the CSRC/The China insurance regulatory commission, and other financial regulators no county level of organizational system,Make some of the county financial business department of the lack of supervision unit.At the same time,Small credit company/Peasants' fund cooperatives and other emerging small institutions continue to emerge,In the law it is not clear positioning of the case,Can't classified the existing regulatory departments in the implementation of supervision.In order to solve these problems,In the county government formed county financial do to fill blank supervision.

　　从我们调研的情况看，县域金融监管大致可分为两部分：一是对银行类金融机构的监管。大型股份制商业银行分支机构、县域股份制银行、村镇银行以及其他银行类金融机构的监管工作主要由各县（市）银监办负责。二是对非银行类金融机构的监管。各县（市）金融办主要负责各类新型小型金融机构，以及保险、证券等其他金融机构的监管；典当行和拍卖公司则由商务局进行监管，而一些地方的农民资金自助合作社则是由农办牵头与其他机构协同监管。

From our investigation of the case,County financial supervision can be roughly divided into two parts:One is to bank kind the supervision of the financial institutions.Large joint-stock commercial bank branches/County joint-stock Banks/Village Banks and other financial institutions in the bank kind the supervision of the work is mainly composed of counties(city)Silver prison do responsible for.The second is to non-banking financial institutions in the class of supervision.counties(city)Financial services office is mainly responsible for all kinds of new type of small financial institutions,And insurance/Securities and other financial institutions supervision;Pawnshop and auction company by the bureau of commerce regulation,And some local farmers money self-help cooperatives is NongBan by the lead and other agencies and coordinated management and supervision over.

　　现行县域金融监管体制的问题主要体现在以下两个方面：一是非专业机构难以胜任监管工作。二是县金融办地位有待明确并加强。以江苏为例：江苏省一级金融办目前已成为财政全额拨款的事业单位，但只是参照公务员管理，没有纳入政府序列。而地区和县一级金融办则大都还未有独立编制，很多地区的金融办都是挂靠在政府办公室下开展工作。这样的情况极大地限制了金融办作用的发挥。

The current county financial regulatory system problems mainly reflects in the following two aspects:Is a professional organization are not suitable for supervision work.The second is the county financial do status to be clear and strengthen.Jiangsu as an example:Jiangsu province level finance do has become full funding of the financial institutions,But only reference civil servant management,Not included in the sequence.The district and county level financial do most is no independent establishment,In many parts of the financial do is to carry on the work in a government office.This situation has greatly restricted the financial do function.

　　应完善县金融办建制，统一非银行类机构监管。就县域的具体情况来说，县级金融办必须法律地位明确、监管权责明晰，成为具有独立编制的专业金融监管机构。

We should perfect the county financial do organizational system,Unified non-banking institutions supervision.The county is the specific case,Financial do at or above the county level must be clear legal status/Supervision responsibility clear,Become a independent establishment of professional financial regulators.

　　票据滥用需严加查处 Bill abuse need to carefully investigated

　　银行承兑汇票均有一定的付款期限，最常使用的是付款期限为6个月的银行承兑汇票；如果持票人在付款期限未到的情况下进行贴现，则必须要付一定的贴现利息。目前，银行承兑汇票的贴现率是市场定价，一般在6%～8%。

The bank acceptance bill all have certain payment term,The most commonly used is payment term is 6 months of bank acceptance;If the holder in the time limit for the payment under the condition of having not to discount,The subject must pay a discount interest.At present,Bank acceptance of the discount rate is the market pricing,Generally in 6% ~ 8%.

　　从业务流程上看，银行承兑汇票可以被拆解为承兑和贴现两个环节，其中承兑属于中间业务，而贴现属于贷款业务。在银行对企业授信的同时，承兑环节就已经结束，银行只是为票据提供了信用保障，并未发生资金的流动，因此不占用银行的信贷规模。但是当票据贴现时，银行必须要向持票人无条件支付钱款，此时变发生了现金流动，并被计算在信贷规模当中。但是，目前被广泛使用的银行承兑汇票通常均有6个月的付款期限，这也就在承兑和贴现之间制造出了一个银行资金流出的缓冲期。正是承兑汇票的这一特性，为普通贷款转成承兑汇票提供了操作空间。

Look from business process,The bank acceptance bill can be disassembled to accept and discount two link,The acceptance belongs to middle business,And discount belongs to the loan business.In the bank to enterprise credit at the same time,Acceptance link has been over,The bank is only for the bill provides credit guarantee,Does not take place capital flow,Therefore do not take up the bank credit scale.But when the bill discount,Banks have to pay unconditionally to the holder of the money,Now change happened cash flow,And in the credit scale of calculation.but,Currently widely used bank acceptance usually have the six months of payment term,This is also in the acceptance and discount made between a bank capital outflow one-week washout period.It is acceptance of this feature,For ordinary loan into acceptance provides operating space.

　　但是，这样的行为却会加重中小企业的融资负担。企业通常是在资金短缺的情况下才会申请贷款，因此，在贷款转成承兑汇票的情况下，很多企业都会在票据未到付款期之前就向银行或者其他社会融资机构进行贴现，因而必须按贴现率支付贴现利息。

but,Such behavior will aggravate the sme financing burden.Enterprise is usually a shortage of funds in the circumstances will apply for loans,therefore,In the loan into acceptance of the case,A lot of enterprises will be in the bill before the payment to the bank before or other social financing institutions discount,Therefore according to the discount rate pay discount interest.

　　贷款转成承兑汇票看似只是银行调剂信贷规模的小手段，却切实地加重了企业的融资成本，推高市场利率，也让本就难以解决的中小企业融资问题更加棘手。不仅如此，由于承兑汇票的出票人具有严格的资格要求，很多企业为了符合银行的相关规定，伪造购销合同与增值税发票，极大地扰乱了地区金融秩序。

Loan into acceptance seems just a bank credit scale small means,But practical aggravate the enterprise financing cost,Push the high market interest rates,Also let this is difficult to solve the financing problem of small and medium-sized enterprises more difficult.Not only that,Due to the acceptance of the drawer has strict eligibility requirements,Many enterprises in order to conform to the relevant provisions of the bank,Forged buying and selling contract and bill of value added tax,Greatly disturbed the regional financial order.

　　综上所述，县域金融的建设成果固然可喜，但存在的问题和风险同样不容忽视。要最大限度发挥金融的积极作用，就必须将县域金融引导至规范发展的轨道，在大力发展大县域股份制银行同时构建起以金融办为主的县域金融监管体制，并对承兑汇票滥用等问题严加查处。

To sum up,The construction of the county financial results are encouraging,But the existing problems and risk also nots allow to ignore.The maximum to play the positive role of finance,It must will county financial guide to regulate development track,In developing the county large joint-stock Banks but also to build up to financial do primarily county financial supervision system,And the acceptance abuse problems and severely.

　　(刘纪鹏为中国政法大学资本研究中心主任、博士生导师，李征为中国政法大学硕士研究生)

(LiuJiPeng for China university of political science &law capital research center director/Doctoral tutor,Li zheng for China university of politics and law master graduate student)