易宪容（中国社科院金融研究所研究员）

YiXianRong(By the Chinese academy of social sciences researcher at the institute of finance)

　　资本论

Das kapital

　　根据国务院批准设立温州市金融综合改革试验区精神和中国人民银行等9部委印发的《浙江省温州市金融综合改革试验区总体方案》(银发〔2012〕188号)，浙江省人民政府最近出台了温州金融综合改革试点细则。这意味着温州金融综合改革试点正式启动。

According to the approval of the state council set up wenzhou financial comprehensive reform pilot area spirit and the people's bank of China issued by the other nine ministries and commissions of the[Zhejiang wenzhou financial comprehensive reform pilot area overall scheme](Silver hair [2012] no. 188),The people's government of zhejiang province recently issued a wenzhou financial comprehensive reform pilot rules.This means that the wenzhou financial comprehensive reform pilot official start.

　　从浙江省政府关于温州金融综合改革试点的目标来看，就是要化解温州经济金融发展中存在的“中小企业多但融资难”“民间资金多但投资难”的“两多两难”问题。而其解决该问题的办法就是分为以下几个方面。一是让民间融资阳光化，并设立民间融资的温州利率指数；二是金融改革的重点是打造“中小企业金融服务中心”和“民间财富管理中心”；三是希望通过金融市场、金融机构、金融产品全方位的扩张把金融业打造成当地的支柱产业；四是允许个人增外投资的试点等。从上述的温州金融综合改革试点的细则来看，是否能够解决温州中小企业多而融资困难及民间资金多投资渠道的不足问题呢？

From zhejiang province government about wenzhou financial comprehensive reform pilot goals,Is to dissolve wenzhou economic and financial development of the existing in"Small and medium-sized enterprises and financing difficulties""The folk capital and investment difficult"of"Two more dilemma"problems.And the way to solve this problem is divided into the following several aspects.One is to let the folk financing sunshine change,And the establishment of folk financing wenzhou rate index;The second is the focus of financial reform is to make"Small and medium-sized enterprise financial services centre"and"Folk wealth management center";3 it is hope that through financial markets/Financial institutions/The expansion of the financial products all the financial hit to cause the local pillar industries;Four individuals are allowed to increase the investment of pilot, etc.From the above of the wenzhou financial comprehensive reform pilot rules to see,Whether can solve the wenzhou small and medium-sized enterprise much and financing difficulties and folk capital investment channels? Shortage problem?

　　温州之所以成为一个区域性的金融改革试点，其根本的原因并不是中小企业融资难的问题，更不是温州大多的钱没有投资渠道的问题。在笔者看来，温州金融市场所面临的核心问题就是地下金融疯狂，而这种疯狂不仅导致了地下金融市场泡沫的破灭，冲击着温州的实体经济，更为严重的是温州地下金融市场危机已经开始传导到了正规的金融体系。如果这种危机传导向全国蔓延，它将严重威胁金融市场而导发中国金融体系的系统性风险。这就是政府为何如此迅速地批准温州进行金融综合改革试点的核心或实质所在。

Wenzhou became a regional financial reform pilot,The fundamental reason is not small and medium-sized enterprise financing difficult problem,Wenzhou more is not much of the money is not the problem of investment channels.In the author looks,Wenzhou financial market facing the core problem is the underground financial crazy,And this kind of crazy not only led to the underground financial market bubble burst,The impact of the real economy in wenzhou,More serious is wenzhou underground financial market crisis has begun to transmission to the formal financial system.If the crisis conduction to national spread,It will be a serious threat to financial markets and DaoFa Chinese financial system systemic risk.This is why the government so quickly approval wenzhou carry on the financial comprehensive reform pilot core or essence place.

　　不过，从温州金融综合改革试点的方案来看，尽管是希望通过温州民间借贷的阳光化及正规金融市场、金融组织、金融产品的扩张来缓解其地方高利贷的疯狂的危机，这种做法在短期内可以减弱温州地下金融危机向全国蔓延，但只是把金融危机蔓延拖后，并没有实质上解决问题。反之，如果这种金融市场、金融组织及金融产品扩张在监管上没有跟上，有可能把这种区域性的风险放大而不是缩小。

but,From wenzhou financial comprehensive reform pilot scheme to see,Although is hope that through wenzhou folk lending sunshine change and formal financial market/Financial organizations/The expansion of financial products to ease its local usurious crazy crisis,This kind of practice in the short term can weaken the wenzhou underground financial crisis spread to the nation,But the financial crisis spread lags,Did not substantially solve the problem.and,If the financial market/Financial organizations and financial product expansion in the regulation has not kept up with the,The possibility of this regional risk amplification instead of narrowing.

　　因此，温州的金融市场改革就得从价格机制入手，才能对症下药，才能理顺当前金融市场扭曲的利益关系及资源配置方式。否则，地方政府仅是从数量上的扩张或加大对金融市场过度使用来改革，要达到目标并非易事。

therefore,Wenzhou financial market reform is from of price mechanism,To suit the remedy to the case,To straighten out the current financial markets twisted interest relations and resource allocation mode.otherwise,Only the local government from quantitative expansion or strengthen the financial market excessive use of to reform,To achieve this goal is not easy.