中央政府对温州金融改革的目标，就是要让温州的地下金融从地下走到地上，让温州民间借贷公司注册成为政府认可的私营借贷机构，进而使地下的民间金融进入政府可掌控的范围，让这些政府认可的民间借贷公司来化解当地中小企业融资难问题。不过，要让这些民间资金进入政府认可的借贷机构，还得解决民间借贷公司注册政府认可的借贷机构时在风险承担与权益获得上存在严重的不对称问题，不然，民间资金进入政府认可的民间信贷市场的意愿就很低。

The central government of wenzhou financial reform goal,Is to make wenzhou underground financial from underground walk to the ground,Let the wenzhou folk loan company registered as government approved private lenders,And underground folk finance into the government can control range,Let these by the governments of folk loan company to dissolve the local small and medium-sized enterprise financing difficult problem.but,Let the folk capital into the government approved lending institution,Still have to solve the folk loan company registered by the governments of lending institution in risk bearing and equity get there are serious asymmetry problem,otherwise,The folk capital into the government approved folk credit the will of the market is very low.

　　⊙易宪容

⊙ YiXianRong

　　浙江省政府上周末出台的温州金融综合改革试点细则，目标很清楚：通过金融综合改革化解温州经济金融发展中的“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。 解决办法主要是：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、金融产品等全方位的扩张把金融业打造成当地的支柱产业；四是允许个人对外投资的试点等等。

The government of zhejiang province last weekend on the introduction of the wenzhou financial comprehensive reform pilot rules,Goals and objectives are clearly:Through the financial comprehensive reform dissolve wenzhou economic and financial development of the"Small and medium-sized enterprises and financing difficulties"/"The folk capital and investment difficult"of"Two more dilemma"problems. Solution is mainly:One is to let the folk financing sunshine change,And the establishment of folk financing wenzhou rate index;The second 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/Financial products, and so a full range of the expansion of financial hit to cause the local pillar industries;Four individuals are allowed to foreign investment pilot, etc.

　　不能不说，以上的概括仅是地方政府及媒体从表象上来看问题。中小企业融资困难，不仅温州有，中国其他地方也有，甚至发达的市场经济国家亦然。同时，无论在成熟的金融市场，还是在不成熟金融市场，投资难永远是一个欲壑难填的问题。因为，投资者对盈利水平欲望不同，再发达的金融市场再多的投资渠道，也无法来满足这种个别人的投资欲望。

Have to say,Above generalizations is only local government and media representation from the problem to see.Small and medium-sized enterprise financing difficulties,Wenzhou have not only,China's other place also have,Even developed market economy countries vice versa.At the same time,No matter in a mature financial markets,Or in the not mature financial markets,Investment is always a difficult problem of boundless avarice.because,Investors profit level of different desires,Then developed financial markets more than investment channels,Cannot to satisfy this desire of individual investment.

　　在笔者看来，温州金融综合改革试点的主要目标，是让疯狂的温州地下金融阳光化。温州地下金融的疯狂已到了无可复加的地步。在这个开放度较高、以外向型带动当地经济发展的城市，资金与财富的积累很快就领先全国各地，而中小型的民营企业又占全市工业企业96%。由此，温州的民间借贷市场得到高速发展。有调查显示，在温州有九成家庭和六成的企业都参与民间融资。有调查研究估计，在十年以前，这些民间融资主要针对的是实体经济（占比达90%）。但近十年来，随着房地产投机凸显的财富效应，有近70%资金流向各种资产的炒作特别是房地产及黑市借贷。民间市场借贷利率也由官方贷款利率几倍上升到超过100倍。这也使得大量的民间资金都流入这种疯狂的炒钱疯狂中，温州的资产泡沫吹得巨大。当2010年以来外需全面收缩及国内金融条件发生巨大变化之后，温州的地下借贷的泡沫最终破灭。

In the author looks,Wenzhou financial comprehensive reform pilot's main goal,Is to let crazy wenzhou underground financial sunshine change.Wenzhou underground financial madness has reached the point where no complex added.In this openness is higher/To export-oriented drive the local economic development city,Money and wealth accumulation soon lead all over the country,And small and medium-sized private enterprises and accounts for the industrial enterprise 96%.this,Wenzhou folk lending market get rapid development.Research has shown that,In wenzhou has nine and sixty percent of homes in this enterprise are part of folk financing.A survey study estimated,In the ten years ago,These folk financing mainly aims at is the real economy(Accounted for more than 90%).But in the past ten years,Along with the real estate speculation to highlight the wealth effect,Nearly 70% of capital flow to the various assets hype especially the real estate and the black lending.Folk market borrowing rate from the official loan interest rates several times rise to more than 100 times.It also makes a lot of folk capital into this crazy Fried money in madness,Wenzhou asset bubble blown huge.When 2010 years overseas market demand overall shrinkage and domestic financial conditions after the great changes,Wenzhou underground lending bubble finally burst.

　　也就是说，温州地下借贷市场的疯狂不仅导致地下金融市场泡沫的破灭，严重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开始传导到了正规的金融体系。如果这种地下金融危机向正规金融体系的传导向全国蔓延，将严重威胁金融市场而诱发中国金融体系的系统性风险。因此，中央政府对温州金融改革的目标，就是要让温州的地下金融从地下走到地上，也就是民间资金的阳光化，让温州民间借贷公司注册成为政府认可的私营借贷机构，进而使地下的民间金融进入政府可掌控的范围，让这些政府认可民间借贷公司来化解当地中小企业融资难问题。

That is,Wenzhou underground lending market crazy not only results in underground financial market bubble burst,Serious impact on the real economy in wenzhou,More serious is wenzhou underground financial market crisis has begun to conduction the formal financial system.If this underground financial crisis to the formal financial system to the conduction spreading,Will serious threat to financial markets and induced China's financial system of systemic risk.therefore,The central government of wenzhou financial reform goal,Is to make wenzhou underground financial from underground walk to the ground,Is also the folk capital sunshine change,Let the wenzhou folk loan company registered as government approved private lenders,And underground folk finance into the government can control range,Let the government recognized folk loan company to dissolve the local small and medium-sized enterprise financing difficult problem.

　　不过，要让这些民间资金进入政府认可的借贷机构，至少有两个前提选择。一是这些民间资金须如正规商业银行那样愿意接受更多的政府管制，就民间资金看来，当前的银行业是利润较好、最为安全的行业，政府只允许民间资金以股权进入商业，而不允许民间资金成立私人银行。二是民间借贷公司注册政府认可的借贷机构既要承担过高的借贷风险，也要有相应的风险定价权，但实际上民间借贷公司注册政府认可的借贷机构在风险承担与权益获得上存在严重的不对称，遂使多数民间资金不愿意进入这个市场。

but,Let the folk capital into the government approved lending institution,There are at least two premise choice.One is the folk fund shall be such as normal commercial Banks that are willing to accept more government control,Folk capital looks,The current banking is good profits/Most security industry,The government only allowed private equity funds to enter the business,And don't allow the folk fund established private bank.The second is the folk loan company registered by the governments of lending institution should bear high credit risk,Also should have corresponding risk pricing,But in fact the folk loan company registered by the governments of lending institutions in risk bearing and equity get there are serious asymmetry,Hence make most folk capital is not willing to enter the market.

　　比如，温州金融综合改革的试点从今年3月推出至今，实际进展很有限。地方政府希望通过民间金融的阳光化的改革，让更多的民间金融的资金进入可监管的范围内成立更多的小额贷款公司，在2013年底之前成立100家小额贷款公司，可实际上到今年6月底只有28家。由于民间借贷阳光化在风险承担与权益获得上的严重不对称，民间资金并不愿意进入政府认可的民间信贷市场。这不仅使得大量民间资金仍然逗留在政府金融监管可能范围外，也使得政府货币政策鞭长莫及。

For example,Wenzhou financial comprehensive reform pilot from march this year so far out,The actual progress is very limited.Local governments hope that through folk financial sunlight to turn of reform,Let more folk financial capital into can be within the scope of supervision set up more small loan companies,In the end of 2013 established before 100 small loan companies,But in fact to the end of June this year only 28.Because of folk loan sunshine change in risk bearing and equity get serious asymmetry,The folk fund is not willing to enter by the governments of folk credit market.This not only makes a lot of folk capital still stay in government financial regulation may be off limits,Also makes the government beyond the monetary policy.

　　还有温州金融改革也希望建立更多的金融市场、金融机构、金融产品来为大量地下资金提高更多的投资渠道。但鉴于全国统一的金融市场以及当前网络金融如此发达，这种地方性的金融市场、金融机构、金融产品的扩张，根本就无法满足民间资金对投资多元化的要求。即使在温州改革细则中最亮点的“开展个人境外直接投资试点”，对于一个封闭没有开放的市场与环境来说，可能会有些吸引力，但在金融全球化的今天，温州不少居民到海外投资早就不是什么稀罕事了。

And wenzhou financial reform also hope that the establishment of more financial markets/Financial institutions/Financial products to a large number of underground fund and improve more investment channels.But in view of the national unified financial market and the current network financial so developed,This kind of local financial market/Financial institutions/The expansion of financial products,Simply can't satisfy the folk capital to the requirements of the diversified investment.Even in wenzhou reform in the detailed rules of the window"Carry out personal foreign direct investment pilot",For a closed no open markets and environment it,May be some attractive,But in today's financial globalization,Wenzhou many residents to overseas investment would have is not what rare thing.

　　市场各方对温州综合金融改革试点的期望很高，但就现有的制度安排来看，由于民间资金进入这种制度安排所面临的风险承担与收益不对称，民间资金对此意愿不高，而地方政府希望通过金融市场、金融组织、金融产品的扩张来促成民间资金对投资的多元化，如果政府监管不到位，可能产生的问题会更多。所以，有必要从更开放角度来思考温州综合金融改革试点的目标与可能的成果。

The parties market of wenzhou comprehensive financial reform pilot high expectations,But the existing system arrangement to see,Due to the folk capital into the institutional arrangement faced of risks and benefits asymmetric,The folk capital to intend to is not high,But local governments hope that through financial markets/Financial organizations/The expansion of financial products to contribute to the folk capital to the diversification of investment,If the government regulation is not in place,Of the problems that may result will be more.so,It is essential for the more open Angle to think wenzhou comprehensive financial reform pilot goal and the possible results.

　　（作者系中国社会科学院金融研究所研究员）

(The author is the Chinese academy of social sciences researcher at the institute of finance)