内蒙古民间信贷异化成因与解决对策

　　摘要

　　改革开放35年来，我国民间借贷顺应市场化取向的经济发展需要，一定程度上满足了中小微经济主体融资需求，成为金融体系中不可或缺的部分。但是其缺乏有效监管，不合法不规范操作导致风险积聚，有的己发展为区域性金融风险。

　　2008年全球金融危机以后，中小企业、民间借贷及非法集资资金链的断裂，使非法集资呈多发态势。非法集资严重危害金融市场秩序、损害公众财产安全、影响社会稳定。在目前市场体制不完善特别是民间借贷体制不完善的情况下，民间借贷异化主要表现为高利贷、集资诈骗、非法吸收公众存款。依托煤炭、石油等能源产业快速发展起来的鄂尔多斯市，成为除温州之外民间金融最为活跃的热点区域。李昂证券公布的民间借贷调查显示，鄂尔多斯民间借贷资本已超过了 2000亿元。本文以鄂尔多斯市非法吸收公众存款额高达7. 4亿石小红案为案例，对民间信贷异化及其原因进行分析，究其原因，小微金融供求失衡是高利贷手段不断翻新的根源，可以归结为以下两个方面：第一，民间金融组织或融资活动本身目的不纯，釆用“庞式骗局”方式，目的不是筹措生产经营资金，二是着眼于从“信贷资本运作”中赚取利息；第二，信贷市场分割、融资需求旺盛推高了民间融资利率，中小微经济主体难以承受高额利息负担，出现违约风险。

　　如何引导民间借贷科学发展，使其发挥外部正效应，维护好地方金融稳定，甚至为金融改革发展做出探索，成为地方政府亟需解决的问题。在此基础上，本文提出了如何让地下金融阳光化、合法化的建议：一是优化民间借贷发展政策环境，包括扩大非正规金融的利率决定权、积极探索非正规借贷风险分散机制和发展非正规金融活动的服务中介；二是建立区域性多元化民间借贷金融市场，同时发展区域债券市场和多层次股权投资体系，促进民间资金有序进入不同的投资领域，或以股权投资等方式进入实体经济和成长性骨干企业；三是加大社会征信体系建设，营造有序借贷市场氛围；四是有序推进利率市场化改革，促进利率市场形成机制；五是把民间借贷纳入监管范畴，构建民间借贷法律监管制度，在金融法律制度中制定相关法律法规引导现有民间借贷组织及其行为规范化。

　　关键词：非法吸收，供求失衡，阳光化

　　Abstract

　　In the 35 years of The Reform and Opening Up,adjusting to the demand of marketeconomy, the private lending has met the financial demand of the minor enterprises tosome degree. At present, it becomes the indispensible component of the financial system.

　　However due to the lack of the supervision and illegal operation, there are some risks inthe private lending and in some area it even worse. After the Capital Chain Rupture inthe financial crises 2008,the illegal fund-raising appeared diversity, which greatlydamaged the financial market, public property, and even the social safety. Boomed bythe energy industry such as coal and oil,Ordos city has become the most active area inprivate lending besides Wenzhou. According to the investigation of Li,ang,a bondcompany, the amount of private lending in Ordos City has already been-200 billionChinese yuan.

　　The thesis analyses the formation of the abnormal private lending and the reason,focused on the case of Shixiaohong who illegally absorbed funds up to 740 millionChinese yuan. Under the circumstances of imperfect market economy, the abnormalprivate lending appears as usury、fraudulent fund-raising、illegal absorption of publicdeposit etc. The reason is the imbalance of the supply and demand of the micro finance.

　　Firstly, the aim of the private finance is not for production and operation,but for thehigh interest of the lending. Secondly, the divided credit market and the eagerness forcapital have pushed up the interest of the lending. Therefore the minor enterprises haveto take the risk of violating treaty.

　　It becomes the urgent problem to scientifically lead the private lending in order tomaintain the stability of the local finance,even to take a research on the financial reformand development. My suggestions on the private lending are: first, the policy towardprivate lending has to be optimized, including the expansion of the decision makingright of the nonscheduled finance, research on rules of diversification of risk innonscheduled finance,development of media of nonscheduled finance. Second,establish a multielement private lending market as well as developing local bond marketand deferent levels of stock investing system. Private funds should be invested in thereal economy and main companies. Third, the social credit record system should bebuilt. Forth, the interest marketing should be carried out. Fifth, the supervision on theprivate lending should be intensified, the rules of legal supervision on private lendingis necessary. The organization and the operation of the private lending could bestandardized under the legal system of finance.

　　Key words: illegal absorption,imbalance of the supply and demand,bring into open

    目录

　　第一章绪论

　　1.1研究背景和意义

　　1.2研究内容和技术路线

　　1.2. 1研究内容

　　1. 2. 2技术路线

　　1.3分析框架构建

　　第二章相关理论基础

　　2.1信息不对称理论

　　2.2 二元结构论

　　第三章民间借贷异化案例分析

　　3.1研究样本案例的选取

　　3.2案例基本情况介绍

　　3.3案例分析

　　3. 3.1行为特征分析

　　3. 3. 2法理分析

　　3. 3. 3外部环境分析

　　3.4民间借贷异化原因总结

　　3.4.1民间资金无法流向多元化投资渠道

　　3. 4. 2虚拟经济高度膨胀

　　3. 4. 3利率管制加剧借贷危机

　　3.4.4 二元金融结构滋生资本寻租

　　3.4. 5市场经济主体多方因素造就风险积聚

　　3. 4. 6宏观政策因素制约

　　第四章民间借贷异化的治理措施

　　4.1优化民间借贷发展政策环境

　　4.2建立区域性多元化民间借贷金融市场

　　4. 3加大社会征信体系建设营造诚信有序借贷市场氛围

　　4. 4稳步推进利率市场化改革，实现资金价格双轨制并轨

　　4.5民间借贷监管法制建设

　　结语

　　参考文献

　　致谢