非正规金融正规化的制度逻辑

摘要

The formalization of informal finance could help reduce transaction costs and default risk in private lending process, improve capital allocation efficiency, strengthen the regulatory capacity of government, and reduce the risk of financial system. However, the formalization of informal finance in China still faced legal system barriers, mainstream ideology restraint and vest⁃ed interests obstruction. But the inherent benefit, academic circles and the external pressure drive the formalization of rural in⁃formal finance. Last, this paper proposed policy recommendations to promote the formalization of informal finance from the per⁃spective of transformation, differentiated policy, fiscal policy and the external environment.%　　尽管非正规金融的正规化有助于降低私人借贷过程中的交易费用和违约风险，有益于提高资金的配置效率、强化权力中心的调控能力与监管水平，从而降低金融系统的风险，但中国非正规金融的正规化仍面临着法律制度障碍、主流意识形态约束、既得利益集团阻扰等诸多约束。不过，内在利益驱动、学术界和外部压力等因素在推动着非正规金融的正规化。最后，从转型途径、差异化政策、财税政策、外部环境等方面提出了促进我国非正规金融正规化的政策建议。