金融学外文翻译---金融体系的比较

Comparative Financial Systems

Franklin Allen Wharton School

University of Pennsylvania

Philadelphia, PA 19104

allenf@https://www.wendangku.net/doc/5310025840.html,

Douglas Gale

Economics Department

New York University

New York, NY 10003

Douglas.Gale@https://www.wendangku.net/doc/5310025840.html,

April 2001

1 What is a Financial System?

The purpose of a ?nancial system is to cha nnel funds from agents with surpluses to agents with de?cits. In the traditional literature there have been two approaches to analyzing this process. The ?rst is to consider how agents interact through ?nancial markets. The second looks at the operation of ?nancial intermediaries such as banks and insurance companies. Fifty years ago, the ?nancial system could be neatly bifurcated in this way. Rich house-holds and large ?rms used the equity and bond markets,while less wealthy house-holds and medium and small ?rms used banks, insurance companies and other ?nancial institutions. Table 1, for example, shows the ownership of corporate equities in 1950. Households owned over 90 percent. By 2000 it can be seen that the situation had changed dramatically.By then households held less than 40 percent, nonbank intermediaries, primarily pension funds and mutual funds, held over 40 percent. This change illustrates why it is no longer possible to consider the role of ?nancia l ma rkets and ?nancial institu tions separately. Rather than intermediating directly between households and ?rms, ?nancial institutions have increasingly come to intermediate between households and markets, on the one hand, and between ?rms and markets,on the o ther. This makes it necessary to consider the ?nancial system as anirreducible whole.

The notion that a ?nancial system transfers resources between households and ?rms is, of course, a simpli?cation. Go vernments usually play a significant role in the ?nanc ial system. They are major borrowers, particularlyduring times of war, recession, or when large infrastructure projects are being undertaken. They sometimes also save signi?cant amounts of funds. For example, when countries such as Norway and many Middle Eastern States have access to large amounts of natural resources (oil), the government may acquire large trust funds on behalf of the population.

In addition to their roles as borrowers or savers, governments usually playa number of other important roles. C entral banks typically issue ?at money and are extensively involved in the payments system. Financial systems with unregulated markets and intermediaries, such as the US in the late nineteenth century, often

experience ?nancial crises.The desire to eliminate these crises led many governments to intervene in a signi?cant way in the ?nancial system. Central banks or some other regulatory authority are charged with regulating the banking system and other intermediaries, such as insurance companies. So in most countries governments play an important role in the operation of ?nancialsystems. This intervention means that the political system, which determines the government and its policies, is also relevant for the ?nancial system.

There are some historical instances wher e ?nancial markets and institu tions have operated in the absence of a well-de?ned legal system, relyinginstead on reputation and other implicit mechanisms. However, in most ?nancial systems the law plays an important role. It determines what kinds ofcontracts are feasible, what kinds of governance mechanisms can be used for corporations, the restrictions that can be placed on securities and so forth. Hence, the legal system is an important component of a ?nancial system.

A ?nancial system is much more than all of this, however. An important pre-requisite of the ability to write contracts and enforce rights of various kinds is a system of accounting. In addition to allowing contracts to be written, an accounting system allows investors to value a company more easily and to assess how much it would be prudent to lend to it. Accounting information is only one type of information (albeit the most important) required by ?nancial systems. The incentives to generate and disseminate information are crucial features of a ?nancial system.Without signi?cant amounts of human capital it will not be possible for any of these components of a ?nancial system to operate e?ectively. Well-trained lawyers, accountants and ?nancial professionals such as bankers are crucial for an e?ective ?nancial system, as the experience of Eastern Europe demonstrates.

The literature on comparative ?nancial systems is at an early stage. Our survey builds on previous overviews by Allen (1993), Allen and Gale (1995) and Thakor (1996). These overviews have focused on two sets of issues.

(1)Normative: How e?ective are di?erent types of ?nancial system atvarious functions?

(2) Positive: What drives the evolution of the ?nancial system?

The ?rst set of issues is considered in Sections 2-6, which focus on issues of investment and saving, growth, risk sharing, information provision and corporate governance, respectively. Section 7 considers the in?uence of law and politics on the ?nancial system while Section 8 looks at the role ?nancial crises have had in shaping the ?nancial system. Section 9 contains concluding

remarks.

2 Investment and Saving

One of the primary purposes of the ?nancial system is to allow savings to be invested in ?rms. In a series of important papers, Mayer (1988, 1990) docum ents how ?rms obtained funds and ?nanced investment in a number of di?erent countries. Table 2 shows the results from the most recent set of studies, based on data from 1970-1989, using Mayer’s methodology. The ?gures use data obtained from sources-and-uses-of-funds statements. For France, the data are from Bertero (1994), while for the US, UK, Japan and Germany they are from Corbett and Jenkinson (1996). It can be seen that internal ?nance is by far the most important source of funds in all countries.Bank ?nance is moderately important

in most countries and particularly important in Japan and France. Bond ?nance is only important in the US and equity ?nance is either unimportant or negative (i.e., shares are being repurchased in aggregate) in all countries. Mayer’s studies and those using his methodology have had an important impact because they have raised the question of how important ?nancial markets are in terms of providing funds for investment. It seems that, at least in the aggregate, equity markets are unimportant while bond markets are important only in the US. These ?ndings contrast strongly with the emphasis on equity and bond markets in the traditional ?nance literature. Bank ?nance is important in all countries,but not as important as internal ?n ance.

Another perspective on how the ?nancial system operates is obtained by looking at savings and the holding of ?nancial assets. Table 3 shows the relative importance of banks and markets in the US, UK, Japan, France and Germany. It can be seen that the US is at one extreme and Germany at the other. In the US, banks are relatively unimportant: the ratio of assets to GDP is only 53%, about a third the German ratio of 152%. On the other hand, the US ratio of equity market capitalization to GDP is 82%, three times the German ratio of 24%. Japan and the UK are interesting intermediate cases where banks and markets are both important. In France, banks are important and markets less so. The US and UK are often referred to as market-based systems while Germany, Japan and France are often referred to as bank-based systems. Table 4 shows the total portfolio allocation of assets ultimately owned by the household sector. In the US and UK, equity is a much more important component of household assets than in Japan,Germany and France. For cash and cash equivalents (which includes bank accounts), the reverse is true. Tables 3 and 4 provide an interesting contrast to Table 2. One would expect that, in the long run, household portfolios would re?ect the ?nancing patterns of ?rms. Since internal ?nance accrues to equity holders, one might expect that equity would be much more important in Japan, France and Germany. There are, of course, di?erences in the data sets underlying the di?erent tables. For example, household portfolios consist of ?nancial assets and exclude privately held ?rms, whereas the sources-and-uses-of-funds data include all ?rms. Nevertheless, it seems unlikely that these di?erences could cause such huge discrepancies. It is puzzling that these di?erent ways of viewing the ?nancial system produce such radically di?erent results.

Another puzzle concerning internal versus external ?nance is the di?erence between the developed world and emerging countries. Although it is true for the US, UK, Japan, France, Germany and for most other developed countries that internal ?nance dominates external ?nance, this is not the case for emerging countries. Singh and Hamid (1992) and Singh (1995) show that, for a range of emerging economies, external ?nance is more important than internal ?nance. Moreover, equity is the most important ?nancing in strument and dominates debt. This di?erence between the industrialized nations and the emerging countries has so far received little attention. There is a large theoretical literature on the operation of and rationale for internal capital markets. Internal capital markets di?er from external capital markets because of asymmetric information, investment incentives, asset speci?city, control rights, transaction costs or incomplete markets There has also been considerable debate on the relationship between liquidity and investment (see, for example, Fazzari, Hubbard and Petersen(1988), Hoshi, Kashyap and Scharfstein (1991))that the lender will not carry out the threat in practice, the incentive e?ect disappears. Although the lender’s behavior is now ex post optimal, both parties may be worse o? ex ante.

The time inconsistency of commitments that are optimal ex ante and suboptimal ex

post is typical in contracting problems. The contract commits one to certain courses of action in order to in?uence the behavior of the other party. Then once that party’s behavior has been determined, the bene?t of the commitment disappears and there is now an incentive to depart from it.Whatever agreements have been entered into are subject to revision because both parties can typically be made better o?by “renegotiating” the original agreement. The possibility of renegotiation puts additional restrictions on the kind of contract or agreement that is feasible (we are referring here to the contract or agreement as executed, rather than the contract as originally written or conceived) and, to that extent, tends to reduce the welfare of both parties ex ante. Anything that gives the parties a greater power to commit themselves to the terms of the contract will, conversely, be welfare-enhancing.

Dewatripont and Maskin (1995) (included as a chapter in this section) have suggested that ?nancial markets have an advantage over ?nancial inter mediaries in maintaining commitments to refuse further funding. If the ?rm obtains its funding from the bond market, th en, in the event that it needs additional investment, it will have to go back to the bond market. Because the bonds are widely held, however, the ?rm will ?nd it di?cult to renegotiate with the bond holders. Apart from the transaction costs involved in negotiating with a large number of bond holders, there is a free-rider problem. Each bond holder would like to maintain his original claim over the returns to the project, while allowing the others to renegotiate their claims in order to ?nance the additional investment. The free-rider problem, which is often thought of as the curse of cooperative enterprises, turns out to be a virtue in disguise when it comes to maintaining commitments.

From a theoretical point of view, there are many ways of maintaining a commitment. Financial institutions may develop a valuable reputation for maintaining commitments. In any one case, it is worth incurring the small cost of a sub-optimal action in order to maintain the value of the reputation. Incomplete information about the borrower’s type may lead to a similar outcome. If default causes the institution to change its beliefs about the defaulter’s type, then it may be optimal to refuse to deal with a ?rm after it has defaulted. Institutional strategies such as delegating decisions to agents who are given no discretion to renegotiate may also be an e?ective commitment device.

Several authors have argued that, under certain circumstances, renegotiation is welfare-improving. In that case, the Dewatripont-Maskin argument is turned on its head. Intermediaries that establish long-term relationships with clients may have an advantage over ?nancial markets precisely because it is easier for them to renegotiate contracts.

The crucial assumption is that contracts are incomplete. Because of the high transaction costs of writing complete contracts, some potentially Pareto-improving contingencies are left out of contracts and securities. This incompleteness of contracts may make renegotiation desirable. The missing contingencies can be replaced by contract adjustments that are negotiated by the parties ex post, after they observe the realization of variables on which the contingencies would have been based. The incomplete contract determines the status quo for the ex post bargaining game (i.e., renegotiation)that determines the ?nal outcome.

An important question in this w hole area is “How important are these relationships empirically?” Here there does not seem to be a lot of evidence.

As far as the importance of renegotiation in the sense of Dewatripont and Maskin (1995), the work of Asquith, Gertner and Scharfstein (1994) suggests that little renegotiation occurs in the case of ?nancially distressed ?rms.Conventional wisdom holds that banks are so well secured that they can and do “pull the plug” as soon as a borrower becomes distressed, leaving the

unsecured creditors and other claimants holding the bag.

Petersen and Rajan (1994) suggest that ?rms that have a longer relationship with a bank do have greater access to credit, controlling for a number of features of the borrowers’ history. It is not clear from their work exac tly what lies behind the value of the relationship. For example, the increased access to credit could be an incentive device or it could be the result of

greater information or the relationship itself could make the borrower more credit worthy. Berger and Udell (1992) ?nd that banks smooth loan rates in response to interest rate shocks. Petersen and Rajan (1995) and Berlin and Mester (1997) ?nd that smoothing occurs as a ?rm’s credit risk changes.

Berlin and Mester (1998) ?nd that loan rate smoothing is ass ociated with lower bank pro?ts. They argue that this suggests the smoothing does not arise as part of an optimal relationship.

This section has pointed to a number of issues for future research.

? What is the relationship between the sources of funds for investment,

as revealed by Mayer (1988, 1990), and the portfolio choices of investors

and institutions? The answer to this question may shed some light on

the relative importance of external and internal finance.

? Why are financing patterns so different in developing and developed

economies?

? What is the empirical importance of long-term relationships? Is renegotiation

important is it a good thing or a bad thing?

? Do long-term relationships constitute an important advantage of bankbased

systems over market-based systems?

金融体系的比较

1、什么是金融体系？

一个金融系统的目的（作用）是将资金从盈余者（机构）向短缺者（机构）转移（输送）。在传统文献中分析这个传输过程有两种途径。首先是考虑代理机构如何通过金融市场沟通；其次看金融中介机构如银行、金融公司是怎样运行的。五十年前，金融系统就是这样清楚地分开的。当较不富裕的家庭和中小等企业通过使用银行、保险公司和其它的金融机构时，富裕的家庭和大公司则使用了股票市场和债券市场。例如，表一显示了1950年公司产权的归属，其中家庭拥有百分之九十以上。到2000年为止可以看出，这种情况已经发生了巨大变化。在那时家庭持有的不到百分之四十，非银行金融中介机构，主要是养老基金和共同基金持有的超过百分之四十。这种变化说明了为什么考虑将金融市场和金融机构两者角色分开不再是可能的。不是直接地在家庭和企业之间充当中介，金融机构越来越倾向于一方面在家庭和市场之间充当中介，另一方面在企业和市场间充当中介。这使得有必要将金融系统视为不可小觑的整体。

当然，金融系统在企业和家庭之间转移资源的概念只是一种简化。政府通常在金融体系中发挥了要作用。他们是主要的借款人，尤其是在战争，经济衰退时，或大型基础设施项目正在开展的时候。他们有时还可以储蓄大量资金。例如，当如挪威和许多中东国家的国家获得大量的天然资源（石油）时，政府就可能获得代表的人口的大信托基金。除了作为借款人或储户的角色，各国政府通常发挥很多重要的作用。通常央行发行法定货币，并广泛参与支付系统。带有不受管制的市场和中介机构的金融系统，如在十九世纪后期美国的金融系统，经常经理金融危机。消除这些危机的愿望使得政府运用一些重大的方式干预金融体系。中央银行或其他监管机构将负责监管银行系统和其他中介机构，如保险公司。因此，在大多数国家政府在金融体系运作中发挥了重要作用。这种干预意味着决定政府及其政策的政治制度，也是与金融体系有关的。有一些历史实例：在那些有明确的法律制度的地方，金融市场和金融机构反而是以信誉和一些隐性机制为依托的。然而，在大多数金融系统中法律起着重要的作用，它决定什么样的合同是可行的，什么样的治理机制可用于各种公司，在证券上可以设置什么限制。因此，法律制度是金融体系的重要组成部分。

然而对一个金融系统而言，这些远远不够。写合同能力和加强各种各样权利的一个先决条件是会计系统。除了允许被写入合同，会计制度允许投资者在评估公司价值时更容易而且更容易知道应该审慎地借给公司多少资金。会计信息只有一种类型的信息（尽管是最重要的）是金融系统所需的。提供资助，鼓励创造和传播

信息是金融系统的关键功能。产生和传播信息的动机是金融系统的一个重要特征。

如果没有大量的人力资本，要使金融系统内各个组件有效地运作是不可能的。正如东欧国家的经验证明：训练有素的律师、会计师和银行专业人士比如银行家对金融系统的有效运作至关重要。有关比较金融系统的文献在很早时期就有。我们的调查是建立在艾伦（1993）Gale(1995)和Thakor(1996)以前的观点的基础上的。这些观点集中于两类问题：

（1）规范性：不同类型的金融系统在不同种类的功能上效用有多大？

（2）积极性：是什么推动金融体系的改革？

第一类问题主要单独考虑第二至第六条，这些条例集中于投资和储蓄的增长、风险分担、信息提供和公司治理问题。第7条考虑了法律和政治对金融系统的影响，而第8条只要着眼于金融危机在塑造金融体系中的作用。第9条载有总结发言。

2、投资和储蓄

金融体系的目的之一是允许将储蓄投资于企业。在一系列重要的文件里，迈耶（1988年，1990年）记载了在不同的国家的企业如何获得资金和资助。表2显示了运用Mayer方法以1970-1989的数据为基础进行一系列研究的结果。使用的数据来源于资金来源和使用表。

对法国来说，数据是来自于Bertero（1994），而对美国、英国、日本和德国来说，他们的数据来自于Corbett 和Jenkinson (1996).可以看出，在所有国家，到目前为止，内部融资是最重要的资金来源。银行融资在大多数国家尤其在日本和法国适度重要。债券融资仅在美国很重要，在所有国家股权融资要么不重要和要么带有负面性（即股份是累积）。Mayer的研究成果和那些使用他的方法取得的成果已经产生了重要影响，因为他们提出了金融市场在为投资提供资金方面的重要性问题。看来，至少在总体来说，股票市场是不重要的，而债券市场仅在美国比较重要。这些结果与在传统金融文献对股权市场和债券市场的重视形成强烈的对比。银行融资在所有的国家都很重要,但没有内部融资重要。另一个关于金融系统怎样运作的透视角度是通过看储蓄和资产持有来获得的。表3显示了在美国、英国、日本、法国和德国银行和市场的相对重要性。美国是其中一个极端，德国是另外一个极端。在美国，银行是相对不重要的：资产占GDP的比重只有53％，大约是德国的（152%）三分之一。另一方面，美国的股票市值占GDP 的比重为82％，是德国24%的的三倍。日本和英国是有趣的中间情况：市场和银行都很重要。在法国，银行很重要但市场不是那么重要。美国和英国经常被指代为以市场为基础的系统，而德国，日本和法国通常被指代为以银行为基础的系

统。表4显示了最终有家庭部门持有的资产配置的整体组合。相比日本，德国和法国，在美国和英国，股权是家庭持有资产里面一个比较重要的部分。对现金及现金等价物（包括银行账户），情况恰恰相反。

表3和表4相对于表2提供了一个有趣的对比。人们可以预料的是，从长远来看，家庭的投资组合将反映企业的融资方式。由于内部融资越来越倾向于股票持有者，人们可能预期股票会在日本，法国和德国变得更加重要的。当然，以不同数据集为基础的表格是会有区别的。例如，家庭持有的组合包括金融资产但排除私有企业的资产，而资金来源表的数据包括所有的企业。然而，这些的区别产生这样巨大的差异是不可能的。令人困惑的是这些看待金融系统的不同方式产生这样完全不同的结果。

另一个关于内部融资和外部融资的一个难题是发达国家和新兴国家之间的差异。虽然对美国、英国、日本、法国、德国和其他大多数国家而言，内部融资支配着外部融资这是一个事实，但对新兴国家来说，情况并不是如此。辛格（1995）和哈米德（1992）表明，对于一个新兴经济体范围内，外部融资比内部融资重要。此外，股票是最重要的融资工具，并且主导债务融资，这种工业化国家和新兴国家的不同迄今为止还很少受到关注。有大量的关于内部资本市场运作的基本原理的理论文献。内部市场与外部市场不同是因为信息不对称、投资激励、资产专用性、控制权、交易成本或不完整的市场。同时也出现了对流动性和投资之间的关系相当激烈的辩论。内部资本市场是在企业内部完成资源配置的一个极端的情况。另一个极端是外部融资。一个中间的情况是一种长期的合作关系融资，也就是说，一间公司和一家投资银行之间的融资。关于比较金融系统的大多数争论使外部融资与市场为基础的金融系统联系起来，比如美国和英国，使内部融资和以市场为基础的金融系统联系起来，像日本、法国和德国。日本的主银行制度和德国hausebank系统的广泛使用意味着大企业和银行之间的长期关系是司空见惯的。在美国，大企业与银行之间是更有限制的长期关系。有越来越多的分析银行业优势和劣势之间关系的文献。

人们常常认为，长期的合作关系可以促进合作行为。Stiglitz 和Weiss (1983)辩称，在信贷市场不完全信息情况下，如果贷款人可以威胁惩罚违约或表现欠佳的借款人，与逆向选择和道德风险相关的低效率是可以减轻的。例如，一个公司，对银行贷款的拖欠可能会被拒绝在未来的信用。然而，这种观点是削弱了重新谈判的可能性。在分析威胁的最佳效果时，是假设贷款人可以致力于一个事先特定的行动。从纯经济的角度来看，承诺的假设是有问题的。虽然威胁提前终止信贷供应的供应是最优的，但一旦借款人违约，第一笔贷款成为“沉没成本”。因此，它应该不会影响未来的决定。如果公司有另一个项目，该项目提供了正净现值，

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几位作者争辩说，在某种状况下，重新谈判有利于福利改进。在这种情况下，Dewatripont-Maskin论据在它的开头就被逆转。建立与客户的长期关系的中介确切地说在金融市场有优势，因为对他们来说重新谈判合同更容易。

关键的假设是：合同是不完整的。由于编写完整的合同的高交易成本，一些潜在的帕累托改进事故已被排除在合同和证券之外。这种合同的不完全使重新谈判变得可取的。

在这整个领域的一个重要的问题是“这些经验上的关系有多重要？”这里似乎没有很多证据来证明。至于重新谈判的重要性，在Dewatripont 和Maskin (1995)的意识里，Gertner和Scharfstein的作品（1994年）表明，在公司遭受财务危机时重新谈判发生的可能性很小。

传统观点认为被担保银行是如此之好因为一旦借款人发生债务危机时他们就可以抽身，留下的是要求索偿的无抵押债权人和其他索赔人。

彼得森和Rajan（1994）认为与银行具有更长期关系的企业更容易获得信贷，因为银行可以控制很多借户的历史。从他们的作品中不能很清楚地知晓关系价值背后是以什么为基础的。例如，信贷的增加可能成为刺激性的机制或它可能是更多信息的结果或关系自身可能使借户的信贷更有价值。伯杰和德尔（1992）发

现，银行平滑贷款利率以应对利率的冲击。彼得森和Rajan（1995）和柏林与美斯特（1997）发现，当公司的信用风险改变时平滑就会发生。Berlin与美斯特（1998）发现，贷款利率平滑与较低的银行利润有关。他们认为，这意味着作为最佳关系的一个部分，平滑不会发生。

本节指出了未来研究的一些问题。

?用于投资的资金的来源与投资者和机构的组合选择的关系是什么？这个问题的答案可能揭示一些外部融资和内部融资的相对重要性。

?为什么在发展中国家和发达国家的融资模式不同？

?长期关系实证的重要性是什么？重新谈判是重要的，这是一件好事还是坏事？

?长期关系使以银行为基础的体系相对于以市场为基础的体系具有优势吗？

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