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Formation of the Financial-industrial Groups and its effects on the Market Transition in Russia

俄罗斯金融产业集团的形成及其对市场转型的影响

基本信息

批准号：
10630039
负责人：
MIZOBATA Satoshi
金额：
$ 0.64万
依托单位：
KYOTO UNIVERSITY
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1998
资助国家：
日本
起止时间：
1998 至 2000
项目状态：
已结题

项目摘要

Concerning the Russian transformation, the structure and behaviours of the micro economic actors became a matter of concern all over the world, and recently corporate govermance of enterprises were taken up for discussion. This study has examined the formation and behaviours of the financial groups (the Financial-industrial groups) as typical Russian big businesses, and their influence on the marketisation.1. This study has investigated that prior to the marketisation the banking sector formation and privatisation process had already begun, and that even after the transformation the inertia of the socialist system strongly functioned, because the economic actors retained their traditional functions that they supplied various kinds of public goods.2. The financial-industrial groups and their main sector, 'the banking sector' were created on the basis of the intimate linkage with the government. This study has proved that there exist rent seeking, lobbying, and negotiations among interests groups in their behaviours. In spite of the instable economic performance on the surface, such behaviours have guaranteed a kind of stability to the Russian economy.3. The financial-industrial groups changed from those led by the industrial enterprises to those led by the banking sector, and such changes strengthened the speculative activities of the markets. This study has demonstrated that the financial-industrial groups have influenced the markets positively and negatively for stabilization.4. Though the Russian financial crisis was based on the international contagion, dependence of the economic actors on the government caused the crisis. As a result, the Russian crisis is not a result of the failure of economic policy, but a consequence of the historical conditions, initial conditions and the failure of government's transition. This study has inquired into the behaviours of the economic actors in detail, and has stated that Russia reproduced the crisis factors after the crisis.

在俄罗斯经济转型的背景下，微观经济主体的结构和行为成为世界各国关注的问题，企业的公司治理问题也成为近年来讨论的热点。本研究考察了俄罗斯典型大企业金融集团（金融-工业集团）的形成和行为，以及它们对市场化的影响。本研究发现，在市场化之前，银行部门的形成和私有化进程已经开始，即使在转型之后，社会主义制度的惯性仍在强烈发挥作用，因为经济行为者保留了他们提供各种公共产品的传统职能。金融工业集团及其主要部门“银行部门”是在与政府密切联系的基础上创建的。研究证明，利益集团在其行为中存在寻租、游说和谈判等行为。尽管表面上经济表现不稳定，但这种行为保证了俄罗斯经济的某种稳定。金融-工业集团从以工业企业为主导转变为以银行业为主导，这种转变加强了市场的投机活动。本研究显示，金融产业集团对市场稳定有正面和负面的影响。俄罗斯金融危机虽然是以国际传染为基础的，但经济行为体对政府的依赖是导致危机的原因。因此，俄罗斯危机不是经济政策失败的结果，而是历史条件、初始条件和政府转型失败的结果。本研究详细探讨了经济行为体的行为，并指出俄罗斯在危机后再现了危机因素。