金融监管地方化对农村金融资源配置效率的影响机理及其监管研究

金融监管地方化是2018年金融监管体制改革的重点。拥有大量非存款类金融机构和非正规金融机构的农村金融处于监管体制改革中心。金融的核心命题是提升金融资源配置效率，但历次的金融监管体制变迁仍没有解决农村金融资源配置效率低下的问题。在监管制度转型之际，我们需要探讨金融监管地方化对农村金融资源配置效率的影响。本项目首先从国际和历史演化两个维度思考金融监管地方化的理论背景，结合中国的央地关系、财政分权制度和地方GDP锦标赛竞争等特殊制度安排，证明金融监管地方化是有必要的；其次，针对地方金融监管具备垂直系统内和双层体系中地方金融监管权加强、向单一监管机构集中的特点，展开对存款类、非存款类和非正规农村金融机构的影响机制分析；再次，从区域内和区域间评估金融监管地方化对农村金融资源配置效率和稳定的影响；最后，在识别地方金融监管边界的基础上，确定地方金融监管的内核，提出优化地方监管，以此促进农村金融发展。

Strengthen local financial supervision is the core of the financial supervision system reform in 2018. The rural finance department with a large number of non-deposit financial institutions and informal financial institutions is the central of the regulatory system change. The key of finance is to improve the efficiency of financial resource allocation. However, the previous changes in the financial supervision system have not solved the problem of inefficiency in rural financial resources. At the time of reform, we focus on the effect of localization of financial supervision on the efficiency of rural financial resource allocation, and the optimization. Firstly, we draw the theory of localization of financial supervision from the international and historical evolution. We prove the necessity of local supervision, considering the institutional background of China's central government relations, fiscal decentralization system and local GDP championship competition. Secondly, we present a novel way to examine the linkages from local supervision to deposits, non-deposits and informal rural financial institutions, by analyzing the effect of local enforcement in the vertical system and central-local dual system and the effect of concentration in local financial supervision. Thirdly, we evaluate the influence from local financial supervision to the rural finance, in the aspect of the structure, the efficiency, the stability and the risk of rural finance within and between regions. Finally, after identifying local financial regulatory boundaries, we define the core of local financial supervision, the result may be of interest to policymakers and promote the development of rural finance in China.