金融发展优先于金融改革——一个基于中国现状的金融效率改进分析

相对于我国金融效率改进研究的主流认识，该文论述了另一种可能的路径选择，即“金融产业发展”的路径选择。文章通过金融配置效率决定因素的原始模型分析，认为在影响金融效率实现的两个基本市场条件中，市场完全性(completeness)是制约金融效率的直接市场条件，而市场完备性(perfection)是一般性的市场条件。因此，一个经济的金融效率改进过程应遵循“市场完全性先于市场完备性”的原则。作者主张我国金融效率的帕累托改进过程应是：金融产业市场结构化→权证资产（工具）丰富化→权证市场规模扩大化。

Financial Development Prior to Financial Reform: An Analysis of Allocative Efficiency Based on China's Current Situation

In contrast to the main stream of opinions on countermeasure study of improvement on Chinese financial efficiency, this paper brings forward an alternative approach to the improvement of financial efficiency, i.e., the approach of financial development. Based on the analyses on the determinants of financial efficiency of the primitive model, it concludes that the market completeness directly restricts financial allocative efficiency, while the market perfection is simply a general condition. The process of financial efficiency improvement should follow the principle that market completeness is prior to market perfection. The financial inefficiency in China at present primarily stems from the monotony of financial industrial structure and incompleteness of financial market. With regard to this situation, this paper asserts that the Pareto improvement of financial efficiency in China should be based on the development of financial industry. The logical approach should start from structuralization of the market of financial industry to enrichment of the ranges of security and to extension of scales of security markets.