1、1 外文翻译 原文 The financial ecology principle and application Material Source:The financial ecology principle and application Author:J.L.Chapman and M.J.Reiss The government is established in express contract from acquiescence contract social organizations, Rousseau emphasizes the two parts, namely the
2、sovereign and government, as well as the two order of birth. The governments existence is from the rational person to enjoy a better life system security, but the governments aim is to protect each peoples freedom rights the essence of government is power. Similarly, in financial ecological system w
3、ithin the specific category, the government essence and function also is so, or by economics expression: government for country and social interests and intervention and adjustment of the economic, financial, participates in the allocation of resources, establish and safeguard system and law, in ord
4、er to promote the healthy and stable financial and sustainable development, and finally bring social development in economic category four goals. As game under the condition of complex social contract, around this a series of objective function government own operation also has a certain volatility,
5、 these volatility in certain period is the embodiment of the governments action tendency. At the same time, these fluctuations also can bring the change of a system, forming behavior in institutional path dependence. At the beginning of the founding in complicated situation at home and abroad, to st
6、rengthen their own, the government at all tend to develop the largest industrial marginal contribution to establish and develop a modern industrial system, while “plan finance“ precisely this path dependence means. Along with system inflexion point appear, “planned economy“ and “planned finance“ gra
7、dually developed a 2 negative, cannot satisfy the reform and opening up for its exogenous request, hence financial system reforms since 1978, really start, its purpose is to “put the bank as economic development, innovate the technology of leverage, Banks into real bank 5 then began to restore the f
8、inance, financial organization system reconstruction work. 30 years of financial reform, is from no to some process, the government tended to market as the orientation of reform, the gradual change of logic, the bank commercialization reform, financial market development and the peoples bank of Chin
9、a institution reform, rural finance reform and financial aspects of opening phases progress made, build basically conforms to the modern market economy requirement of market financial system model. Meanwhile, in grading budget constraints and single performance evaluation system background, the cent
10、ral government and the local government has different value preferences, behavior not agree with each other, the two caliber in resources and the system which game, indirect increased in the field of finance potential systemic risk. Ious, inferior enterprise floods the market, bank huge non-performi
11、ng assets is the embodiment of these risks. This process is similar to the development of ecology community process, one community established at the beginning of the high-speed growth of always, rarely bythe ecological pressure, then achieve supersaturated state, then cut into the optimal size of d
12、ynamic balance, the development of the financial industry also reflect this feature. Due to long-term government unilateral tend to industrializatio n, urbanization development priority, the export-oriented export-oriented development strategy, agriculture and rural development lags far behind, make
13、 the “SAN nong“ questions increasingscientific, endogenous constraints the further economic development and social welfare improvement. While the Asian financial crisis, the us subprime mortgage problems which global financial crisis and from another perspective, discussed the system risk sequel, ex
14、pansion, outbreaks of the entire process. The birth and exogenous factors, the joint action of Chinas financial ecological environment, though in some extent get a certain degree of optimization, but is also difficult to ignore a systematic risk factors. To this, whether central or local government
15、has gradually regulating financial market 3 main body behavior, whole injury, and finally establish good financial ecological environment of endogenous and exogenous need pressure. 1 译文 金融生态学原理和应用 资料来源 :金融生态学原理和应用 作者： J.L.Chapman and M.J.Reiss 政府是建立于明示契约与默许契约的社会组织，主权者与政府，以及二者诞生的先后次序。政府的存在是出于理性人为了享有更
16、好生活的制度保障，而政府的目的在于保障每一个人民的自由权利 政府的本质就是权力。同样，在金融生态体系这个特定范畴之内，政府本质与职能也是如此，或者以经济学表述 :政府为国家和社会利益的最大化而干预和调节经济、金 融，参与资源配置，制定和维护制度与法规，以促进金融的健康稳定与可持续发展，最终带来社会发展在经济范畴的四大目标。作为博弈条件下社会契约的综合体，围绕这一系列目标函数政府自身的运作也呈现出一定的波动性，这些波动性在一定时期的集中体现就是政府的行为倾向。同时，这些波动也会带来制度的变迁，形成行为在制度上的路径依赖。建国之初，在纷繁复杂的国内外局势下，为了不惜一切强化自身，政府倾向于发展边际
17、贡献最大的工业，建立和发展了现代化的工业体系，而“计划金融”正是这一路径依赖的手段。随着制度拐点的出现，“计划经济”以及“计划金融”逐渐产生了负效应，不能满足改革开放对于其外生要求，于是金融体制改革从 1978 年真正开始，其目的是“要把银行作为发展经济、革新技术的杠杆，要把银行办成真正的银行进而开始了恢复金融、重构金融组织体系的工作。 30 年来的金融改革，是由无到有的过程，政府倾向以市场为取向的、渐进化的改革逻辑，在银行商业化改革、金融市场的拓展、中国人民银行机构改革、农村金融改革和金融对外开放等方面都取得阶段性进展，基本建立起一个符合现代市场经济要求的市场金融体制模式。同时，在分级财政预
18、算约束与单一的绩效考评制度背 景下，中央政府和地方政府也存在不同的价值偏好、行为口径相互悖离，二者在资源与制度方面的博弈，间接增加了金融领域的潜在系统性风险。三角债、劣质企业充斥市场、银行巨额不良资产正是这些风险的集中体现。这个过程近似于生态学中的群落发展过程，一个群落建立之初总是会高速地超增长，极少顾及生态压力，进而达到过饱和状态，而后消减，进入最适规模的动态平衡，金融业的发展也体现这一特征。由于政府长期单方面倾向于工业化、城市化优先发展、出口导向的外向型发展战略，农业和农村的发展相对滞后，使“三农”问题日益激化，内生地制约了经济进一 步发展与社会福利的改善。而亚洲金融危机、美国次级债问题引发全球金融危机2 又从另一个角度阐述了这些系统风险续集、壮大、爆发的全过程。在内生与外生因素的联合作用下，我国金融生态环境虽然在某种程度上得到一定程度的优化，但系统性风险却也是难以忽略的因素。对此，无论是中央还是地方政府都有渐进地规范金融主 体行为、整伤市场，最终建立良好金融生态环境的内生需要与外生压力。
