中国非正规金融的庞氏融资特征

民间借贷作为中国非正规金融的主要表现形式,曾经对经济发展产生积极作用。但是,近年来非正规金融表现出越来越明显的庞氏融资特征。按照海曼.明斯基的金融不稳定理论,庞氏融资将增加金融体系的脆弱性,给金融体系和经济运行造成极大危害。对中国而言,庞氏融资将吞噬实体经济的经营成果,加大通货膨胀并提高失业率。因此,推动金融监管改革,规范非正规金融已经刻不容缓。

The Characteristics of Ponzi Financing In China' s Informal Finance

As the main form of informal finance in China,private lending has played an important role in economic development.However,the informal finance is increasingly exhibiting apparent characteristics of Ponzi financing in recent years.According to Hyman P.Minsky’s theory of unstable finance,Ponzi financing will increase the vulnerability of the financial system,and hurt financial system and economic operation greatly.For China,Ponzi financing will devour the fruits of entity economic development,raise inflation and unemployment rate.Therefore,has it has been crunch time to promote the reform of financial supervision,and regulate the informal finance.