從產權理論看中國大陸國有商業銀行不良貸款之處置

中國大陸自1978年改革開放以來，在經濟上取得輝煌成就。外在的亮眼卻易讓人忽略或誤解了中國大陸的內部問題。中華人民共和國以馬克思共產主義立國，關於產權的思維，迥異於資本主義國家。雖然產權背後所蘊含的經濟學原理，舉世通用，並不因採共產主義或資本主義而有不同，但是中國也確實在政治經濟社會上存有許多「中國特色」，而這正是容易讓外國人民在觀察中國時，最易產生誤解之處。中華人民共和國存在大量國有企業，被形容為「共和國的長子」，但其性質卻與西方世界所理解的企業有極大的差異。中國國有企業與國有商業銀行和政府三者之間有著隱晦但又緊密的連結，尤其更讓外部人難以明白的是中國共產黨在國有企業治理中所扮演的角色。而國有企業低效率以及因之所造成的國有商業銀行的鉅額虧損，一直是中國大陸政府在處理經濟改革的重要難題。中國大陸當局早在上世紀末即採用資產管理公司來處理國有商業銀行的不良貸款，但是成效不彰。債轉股也同樣在上世紀末被運用來處理不良貸款，近年又再度施行債轉股，亦可預期難以達到政策目的。本文認為問題出在中國大陸對產權的定義不清晰。產權清晰不單指所有權的歸屬清晰而已，而是因所有權而生的人與人之間關於經濟行為所做的決定與其所產生的效果，不論是好是壞，都必須歸到做決定的個人。而產權要清晰，必須先改變黨國體制與公有經濟。

關鍵字

產權理論；公有制；黨國體制；國有企業；國有商業銀行；不良貸款；資產管理公司；債轉股

並列摘要

Since the Reform and Opening in 1978, the People’s Republic of China (PRC) obtained fabulous economic success. The success, however, might disguise the internal problems in this country. As a communist nation, China, adopted a property rights approach totally different from other capitalist counterparts in the world. Despite the universality of economic principles regarding property rights, China has many “Chinese characteristics” in terms of politics, economics, and society. These “Chinese characteristics” are so unique that outsiders tend to be misled when observing China. PRC comprises a lot of State-owned Enterprises (SOEs), so-called “the first son of the republic.” Having obscure but solid relation with State-owned Banks (SOBs) and central/local governments, these SOEs depart essentially from other enterprises in the world. Not to mention the Chinese Communist Party plays an important role in the corporate governance of SOEs. SOEs’ low efficiency leads to the huge loss of SOBs, which remains the major issue when PRC dealing with economic reform. Asset Management Companies (AMCs) in China can be dated back to 1999, but AMCs underperformed in disposing nonperforming loans (NPLs). Debt for Equity Swap (DES) is another tool used in 1999 for NPLs disposal and is used again recently. Neither AMCs nor DES achieved the desired results. Clear definition of property rights is the key. In detail, people must assume the good and bad consequences of his behavior. In other words, externality must be internalized. To reach this end, it takes changes in both party-state system and public ownership system.

並列關鍵字

Property rights ； Public ownership ； Party-state ； State-owned enterprises ； State-owned banks ； nonperforming loans ； Asset management companies ； Debt for equity swap