融资制度的概念界定与功能分析

本尝试着给出融资制度的概念，并认为其可能由以下四个层次构成：为融资行为提供明晰产权、契约自由、公平竞争、权利与义务对等的顶层的宪法秩序层次的基本规则；在宪法秩序下约束融资这一特定行为模式和融资各经济主体之间的关系、界定融资交易条件的一系列具体的核心层的操作规则；人们处理熟悉环境中的融资问题时所遵循的有效行为准则；习惯与规则的基础——融资行为的伦理道德规范。对诸如融资制度、融资体制、融资机制等基本的相关相近的概念进行辨析，并对融资制度中国家的作用、制度变迁、路径依赖、制度供给等方面做出了进一步的解释。从筹资功能、降低交易成本、价格发现、流动性功能和风险转移功能等五个方面对融资制度的功能进行分析。

The Definition of Financing Institution and Function Analysis

In this thesis, the writer is trying to give a definition of financing institution, and holds that it could be composed of four aspects: At the apex, are the principal rules which compose the constitutional order, providing us with transparent property rights, freedom of contracting, fair competition in financing, and equity between rights and liability; Under the constitutional order, are a series of operational regulations at the core which restrict the behavior modes and the relationship of participants in financing, and define the terms of financial transaction; Then the customs, that is the behavior guide line effectively followed by people when they deal with the financial problems in familiar situations; Finally the ethics, which constitute the basis of customs and regulations. In the thesis, the writer will differentiate and analyze the similar conceptions as follows: financing institution, financing system and financing mechanism, and will also further explain the function of the state in financing institution, the institutional variance, route dependence and the supply of institution, etc. At the end of the thesis, the author will give and analyze the five functions of financing institution: money raising, transaction costs reduction, price discovery, liquidity provision, and risk diversion as well.