在国际学术界,有关中国金融发展的学术论著往往以正规而又成熟的金融体系和法律制度为分析问题的前提,因而无法按照标准范式来解释几乎根本不会有增长的中国竟然出现了长期增长。主流的法律、金融与增长文献仍然未揭开中国增长故事的神秘之处。本文试图通过在主流的法律、金融与增长理论的框架中把非正式制度安排也纳入进来,用以解释既拥有“硬信息”又拥有“软信息”、既受第三方实施制度又受第二方实施制度支配的范围广阔的借贷技术的中国“大金融体系”为何能够为满足一个有活力的经济体对资金的大量需求做好了充分准备。虽然范围广阔的非正式制度安排经常被认为是中国金融体系整体欠发达的象征,但是,我们宁愿主张在经转型时期对这一体系的强烈依赖可能并不一定像主流文献所描述的那样具有次优特征。 In international academic circles, the academic treatise on China’s financial development often takes the formal and mature financial system and legal system as the prerequisite for analyzing the issue. Therefore, it is impossible to explain in accordance with the standard paradigm that there is actually a long-term growth in China, which has almost no growth at all . The mainstream legal, financial and growth literature still does not reveal the mystery of China’s growth story. This paper tries to explain that both “hard information” and “soft information” are not only affected by the third party implementation system, but also by including informal institutional arrangements in the framework of the mainstream legal, financial and growth theories Why China’s “Great Financial System,” a Broad Lending and Borrowing System Dominated by the Second-Party Implementation System, is Fully Prepared to Meet the Large Demand for Funds by a Dynamic Economy. While a wide range of informal institutional arrangements is often considered a symbol of the underdevelopment of China’s financial system as a whole, we would rather argue that the strong reliance on this system during the transition may not necessarily be as subjective as the mainstream literature has described Excellent features.