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从高利贷观念历史演变的角度,反思其道德与法律的迷雾,解释其金融与经济逻辑,这样的研究具有特殊学术价值。高利贷之所以广受诟病,一方面起因于消费型借贷下的穷人困境,而后来逐渐增多的投资型借贷则相对容易被接受。另一方面,原始形态的借贷多发生于熟人亲友之间,人格化交易受到强烈的道德抨击,而不特定群体之间的高利借贷则突破道德谴责而逐渐扩展,以利息和抵押为约束纽带的市场机制形成,并为社会所认可。各种形式的高利借贷,尽管风险高,但本质是自由自愿的交易,是其他借贷和投资形式所不可替代的,构成多元化金融手段体系中的有机部分,并以其市场定位与行业细分在多样化体系中降低系统性风险。对高利贷的道德抨击、宗教与法律禁令从来都是适得其反,政府也不可能提供有效的替代产品。高利贷以残酷竞争的途径,使稀缺资本配置到具有生命力的个体与企业,实现优胜劣汰。
From the perspective of the historical evolution of the concept of usury, we should reflect on the fog of morality and law and explain its financial and economic logic. Such research has a special academic value. The reason why loan sharks are widely criticized is due to the predicament of the poor under consumer loans on the one hand, and the gradual increase of investment-backed loans on the other hand is relatively easy to accept. On the other hand, the original form of borrowing occurred between acquaintances and relatives, and the personal transaction was strongly criticized by morality. However, the high-interest borrowing among non-specific groups broke through the moral condemnation and gradually expanded. Interest and mortgage bond markets Mechanism formed and recognized by society. Despite its high risk, various forms of high-interest borrowing are essentially free and voluntary transactions that are irreplaceable by other forms of borrowing and investment and form an organic part of a diversified financial instruments and are characterized by their market positioning and industry segmentation Reduce systemic risk in a diverse system. Ethical attacks on usury, religious and legal bans have always been counterproductive and the government can not provide an effective alternative. Usurious loan to the cruel way of competition, the scarce capital allocation to the vitality of individuals and businesses, to achieve survival of the fittest.