信贷配给的机制影响与制衡研究
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摘要
信用配给是中国经济发展与金融市场完善中相关信贷交易的基本特征。资金约束制约着市场当事人行为。企业发展与壮大,项目投资水平和资金效率的提高;金融服务与金融工具的改进,银行利润水平的提高,信用风险有效的控制与管理等,都离不开资金支持及其资金有效配置。不仅如此,近年来,银行积极开展消费信贷,大大缓解了收入约束,提高整个社会消费水平,平滑个人跨时消费,增进其福利。信用配给是货币政策传导的重要工具,对货币政策有着重要种影响,已经成为理论界和业界的一种共识。本文综合运用信息经济学、契约经济学、制度经济学、产业经济学、福利经济学、经济优化等基本理论与方法,紧密结合国内外实践,对信贷配给产生机制、影响以及信贷配给消除方法进行了系统研究,以期把握信贷决策深层次原因,明确金融市场化过程中,即使不存在金融管制,信贷市场也会因信息非对称和高成本监督等原因而导致均衡信贷配给,推动银行和金融机构不断进行金融产品创新,借款者和政府加快制度创新。
论文共分八章,可概括为五个部分:概述部分、信贷配给产生机制部分、信贷配给影响部分、信贷配给治理部分、总结与展望部分,其中概述部分由第1章组成,信贷配给产生机制部分由第2章和第3章组成,信贷配给影响部分由第4部分组成,信贷配给治理部分由第5、6、7章组成,总结与展望部分由第8章组成。
第1章主要交代了研究的背景、研究意义、研究对象、对信贷配给产生机制、影响范围、实证方法、消除方法及其制衡机制等相关文献进行了系统的梳理与总结。目的是对全文起一个总揽作用。
第2章主要对比研究了外生信贷配给和内生信贷配给产生机制。分析了外生以非均衡配给为特征,因管制而导致资金价格不因信贷供求关系的变化而作调整,从而,在存在超额需求时,只能以配给的方式配置资金给借款者。一般认为它只能会短期或暂时达到均衡。同时根据霍奇曼违约风险模型,分析了银行因风险最小化而导致信贷配给内生,并引入贷款收益与亏损作为银行决策两目标,考察了依赖于贷款额的偿付能力。
第3章为文章核心部分,从契约经济学角度重点阐述了非对称信息导致逆向选择效应、道德风险问题、以及高成本监督是如何产生信贷配给的。另外一个研究是放松了前述信息结构的假设,即非对称信息,即使在信息对称或完美市场下,若破产费用等交易成本特别高,信贷配给同样会产生,并且较为严重。
第4章主要是探讨信贷配给对不同规模借款者有何影响,以及在农村信贷市场,缺乏担保和缺乏合约执行机构是如何应对信贷配给,结果是声誉和借贷关系的维护极其珍贵。
第5章从信贷契约设计的角度探讨信贷配给的治理。分离不同风险的借款者,银行可在信贷契约中采取不同条款,即向借款者提供多样菜单。文中分析了契约引入担保、利率、贷款额等条款后,借款者根据自己风险类型进行自选择,克服了非对称导致的逆向选择效应。当研究贷款额作为契约条款时,借款者风险是给定的这一假设放松,即借款者风险会随着贷款额而变化,从而提供随机产出稽核,这会解决道德风险引起的信贷配给。
第6章研究基于双重信贷配给的治理方法。对于非均衡信贷配给的治理,大多采取制度改革等外部方法。而对于因非对称信息导致的均衡信贷配给,经常采取契约设计分离不同类型。至于那些缺乏担保的借款者,彼此之间合作形成合作联盟,是消除信贷配给的一条可行之路。中小企业和乡村借款者均面临非均衡信贷配给和均衡信贷配给,对其治理不仅在于资金提供方银行的信贷标准和金融契约工具,还在于资金需求方及借款者条件的改进,甚至信贷第三方例如政府参与。
第7章简要介绍了三种信用风险识别技术:k聚类和神经网络与模糊聚类方法。采用了9个财务指标,对浙江81家上市公司进行了归类,表明统计或智能技术等方法在解决大数据方面有独特优势。
论文最后对全文作总结,并对未来的研究进行相应的展望。
Credit rationing is the principal characteristics of relevant credit transaction during the development of Chinese economy and the perfection of the financial market. Capital constraint is restricting the concerned party of the market. All of following issues such as the development and the expansion of the enterprises, the enhancement of the project investment level and the capital utilization efficiency, the improvement of the financial service and the financial tools, the increase of bank profit, the effective control and management of credit risk cannot carry on without capital injection and its effective disposition. Besides, in recent years, the bank plays a dynamic role during the development of credit rationing, which greatly alleviate the income restraint, raise the entire society consumption level, and smooth individual consumption crossing periods while with his welfare improved. The credit rationing has been an important instrument for the transmission of monetary policy and has significant influence on the monetary policy, which has been widely accepted in the academic and practice field. Therefore, this paper employs synthetically such fields as the information economics, the contract economic, the system economic, the industrial economics, the welfare economics, the economy optimization, the sociology, the game theory and at the same time integrate domestic and foreign practices tightly so as to conduct a systematic study on the credit rationing theory and its elimination methods. Finally, this paper contains mainly three aspects of contents:
First is the construction and expansion of the theoretical models. Accounts for information asymmetrical, two chapters have been assigned to make a systematic introduction on the main theoretical models of credit rationing. And certain characteristics have been revealed on the mechanism of internal and provisional credit rationing, and the equilibrium and unequilibrium rationing.
Second is the application of credit rationing elimination or diminish. This paper has investigated the roles of such factors as guarantee, interest rate, loan scale, risk and anticipated income in the discrimination of types of borrowers, as well as their influence on the enhancement of interest rate while mainly perceiving from the angel of credit contract design and taking into account different credit contract terms,.
Third, this paper has examined the loan scale, the credit information of borrowers and the influence of government direct credit intervention with both the integration of Chinese practice and current debates in theory and the integration of small enterprises without mortgage and newly established enterprises without credit record, as well as some credit features of developing countries with imperfect financial market. Furthermore, some empirical methods are presented.
论文共分八章,可概括为五个部分:概述部分、信贷配给产生机制部分、信贷配给影响部分、信贷配给治理部分、总结与展望部分,其中概述部分由第1章组成,信贷配给产生机制部分由第2章和第3章组成,信贷配给影响部分由第4部分组成,信贷配给治理部分由第5、6、7章组成,总结与展望部分由第8章组成。
第1章主要交代了研究的背景、研究意义、研究对象、对信贷配给产生机制、影响范围、实证方法、消除方法及其制衡机制等相关文献进行了系统的梳理与总结。目的是对全文起一个总揽作用。
第2章主要对比研究了外生信贷配给和内生信贷配给产生机制。分析了外生以非均衡配给为特征,因管制而导致资金价格不因信贷供求关系的变化而作调整,从而,在存在超额需求时,只能以配给的方式配置资金给借款者。一般认为它只能会短期或暂时达到均衡。同时根据霍奇曼违约风险模型,分析了银行因风险最小化而导致信贷配给内生,并引入贷款收益与亏损作为银行决策两目标,考察了依赖于贷款额的偿付能力。
第3章为文章核心部分,从契约经济学角度重点阐述了非对称信息导致逆向选择效应、道德风险问题、以及高成本监督是如何产生信贷配给的。另外一个研究是放松了前述信息结构的假设,即非对称信息,即使在信息对称或完美市场下,若破产费用等交易成本特别高,信贷配给同样会产生,并且较为严重。
第4章主要是探讨信贷配给对不同规模借款者有何影响,以及在农村信贷市场,缺乏担保和缺乏合约执行机构是如何应对信贷配给,结果是声誉和借贷关系的维护极其珍贵。
第5章从信贷契约设计的角度探讨信贷配给的治理。分离不同风险的借款者,银行可在信贷契约中采取不同条款,即向借款者提供多样菜单。文中分析了契约引入担保、利率、贷款额等条款后,借款者根据自己风险类型进行自选择,克服了非对称导致的逆向选择效应。当研究贷款额作为契约条款时,借款者风险是给定的这一假设放松,即借款者风险会随着贷款额而变化,从而提供随机产出稽核,这会解决道德风险引起的信贷配给。
第6章研究基于双重信贷配给的治理方法。对于非均衡信贷配给的治理,大多采取制度改革等外部方法。而对于因非对称信息导致的均衡信贷配给,经常采取契约设计分离不同类型。至于那些缺乏担保的借款者,彼此之间合作形成合作联盟,是消除信贷配给的一条可行之路。中小企业和乡村借款者均面临非均衡信贷配给和均衡信贷配给,对其治理不仅在于资金提供方银行的信贷标准和金融契约工具,还在于资金需求方及借款者条件的改进,甚至信贷第三方例如政府参与。
第7章简要介绍了三种信用风险识别技术:k聚类和神经网络与模糊聚类方法。采用了9个财务指标,对浙江81家上市公司进行了归类,表明统计或智能技术等方法在解决大数据方面有独特优势。
论文最后对全文作总结,并对未来的研究进行相应的展望。
Credit rationing is the principal characteristics of relevant credit transaction during the development of Chinese economy and the perfection of the financial market. Capital constraint is restricting the concerned party of the market. All of following issues such as the development and the expansion of the enterprises, the enhancement of the project investment level and the capital utilization efficiency, the improvement of the financial service and the financial tools, the increase of bank profit, the effective control and management of credit risk cannot carry on without capital injection and its effective disposition. Besides, in recent years, the bank plays a dynamic role during the development of credit rationing, which greatly alleviate the income restraint, raise the entire society consumption level, and smooth individual consumption crossing periods while with his welfare improved. The credit rationing has been an important instrument for the transmission of monetary policy and has significant influence on the monetary policy, which has been widely accepted in the academic and practice field. Therefore, this paper employs synthetically such fields as the information economics, the contract economic, the system economic, the industrial economics, the welfare economics, the economy optimization, the sociology, the game theory and at the same time integrate domestic and foreign practices tightly so as to conduct a systematic study on the credit rationing theory and its elimination methods. Finally, this paper contains mainly three aspects of contents:
First is the construction and expansion of the theoretical models. Accounts for information asymmetrical, two chapters have been assigned to make a systematic introduction on the main theoretical models of credit rationing. And certain characteristics have been revealed on the mechanism of internal and provisional credit rationing, and the equilibrium and unequilibrium rationing.
Second is the application of credit rationing elimination or diminish. This paper has investigated the roles of such factors as guarantee, interest rate, loan scale, risk and anticipated income in the discrimination of types of borrowers, as well as their influence on the enhancement of interest rate while mainly perceiving from the angel of credit contract design and taking into account different credit contract terms,.
Third, this paper has examined the loan scale, the credit information of borrowers and the influence of government direct credit intervention with both the integration of Chinese practice and current debates in theory and the integration of small enterprises without mortgage and newly established enterprises without credit record, as well as some credit features of developing countries with imperfect financial market. Furthermore, some empirical methods are presented.
引文
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