从信息不对称理论看政府信息公开的实践意义

政府与公众之间的信息不对称表现为政府垄断着大量的公共信息,而公众则处于信息弱势地位,难以获得政府信息,这最终可能会导致其权益受损。作为我国政府信息公开的新闻发言人制度,对于消除政府信息不对称现象具有重要的实践意义。     

非对称信息下农村金融市场结构对信贷配给的影响研究

在非对称信息的农村金融市场上，普遍存在着正规农村金融机构对农户的信贷配给。而目前垄断性的农村金融市场结构，加剧了农村金融机构与农户间的信息不对称程度，引发了农村信贷资金的外流，最终导致更为严重的信贷配给问题。因此，必须发展农户贷款担保组织和乡村银行，增强农村金融市场的竞争机制，更好地克服或减弱农村金融机构与农户间的信息不对称，切实解决农户贷款难题。     

贷款保证研究综述

一、贷款保证与信息不对称理论1.信贷市场上的信息不对称。信息不对称是信贷市场的基本特征之一,银行对借款人私人信息的掌握程度决定了贷款发放的安全性大小。信息不对称对信贷市场的影响主要体现为两个方面:一是事前的信息不对称。借贷双方对私人信息占有量的差异,导致了银行     

小企业信贷与金融创新

小企业贷款难的症结和解决对策不仅是一个重大的理论问题,也是一个重要的现实问题。本文对小企业贷款难进行了分析,从而提出通过运用信息不对称理论可以较好地解释这种现象,而通过金融创新可以较好地解决这个难题。     

美国次级债危机的根源与启示

始于2007年初的美国次级抵押贷款危机事件，发生已经一年多了，截至目前，美国的次级抵押贷款事件已经从次级抵押贷款危机演变为美国的次级债危机，进而又有数家国际知名的贷款机构、投资银行和商业银行因为资金链条受到巨大损伤，面临危机甚至倒闭。而这一事件的发展对美国乃至全球经济的影响也越来越深，不仅导致股市的剧烈波动，甚至损伤到整个经济层面。同时，相关国家的中央银行也不得不伸出援手，评估并对冲由于美国次级贷款危机产生的影响。     

论中小企业贷款的法定代表人保证担保制度

贷款难、担保难是中小企业普遍面临的问题,尽管政府和银行采取了很多措施,但都没有依靠内生性的信贷机制,因而没能真正解决中小企业贷款难题。“中小企业贷款的法定代表人保证担保制度”以法定代表人作为中小企业贷款的保证担保人,能够有效激发中小企业发展动能,避免信息不对称导致的诸多问题,既有利于银行拓展中小企业信贷市场,又有利于解决中小企业贷款难题。     

商业银行与中小企业信用行为的博弈分析

中小企业与商业银行之间的信息不对称导致中小企业在信贷过程中产生违约失信的投机行为,因而导致商业银行对企业的贷款申请只得拒之门外。文章通过博弈论的方法分析了这种现象产生的原因及约束条件。     

我国农村信贷配给问题研究

农村的发展需要增加资金投入,但目前在我国农村正规金融市场上却存在着严重的“惜贷”现象,农村贷款难已成为制约农村经济发展的“瓶颈”。农村信贷市场的信息不对称,导致了农村金融机构与借款人之间的逆向选择和道德风险问题,造成了我国农村信贷市场中农村金融机构对农户和企业的“惜贷”行为,引发了农村信贷资金的外流,最终导致更为严重的信贷配给问题。应该加强农村借款人的还款能力和信用水平,更好地克服或减弱农村金融机构与借款人间的信息不对称,切实解决农村信贷配给难题。     

重提主办银行制度——解决现阶段我国中小企业融资问题的一条途径

我国中小企业目前只能进行间接融资 ,而中小企业与银行之间信息不对称严重等原因导致了银行对其贷款成本相对较高。本文提出在中小企业推行适合间接金融的主办银行制度 ,利用其能较好地解决信息不对称的特点 ,降低银行对中小企业贷款的成本和风险 ,同时也能够促进中小企业改善经营管理。为建立有效的主银行制度 ,本文提出修改《商业银行法》 ,银企的自主双向选择 ,央行给予政策扶植等对策。     

银行信贷决策博弈分析

本文针对博弈划分的两个方面，分别阐述了在信息对称和信息不对称条件下银企之间的博弈关系，重点分析了我国信贷决策过程中的“惜贷”问题，指出了提高贷款效率、解决信息不对称是问题的关键所在。文章还提出了相关的解决方案，即建立银行信用体系、增加企业贷款的粉饰成本等，这对保证银行的贷款安全是有意义的。     

中国式次贷危机实证研究

随着美国次级抵押贷款市场危机扩大至其他金融领域,银行普遍选择提高贷款利率和减少贷款数量,致使全球主要金融市场陷入流动性不足危机。虽然我国金融和房地产市场与美国市场之间存在相似性,但两者之间存在本质区别。本文通过深入剖析美国次贷危机发生的原因及传导机制,借以研究中国式次贷危机,避免重蹈覆辙。     

债务期限结构与企业投资行为的关系研究

本文的研究过程中,重点从市场中的信息不对称问题出发,针对不同的债务限期结构对企业投资行为产生的影响做出了研究。通过对国内外专家学者形成的研究成果为基础,深入地研究了债务限期结构对企业的实际投资行为产生的影响,同时也对这一领域的研究方向做出了展望。     

Conditional Conservatism and Debt versus Equity Financing

Extant research suggests that conditional conservatism reduces information asymmetry between a firm and its shareholders as well as its debtholders. However, there is little evidence on whether conditional conservatism reduces information asymmetry differentially for shareholders and debtholders. We use the setting of a firm's choice between equity versus debt when it seeks a significant amount of external financing to examine this research question. We find that when firms raise a significant amount of external financing, the use of equity (versus debt) increases with the level of conservatism. We also find that the reduction in cost of equity associated with conservatism is greater for equity issuers than for debt issuers, but find no such difference when we examine cost of debt. In addition, we find that the positive effect of conservatism on the choice of equity issuance (versus debt issuance) is accentuated when the information asymmetry between the firm and its shareholders is more severe. Overall, our results suggest that conservatism reduces information asymmetry more between firms and shareholders than between firms and debtholders.     

商业银行金融支持、商业信用与异质性研发投资

伴随中国经济转型及外部竞争的加剧,创新变得越来越重要。由于研发投资的高风险性和信息不对称等特征导致创新型企业普遍难以获得所需的债务资本。相比于外部间接筹资,与商品交易直接相联系的以分期付款和预付定金等形式存在的商业信用便成为低成本、高效率的融资渠道之一。基于此,通过实证检验商业银行金融支持、商业信用与异质性的研发投资之间的关系,以期寻找化解资本危机的渠道。首先证实了上市公司自身产生的现金流是研发投资的重要资本来源之一。其次,金融发展能够显著加强研发支出规模,且金融发展程度越高,企业规模的影响越小。在单独考察商业银行金融支持与商业信用对研发投资的作用后,结果表明两者均为重要的资本来源。此外,金融支持与商业信用之间存在互补关系,但商业信用对异质性研发的支持力度存在差异。     

Abstracts/Résumés

We investigate how private information and monitoring affect the role of accounting quality in reducing the investment–cash flow sensitivity. We argue that access to private information and direct restrictions on investments are likely to affect the extent to which accounting quality reduces financing constraints. Our results suggest that, for financially constrained firms, banks’ access to private information decreases the value of accounting quality. We further find that, for both financially constrained and unconstrained firms, covenants directly restricting capital expenditures also mitigate the importance of accounting quality. Our results suggest that, when information asymmetry problems are likely to be the largest, accounting quality is most important. However, the importance of accounting quality is mitigated if outside capital suppliers have access to private information and is eliminated if they impose contractual restrictions on investment. We also provide evidence that banks’ access to private information reduces the cash flow sensitivity of cash and mitigates the importance of accounting quality in reducing this sensitivity. This additional evidence suggests that our investment–cash flow sensitivity results are not driven by measurement error of the investment opportunity set.     

非标债权业务与银行债务风险

本文基于2007-2018年我国商业银行面板数据,建立面板数据模型,实证研究了非标债权资产对银行债务风险影响.研究表明:自有资金或第三方理财导致非标债权资产占比上升会显著提升银行债务风险.导致结果的原因不是信息不透明,而是因为资源禀赋.禀赋较差的地方性银行通过非标债权业务实现金融资源的跨区对接,此举显著提高了它的债务风险.为解决内生性问题,本文分别采用银行所在地区、类型相同等其他银行非标债权资产占比平均值为工具变量的2SLS,进一步证实了上述观点.本文研究结论有助于建立更加公平的银行竞争市场.     

Bank runs, information and contagion in the panic of 1893

Contagious bank runs, which spread to both solvent and insolvent banks, should not occur if bank-specific information is provided regularly to the banking public. By mitigating the information asymmetry between banks and depositors, information should restrict runs to insolvent banks. However, official bank statements collected from quarterly reports to local newspapers in Kansas demonstrate that runs did become contagious in the 1893 panic even in an information-rich banking system. Important differences between national and non-national banks were also found, which suggests the maturity of the regulatory system may have played an important role in the panic.     

商业银行与深港文化产业的金融对接——以建行为例

发展文化产业需完善投资和融资体系,实现文化产业资金来源的多元化。本文通过分析建设银行在深港两地文化产业金融服务状况,提出商业银行与文化产业金融对接的建议：创建＂债权投资与股权投资双轨并行＂的投贷联动模式;构建和完善文化资产价值担保和评估制度;借助金融创新打通个人向文化企业直接投资的渠道。     

Loans of the revolution: how Mexico borrowed as the state collapsed in 1912–13

This article assesses why the French and US banks Paribas and Speyers underwrote a series of loans to revolutionary Mexico in 1912 and 1913, when the state was in the process of collapsing. This is a case of a war debt that failed to prevent the borrowing government from suspending payments and subsequently falling. Based on unpublished primary documents, the article shows that the 1913 loan involved a conflict of interest. The credit delayed a default and sustained the price of Mexican securities while Paribas, its main underwriter, was liquidating its Mexican portfolio. Evidence also suggests the existence of asymmetry of information. Paribas accessed pessimistic but accurate first‐hand information on Mexico, while the public read over‐optimistic press reports. Paribas forced the government to sell the bonds on the primary market at a price that was low, controlling for publicly available data. It subsequently sold the bonds at a margin on the secondary market. An additional reason for the lending is the Nacional railway, a state‐owned company that used a share of the funds to pay its debt. More exposed to Mexico than Paribas, the small and internationalized Speyers held the bad bonds it had underwritten.     

Human capital in the financial sector and corporate debt maturity

This study examines how human capital in the financial sector affects corporate debt maturity. To illustrate the mechanisms underlying the effects, we propose a theoretical framework that highlights the effects of human capital in the financial sector on mitigating the information asymmetry between financial intermediaries, households, and firms. Using the Chinese National Economic Census in 2008 and the Industrial Enterprises Database over 2011–2013, we find that the financial sector's human capital plays a significant and positive (negative) role in short-term (long-term) debt and this effect is more pronounced for firms with greater information asymmetry. Further analyses demonstrate that the baseline findings are consistent with the credit supply hypothesis. Our study indicates that human capital in the financial sector strengthens its renegotiation capacity for corporate borrowing, which is consistent with China's financial repression policy and leads to increased exposure of firms to credit and liquidity risks.