借贷中的私人关系嵌入问题研究

关系借贷是我国金融领域的普遍现象 ,本文采用社会嵌入性的分析框架 ,认为经济交易是嵌入于当事人的具体的社会关系之中的 ,经济交易域嵌入社会交换域或政治域放松了贷方交易域的激励约束 ,当贷方是银行代理经营者时 ,经营者与关系人形成二次嵌入关系 ,并可能与关系人合谋 ,从中谋取私利 ,关系有助于解决意会信息问题 ,并对借方的道德风险起一定的约束作用 ,但不能完全解决逆向选择和道德风险。

Relationship's Embedment in Lending

Relationship lending is prevalent in Chinese.This paper adopts an analytic paradigm of social embeddedness,asserting that economic transactions are embedded in the transactors' specific social relationships.Economic transaction field's embedment in social exchange field or political field reduces the lender' incentive constrains.When a lender is an agent of a bank ,he forms a dual-embedments relationship with his acquaintances.This may lead to the manager' conspiracy with his acquaintances.Relationship is helpful to solve the problem of private information,and plays a role in restricting the borrower' moral hazard,but can't solve the problem of adverse selection and moral hazard completely.