融资制度绩效的信息经济学分析

融资机制的运行效率是一个国家保持经济持续增长的一个制度性基础。由于信息不对称现象的普遍存在，它所引起的逆向选择和道德风险，降低了融资绩效。因此，判断直接融资和间接融资的孰优孰劣及其适用性，关键在于这种融资制度能否有效减少信息的不对称程度，进而促进金融体系的有效性。一般而言，直接融资要求的信息充分程度较高，发展中国家具有发展间接融资的相对优势，应重视培育有效的银行体系，充分发挥商业银行的金融中介作用。

Analyses on Effect of Financing System From The Perspective of The Economics of Information

The effect of financing system forms a structural basis to keep a country' s economy increase .From the perspective of the economics of information, in order to judge what is superior and what is inferior between direct and indirect financing, the key to the question is whether the financing system can reduce the imperfection of information and produce the effect of financial system. Generally speaking, direct financing require more perfect information while indirect financing require less which afford developing countries opportunities to make full use of banking intermediary.