企业信用行为与失信惩戒机制：一个基于信用资本的分析框架

本文通过一个基于代表性企业与银行之间的博弈模型,讨论了信用资本的性质、价值度量及其对企业借贷行为的影响。文章认为,信用资本的性质与价值量将会影响到企业的财务与融资决策行为。信用信息共享为降低银行信贷风险、扩大信贷规模提供了一个基础设施,而有效的失信惩戒机制在其中起着关键作用。因此,我国应尽快建立包含有效的守信激励和失信惩戒机制的信用信息共享体系,这也可看作是对我国信用体系建设热潮的一个理论解释。

Firm's Credit Behavior and Penalizing System of Discreditable Behavior:An Analytical Framework Based on the Capital of Creditworthiness

Based on a game model between a representative firm and a bank,the paper investigates the nature and measurement of the capital of creditworthy,as well as its impact on the firm's borrowing behavior.The au- thors believe that,as a kind of social capital,creditworthy has its own intrinsic value,especially in the context of credit information sharing.As the value of creditworthy will influence the firm's borrowing behavior,credit information sharing provides a kind of infrastructure for the loan market,in whi...