银行的本质--从信誉角度的分析

文章从信誉的角度对银行的本质进行了阐释，指出银行之所以存在就是因为银行在贷款业务上具有基于长期博弈的信誉，使得银行可能为低风险项目融资，而一般企业与存款者进行的是一种一次性博弈，不能或很难建立信誉，只能为高风险项目融资。银行的这一特点内生地导致银行和存款者之间的关系出现了不确定性，使得存款者对银行类型的预期，即银行的信誉具有十分重要的作用，它决定着存款者的风险补偿，影响着银行的收益和对风险水平的选择。

The Essence of Banks:an Interpretation from Reputation

The essay points out that the essence of a bank is its reputation based on repeated games, which enables the bank to finance low-risk projects. In contrast, non-bank businesses, lacking reputation, can only finance high-risk projects. This feature of banks leads to an uncertainty in the relations between the bank and the depositor, making the depositor's expectation about the type of the bank, or the reputation of the bank, of great significance. Therefore, the reputation of banks determines the depositor's risk compensation and affects the returns of the bank and its choice of risk level.