本文研究表明,在信贷、监管及资产价格同周期效应下,信息的处理和传递将出现明显的扭曲,因此,针对单个金融机构和基于规则的监管模式将不可避免地出现明显的错配,导致其在危机的防范与遏制方面难以有效发挥作用。 This study shows that under the same cyclical effects of credit, regulatory and asset prices, there will be obvious distortions in the processing and transmission of information. Therefore, obvious mismatch will inevitably occur to single financial institutions and rule-based regulatory models, resulting in It is difficult to effectively play its role in preventing and deterring crises.