论文部分内容阅读
金融结构的演进及均衡结果的实现是重要的。基于经济中各行为主体的选择模式,本文通过设定交易条件构建了金融结构演进的理论模型;推导出金融结构演进的均衡结果:高效率的均衡体现在银行的信息优势和股票市场的分散风险机制上;低效率均衡是现实状态。进一步给出了金融结构演进的重要命题:金融结构的演进可以被外来冲击所改变,然而内生决定其演进结果的仍然是投资者的信息搜集偏好。最后结合理论模型针对中国现实进行了分析,提出信息搜集成本过高、法制不完善是形成我国银行主导金融体系的重要原因,认为目前中国的股票市场波动仍然大部分的体现在政策冲击上。
The evolution of the financial structure and the realization of a balanced result are important. Based on the selection of the main actors in the economy, this paper constructs a theoretical model of the evolution of the financial structure by setting the terms of the transaction. The equilibrium results of the evolution of the financial structure are deduced: the equilibrium of high efficiency is reflected in the bank’s information superiority and the diversification risk in the stock market Mechanism; inefficient balance is the reality. Further gives the important proposition of the evolution of financial structure: the evolution of financial structure can be changed by external shocks, however, the outcome of endogenous evolution is still the investor’s information collection preferences. At last, it analyzes the reality of China with the theoretical model. It points out that the cost of collecting information is too high, and the imperfect legal system is the important reason to form the leading financial system in our country. At present, the volatility of China’s stock market is still mostly reflected in the policy shocks.