投资者选择的金融结构演进模式分析  

Financial Structure Evolution Mode Based on Investors Choose

作　　者：唐亮[1,2,3] 万相昱[4] 张晨[5] 

机构地区：[1]东北师范大学商学院 [2]东北师范大学经济管理实验中心 [3]吉林大学商学院 [4]中国社会科学院数量经济与技术经济研究所 [5]东北师范大学

出　　处：《金融评论》2015年第2期74-83,125,共11页Chinese Review of Financial Studies

基　　金：教育部青年基金项目"宏观金融不稳定--微观机理和传导扩散"(项目编号12YJC790173)的阶段性成果;中国社会科学院创新工程项目支持

摘　　要：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 financial structure evolution and its equilibrium are important for understanding the financial system. This paper erects a theoretic model of financial structure evolution by setting trade condition and derivates the equilibrium results. The high efficiency equilibrium is based on the information advantages of bank and the mechanism of disperse risk in stock market; the low efficiency equilibrium is actually state.Then this paper advances an important proposition of financial structure evolution: exterior impact will alter the path of evolution, but investors' preference of information selection endogenously determines the structure of the financial evolution. At last this paper makes an empirical analysis of China's financial system based on the theory model and proposes that the fundamental root of the bank-based financial system is the high cost of information collecting and the faultiness in legal system, and that the fluctuation of stock market roots in the policy impact to large extent.

关 键 词：金融结构 演进 信息搜集 均衡 

分 类 号：F832.51[经济管理—金融学]