证券市场中的直接贷款及其风险衡量  

Direct Loan and Risk Management in Chinese Stock Market

作　　者：李亮[1] 刘朝明[1] 廖林[1] 

机构地区：[1]西南交通大学经济管理学院,成都610031

出　　处：《世界科技研究与发展》2007年第6期65-67,104,共4页World Sci-Tech R&D

摘　　要：证券市场风险对出资人来说意味着预期回报甚至本金的减少或消失。这种风险对中国股市中的分散股民已领教深刻。然而,作为广大储户委托人的银行中介在对上市公司的直接贷款行动中也同样承受了市场风险,这种处于隐蔽状态的风险在一些上市公司退市后已具有显性特征。本文试图从理论上解释与商业银行相关的两种风险,即储蓄转化为金融资产的投入风险,银行向上市公司提供直接贷款所承受的金融资产回报风险,从而提出了规避风险的关系组合均衡和管理对策。Risks of stock market with regard to its investors mean the reduction and disappearance of the expected rewards so far as the principals. These risks have taught lessons to the scattered shareholders in Chinese stock market. However, banking intermediaries, as the consignors of the vast depositors, undertake market risks as well in taking actions of direct loan to listed company, yet, the risks to banks at present are still in concealment stage. This paper attempts to explain theoretically two kinds of risks related mainly to commercial banks, namely, input risk of transforming deposit into financial assets and risk of financial assets repayments which banks undertake resulting from offering direct loan to listed companies, thus raises a combination of relation equilibrium and countermeasures as to how to evade the two kinds of risks .

关 键 词：上市公司 商业银行 直接贷款 

分 类 号：F832.51[经济管理—金融学] F224