制度变迁中金融风险转嫁的实证分析  

Empirical Analysis of Financial Risks Shife In The Institution Change of China

作　　者：蒋海[1] 齐洁[2] 

机构地区：[1]暨南大学金融系,广东广州市510632 [2]中国农业银行广州市分行,广东广州市510180

出　　处：《财经研究》2000年第2期39-43,共5页Journal of Finance and Economics

摘　　要：经济转轨时期 ,由于微观经济主体的预算软约束 ,我国金融风险表现出独特的运行特征。本文实证分析结果表明 :国有企业通过银行负债将风险集中到了金融部门 ,商业银行又通过央行负债将风险转嫁给了央行 ,而央行只能通过基础货币的发行暂时将风险隐蔽积累起来 ,使我国金融风险表现出明显的隐蔽性、积累性和转嫁性 。Under soft budget constraint on microeconomic agents, financial risks in China show special characteristics during transitional period. Our empirical analysis result indicats that state-owned enterprises shift financial risks to commercial banks by means of bank loans, and from the commercial banks to central bank in the same way. Finally, the central bank has just to issue basic money to bear the financial risks. Therefore the liabilities of state-owned enterprises are highly correlated with infiation in China.

关 键 词：金融风险 负债 基础货币 通货膨胀 制度变迁 

分 类 号：F832.5[经济管理—金融学] F830.9