政府和市场在区域金融风险处置中的作用边界与分工效率  

The Role Boundary and Division Efficiency of the Government and Market in the Regional Financial Risk Management

作　　者：董昕[1] 刘燕[1] 王静[1] 邢有武 

机构地区：[1]中国人民银行德州市中心支行,山东德州253012 [2]中国人民银行临邑县支行,山东临邑251500

出　　处：《金融发展研究》2016年第6期37-42,共6页Journal Of Financial Development Research

摘　　要：本案例通过剖析某县对辖内一家化工企业涉及23家企业担保圈风险事件的处置后发现,地方政府在应急控制风险事态蔓延上具有组织、协调等比较优势,但在后期推动涉险企业兼并重组上则明显逊于专业化中介组织;而后者在选择战略投资方、开展产业对接、合理风险资产定价以及精选并购模式上更具有市场化效率。在特定金融风险时期,理性的和有为的政府,应在危机事态中合理把握自己的活动边界。Through analyzing the risk management of a chemical company in a county which was guaranteed by a circle which involved 23 companies, it finds that the local government has the comparative advantages of organization and coordination in the emergency of controlling the spread of the risk, but it is significantly inferior to the specialized intermediary organizations in promoting the corporate mergers and acquisitions. While the latter has more market-orient- ed efficiency in selecting a strategic investor, carrying out the industrial docking, pricing the reasonable risk assets and selecting the acquisition mode.We believe that a rational government should appropriately control the action bound- ary in period of a particular financial crisis.

关 键 词：政府 作用边界 并购重组 专业化效率 

分 类 号：F832.5[经济管理—金融学]