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ID:32160625
大小:1.78 MB
页数:42页
时间:2019-02-01
《利率管制下的融资腐败研究》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、内容摘要本文以改革进程中利率管制下的融资交易为研究对象,对银行、非正规融资机构、借款企业和监管当局之间的动态博弈进行理论分析和经验研究。在利率管制的条件下,即法定利率低于市场利率的情况下,资金的供求双方无法通过市场达到供需的平衡。在这种情况下,会导致两种情况的出现:信贷配给和非正规信贷市场。本文就这两种情况分别探讨了其中会引发的融资腐败问题。本文采用动态博弈的分析方法,在一定的假设条件下,构造银行、企业和监管当局的成本一收益函数,并得出最优解。最后,在数学模型的基础上得出结论:企业借款行为是在正规市场融资和非正规市场融资间进行的相对成本比较,企业被动选择交租
2、,因而其真实融资成本远远高于名义法定金融机构贷款利率,甚至高过利率市场化下的市场利率。利率市场化是解决利率管制下融资腐败问题的最优途径。并在此基础上,对中国的利率市场化现状,面临的制约因素及发展对策做了深层次的探讨。关键词:金融腐败利率管制寻租非正规融资利率市场化AbstractThispapertakethefinancialtransactionsinthereformprocesswiththeinterestrateundercontrolforthestudy,throughthetheoreticalanalysisandempiricalres
3、earchofthedynamicgamebetweenbanks,non-formalfinancialinstitutions,borrowingenterprisesandregulatoryauthorities.Intheinterestratesundertheconditionthatthestatutoryinterestratebelowthemarketrateofcircumstances,boththesupplyanddemandoffundscannotbeachievedthroughthemarketsupplyanddema
4、ndbalance.Insuchcircumstances,wouldleadtotheemergenceoftwosituations:creditrationingandnon-formalcreditmarkets.Inthispaper,thesetwocaseswerediscussedwhichwouldtriggerthefinancingproblemofcorruption.Inthispaper,dynamicgameoftheanalysis,certainassumptions,theConstructionBank,enterpri
5、sesandregulatoryauthoritiesinthecost—earningsfunction,andthattheoptimalsolution.Finally,onthebasisofmathematicalmodelscometotheconclusion:corporateborrowingbehaviourisintheformalmarketfmancingandnon-formalfinancingmarketbetweentherelativecostcomparison,businessespayrentpassivechoic
6、e,thusitsfinancingcostsfarhigherthantherealnameofthestatutoryfinancialInstitutionslendingrates,evenhigherthanthemarket—orientedinterestrateunderthemarketinterestrates.Market—orientedinterestrateistheinterestratetosolvethefinancingproblemofcorruptionunderthecontroloftheoptimalway.An
7、donthisbasis,。China'smarket—orientedinterestratestatusquo,andoftheconstraintsfacingthedevelopmentofcountermeasurestoexplorethedeep—seated.Keywords:financialcorruptioninterestratescontrolrent-seekingnon·-formalfinancingmarket·-orientedinterestrate西南财经大学学位论文原创性及知识产权声明本人郑重声明:所呈交的学位论文,
8、是本人在导师的指导下,独立进行研究工作所取得的成果。
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