摘要
本文利用金融学基础理论—市场完全性原理对我国金融体系资源配置低效率进行剖析,认为其根源在于市场的极度不完全,有限的金融工具对应日益扩大的风险空间,风险与收益严重不对称,金融风险不断积聚。因此应发展能够通过风险与收益的匹配进行资源有效配置的资本工具特别是企业债券,以降低我国经济运行中的潜在金融风险。针对我国区域经济不平衡的现实,可考虑通过建立区域债券交易中心来推动我国企业债券市场的发展。
This paper, employing the principle of market completeness, the basic financial economic theory, analyzes the problem about the low allocation efficiency of China＇s financial system. The reason lies in the presence of extremely incomplete market, which is that the limited amount of financial instruments corresponds to the increasingly risk room. The asymmetry between risk return makes risk in China＇ s financial system keep on accumulating. Thus it is imperative to develop capital instruments, especially firm bonds, which can effectively match risk return, to allocate resource reduce the potential financial risk in China＇s economy. Due to the asymmetrical zonal economic development in China, it is feasible to build zonal bond exchanging centers to push forward China＇s firm bonds market.
出处
《商业经济与管理》
CSSCI
北大核心
2006年第2期61-65,共5页
Journal of Business Economics
关键词
金融配置效率
市场完全性
企业债券
区域债券交易中心
financial allocation efficiency
market completeness
finn bond
zone bond exchanging centers
