摘要
现代金融中介理论认为金融中介具有信息生产功能。然而,金融创新背景下金融中介设计出大量的金融衍生工具,其风险状况呈级数增长,对整个体系的风险影响难以评估,在"太大而不能倒"的"潜规则"下,金融中介具有隐藏信息、利用信息优势以次充好的倾向。由此而造成的信息约束、信息处理严重影响了监管效率与金融稳定。雪上加霜的是,监管当局信息挖掘的能力未能跟上金融创新的步伐,风险积累态势不能准确监控,几乎坐以待"危"。因此,防危机、控风险之前提是:提高金融中介准确披露关键信息的责任,提升信息处理能力、金融预警能力等监管能力。
Modern theory of financial intermediation persists that financial intermediations have the function of producing information,so they can reduce transaction cost and resolve the problem of information asymmetry.However,in the surrounding of financial innovation,financial intermediations devise a great deal of financial derivation,accumulate a lot of risk,and lead important hindrance on the evaluation of financial stabilization.So financial intermediations tend to hide the information necessary.Information restriction produced by financial intermediations make a large difficulty on the efficient regulation and financial stabilization.One disaster after another,financial regulation authorities have not kept up with the financial innovation and can't control the risk.We insist that strengthening the responsibility of financial intermediations throwing daylight on necessary information,improving the ability of digging data and regulating financial risk are the key factors to prevent financial crisis.
出处
《金融评论》
2010年第1期101-110,共10页
Chinese Review of Financial Studies
关键词
金融中介
信息生产
金融稳定
Financial Intermediation
Information Production
Financial Stabilization
