摘要
通过实证分析,本文对信息机制在金融危机中的作用进行了初步解读,并对金融创新可能带来的信息失真问题进行了剖析。实证结果表明:提高金融市场的信息披露质量,减轻腐败因素对信息处理和传递机制的干扰,有助于降低金融危机的发生概率;同时,简单、易于理解的金融工具更有利于信息传递和金融稳定,而过于复杂的金融创新则可能在投资者之间形成新的信息不完全,导致投资者的风险识别状态发生系统性改变,最终诱发金融危机。因此,只有当市场参与者能够接收到真实、准确的信息并反映出真实的市场交易状态时,信息的传递才是有效的。从信息处理的角度,公开透明的信息披露只是降低金融危机发生概率的必要条件,而非充分条件,尤其是过度金融创新所导致的投资者风险识别能力的集体性缺失,与金融创新同时产生的信贷扩张彼此强化,短期内使得金融市场在更高的风险状态下维持着自我实现的均衡,而这种"失衡的均衡"在任何外部冲击面前都极为脆弱。上述结论意味着,在理解金融危机的过程中,对市场机制本身可能造成的信息扭曲问题需要给与足够关注。
Based on cross- country data analysis and case study, this paper explores the information mechanism in the propagation of financial crisis and the possible information distortion brought by financial innovation. The empirical results show that the probability of financial crisis is significant lower when there are high quality of information disclosure and low level of government corruption. From the perspective of informationdriven mechanism, some financial innovation may he too complicated to preserve financial stability because it will create or deteriorate the problem of inadequate information between investors if those financial products cannot be easily understood. When investors trade financial products they do not fully understand, their risk perception state will change systematically, which may finally lead to over risk taking behavior and financial crisis. The conclusion indicates that simple financial products may serve to financial stability because they help to the more effective functioning of information transmission.
出处
《金融研究》
CSSCI
北大核心
2010年第3期1-15,共15页
Journal of Financial Research
基金
教育部重大攻关课题“全球新型金融危机与中国外汇储备问题研究”(08JZD0011)的阶段性成果
关键词
信息披露
金融创新
金融危机
information disclosure
financial innovation
financial crisis
