摘要
金融市场上信息常常是非对称的 ,这使现存的金融交易效率发生损失 ,直至交易消失。在此情形下 ,金融中介机构和金融监管当局应运而生 ,它们能部分解决非对称信息引发的委托 -代理问题 ,但也使金融市场上信息非对称格局变得更加复杂 ,于是 ,相应的抵押、担保、使用限制、声誉控制、经理持股、绩效工资等合约得以产生。中国金融改革实质是合约的安排与调整过程 ,所有者到位 ,完善市场 ,健全机构 ,加快创新 。
WT5BZ]:In the financial market, information often appears asymmetric. Thus the efficiency of present finance transactions will be lost and as a result, the transactions will totally disappear. In such a case, financial intermediate institutions and supervisory authorities come into being. They can partly solve the principal-agent problems arising from the asymmetric information. But such derivative financial bodies will certainly intensify the complexity of asymmetric information structure, and accordingly bring about new derivative financial contracts such as mortgage, guarantee, restrictive use, reputation control, manager holding stock and efficiency wages. The financial reform in China is essentially a process of contract adjustment and arrangement, which involves the presence of owners, the market improvement, perfection of the institutions and a quick innovation and strict supervision. [WT5HZ]
出处
《兰州大学学报（社会科学版）》
CSSCI
北大核心
2000年第2期17-23,共7页
Journal of Lanzhou University（Social Sciences）
关键词
金融市场
非对称信息
金融合约
金融交易效率
WT5BZ]:Asymmetric information
financial contract
moral hazard
adverse selection
