开放导报
開放導報
개방도보
China Opening Herald
2015年
2期
49~52
,共null页
众筹 信息失灵 克服 制度设计
衆籌 信息失靈 剋服 製度設計
음주 신식실령 극복 제도설계
Crowdfunding;Information Failure;Overcome;Institution Design
众筹融资过程中存在的诸多信息失灵问题,造成交易双方在判断能力、谈判能力等方面不对等,不仅违反＂意思自治、平等和诚信＂等基本原则,更可能因逆向选择和道德风险引发＂劣币驱逐良币＂效应,导致众筹市场的消亡。市场自身无法解决信息失灵问题,需要制度克服,路径包括公权力的强制介入,对双方权利、义务和责任重新分配,实现双方地位的实质平等,或者通过冷静期、担保等制度设计达到上述目的。
衆籌融資過程中存在的諸多信息失靈問題,造成交易雙方在判斷能力、談判能力等方麵不對等,不僅違反＂意思自治、平等和誠信＂等基本原則,更可能因逆嚮選擇和道德風險引髮＂劣幣驅逐良幣＂效應,導緻衆籌市場的消亡。市場自身無法解決信息失靈問題,需要製度剋服,路徑包括公權力的彊製介入,對雙方權利、義務和責任重新分配,實現雙方地位的實質平等,或者通過冷靜期、擔保等製度設計達到上述目的。
음주융자과정중존재적제다신식실령문제,조성교역쌍방재판단능력、담판능력등방면불대등,불부위반＂의사자치、평등화성신＂등기본원칙,경가능인역향선택화도덕풍험인발＂렬폐구축량폐＂효응,도치음주시장적소망。시장자신무법해결신식실령문제,수요제도극복,로경포괄공권력적강제개입,대쌍방권리、의무화책임중신분배,실현쌍방지위적실질평등,혹자통과랭정기、담보등제도설계체도상술목적。
There exists a variety of information failures in the process of crowdfunding.Non-equivalence of transaction counteryparty’s abilities to make judgement and negotiation due to information failure not only violates basic priciples like”Autonomy of Will, Equality and Integrity”, but may also trigerred the disapperance and extinction of crowdfunding market due to the effect of “Bad money drives out good” resulted from adverse selection and moral risks.The market itself could not solve the problems of information failure so that it is necessary to get institutions and public power compulsively invovled to overcome the issue or insteadly by the istitution design in calm period and gurante.
