CAJ | 학술논문

文章在总结国内外金融脆弱性相关理论的基础上, 基于金融机构流动性错配的视角, 对金融脆弱性的形成机理进行了深入研究, 分析了金融机构吸入流动性、配置流动性、放大流动性的作用机理以及从金融脆弱到金融危机的演绎过程, 并结合我国有关数据, 报告了我国金融脆弱性的现状, 通过采用逻辑演绎的方法, 得出以下结论: 我国当前金融体系脆弱性不但没有消失, 反而更趋严重, 主要表现在流动性错配的程度更高、金融机构与企业合谋放大流动性的动机更强. 新投资渠道增多使金融机构吸收流动性的成本增加, 由此导致的金融资产被迫投向高风险、长期限领域, 同业竞争迫使金融机构降低风险防线以及金融发展与实体经济日趋脱节、资金空转于虚拟经济等, 成为我国当前金融脆弱性更趋严重的主要原因.
문장재총결국내외금융취약성상관이론적기출상, 기우금융궤구류동성착배적시각, 대금융취약성적형성궤리진행료심입연구, 분석료금융궤구흡입류동성、 배치류동성、 방대류동성적작용궤리이급종금융취약도금융위궤적연역과정, 병결합아국유관수거, 보고료아국금융취약성적현상, 통과채용라집연역적방법, 득출이하결론: 아국당전금융체계취약성불단몰유소실, 반이경추엄중, 주요표현재류동성착배적정도경고、 금융궤구여기업합모방대류동성적동궤경강. 신투자거도증다사금융궤구흡수류동성적성본증가, 유차도치적금융자산피박투향고풍험、 장기한영역, 동업경쟁박사금융궤구강저풍험방선이급금융발전여실체경제일추탈절、 자금공전우허의경제등, 성위아국당전금융취약성경추엄중적주요원인.
This paper researches the forming Mechanism of finance fragility in the angle of banks' liquidity mismatch on the basis of the precious studies about finance fragility and analyses how banks absorb, allocate and magnify liquidity , how finance fragility becomes financial crisis. What's more, this paper reports the current situation of finance fragility in China on the basis of Chinese information. With the method of deduction, this paper obtains conclusions that Chinese finance fragility not only exists but also is more and more serious, the degree of liquidity mismatch goes higher and the motivation of bank and enterprise cooperating magnifies liquidity. The cost of banks' absorbing liquidity rises sharply because of the increase of new investment channel , and thus banks have to put their assets into long-term and high-risk places, intensifying competition among banks makes risk prevention going weakly, the relation of finance and the real economy is out of phase. These are all the reasons why Chinese finance fragility is more and more serious.