财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2015年
5期
2-8
,共7页
金融市场%金融监管%金融监管信号传递%金融监管声誉效应
金融市場%金融鑑管%金融鑑管信號傳遞%金融鑑管聲譽效應
금융시장%금융감관%금융감관신호전체%금융감관성예효응
Financial market%Financial regulatory%Financial regulatory signal transfer%F-i nancial regulatory reputation effect
金融市场是金融监管当局与金融市场参与者之间动态博弈、合作共生的信息不对称系统。通过把信号博弈和重复博弈思想引入金融监管理论研究，构建以金融市场有效运行为反馈信号的金融监管当局与金融市场参与者之间的监管信号传递模型，分析金融市场治理中有效监管信号的传递机制。结果表明：金融监管力度与金融市场有效运行水平之间存在分离、混同两种均衡关系；在金融监管声誉效应的驱动下，金融监管当局倾向于选择混同均衡策略，而不是分离均衡。因而只有建立通畅的金融监管信号传递及反馈机制，强化并放大金融监管信号显示，增大监管乘数效应，形成良性的监管声誉效应，才能保障金融市场的有效运行。
金融市場是金融鑑管噹跼與金融市場參與者之間動態博弈、閤作共生的信息不對稱繫統。通過把信號博弈和重複博弈思想引入金融鑑管理論研究，構建以金融市場有效運行為反饋信號的金融鑑管噹跼與金融市場參與者之間的鑑管信號傳遞模型，分析金融市場治理中有效鑑管信號的傳遞機製。結果錶明：金融鑑管力度與金融市場有效運行水平之間存在分離、混同兩種均衡關繫；在金融鑑管聲譽效應的驅動下，金融鑑管噹跼傾嚮于選擇混同均衡策略，而不是分離均衡。因而隻有建立通暢的金融鑑管信號傳遞及反饋機製，彊化併放大金融鑑管信號顯示，增大鑑管乘數效應，形成良性的鑑管聲譽效應，纔能保障金融市場的有效運行。
금융시장시금융감관당국여금융시장삼여자지간동태박혁、합작공생적신식불대칭계통。통과파신호박혁화중복박혁사상인입금융감관이론연구，구건이금융시장유효운행위반궤신호적금융감관당국여금융시장삼여자지간적감관신호전체모형，분석금융시장치리중유효감관신호적전체궤제。결과표명：금융감관력도여금융시장유효운행수평지간존재분리、혼동량충균형관계；재금융감관성예효응적구동하，금융감관당국경향우선택혼동균형책략，이불시분리균형。인이지유건립통창적금융감관신호전체급반궤궤제，강화병방대금융감관신호현시，증대감관승수효응，형성량성적감관성예효응，재능보장금융시장적유효운행。
namic game and cooperation symbiosis between financial regulatory authorities and financial mar-The financial market is an asymmetric information system in which there are dy-ket participants.Signal game and repeated game theory is introduced to the research on financial regulation theory,regulatory signal game model is constructed between financial regulators and financial market participants using financial market effective operation as feedback signal,and ef-fective regulatory signal transfer mechanism is analyzed under an asymmetric information condi-tion in the management of financial markets.The analysis shows that the there exist separating e-quilibrium and pooling equilibrium between financial regulation and the level of financial market effective operation;The analysis in Repeated game model shows that financial regulators tend to choose pooling equilibrium strategies over separation equilibrium driven by the financial regulato-ry reputation effect.Therefore,only when smooth financial regulatory signal transmission and r feedback mechanism are established,financial regulatory signal strengthened and amplified,and regulatory multiplier effect increased,can the financial markets effective operation be ensured.
