信息粉饰影响担保行为的机理和效应

发布时间：2018-02-02 16:34

本文关键词： 担保定价信息不对称结构信息粉饰　出处：《系统工程理论与实践》2016年11期 　论文类型：期刊论文

【摘要】：本文构建信息不对称情景中担保人全体股东价值保值限制条件下的担保定价以及市场交易撮合模型,并论证信息不对称结构与信息粉饰影响担保市场撮合机理,发现:1)在信息互不对称下,担保人所有者权益价值粉饰使偿付概率低的担保人挤进了担保市场,使偿付概率高的担保人自愿退出市场;2)在债务人处于信息略劣势时,偿付概率低的担保人虽不会进入担保市场,但偿付概率高的担保人因财务信息粉饰过高定价,也不会进入担保市场,市场担保对象变少和规模缩小;3)在债权人处于信息劣势时,担保人所有者权益价值粉饰使偿付概率低的担保人会进入担保市场,符合条件的担保人会同时留在担保市场,担保人信息粉饰使债权人权益流向债务人,市场呈现过度信贷的现象.利用2007-2014年间我国上市公司提供担保数据样本验证了理论结论在我国的有效性,揭示信息粉饰为我国担保市场带来了虚假繁荣,增加了金融系统的风险.
[Abstract]:This paper constructs the guarantee pricing and market dealmaking model under the restriction of the value preservation of all the shareholders in the information asymmetry scenario, and demonstrates that the information asymmetry structure and information whitewash affect the mechanism of the guarantee market matchmaking. It is found that under the asymmetric information, the underwriting of the owner's equity value makes the guarantor with low repayment probability squeeze into the guarantee market and make the guarantor with high repayment probability voluntarily withdraw from the market. 2) when the debtor is at a disadvantage of information, the guarantor with low repayment probability will not enter the guarantee market, but the guarantor with high repayment probability will not enter the guarantee market because of the overpricing of financial information. Fewer market guarantee objects and smaller scale; 3) when the creditor is in the information disadvantage, the surety with low repayment probability will enter the guarantee market, and the surety will stay in the guarantee market at the same time. The guarantor's information is whitewashed so that the creditor's rights and interests flow to the debtor. The market presents the phenomenon of excessive credit. The validity of the theoretical conclusions in China is verified by the sample of guarantee data provided by listed companies in China from 2007 to 2014. It is revealed that the information whitewash has brought false prosperity to the guarantee market in China and increased the risk of the financial system.
【作者单位】：西安交通大学管理学院;西安交通大学经济与金融学院;
【基金】：国家自然科学基金(71172186,71472148,71572144) 财政部会计名家培养工程[财会(2015)14号]~~
【分类号】：F832.4
【正文快照】： Pozsax等W在美联储的报告中指出,担保债务凭证是美国影子银行重要的组成部分;美国私营担保公司业务增长以及低估资产价值波动间的相互作用,是导致美国2008年次贷危机的主要原因之一·中国社科院国际金融研究中心2013年研究报告指出,我国影子银行规模基于市场数据统计约有20.5

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