Credit Market Operation Mechanism Under Asymmetric Information

Since the reform and open, the national economy of China has gained the quick increase, and capital essential factor, particularly the credit capital of bank has been playing the most important role. The huge amount capital gathering that the effect is thrown in by way of the bank medium has advantageously pushed forward the development of China economy.But the credit market of our country for the first time appeared the " deposits wrongly " appearance in the middle period of the 90's in 20th century. Particularly in recent years, "Stint loans" appearance is more and more serious of commercial bank marked to the middle and small enterprises especially the middle and small private enterprises that fit the terms of loan and is taking the more and more important effect in national economy. These enterprises are hard to gain the fund support of commercial bank and make the serious influence to healthily development of our country national economy.Under this kind of background, this text takes operating characteristic of disequilibrium credit contract market as the research object during the institutional changing period in China, and pulls new angle that is Non Walrasian Equilibrium of view to analyze. The concrete method is play departs from game action of credit contract party both sides, and passes through the construction theory model to emphatically reveal the microcosmic mechanism of disequilibrium operating characteristic of credit market. What the purpose is better to play to the promotion effect to the national economy.The nucleus content of full text can be concluded to three aspects:(1) The first question is to make clear the nature of credit contract, namely make clear the credit contract (market) is how to emerge before researching the machine-processed of credit contract market. By way of the conclusion to the west scholar research achievements, the text comes to the conclusion: The credit contract (market) is that people satisfy the mobility restriction in the economic trade activity and adjust as well as practice thrift transaction cost.The emergence of credit contract trade mechanism has reduced the asymmetric information of initial finance negociants both sides in some degree from the analysis information angle. The cost of its production information is lower far away than that ofindividual investment person. And its existence fits the efficiency principle.At the institutional changing period, in fact our country credit contract (market) gives rise to the result pushed forward exogenous the government. But the efficiency of this kind of exogenous credit contract is not high. Along with the transit marketreforms of China going deep into, the nature of our country credit contract that pushedforward by the exogenous government is giving place to the nature pushed forward bythe endogenous market that thrift transaction cost (for example face cost) step by step.(2) When trade information is the symmetrical distribution between contract parties both sides - bank and loan enterprise, the credit contract is one kind of the complete contract. The rate of interest in the individual contract is determined by the real income of investment item of the borrowing money enterprise.At the symmetric information condition, competitive mechanism and competitive threatening mechanism make the whole credit contract market to form the equilibrium credit rate of interest gradually. Adjusting down at this equilibrium rate of interest, the capital supply and demand both sides of credit contract market have got equilibrium, and the credit contract market has got to be cleaned.But in the reality credit trade activity, information is the asymmetrical distribution between credit contract parties - bank and loan enterprise. The Non Walrasian Equilibrium is appeared in the credit contract market. The loan rate of interest can not make both sides that capital supply and demand realize the equilibrium under this kind of circumstances, and the credit market can not reach voluntarily cleaning,...