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Studies On Information Asymmetry Of Bank Credit Market And Allocation Of Bank Credit Resource

Posted on:2005-03-04Degree:DoctorType:Dissertation
Country:ChinaCandidate:J B XuFull Text:PDF
GTID:1116360155457858Subject:Economics
Abstract/Summary:PDF Full Text Request
The bank credit resource is the foremost financial resource, the resource allocation efficiency of the bank credit has very important influence on the resource allocation efficiency of the whole society. But in the recent years, the banking system meets a lot of difficulties in the actual economy: there is a trend that the banks will not be the intermediate establishments, the bad credit assets of the bank are increasing, the banking crises that take place in many countries around the world again and again propose a new challenge to the banking system; The theory circles have put forward doubts about the resource allocation efficiency of the bank and the existing foundation of the banking system; The bad credit assets of the banks and the unreasonable credit construction of our country are the beetling problems which perplex the economy and finance all the time . By the look of the domestic and international situation, the resource allocation efficiency of the bank credit has not reached the ideal state.The study on the credit resource allocation efficiency of the bank and relevant system problems of the traditional economic theory is basically staying on the aspect of macroscopic analysis, it has not systematically explained, the profound reasons for producing these problems and the measures to solve these problems. This thesis further analyses these problems in terms of the information economics. Chapter two of the thesis does a roundup of the existing literature which is relating to the asymmetric information in the credit markets and to the bank credit resource allocation problems. This chapter introduces and generalizes the banks in traditional economics, the theory of the bank credit function, the theory about the bank credit in the information economics, and the general theory frame about the relation between the asymmetric information in the credit markets and the credit resource allocation. According to the theory of information economics, between the debtor and creditor are the typical asymmetric information relationships, the debit-credit market is a typical asymmetric information market, the asymmetric information between the debtor and creditor will cause the adverse selection of the debit-credit market and moral hazard, therefore it will influence the result of the resource allocation. The production and development of the commercial bank is the result of the asymmetric information of the debit-creditmarket. Through the information production and delegated monitoring of the bank, it is in favor of solving the adverse selection and moral hazard problems which were caused by the asymmetric information between the final debtor and the final creditor. Namely the commercial bank serves as a system arrangement, its existing foundation is that this system arrangement is help to solve the asymmetric information between the final debtor and the final creditor, to optimize the credit resource allocation. Because the pathway of the commercial bank to remit the asymmetric information of credit market is achieved by strengthening to screen the debtors' information, and the concrete measures are screening the debtors in advance and monitoring afterwards, through the loan of the commercial bank, the final creditors' information screening to the debtors is becoming the bank's information screening to the debtors. This system arrangement in itself may derive the new asymmetric information between the debtor and creditor, the asymmetric information between the bank and the debtor. Therefore, whether the debit-credit system arrangement of the bank is effective is depend on whether this system arrangement can effectively solve the asymmetric information problem between the debtor and creditor.Whether the debit-credit system can remit the asymmetric information between the debtor and creditor effectively and optimize the credit resource allocation is mainly depend on the interior and exterior credit system of the bank. The information screening of the bank and the information signalling of the debtors need a certain system'guarantee, the existing problems of the interior organization system of the bank will cumber the effective transfer and using of the information; the lack of the effective incentive system will influence the effort of the information research; the faultiness of the exterior system circumstance may increase the cost of obtaining the debtors' information of the bank. Using the models, chapter three separately analyses the relationship among the credit system, the exterior system circumstance, the information and the credit resource allocation. In the credit market, the system factors influencing the asymmetric information between the bank and the debtors and the corresponding result of the credit resource allocation are including the bank's organization and management system, the customer relationship system, the exteriorsystem circumstance and etc.. If the system arrangements of these aspects are improper, it may induce or strengthen the interior and exterior asymmetric information of the bank. The system problems that are including the multilevel centralization organization system of the bank, the vacancy of the credit managers' incentive system, the faultiness of the bank customer relationship, the lack of the enterprises' hard information, the distemperedness of the national legal system and the social credit circumstance, may strengthen the asymmetric information between the bank and the debtors, therefore induce the low efficiency of the bank credit resource allocation. To solve this problem, we must perfect the relevant system arrangements.Chapter four analyses the present situation of the credit resource allocation efficiency and the existing problems of our country's commercial bank, it also analyses the relation between the behavior of the asymmetric information of the credit market and the credit resource allocation efficiency. The credit resource of the bank occupies an absolute predominance status in the total financial resource of our country, so the credit resource allocation efficiency of the bank has a very important position in the whole resource allocation efficiency of the national economy. But by the look of the using frequency of the bank credit funds and the using efficiency of our country, the bank credit resource allocation efficiency is still in a quite low level. Some actual cases of our country's credit business of the banks also prove that the there is asymmetric information in the credit market of our country and it has a notable influence on the credit resource allocation.Chapter five analyses the causes of the asymmetric information in the bank credit market of our country. According to our banks' credit system and the present condition of the exterior system circumstance, it analyses the causes of the asymmetric information in the bank credit market from the aspect of the bank's organization and management system, the market structure of the banking, the customer relation system of the bank, the exterior system circumstance of the bank credit. The causes that bring about the asymmetric information between our country's banks and the debtors are some factors objectively existing in the market in itself, but some factors in the aspect of the system, for example, the bank's organization and management system, theexterior system circumstance and so on, have a very important influence. Three factors, including the-market structure of the banking, the organization system of the bank, the exterior system circumstance of the bank have a very important influence on the asymmetric information in the bank credit market of our country: The customer relation defects of the bank bring about the incomplete system arrangement of the information communicative channel between the bank and the debtors; the high centralization multilevel management of the commercial bank, and the organization structure of one class management make the credit decision levels of the bank increase, the information chain extend, the information research efforts of the credit manager in the intermediate link waste, strengthen the asymmetric information in the bank and between the bank and the debtors. Some imperfect exterior systems, including the common unstandard financial affairs and information reporting system of the debtors, the deteriorative social credit circumstance, the imperfect legal system, and the diseased social information intermediate organization, increase the cost and the difficulty degree of the information screening to the debtors, induce the low efficiency of the credit resource allocation and the asymmetric information between the bank and the debtors. The case analysis of the information source and using condition in every credit link of one national commercial bank also explains the various causes of the bank credit asymmetric information of our country.At last, aiming at the relevant systems which influence the bank credit decision information, this thesis proposes constructing the bank credit system and the exterior system frame, in order to optimize the credit resource allocation, in this system arrangement frame, the asymmetric information between the bank and the debtors can be effectively appeased, the function of resource allocation of the bank credit can be effectively performed, the social resource allocation can get the Pareto optimization allocation. Chapter six proposes the measures to perfect the credit market system arrangement of our country and to optimize the credit resource allocation from three aspects that are optimizing the organization and management system of the commercial bank, optimizing the market structure of the bank and the customer relation system, optimizing the exterior system circumstance of the commercial bank: the first is...
Keywords/Search Tags:information asymmetry, bank credit system, allocation of bank credit resource
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