【作者】 张强； 李立华； 佘桂荣；

【Author】 ZHANG Qiang;LI Li-hua;SHE Gui-rong;School of Finance, Hunan University;

【机构】 湖南大学金融学院；

【摘要】 随着金融全球化和金融创新的发展,世界范围内发生了一系列的银行危机,对金融系统和整个经济造成了破坏性的影响。市场约束作为银行外部监管体系的两个工具之一,其作用越来越受到重视。然而现有关于市场约束的研究基本上都是站在使银行利润最大化的角度来研究最优市场约束问题,没有上升到使社会利润最大化的高度。本文则基于社会利润最大化的视角,研究了最优市场约束问题。我们的研究发现:社会利润最大时的最优市场约束水平受到银行"效率价值"、约束的成本弹性、贷款成功时的收益、无市场约束时贷款失败的概率等因素的影响;且与这些因素呈正相关,而与约束的成本呈负相关。更多还原

【Abstract】 With financial globalization and the development of financial innovation, a series of banking crises happened around the world, which has had devastating impact on the financial system and the whole economy. As one of the two tools of the banking external supervision, the role of market discipline is paid more and more attention to. However, the current researches on market discipline mainly focus on how to maximize the banks’ profits, not the social welfare maximization. This paper does researches on the optimal market discipline from the point view of maximizing the social welfare. Our study finds out that when the maximization of the social welfare occurs, the optimal level of market discipline depends on "the value of efficiency", the cost elasticity of supervision, the earnings of successful loans and the probability of bad loan without market discipline. And it is positively correlated with such factors, and negatively correlated with discipline cost.更多还原