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低层政府干预下的软风险约束与“农村合作基金会”

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英文标题:

Exploring the Relationship of Soft-risk-constraints and the Rural Corporative Funds under the Condition of Local Governmental Interventions

摘要: 本文在软风险约束的概念框架下对具有县乡银行特征的“农村合作基金会”进行了分析;探讨了导致风险约束软化的两个结构性条件,即决策权分配和风险转嫁渠道;在决策权分配的讨论中,通过资金投放博弈和与之关联的等级博弈分析,指出合作基金会作为一项重要制度安排的不可自我实施性,以及由此形成的决策权—责任结构和软风险约束之间的关系;在风险转嫁渠道分析中,归纳出三条和政府行为相联系的转嫁渠道;探讨了软风险约束下合作基金会对低还款率的漠视、低准备率的贷款冲动等行为特征。本研究的一个现实关怀是中央政府直接掌控之外的各种金融组织的发育和筛选。
英文摘要:

Using a conceptual framework called soft-risk-constraints, this article steps to analyze the Rural Corporative Funds, which has played the role of County or Town level banks at the local level .The author first discusses two structural conditions that lead to the situation of soft-risk-constraints, that are , the distribution of decision-making power, and channels of risk shifting.In the session regarding the distribution of decision-making power, via a careful analysis of the game of loan-provision and the related hierarchical game , the author points out the impossibility of it' s self-implementation of one of the most important institutional arrangements of Rural Corporative Funds, and examines the resulted relationship between the structures of decision-making power and responsibility , and the situation of soft-risk-constraints .In the session regarding the channels of risk shifting , the author has concluded three risk shifting channels that closely related with local governments' behavior.Finally , the author discusses several behavioral characteristics of the Rural Corporative Funds under the situation of soft-risk-constraints:its neglect toward lower rates of loan returning , and its impulsion of tolerating lower rates of reserve.The practical relevance of this article is its attention and examination of the development and filtering of variousfinancial organizations beyond the direct control of Central Government .

作者:

刘世定;

作者单位: 北京大学中国社会与发展研究中心 上海高校社会学E-研究院;
期刊: 社会学研究
年.期:页码 2005.5:26-52
中图分类号:
文章编号:
关键词: 农村合作基金会; 软风险约束; 关联博弈; 风险转嫁;
英文关键词:
项目基金: 本论文是上海市教育委员会E-研究院建设计划项目资助研究的部分成果。

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