摘要
文章基于银保信贷系统视角,分析了银保协作与银行信用风险分散的内生逻辑,在此基础上,进一步分析了银保协作下担保投资实现银行信用风险分散的内在机理。研究表明,担保投资引发银保信贷系统经营模式由单一债权模式向债权与股权共存模式的转变,促使银保信贷系统收益模式呈现杠杆化、股权化、混业化、匹配化的功能特征。此外,在担保投资机制下,金融机构异质性决定着风险资产收益密度的均匀分布性,随着风险资产规模的增大,银保信贷系统高风险放贷及股权运作的博弈动机将减弱,引发风险资产边际收益减少,贷款边界曲线呈现下凸特征及上移态势,从而改进了银保信贷系统代偿效率,进而实现银行信用风险分散功能。并以此为依据,设计了银保协作下银保信贷系统担保投资机制,该机制主要包括跨市场风险资产配置机制、杠杆率与转股率组合优化机制、组合收益与风险对冲匹配机制、企业认股权甄别及回购机制、贷款债权保值信用增进机制。该研究成果将为中国金融体系构建科学高效的担保投资机制,实现中国银行业信用风险分散目标,提供重要的理论指导与决策参考。
This paper analyzes inner logical between cooperation between bank and guarantee and bank credit risk dispersion based on the perspective of bank and guarantee loaning system,and further analyzes the inner mechanism of guarantee-investment realizing bank credit risk dispersion under cooperation between bank and guarantee.This result shows that guarantee-investment triggers the transfer of operation mode of bank and guarantee loaning system from single debt mode to co-existing mode of debt and shares,and makes its profit mode leveraged,equity oriented,mixed,and matched.Moreover,under guarantee-investment mechanism,the heterogeneity of financial institutions determines uniform distribution of risk assets return density.With risk assets enlarging,game motivation of high risk of lending and equity operation from bank and guarantee loaning system will become weekness and lead to marginal revenue reduction of risk assets,and lending boundary curve shows the characteristics of convex and upward trend,and thus improves compensation efficiency of bank and guarantee loaning system,and realizes bank credit risk dispersion function.On basis of which,this paper designs guarantee-investment mechanism of bank and guarantee loaning system.The results will offer an important theoretical guidance and decision-making reference in constructing a scientific and efficient guarantee investment mechanism for Chinese financial systemand achieving the goal of diversification of credit risk of Chinese banking industry.
出处
《当代经济科学》
CSSCI
北大核心
2017年第4期41-50,共10页
Modern Economic Science
基金
国家社会科学基金一般项目"银保协作模式下商业银行信用风险的生成
监测与防控研究"(项目批准号:13BGL041)
关键词
银保协作
担保投资
商业银行
信用风险分散
银保信贷系统
Cooperation between bank and guarantee
Guarantee-Investment
Commercial bank
Credit risk dispersion
Bank and guarantee loaning system
