信贷市场上投资项目的正逆向选择——不确定和不对称信息条件下投资项目正向和逆向选择的一般条件及转换
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财经研究 2004 年 第 30 卷第 03 期, 页码：6 - 19
摘要
参考文献
摘要
文章研究在不确定且信息非对称情况下,信贷市场上投资项目逆向和正向选择的一般条件。这里假设投资项目的结果只有两种,即要么成功,要么失败。我们定义并证明在一组仅具有两种结果的项目中,在成功概率—回报空间上存在一个逆向选择"区域"和一个正向选择"区域"。Stiglitz和Weiss(1981)以及DeMeza和Webb(1987)早先关于逆向选择和正向选择的案例实际上是一种特例,因为取决于所考察的项目情况,可以有无数个逆向和正向选择的情况。文章也考察了参数变化对企业家选择投资项目的比较静态影响,以及通过银行的某种决策组合把逆向选择转化为正向选择的可能性。
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[2]Hillier,B.andIbrahimo,M.V.Asymmetricinformationandmodelsofcreditrationing[J].BulletinofEconomicResearch,1993,vol.45(4),271～304.
[3]Stiglitz.J.E.andWeiss,A.CreditrationinginmarketswithimperfectInformation[J].AmericanEconomicReview,1981,vol.71,393～410.
[4]刘民权,徐晓萍 缺乏和包含不对称信息假设的信贷市场模型[J] 金融研究,2000,(7)
[5]Bester,H.Screeningvs.Rationingincreditmarketswithimperfectinformation[J].AmericanEconomicReview,1985,Vol.75,850～855.
[6]DeMeza,D.andWebb,D.C.Toomuchinvestment:Aproblemofasymmetricinformation[J].QuarterlyJournalofEconomics,1987,vol.102,281～292.
[7]DeMesa,D.andWebb,D.C.Risk,adverseselectionandcapitalmarketfailure[J].EconomicJournal,1990,Vol.100,206～214.
[8]Hellmann,T.andStiglitz,J.E.Aunifyingtheoryofcreditandequityrationinginmarketswithadverseselection[R].mimeo,1995.
[9]Hellmann,T.andStiglitz,J.E.Creditandequityrationinginmarketswithadverseselection[J].EuropeanEconomicReview,2000,no.44,281～304.
[10]hillier,B.andIbrahimo.M.V.Asymmetricinformationandmodelsofcreditrationing[J].BulletinofEconomicResearch,1993,vol.45(4),271～304.
[11]Stiglitz,J.E.andWeiss,A.Creditrationinginmarketswithimperfectinformation[J].AmericanEconomicReview,1981,vol.71,393～410.
[12]Stiglitz,J.E.andWeiss,A.Creditrationingandcollateralinedwards,J.,Franks,J.,Mayer,C.andShaefer,S.(eds.),Recentdevelopmentsincorporatefinance[M].1986,101～35,CambridgeUniversityPress,NewYork.
[13]Wette,H.C.Collateralincreditrationinginmarketswithimperfectinformation:noteJ].AmericanEconomicReview,1983,vol.73,no.3,442～445.
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徐晓萍, 刘民权. 信贷市场上投资项目的正逆向选择——不确定和不对称信息条件下投资项目正向和逆向选择的一般条件及转换[J]. 财经研究, 2004, 30(3): 6–19.
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