以功能为主线的征信体系模式及其制度配置——理论与实证
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财经研究 2007 年 第 33 卷第 11 期, 页码：5 - 18
摘要
参考文献
摘要
文章基于Merton等提出的金融体系的"功能—结构"思想,提出了以功能为主线的征信体系模式分类的理论,并以世界银行全球征信体系调研数据及其TT指数值为基础展开实证研究,基本印证了该理论,得到了四种主流功能模式,即惩戒型、惩戒监管型、促进型、监管促进型。文章采用验证性因子分析的方法,确定了制度主轴中关联性最大的8个指标,结合典型国家对不同征信模式在结构、内容和规则三个维度上的配置进行了实证性和描述性分析,总结出不同模式的典型制度配置。最后,文章给出了三点启示。
[1]Barron J M,M Staten.The value of comprehensive credit reports:Lessons from theU.S.experience[A].Margaet Miller.In credit reporting systems and the internationaleconomy[C].Cambridge:MIT Press,2003.
[2]Galindo A,M J Miller.Can credit registries reduce credit constraints?Empirical evi-dence on the role of credit registries in firm investment decisions[R].Paper preparedfor the Annual Meetings of the Inter-American Development Bank,Santiago,Chile,2001.
[3]Gehrig T,R Stenbacka.Information sharing and lending market competition withswitching costs and poaching[J].European Economic Review,2007,(51):77~99.
[4]Jappelli T,M Pagano.Information sharing in credit markets:European experience[R].Center for Studies in Economics and Finance Working Paper,No.35.,2000.
[5]Jappelli T,M Pagano.Information sharing,lending and defaults:Cross-Country evi-dence[J].Journal of Banking and Finance,2002,26,(10):2017~2045.
[6]Jappelli T,M Pagano.Role and effects of credit information sharing[R].UniversitàDegli Studi DI Salerno,Center for Study of Economics and Finance,Working Paper,No.136,2005.
[7]Love I,N Mylenko.Credit Reporting and financing constraints[R].World Bank PolicyResearch Working Paper 3142,October 2003.
[8]Merton R C,Z Bodie.Design of financial systems:Towards a synthesis of function andstructure[J].Journal of Investment Management,2005,3(1):1~23.
[9]任兴洲.建立社会信用体系的模式比较[J].重庆工学院学报,2003,17(1):2.
[10]石晓军,郑海涛.国家信用体系的指数方法与实证研究[J].财经研究,2007,(1):4~17.
[11]石晓军.巴西征信体系的三维分析及政策启示[J].学术研究,2007,(5):50~56.
①法国的案例从反面提供了这个论断的证据,由于法国信用信息保护立法极其严格,只允许其征信体系使用黑信息,使得征信局在法国很难生存,导致法国成为单一的PCR结构的一个典型(Jappelli和Pagano,2000;Jentzsch,2006)。
[2]Galindo A,M J Miller.Can credit registries reduce credit constraints?Empirical evi-dence on the role of credit registries in firm investment decisions[R].Paper preparedfor the Annual Meetings of the Inter-American Development Bank,Santiago,Chile,2001.
[3]Gehrig T,R Stenbacka.Information sharing and lending market competition withswitching costs and poaching[J].European Economic Review,2007,(51):77~99.
[4]Jappelli T,M Pagano.Information sharing in credit markets:European experience[R].Center for Studies in Economics and Finance Working Paper,No.35.,2000.
[5]Jappelli T,M Pagano.Information sharing,lending and defaults:Cross-Country evi-dence[J].Journal of Banking and Finance,2002,26,(10):2017~2045.
[6]Jappelli T,M Pagano.Role and effects of credit information sharing[R].UniversitàDegli Studi DI Salerno,Center for Study of Economics and Finance,Working Paper,No.136,2005.
[7]Love I,N Mylenko.Credit Reporting and financing constraints[R].World Bank PolicyResearch Working Paper 3142,October 2003.
[8]Merton R C,Z Bodie.Design of financial systems:Towards a synthesis of function andstructure[J].Journal of Investment Management,2005,3(1):1~23.
[9]任兴洲.建立社会信用体系的模式比较[J].重庆工学院学报,2003,17(1):2.
[10]石晓军,郑海涛.国家信用体系的指数方法与实证研究[J].财经研究,2007,(1):4~17.
[11]石晓军.巴西征信体系的三维分析及政策启示[J].学术研究,2007,(5):50~56.
①法国的案例从反面提供了这个论断的证据,由于法国信用信息保护立法极其严格,只允许其征信体系使用黑信息,使得征信局在法国很难生存,导致法国成为单一的PCR结构的一个典型(Jappelli和Pagano,2000;Jentzsch,2006)。
引用本文
石晓军. 以功能为主线的征信体系模式及其制度配置——理论与实证[J]. 财经研究, 2007, 33(11): 5–18.
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