【摘要】：本文在KMRW聲譽(yù)模型的基礎(chǔ)上,構(gòu)建了"監(jiān)管機(jī)構(gòu)—信托公司—投資者"三方多階段博弈模型來研究信托公司"剛性兌付"問題。分析認(rèn)為,由于投資者缺乏識(shí)別和定價(jià)能力,以及監(jiān)管機(jī)構(gòu)的準(zhǔn)入審批和評(píng)級(jí)機(jī)制,使信托公司可以利用監(jiān)管機(jī)構(gòu)的"信用背書",在前期通過"剛性兌付"建立聲譽(yù),進(jìn)而在未來獲取超額收益,因此"剛性兌付"成為信托公司的必然選擇。利用68家信托公司2010-2015年度數(shù)據(jù),實(shí)證分析發(fā)現(xiàn)當(dāng)期聲譽(yù)與下一期收益呈現(xiàn)出顯著正相關(guān)關(guān)系,好聲譽(yù)能夠?yàn)樾磐泄編砀呤找�。�?duì)此,應(yīng)當(dāng)從加強(qiáng)投資者教育、轉(zhuǎn)變監(jiān)管方式、強(qiáng)化信托公司治理三個(gè)方面來打破"剛性兌付"。
[Abstract]:On the basis of KMRW reputation model, this paper constructs a three-stage game model of "Superintendence-Trust company-investor" to study the problem of "rigid payment" of trust companies. The analysis shows that because investors lack the ability to identify and price, as well as the admission approval and rating mechanism of the regulatory bodies, trust companies can use the "credit endorsement" of the regulators to build up their reputation through "rigid payment" in the early stage. Then in the future to obtain excess income, so "rigid payment" has become the inevitable choice of trust companies. Based on the data of 68 trust companies from 2010 to 2015, the empirical analysis shows that there is a significant positive correlation between current reputation and the next period of income, and good reputation can bring higher returns for trust companies. Therefore, we should strengthen investor education, change the mode of supervision and strengthen the governance of trust companies to break the "rigid payment".
【作者單位】： 山東大學(xué)經(jīng)濟(jì)研究院;
【分類號(hào)】：F832.39

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