节点文献
金融危机的信用机制研究
【作者】 王建红；
【导师】 谢丽霜；
【作者基本信息】 中央民族大学 ， 中国少数民族经济， 2011， 博士
【摘要】 2008年世界金融危机的爆发,更加引起了人们对金融危机问题的关注与研究。在国内外相关的文献和论述中,很多人都提到了“金融危机是信用危机”的观点,但是人们对于“金融危机”和“信用危机”二者的关系仅仅是给予了简单的肯定,并未给出详细的理论探讨和说明。人们不禁要问：为什么金融危机就是信用危机?信用危机又是如何发生的?金融危机与其中的信用之间到底有着怎样的紧密关系?在金融危机治理中,应该如何利用信用在金融危机中的作用,以便更好地预防和应对危机?现有马克思范式的危机理论和西方经济学的危机理论都不能对此给出很好的解答。问题的根源在于已有理论对信用和信用机制认识的不足。西方经济学的信用研究主要是建立在制度分析、交易成本和博弈论的基础之上的,所以他们的信用研究更多关注的是与信用行为相关的规则、制度、组织、法律、文化习俗、环境等外部因素。也就是说,在他们的理论当中,“信用”成了一个不可打开的“黑箱”。而马克思的理论中,信用理论虽然是一个重要组成部分,但却不是研究的重点,没有形成系统的深入认识。论文首先从信用概念出发,梳理了以往信用概念认识中的问题,引入社会学的相关理论,打开了经济学范畴中信用的“黑箱”,提出了信用概念的新界定。在这一新界定中,信用由二因素构成：信任和信任效用。简单来说,信用就是信任之效用。在信用概念新界定的基础上,论文进一步探讨了信用的内在属性(即主体双向性、关系性、心欲性和信息性)和信用机制,并探讨了信用、信用机制与金融及金融危机的关系,从而进一步完善了信用理论。以完善了的信用理论为基础,论文沿着信用的运行机制及其内在属性等线索,展开了对金融危机爆发、传染和消退等环节的信用机制的分析。论文研究的主要方法包括三个层次：一是认识论层次,论文坚持实践辩证法；二是基本方法层次,论文坚持“系统抽象法”,即从实际出发,通过详细占有材料、实证与抽象辩证统一的分析,以概念运动为核心和主体,最终揭示事物本质的方法；三是具体方法层次,论文坚持运用比较、分类、归纳、分析、综合、演绎、图表、数据和模型研究法,以及个体与总体分析相结合等多种具体研究方法。此外还适当地引入了社会学和西方经济学的一些理论研究方法。论文的创新主要体现在：一是提出了“金融危机的信用机制”这一新课题,建立了一个将金融危机和信用研究相结合的分析框架；二是提出了新的信用解释,并以完善了的信用理论为基础,对金融危机中的各种现象和问题进行了全新的系统研究,进而对“金融危机是信用危机”的观点进行了系统的理论论证,构建了完整的“金融危机信用机制”理论框架；三是以金融危机的信用机制运行原理为基础,从预防和应对两方面提出了金融危机治理的策略建议,并结合中国的特殊性,专门对中国的金融危机治理提出了一些建议。论文的主要结论包括：一是,金融危机的爆发过程就是信用扩张、信用膨胀、信用收缩和信用紧缩四个环节依次演化的结果。其中的关键环节是信用膨胀和信用紧缩,因此,简单来说,金融危机的爆发就是信用膨胀后的信用紧缩。二是,金融危机的跨国传染本质上是信用紧缩的跨国传染。这种传染主要通过四种信用路径实现：主体双向性传染、关系性传染、心欲性传染和信息性传染。三是,金融危机的消退实质上就是,信用紧缩的无限趋0性与信用物质基础收缩的有限性之间的矛盾演化的结果。金融危机的消退主要通过三种信用路径实现：信用主体的退出、信用主体的自我修复和信用主体的外部救援。金融危机在消退中,还会产生四种信用效应：信用体系重构、财富转移、“财富蒸发”和收入再分配。四是,金融危机的治理应该以“烫平信用波动”为原则,在预防上尽可能阻止信用膨胀,在应对上坚持“该收缩的收缩,该救济的救济”原则。对中国的金融危机治理则必须充分发挥社会主义制度的优越性,避免信用膨胀和信用紧缩传染的出现。
【Abstract】 The world financial crisis of 2008 has aroused people’s closer attention and more research to this economic phenomenon. In the related domestic and foreign documents and arguments, many people mentioned "financial crisis is credit crisis", but they have merely given the simple affirmation regarding the relations between "financial crisis" and "credit crisis" instead of a detailed theory discussion and explanation.The people must be wandering:Why is financial crisis credit crisis? How does credit crisis happen? Which kind of relationship is between financial crisis and the credit within it? When governing the financial crisis, how should people take advantage of the credit in financial crisis in order to prevent and deal with the crisis? Neither the Marx model’s crisis theory nor crisis theory in the Western Economics can give a very good explanation to it.The root of the problem lies in the insufficient realization of credit and its mechanism. The credit researches in Western Economics are mainly based on institutional analysis, the transaction cost theory and the game theory, therefore, their focuses of credit research are mainly on the external factors related to credit behavior, such as the rules, the systems, the organizations, the laws, the cultural customs, the environment and so on. That is, in these theories, "credit" becomes a "black box" that can not be opened. While although credit theory is an important component in Marx’s theory, it is actually not the key research point, therefore no systemic thorough understanding is formed.Starting with the credit concept, this dissertation first summarizes the existing problems in the credit concept recognizing, then opens "the black box" of credit in the economics by taking the related sociological theories, and re-defines the credit concept. In this re-definition, credit is composed of two factors:trust and trust utility. Simply speaking, credit is the utility of trust.Based on the re-definition of credit, this dissertation further explores the internal properties of credit (namely the subject-interactive characteristic, the relational characteristic, the desire-based characteristic and information-reactive characteristic) and the credit mechanism, and also discusses the relations among credit, its mechanism and finance and financial crisis, thus the credit theory is enriched and improved.Based on the improved credit theory, along with the clues of the operating mechanism of credit and its internal characteristics, this dissertation analyses the credit mechanisms in financial crisis eruption, contagion and receding.The main methods in the research included three levels:First, at the epistemology level, this dissertation insists on practical dialectics; Second, at the fundamental method level, this dissertation insists on the "systematic abstract method", namely starting from the reality, through holding the particular materials, conducts a dialectically unifying empirical and abstract study, and finally discover the essence by elaborating core concepts; Third, at the specific methods level, this dissertation insists on the application of comparison, classification, induction, analysis, synthesis, deduction, graph, data and model, as well as the method of combining individual and general analysis, and so on. In addition, this dissertation has introduced some research methods using in sociology and the Western Economic.The main innovations in this dissertation include:First, it proposes the new topic of "the credit mechanisms in financial crisis", thus establishes an analysis frame which combines the study of financial crisis and that of credit; Second, it proposes a new explanation of the credit concept, and on the improved credit theory, it conducts a brand-new systematic study of the phenomena and problems in financial crisis, and systematically demonstrated the viewpoint of "financial crisis is credit crisis", therefore constructs the complete theoretic frame of "the credit mechanisms in financial crisis"; Third, on the basis of the operating theory of credit mechanism in financial crisis, it proposes both preventing and reacting strategies in financial crisis governing; and considering the peculiarity of China, some specific suggestions are proposed in terms of governing financial crises in China. The major conclusions in this dissertation include:First, the process of financial crisis is the result of evolving process of credit expansion, credit boom, credit contraction and credit crunch. The key links in this process are credit inflation and credit deflation. Therefore, simply speaking, the explosion of financial crisis is the credit crunch after credit boom. Second, the international contagion of financial crisis is in nature that of credit crunch. This kind of contagion is realized through four main credit channels:The subject-interactive contagion, the relational contagion, the desire-based contagion and information-reactive contagion. Third, financial crisis receding is substantially the result evolved out of the conflict between the zero limit of credit crunch and the finite contraction of credit substance base. Financial crisis receding is mainly realized through three credit channels:withdrawal of credit subject, self-repair of credit subject and external succor to credit subject. Furthermore, four credit effects caused in financial crisis receding are: credit system re-construction, wealth shifting, "wealth vanishing", and the re-distribution of income. Fourth, the principle of governing financial crisis should be "ironing the credit fluctuation", and specifically, the preventing strategy should be to prevent the credit inflation as far as possible, while in reacting financial crisis the principle of "contract those that should be contracted, rescue those that should be rescued" should be insisted on. And the governance of Chinese financial crisis must mainly rely on the superiority of socialist system to avoid the credit inflation and the credit crunch contraction.