基于博弈论的债券市场监管主体重构分析.pdfVIP

第 26 卷第4 期 湖南大学学报(社会科学版) Vo l. 26 , No. 4 2 0 1 2 年 7 月 Journal of Hunan University(Social Sciences) Ju l. 2 0 1 2 基于博弈论的债券市场监管主体重构分析骨 刘晓剑，邢森杰 (湖南大学金融与统计学院，湖南长沙 410079) [摘 要]我国债券市场多头监管，高度分散的现行格局存在一足的弊端。因此，基于库诺特博弈模型对我国 债券市场多头监管机制和集中统一监管机制的优劣进行比较分析。结果表明需要重新构建一个集中统一的有效 监管体系，以促进债券市场的进一步发展和完善。 [关键词]债券市场;监管;博弈;利益冲突;集中统一 [中图分类号J F832. 1 [文献标i只码JA [文章编号J 1008--1763(2012)04一0072一04 The Analysis on the Reorganization of Regulatory Body of Chinas Bond Market based on Game Theory LIU Xiao-jian , XIN Sen-jie (College of Finance and Statistics; H unan University , Changsha 410079 , China) Abstract: As the essential part of the multi -layered capital mark时， bond market is very important to promote the healthy development of a countrýs economic society. Basing on the Cournot game model , this paper compares the effect of the segmented regulation and unified regulation. The r巳sult shows that th巳 u nified regulation has more benefits in avoiding conflict of interests , unifying the regulation rules and im proving the regulation quality. Final1y , three polices were put forward to reorganize the regulatory body of Chin且s bond market , including unifying the regulatory body , building the regulatory coordinate mecha- nism and perfecting supervision on the regulatory body. Key words: bond market; regulation; game theory; conflict of interests; unify 债券市场作为一国资本市场的重要组成部分，是社会 的发行。这些监管主体之间存在利益冲突和监管寻租现象， 经济发展的重要融资渠道。而在我国目前的企业融资结构 使得债券市场的监管陷入囚徒困境，成为制约我国债券市 中，债券融资的比例远小于股权融资，这既归咎于市场重股 场发展的制度因素。随