民间借贷市场的脆弱性研究-金融学专业毕业论文.docxVIP

民间借贷市场的脆弱性研究摘要 民间借贷市场的脆弱性研究 摘要 民间借贷市场是随着我国金融市场的改革与发展而发展起来的。民间借贷市 场有着不同于传统金融市场的特点，而民间借贷市场的特点以及借贷市场投融资 双方的构成便决定了民间借贷市场具有内在的脆弱性。本文从民间借贷市场的投 资者和融资者的分布、构成和风险特征入手，来分析民间借贷市场的特点，进而 总结出民间借贷市场的特征与民间借贷市场中投资者和融资者在这样一个市场下 对于信息的需求和处理，并分析投融资者双方在面对风险压力的情况下的反应和 可能采取的行动。进而得出由于民间借贷的借款人大部分是具有投机性与庞兹性 的，因此民间借贷市场有着极强的脆弱性。而民间借贷市场的融资条件的形成机 制，常常被失衡的回馈所控制，从而导致其安全边界被缓慢地侵蚀，最终导致民 间借贷市场的脆弱性。 其次，通过对“泛亚”事件的分析，我们在证明了民间借贷市场脆弱性的同 时，分析出民间借贷市场上的参与者可以分为四类：投资方分为专业投资人和易 受骗非专业人群，融资方分为优质商家和不良商家。 最后，本文通过博弈模型来说明由于民间借贷市场的脆弱性会导致市场的逆 向选择进而导致市场的危机。本文将民间借贷市场的参与主体然后基于“双价二 手车交易”博弈模型，构建一个具有时变特征的投融资者多方参与的动态博弈过 程，得出民间借贷市场的脆弱性会导致逆向选择的发生，进而使得市场发生危机。 三是在加入利率、选择成本、套利者资源等条件下的动态博弈分析，进而的出同 样的结论。 关键词：民间借贷；金融脆弱·性；“双价二手车交易”博弈模型 II 万方数据 AbstractWith Abstract With the development and revolution of the national financial market．the informal financial market has been growing well．However,the feature of the informal financial market is quite different from the traditional financial market．At the same time，the fragility of the the informal financial market is decided bv this difference and the constitution of the investors and the financiers in this market． In this paper,we firstly describe the distribution，the constitution and the risk features of the investors and the financiers in the informal financial market．Then。we secondly conclude the features of the informal financial market and the needs and the actions of the investors and the financiers to the information in such market． Furthermore，we analyze how they react and what actions they will take when thev both facing the pressure of the risks．Based these，we find that most of the financiers in the informal financial market is attached to the feature of sDeculation and the Pounds，which explain the fragility of the informal market perfectly． Meanwhile，the forming mechanism of the financing condition in this markel is often controlled by the imbalanced feedback，which leads to the slow erosion of the margins of safety．And this always contributes to the fragility of this market． By an