关于信贷配给理论的文献综述

2006年5月宁夏社会科学No.3.May.2006第3期(总第136期)SocialSciencesinNingxiaGen.No.136关于信贷配给理论的文献综述张文路(山东大学经济学院,山东济南　250100):信贷配给理论为信贷理论开辟了一个全新的领域,也日益成为国内外银行业关注的热点。本文在查阅大量国内外文献资料的基础上,对信贷配给的定义、早期信贷配给理论和现代信贷配给理论进行了较为全面的梳理,系统地反映了信贷配给理论的产生和发展情况。:信贷配给;信用可获性;信息经济学:F831　　:A　　:1002-0292(2006)03-0035-06,,,。,,。2060,,,。,。、,,。,;,。Baltensperger(1978),,。Friedman(2002):(1)()。,,,。(2)。。(3)。,,。(4)。,。:2006-03-10:张文路(1982-),男,山东烟台人,山东大学经济学院硕士研究生,主要研究方向为货币金融理论与政策。—35—Baltensperger,Keeton,Stiglitz。,2n,1,n。12,2n,;2nn,1,。、(一)20世纪50年代以前的信贷配给理论AdamSmith(1776),。1920,。,1930Keynes《》,:“,,。……”AdamSmithKeynes,。(二)20世纪50年代Roosa的信用可获性理论2050Roosa。Roosa1951《》,,。Roosa,,。(三)20世纪60年代的信贷配给理论1.2060,,D.Hodgman。D.Hodgman《》:,,,。:a,s,xf(x),(0≤x≤m)。:EY=∫S0xf(x)dx+s∫msf(x)dxdEYds=∫msf(x)dx,sm,dEYds0;s=m,dEYds=0。,s,s=m;sm,s。EZ,EZ=∫a0(a-x)f(x)dxdEZda=∫a0f(x)dx0,。,EYEZ。K,K。EZa,EYs(sm),,,EYEZ=K。sm,sEY,L,L。2.JaffeeModigliani(1969)《》,。,—36—,,,(1)。R1,;R1,,;R1,,。1,,:(1)。,,,。(2)。,,(),()。,,,,,,。、2070,,Jaffee,Rus-slle,Keeton,Stiglitz,Weiss,StephenD.Williamson,。(一)信息经济学在信贷配给理论中的最初应用JaffeeRusslle1976《、》,、、:,();(),。。,(Y1,Y2)、(C1,C2),U(C1,C2),LR。,U(C1,C2)=K,。。,ZLR(R=1+r,r),,。Z(Z1,Z2),,LRf(LR)。LRZ1,f(LR)=1,;LRZ2,;Z1≤LR≤Z2,。J-R,π=LRf(LR)-LI,LI。,,Rf(LR)=I,。—37—J-R。,,E(2)。,、;、。,2H,H,E,,,E,H,。,H,,。H,,H,E。,。2JaffeeRusslle,,,:(1)J-R,,J-R。(2)J-R,JamesD.Hess(1984),。(二)现代信贷配给理论的成熟J.E.StiglitzA.WeissJaffeeRusslle,。1981,《》,。1.,,,(),。F(R,θ),f(R,θ),θ,。(,),:∫∞0Rf(R,θ1)dR=∫∞0Rf(R,θ2)dR,y0,:∫y0F(R,θ1)dR≥∫y0F(R,θ2)dR,(θ1θ2)。:π(R,r)=max[R-(1+r)B,-C],:ρ(R,r)=min[R+C,B(1+r)],R,B,C,r。:Eπ=∫∞0max[R-(1+r)B,-C]f(R,θ)dR=ER-B(1+r)+=∫(1+r)B-C0F(R,θ)dR—38—,ER,B(1+r)。θ1θ2,∫y0F(R,θ1)dR≥∫y0F(R,θ2)dR,θ,。r,θ,。:Eρ=∫∞0min[R+C,B(1+r)]f(R,θ)dR=B(1+r)-∫(1+r)B-C0F(R,θ)dRθ1θ2,∫y0F(R,θ1)dR≥∫y0F(R,θ2)dR,,θ,。,,θ,θ,θ(),,。,,,,,,,。,。2.。,。,Eπ=ER-B(1+r)+∫(1+r)B-C0F(R,θ)dR:dEπdr=-B{1-F[(1+r)B-C,θ]},θ,dEπdr,。,r,,,。,,,,。,。,,。StephenD.Williamson(1986),,,,,。Hung-JenWang(2002),,,。(三)对现代信贷配给理论的争论StiglitzWeiss,,HidegardC.Wette(1983),。Bester(1985),,,。N.GregoryMankiw(1986),,,。,,。SchmidtMohr(1997),,。Mohr,。RobertLensinkElmerSterken(2002),—39—。,。,,。,,。,,,,,,。、。Roosa;Hodgman,,;JaffeeModigliani;Stiglitz,WeissWilliamson,。,。,,,,。:[1]DONALDRHODGMAN.CreditRiskandCreditRationing[J].QuarterlyJournalofEconomics,May1960,Vol.74Issue2.[2]DWIGHTMJAFFEE,FRANCOMODIGLIANI.ATheoryandTestofCreditRationing[J].AmericanEconomicReview,Dec1969,Vol.59Issue5.[3]DWIGHTMJAFFEE,THOMASRUSSELL.ImperfectInformation,Uncertainty,andCreditRationing:areply[J].Quar-terlyJournalofEconomics,Nov1984.[4]KERRYDWANDELL.ImperfectInformation,Uncertainty,andCreditRationing:CommentandExtension[J].QuarterlyJournalofEconomics,Nov1984,Vol.99Issue4.[5]HELMUTBESTER.ScreeningVs.RationinginCreditMarketswithImperfectInformation[J].AmericanEconomicRe-view,Sep1985,Vol.75Issue4.[6]HILDEGARDCWETTE.CollateralinCreditRationinginMarketswithImperfectInformation:Note[J].AmericanEco-nomicReview,Jun1983,Vol.73Issue3.[7]HUNG-JENWANG.SymmetricalInformationandCreditRationing:GraphicalDemonstrations[J].FinancialAnalystsJournal,MarApr2002.[8]JAMESDHESS.ImperfectInformationandCreditRationing:Comment[J].QuarterlyJournalofEconomics,Nov1984,Vol.99Issue4.[9]JOSEPHESTIGLITZ,ANDREWWEISS.CreditRationinginMarketswithImperfectInformation[J].AmericanEconom-icsReview,Jun1981,Vol.71Issue3.[10]ROBERTLENSINK,ELMERSTERKEN.TheOptiontoWaittoInvestandEquilibriumCreditRationing[J].JournalofMoney,CreditandBanking,Feb2002,Vol.34.[11]SCHMIDTMOHRU.RationingVsCollateralizationinCompetitiveandMonopolisticCreditwithAsymmetricInformation[J].EuropeanEconomicReview,Jul1997,Vol.41Issue7.[12]STEPHENDWILLIAMSON.CostlyMonitoring,LoanContracts,andEquilibriumCreditRationing[J].QuarterlyJournalofEconomics,Feb1987,Vol.102Issue1.[13].[J].,1995(9).[14].、[J].,2002(8).[15].[J].,2003(11).(　　　)—40—