金融契约与民间金融市场的局部性

民间金融中的投资者在监督企业家时存在“免费搭车”问题 :外部投资者数量越多,对企业家经营活动的监督效率越低。给定其他外生因素不变,企业自有资金越多,企业的技术效率越高,优质项目相对于劣质项目的成功概率越大,地区民间资本越雄厚,民间金融市场所依存的社会习俗、文化与规范等环境因素越优越,民间金融市场规模就越大;民间金融市场的无风险利率水平越高,企业项目越有利于企业家牟取私利,民间金融市场规模就越小。

Financial Contract and the Locality of Informal Financial Market

This paper proposes an incomplete financial contract model and studies what factors affect the financing and locality of an informal financial market.We show that the size of an informal financial market increases with the entrepreneur's initial wealth,project's technological efficiency,probability of success of a good project,outside investor's wealth,and local factors like social conventions,culture and norms.The size decreases under a risk-free interest rate,or when a project's funds can be easily divert...