信息、进入模式与金融市场开放的竞争效应

Information,Entry Mode and the Competition Effect of Opening Financial Market

本文通过不完全竞争短期均衡模型,分析了信息不对称条件下外资银行以并购和独资两种模式进入且内资银行采取不同信息披露策略时的竞争效应。本文认为以外资银行进入为标志的金融市场开放可以增强市场的竞争强度,迫使内资银行降低成本、提高技术,从而拓宽借款人的融资渠道并且降低借款人的融资成本,最终通过竞争提高金融市场的资产配置效率。

Based on the short term equilibrium of imperfect competition,this paper analyzes the competition effect of the two entry modes of M&A and Greenfield Investment by foreign banks under the condition of the asymmetric information as well as strategic information display of the incumbent banks.The finding of this paper is that the entry of foreign banks could enhance the competition and force the incumbent banks to decrease cost and improve technology.Therefore,borrowers could get more access to financing and pay lower interest.As a result,the efficiency of the allocation of financial resources could be higher through competition.