金融集聚、信息缺陷与金融风险形成机制分析

On Financial Agglomeration,Information Deficiencies and Formation Mechanism of the Financial Risk

信息缺陷是金融风险形成的根本原因,其中信息不完全产生系统性金融风险,信息不对称则通过逆向选择和道德风险等途径形成金融风险。金融集聚促进了金融信息的大量集聚,提高了金融主体对信息的认知水平,降低了金融主体间认知水平的差距,提高了信息抽象和编码系统的处理能力,便利了金融信息的传播和扩散。金融集聚通过上述几方面作用,影响信息不完全和信息不对称程度,进而影响金融风险的形成。一方面,金融主体对信息平均认知水平的提高以及信息抽象和编码系统能力的提升扩大了金融信息中"知识部分"的比例,但金融信息的大量集聚又会扩大"噪音信息"的比例,因而信息不完全未能消除,系统性金融风险始终存在。另一方面,金融认知水平的普遍提高、金融主体间认知差距的减小以及信息的传播和扩散效率的提高都有利于降低信息不对称程度,减少金融市场中的逆向选择和道德风险,有利于防范金融风险。

Information deficiencies are the root causes of the financial risk.The case of incomplete information leads to systemic financial risk,while asymmetric information problems cause the financial risk by the ways of adverse selection and moral hazard or other issues.There are five effects leading to information deficiencies of financial agglomeration,gathering a large number of financial information,enhancing the cognitive levels of finance participants,narrowing the gap of cognitive levels between the participants,enhancing the capacity of information code and abstraction system and facilitating the dissemination of information.On the one hand,the second and fourth effects benefit to raise the rate of ＂Knowledge Part＂of information,while the first effect increase the＂Noise Part＂of information,thus the case of incomplete information will never vanish,and systemic financial risk always exists.While on the other,the second,fourth and last effects can reduce asymmetric information problems,thus reduce the cases of adverse selection and moral hazard or other issues which cause the financial risk.