新金融中介理论述评

Comments on the New Financial Intermediary Theory

人们就银行业危机的出现提出了金融中介为什么存在的问题,这构成新金融中介理论的主要内容。新金融中介理论以交易成本为核心概念,认为金融中介可克服由金融交易中信息不对称和不确定性所产生的交易成本。随着近年来金融中介职能的转变,新金融中介理论开始用风险管理和参与成本来解释金融中介的作用。

Concerning the emergence of banking crisis,people raise the question why financial in termediaries exist,which constitutes the main content of the new financial in termediary theory.Having transaction cost as its core concept ,the theory thinks that financial intermediaries can overcome the transaction cost produced by information asymmetry and uncertainty in financial transactions.With the functional change of financial intermediaries in recent years,the new financial in termediary theory is beginning to explain the funtions of financial intermediaries in terms of risk management and participation cost.