社会信任的融资交易治理——来自中国23个省区的经验研究

On the Governance of Social Trust on Financing Transactions:An Empirical Study of 23 Provinces and Municipalities of China

在契约经济学理论基础上,提出社会信任融资交易治理的三种作用机制:共享机制、合作机制和治理机制。同时通过分析2010—2013年我国23个省区信任水平、制度安排和信息传递与融资规模关系,检验社会信任的融资交易治理作用及其激励条件。研究结果显示,社会信任具备融资活动的治理作用,其作用机制分别是产权的治理合作机制和信息的共享机制。以产权为主体的制度安排对社会信任的融资治理有显著的激励效应;网络信息技术具备私人治理中的信号传递作用。研究结论对发挥制度和以网络技术为核心的社会信任违约治理作用,实施提升直接融资比重国家战略具有借鉴意义。

Based on the economics of contract,this article puts forward three kinds of functioning mechanism of social trust in governing financing transactions,namely sharing mechanism,cooperation mechanism,and governing mechanism. This article examines the governing functions of social trust on financing transactions and the motivating conditions through an analysis of the relationship between the trust level,institutional arrangement,information transmission,and the scale of financing in China ＇s twenty-three provinces and municipalities during the years2010—2013. A conclusion is reached that social trust has the governing function on financing transactions,with a combined functioning mechanism of the cooperation mechanism of property rights governance and the sharing mechanism of information. Institutional arrangement with property rights as the main subject has remarkable motivating effects on the governance of social trust on financing transactions. Internet Information technology has the function of signal transmission in private governance. The research conclusion in this article provides references for playing the role of social trust,with systems and internet technology as its core,in governing default and carrying out the national strategy of elevating the ratio of direct financing.