体制转轨下资本运营中的信息、信誉、规制与治理

Information,Credit,Regulating System in Capital Operation and Their Management

资本运营是在信息不完全与不对称的资本市场环境下进行的 ,因此 ,均会产生以逆向选择与道德陷阱为主要表现形式的信誉缺失问题。纵使在发达的市场经济国家 ,也不可避免地要存在欺诈与不诚信问题。在经济转型过程中 ,由于发展与转型问题相互交融 ,发育、发展过程中的资本市场的不完善与不规范 ,致使资本运营过程中产生的信息不完全与不对称以及由之而引发的信誉危机更为特殊、也更为突出。为此 ,结合我国资本运营过程中所产生的问题的特殊性 ,进行相应的特殊背景假设下的特殊国情分析 ,并从中引出具有针对性的应对措施与政策。

Capital operation is conducted in a market environment where information is incomplete and asymmetric, which leads to credit loss basically by adverse selection and moral hazard. Even in a developed economy, fraud and dishonesty are unavoidable. In the transitional period of economic system reform, the concurrence of economic transformation and economic development, compounded by irregularity and inadequacy in a growing capital market, highlights the credit crisis. This paper attempts to analyze some unique cases in current China, introduce some specific steps and suggest possible policies for the problems from China's perspective.