双向激励:消除民营企业信息不对称的政策设计

Bidirectional Incentives: Policy Designs for Eliminating Asymmetric Information of Private Enterprises

信息不对称是当前约束民营企业融资的主要障碍。本文提出,消除信息不对称、提高透明度的核心在于构建双向激励机制:一是进一步开放投资领域、调整剩余控制权分配比例,为民营企业披露真实信息创造市场条件;二是在金融体系内合理分担信息搜集成本,建立风险与激励相对应的信息搜集机制。与之相配套,还应大力推进人民银行征信体系建设,一方面用激励约束机制使企业提供真实信息,另一方面使金融机构能够以更低的成本、高的效率得到更完整的企业信息。

At present asymmetric information is the main obstacle of civilian industries' financing activities . This paper points out that the core task for eliminating asymmetric information and improving transparence is to establish the mechanism of bi - directional incentives. Firstly, to further open the investment field and adjust the allotment percentage of residual rights of control, thus providing favorable market conditions for civilian enterprises to disclose genuine information. Secondly, to reasonably share the information cost in the financial system and build up the information collection system which syncretizes risks and incentives.