双重委托-代理视角下的金融中介、金融加速器与经济波动的研究

摘要

In this paper, based on the financial accelerator model of BGG （1999）, we develop a double -principal agent model incorporating entrepreneurs, financial intermediaries and investors, in which both fi- nancial intermediaries and entrepreneurs are subjected to credit constraints. We analyze the impact of the net worth of financial intermediaries on economy fluctuation, and draw a conclusion that both the net worth of en- trepreneurs and financial intermediaries will affect the external financial premium. We found that the financial intermediaries sector enhances the financial accelerator effect in response to all external shocks.%本文在BGG模型基础上，建立了包含企业、金融中介、投资者的双重委托一代理模型，将金融中介纳入信贷市场摩擦的分析框架内。分析了金融中介自身受信贷约束时，其资产净值变化对经济产生的金融加速器效应。得出在双重委托代理的信用契约下，企业外部融资溢价不但受自身资产净值的影响，还受金融中介资产净值的影响。各种外部冲击通过信贷市场中金融中介的传导对经济波动造成进一步放大的效应，经济波动的金融加速器效应在考虑金融中介资产净值的影响后得到了增强。