本文借鉴Huang and Litzenberger(1988)对异质信息下金融市场分析方法，构建了一个CDS市场机制的民间融资信息处理模型，分析了民间融资行为中信息运行机制﹑常见的两种信息不对称行为(信息选择性暴露和财务信息粉饰)以及信息传递与风险的关系。研究发现：资金融出者主要依靠自己所掌握的私人信息来决定是否进行资金融通；资金融入者存在天然制造信息不对称而获得资金的动机；民间融资的风险传递就是一个不利私人信息转化为公共信息的过程。%With reference to the method used by Huang and Litzenberger (1988) to analyze the financial market under the hetero-geneous information, the paper constructs a private financing information processing model of CDS market mechanism, analyzes the information operation mechanism of private financing behavior, two kinds of asymmetric information behavior (selective information exposure and false financial information) and the relationship between the information transfer and the risks. The study finds that the lenders mainly rely on the personal information of their own knowledge to decide whether or not to lend capitals, while the borrowers inherently has the motivation to provide the asymmetric information to get funds. Therefore, the risk transfer of private financing is the process which the unfavorable private information shifts into the public information.
展开▼
