财经理论与实践Issue(5)：2-8,7.
金融监管信号传递与金融市场有效运行
Financial Regulatory Signaling and Financial Market Effective Operation
摘要
Abstract
namic game and cooperation symbiosis between financial regulatory authorities and financial mar-The financial market is an asymmetric information system in which there are dy-ket participants.Signal game and repeated game theory is introduced to the research on financial regulation theory,regulatory signal game model is constructed between financial regulators and financial market participants using financial market effective operation as feedback signal,and ef-fective regulatory signal transfer mechanism is analyzed under an asymmetric information condi-tion in the management of financial markets.The analysis shows that the there exist separating e-quilibrium and pooling equilibrium between financial regulation and the level of financial market effective operation;The analysis in Repeated game model shows that financial regulators tend to choose pooling equilibrium strategies over separation equilibrium driven by the financial regulato-ry reputation effect.Therefore,only when smooth financial regulatory signal transmission and r feedback mechanism are established,financial regulatory signal strengthened and amplified,and regulatory multiplier effect increased,can the financial markets effective operation be ensured.关键词
金融市场/金融监管/金融监管信号传递/金融监管声誉效应Key words
Financial market/Financial regulatory/Financial regulatory signal transfer/F-i nancial regulatory reputation effect分类
管理科学引用本文复制引用
王祥兵..金融监管信号传递与金融市场有效运行[J].财经理论与实践,2015,(5):2-8,7.基金项目
国家自然基金项目(71561007)、教育部人文社科基金项目(13YJAZH089) （71561007）
贵州省科技基金项目(黔科合 R 字[2003]2008号)、贵州省科技厅软科学重点项目(黔科合 R 字[2014]2011号)、贵州省教育厅人文社科重点项目(14ZD007)、毕节学院高层次人才引进项目(G2013001) （黔科合 R 字[2003]2008号）
