民间融资自我实施机制的弱化与治理对策

由于民间融资规模不断扩大,交易范围不断拓展,交易双方间信息不再对称,重复交易也演变为一次性交易,弱化了民间融资赖以维持运行的自我实施机制。制度实施替代方法和自我实施机制方法各有利弊,不足以治理自我实施机制弱化问题。把民间融资主体自助强化和制度强化相结合是治理民间融资自我实施机制弱化的有效路径,具体治理措施包括建立融出者信息发现强化机制、融入者信息显示强化机制、第三方信息传递强化机制以及重复性博弈强化机制等。

On the Weakening of the Self-enforcing Mechanism about Informal Finance and Its Countermeasures

The self-enforcing mechanism of informal finance is weakening because of the expansion of the scale,expanding range of transactions,nonsymmetry trading information,and one-off transactions. Institution method and strengthening self-enforcing mechanism method are cut both ways,but the combination of these two ways is advisable,including strengthening information discovery mechanisms of lenders,strengthening information display mechanisms of borrowers,strengthening information transfer mechanisms of the third party,and strengthening repeated game mechanisms.