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Commercial Bank Loan: An Effective Signal of Solving the Underinvestment Problem
Author(s): 
Pages: 46-58
Year: Issue:  5
Journal: WORLD ECONOMIC FORUM

Keyword:  信息不对称投资不足最优贷款规模;
Abstract: 信息不对称会导致股票市场中的投资不足问题.现行的强制性信息披露制度与外部审计制度并不能有效解决此问题.本文在前人研究的基础上,结合中国实际,引入一种新的信号机制:优质公司可借助商业银行贷款并通过控制贷款规模来显示自身类型,从而解决投资不足问题.文章通过模型及例证分析了该信号机制的可行性与有效性.文章进一步分析了最优贷款规模的影响因素:它与信息不对称程度正相关,与单位信号成本及两类公司单位贷款成本差异负相关.
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