银商联系限制有效性的数理证明及其在我国发展模式研究

华中科技大学硕士学位论文银商联系限制有效性的数理证明及其在我国发展模式研究姓名：张莹申请学位级别：硕士专业：金融学指导教师：易江20090521I,IIAbstractBanksandenterprisesarethemajordepartmentoftheeconomicsystem,whoserelationshipandoperationmodeaffecttheallocationandutilizationefficiencyofsocialresources.Themainpurposeofthispaperaimstoprovewhetherthemeasurementthatourcommercialbankslawlimitsnon-financialinstitutionsequityreallyhavetherestrictionstothebehaviorofbanks.Andthepaperfurtheranalyzethebasicreasonthatthedifficultiesonsmallandmedium-sizedenterprisesfinancing,andputforwardtothebestdevelopmentmodeonthebasisofChinesecircumstance.ThispaperbrieflymakeacomparewithdifferentdevelopmentmodesofcooperationbetweenbanksandenterprisesinJapan,AmericaandGermanyatfirst,andthenestablishasimplebutconcretemathematicalmodeltosupportthefactthatdebtcontractisoptimalforconservativelenders,butequitycontractisoptimalforradicallenders.ThebanksinChinaareconservativelendersinthefaceofmonopolyenterprisesandlargeandmedium-sizedstate-ownedindustries,soamenucontractisbetterthanasingalone.Butwhenthebanksarefacingsmallandmedium-sizedenterprises,theyturntoberadicallenders.Therefore,wecanconcludethatitisthewayoffinancingthatresultsthedifficultyinfinancingforsmallandmedium-sizedenterprisesratherthanrateslimitation.Thus,thelimitationofcommercialbanksonnon-financialinstitutionsstakerestricttheoptimumrelationshipmodebetweenthesmallandmedium-sizedenterprisesandbanks.Therefore,ourcountryshouldestablishamulti-levelrelationshipbetweenenterpriseandbanks,anddifferentkindsofenterpriseandthebankshouldformdifferentrelationship.Alooserelationshipshouldbeconstructedbetweenbanksandlargeenterprises,andcloserelationshipisbuiltbetweenbanksandsmallandmedium-sizedenterprises.Atthesametime,ourmodelalsoprovedthatfreefloatingrateisscientificandallowablewhenourbanksprovidemoneyforlargeandmedium-sizedstate-ownedenterprisesandmonopolyindustries,whichisaccordwiththepursuitofprofitmaximizationbank.KeywordsEffectivenessoflimitedrelationshipbetweenbanksandenterprisesSmallandmedium-sizedEnterprisesFinancingDevelopmentModebetweenbanksandenterprisesinChina□□“√”111.197200320003613200721.22007320072007:,,,1990,,,,,200820094OngenaBergerBootBerge1995Inderst2006ManoveMark20011.31.41.5522.1200362.2(1)2733.11Inderst2006kx0,xx=x[]0,1s∈,F(S)F(S)F0=0f(s)[]0,1s∈()SGXx()0SGX=()Sgxsxss′()Sgx()sgx′()ssxgxdxxµ=∫8sµ10()sfsdsµµ=∫20τ=k,t(x)1τ=w0w≥wW0w0w0τ=vvw≥t(x)3.211τ=Inderst2006NPVskwµ−−ss0kwµ+1kwµ+sµsFBss()0,1FBs∈sFBkwµ=+NPV09FBss=00()()()ssxttxgxdxµ=∫()stkµt(x)=0k0x,t(x)0,ss*s*=s*(t)0()tkµs*=0*()stkµ=s*[]0,1∈21τ=0τ=txInderst2006Ut=[]1*()()sstkfsdsµ−∫1Vt=1*()()(*)ssvtfsdsFswV+≥∫2Vw≥[]()()()()ssssxvtxtxgxdxtµµ=−=−∫ss*txVt=VUt=[]1*()()sskwfsdsVWµ−−−−∫VW−FBsskwµ−−*sFBs*sFBsNPV*sFBsNPV10Vtxs*FBs3*sFBs*sFBs3.3tx=λxtx=gλθxλgλλλλ∈01θ1txtxtxtxzx=tx-tx1*()()()()0sstxzxgxdxfsds=∫∫t≠tsuttss′*()sts′1()()0sxzxgxdx′=∫ttˆ(,)xxx∈xˆx,zx≥011xˆx,zx≤0*()sts′*()/()()stsxxgg′x*()*()*()ˆˆ()()()()()()()()()()ststStssssxxxxxgxgxzxgxdxzxgxdxzxgxdxgxgx′′′′=+∫∫∫*()*()*()ˆˆˆˆ()()()()()()()()ˆˆ()()ststStssssxxxxxgxgxzxgxdxzxgxdxzxgxdxgxgx′′′′+∫∫∫*()ˆ()ˆ()stsgxgx′=()()()Stxzxgxdx′∫=0*()()()Stxzxgxdx∫0*()*()()()ststttkµµ=()stµs*()stFBs*()sts*tt1*()()()[()()]()ssstVtVtttfsdsµµ−=−∫=02txtxtxtxzx=tx-tx1*()()()()0sstxzxgxdxfsds=∫∫t≠tsµtts12s′*()sts′1()()0sxzxgxdx′=∫ttˆ(,)xxx∈xˆx,zx≤0xˆx,zx≥0.*()sts′*()/()stsxgg′x*()*()*()ˆˆ()()()()()()()()()()ststStssssxxxxxgxgxzxgxdxzxgxdxzxgxdxgxgx′′′′=+∫∫∫*()*()*()ˆˆˆˆ()()()()()()()()ˆˆ()()ststStssssxxxxxgxgxzxgxdxzxgxdxzxgxdxgxgx′′′′+∫∫∫*()ˆ()ˆ()stsgxgx′=()()()0Stxzxgxdx′=∫*()()()0Stxzxgxdx∫*()*()()()ststttkϖµ=()stµs*()st*()sts*tt1*()()()[()()]()ssstVtVtttfsdsµµ−=−∫=0s*s*133.4200410290.9TT={it},iI∈,ITˆtˆttA1≥tx=Aλx*s1B≤AB*Bsˆt=tˆt≠t1*()[()]()sBsUttkfsdsµ=−∫1*()()()(*)sBsVtvtfsdsFBsw=+∫*BsFBsFBs1*BsFBsˆtx=Aλx=Atxˆ()()UtUt−=*1**ˆˆ[()]()[()()]()ssssBsstkfsdsttfsdsµµµ−+−∫∫14=*1**[()]()[()()]()ssssBssAtkfsdsAttfsdsµµµ−+−∫∫0*1**ˆˆˆ()()[()]()[()()]()sssssBssVtVttfsdsttfsdsµµµµ−−=+−∫∫+F[*Bs-F*s]w1w=0*1**ˆ()()[()]()[()()]()sssssBssVtVtAtfsdstAtfsdsµµµµ−−=+−∫∫1B≤A=1ˆ()()VtVt−0ˆ()()VtVt−AA′1ˆ()()VtVt−=0ˆ()()VtVt−AAA′ˆ()()VtVt−0ˆ()()UtUt−0AA′ˆ()()VtVt−0ˆ()()UtUt−02w≠0ˆ()()UtUt−0ˆ()()VtVt−0ˆ()()VtVt−Aˆ()()VtVt−=0AA′*BsFBs2*BsFBsˆ()()UtUt−=*1**ˆˆˆ[()]()[()]()[()()]()FBFBssssssBssstkfsdstkfsdsttfsdsµµµµ−+−+−∫∫∫=*1**[()]()[()]()[()()]()FBFBssssssBsssAtkfsdsAtkfsdsAttfsdsµµµµ−+−+−∫∫∫1B≤A=1,tx()stµsˆ()()UtUt−015ˆ()()UtUt−A1B≤A≥1ˆ()()UtUt−0*1**ˆˆˆˆ()()[()]()[()]()[()()]()FBFBsSssssssBsssVtVttfsdstfsdsttfsdsµµµµµµ−−−=++−∫∫∫+F[*Bs-F*s]w*1**ˆ()()[()]()[()]()[()()]()FBFBsSssssssBsssVtVtAtfsdsAtfsdstAtfsdsµµµµµµ−−−=++−∫∫∫+F[*Bs-F*s]ww=0()ssAtµµ−0ˆ()()VtVt−AAˆ()()VtVt−Aˆ()()VtVt−1B≤A=1ˆ()()VtVt−0ˆ()()VtVt−AA*ˆ()()VtVt−=0AA*AA*ABw0wAˆ()()VtVt−=0A*A*AA′*A*1**ˆ()()[()]()[()]()[()()]()FBFBsSssssssBsssVtVtAtfsdsAtfsdstAtfsdsµµµµµµ−−−=++−∫∫∫=0A′*1**ˆ()()[()]()[()()]()sssssBssVtVtAtfsdstAtfsdsµµµµ−−=+−∫∫=0A*A′*BsFBs1645.252.80302050601A≤1B≤ˆ()()VtVt−0ˆ()()UtUt−03.5*BsFBs*BsFBs17wwVwVwV-wwV-wwVW