發(fā)布時間：2018-05-11 02:33

  本文選題：國家資產(chǎn)負(fù)債表 + 國家風(fēng)險��； 參考：《中國社會科學(xué)院研究生院》2013年博士論文

【摘要】：美國主權(quán)信用等級下調(diào)，是由于次貸危機后美國政府陷入了較為嚴(yán)重的財政危機與主權(quán)債務(wù)危機。而從歐洲主權(quán)債務(wù)危機爆發(fā)的原因來看，此次歐債危機是在高赤字及歐元區(qū)經(jīng)濟體復(fù)蘇格局不平衡的背景下，由各國政府的償債能力出現(xiàn)危機并在局部范圍內(nèi)爆發(fā)所引起的。其中，政府主權(quán)信用評級的下降直接造成了政府在貨幣市場上再融資的困難，從而引爆了債務(wù)危機�？偟恼f來，此次歐債危機不但影響整個歐元區(qū)的經(jīng)濟穩(wěn)定，而且對整個世界經(jīng)濟的穩(wěn)定構(gòu)成重要影響。從現(xiàn)代金融危機的理論研究發(fā)展來看，1997年爆發(fā)的亞洲金融危機已經(jīng)引起了理論界對國家資產(chǎn)負(fù)債表的關(guān)注。這兩次危機揭示出一個主權(quán)國家中的主要經(jīng)濟部門的資產(chǎn)負(fù)債錯配的問題。因此，識別一個主權(quán)國家和部門資產(chǎn)負(fù)債表中的各種錯配，例如期限錯配、資本結(jié)構(gòu)錯配以及幣種錯配，對于防范危機、維護(hù)金融穩(wěn)定具有十分重要的意義。與此同時，通過考察主要經(jīng)濟部門之間的資產(chǎn)負(fù)債表的內(nèi)在關(guān)系，還能夠分析危機在經(jīng)濟部門之間的傳遞路徑，為政府制訂經(jīng)濟調(diào)整政策提供了依據(jù)。 從我國經(jīng)濟發(fā)展的角度來說，自改革開放以來，我國經(jīng)濟保持了持續(xù)的高速發(fā)展，目前我國面臨著經(jīng)濟結(jié)構(gòu)性調(diào)整以及不斷提高對外資產(chǎn)的管理能力等問題。其中，國外評級機構(gòu)所進(jìn)行的國家主權(quán)信用評級對我國經(jīng)濟發(fā)展有著十分重要的影響。一直以來，構(gòu)建完善、自主的信用評估體系，以及建立全面的國家風(fēng)險管理體系，在促進(jìn)我國經(jīng)濟發(fā)展和維護(hù)國家主權(quán)方面來說，具有十分重要的戰(zhàn)略意義。 本文以“結(jié)構(gòu)性金融范式”為指引，從金融功能的研究視角，探討信息在全球化、虛擬經(jīng)濟發(fā)展的過程中，如何影響國家風(fēng)險以及對信用評級。從社會形態(tài)發(fā)展的角度，探討了信息化社會如果改變了傳統(tǒng)的存在形式、結(jié)構(gòu)特征以及演化路徑。這種作用力與金融系統(tǒng)相結(jié)合不但催生出新的金融范式，而且使得國家風(fēng)險呈現(xiàn)出新的變化和發(fā)展趨勢。為此，本文在梳理國家風(fēng)險理論以及信用評級理論的基礎(chǔ)上，通過運用國家資產(chǎn)負(fù)債表分析框架以及新金融學(xué)研究方法，以及通過對后危機時代國家風(fēng)險呈現(xiàn)新趨勢和新特點分析，從信用評級領(lǐng)域存在的問題以及世界各國對信用評級領(lǐng)域話語權(quán)的爭奪的基礎(chǔ)上確立了本文的研究思路。 通過對國家風(fēng)險的決定因素、信用評級的金融功能、信息與信息社會，虛擬經(jīng)濟衍化過程等的分析，探討我國金融機構(gòu)全面構(gòu)建國家風(fēng)險管理機制，以及與國際信用評級體系的融入問題。由于國家風(fēng)險所具有的復(fù)雜性，為此以信息社會對國家風(fēng)險產(chǎn)生的影響為研究主線，以金融理論為基礎(chǔ)，以信息理論、政治經(jīng)濟學(xué)、制度經(jīng)濟學(xué)和金融系統(tǒng)協(xié)調(diào)理論等一系列理論及其分析方法為工具，透過后危機時代國家風(fēng)險領(lǐng)域出現(xiàn)的新問題和新現(xiàn)象，解析國家風(fēng)險的形成機理及其復(fù)雜性特征，以及信息傳導(dǎo)機制以及各種市場制度等方面的影響因素。并在結(jié)構(gòu)性金融范式下，通過比較世界主要信用評級體系存在的問題及其產(chǎn)生的原因，進(jìn)而探索從整體上提高我國國家風(fēng)險管理水平。在構(gòu)建我國銀行金融機構(gòu)國家風(fēng)險管理機制的基礎(chǔ)上，，建立健全我國具有較高獨立性的信用評級體系。
[Abstract]:The downgrade of US sovereign credit is due to the more serious financial crisis and sovereign debt crisis in the United States after the subprime crisis. From the reason of the outbreak of the European sovereign debt crisis, the European debt crisis is the debt solvency of governments in the context of the high deficit and the uneven recovery pattern of the euro zone economy. The crisis is caused by a local outbreak. The decline of the government's sovereign credit rating has directly caused the government's difficulty in refinancing the currency market, thus detonating the debt crisis. In general, the European debt crisis not only affects the economic stability of the whole euro area, but also constitutes an important part of the stability of the whole world economy. From the theoretical research and development of the modern financial crisis, the Asian financial crisis, which broke out in 1997, has aroused the concern of the theoretical circle on the national balance sheet. The two crisis reveals the problem of the mismatch of the assets and liabilities of the main economic sector in a sovereign state. Therefore, the identification of a sovereign state and sector balance of assets and liabilities. Various mismatches in the table, such as maturity mismatch, capital structure mismatch and currency mismatch, are of great significance for preventing crisis and maintaining financial stability. At the same time, by examining the internal relations of the balance sheet between the main economic sectors, it can also analyze the transmission path of the crisis between the economic sectors and work out the government for the government. The economic adjustment policy provides the basis.
From the point of view of China's economic development, China's economy has maintained a sustained and rapid development since the reform and opening up. At present, our country faces the problems of economic structural adjustment and improving the management ability of foreign assets. Among them, the national credit rating of the country's main power is very important to the economic development of our country. The construction of a perfect, independent credit evaluation system and the establishment of a comprehensive national risk management system have been of great strategic significance in promoting China's economic development and maintaining national sovereignty.
This paper, guided by the "structural financial paradigm", discusses how information affects national risk and credit rating in the process of globalization and virtual economic development from the perspective of financial function. From the perspective of social development, it is discussed that the traditional form, structure and evolution of the information society have been changed from the perspective of social development. The combination of this force and the financial system not only brings out a new financial paradigm, but also leads to new changes and trends in national risk. For this reason, on the basis of combing the national risk theory and credit rating theory, this paper uses the national balance sheet analysis framework and new finance research methods, as well as the method of new finance research. Through the analysis of the new trend and new characteristics of the national risk in the post crisis era, the research ideas are established on the basis of the problems existing in the field of credit rating and the contention of the discourse power in the field of credit rating in the world.
Through the analysis of the determinants of the national risk, the financial function of credit rating, the information and information society, and the evolution process of the virtual economy, this paper discusses the comprehensive construction of the national risk management mechanism and the integration with the international credit rating system. The impact of national risk is the main line of research. Based on the financial theory, a series of theories and analysis methods, such as information theory, political economics, institutional economics and financial system coordination theory, are used as tools to analyze the formation mechanism of national risk through the new problems and new phenomena appearing in the post crisis era of national risk. The characteristics of complexity, information transmission mechanism and various market systems and other factors, and under the structural financial paradigm, by comparing the problems existing in the world's major credit rating system and its causes, explore the overall improvement of China's national risk management level. On the basis of risk management mechanism, we should establish and perfect our independent credit rating system.

【學(xué)位授予單位】：中國社會科學(xué)院研究生院
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F832.2;F224

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本文編號：1872041