普惠金融可持续发展研究——基于监管机构、金融中介和消费者三方博弈
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摘要
基数庞大、金融素养偏低的消费者以及信息不对称的经营环境,致使我国在推进普惠金融的过程中,金融中介很难积极主动开展普惠金融。要想实现普惠金融的可持续发展,需要政府诱导和监管机构协助,使得金融中介可以获得可观的收益且风险可控制。在有限理性人的假设下,通过构建监管机构、金融中介和消费者三方演化博弈模型,结果表明:在一定条件下,监管机构监管、金融机构提供产品和服务以及消费者不欺骗的理想进化稳定策略存在,并应用仿真实验进行了验证;政府的支持力度和金融中介的积极性和效率呈正向关系;监管机构的惩罚规范了消费者的行为,且惩罚力度越大,消费者欺骗行为减少的越迅速,说明适度的政府支持和监管机构监管对于普惠可持续发展有重要意义。
A huge number of consumers with a low average financial literacy and the business environment of unsymmetrical information, which is difficult for financial intermediaries to take the initiative to carry out Inclusive Finance. However, to achieve the sustainable development of Inclusive Finance, the guidance and assist form government and regulators have a great help for financial intermediaries to obtain considerable profits and risk control when they provide some products and services on inclusive financial. Under the assumption of bounded rational people, this paper constructs the three-side evolutionary game model of regulators, financial intermediaries and consumers. The results show that:In certain conditions, an ideal three-side evolutionary stable strategy exists for the supervision of regulators, the products and services provided by the financial institutions and consumers honesty, and the simulation experiments has verified it. The government's support and the enthusiasm and efficiency of the financial intermediaries are positively related, and the punishment of the regulatory agency standardizes the consumption. The greater the punishment, the more rapider the consumer deception. It shows that moderate government support and regulation are of great importance to sustainable development of inclusive financial.
A huge number of consumers with a low average financial literacy and the business environment of unsymmetrical information, which is difficult for financial intermediaries to take the initiative to carry out Inclusive Finance. However, to achieve the sustainable development of Inclusive Finance, the guidance and assist form government and regulators have a great help for financial intermediaries to obtain considerable profits and risk control when they provide some products and services on inclusive financial. Under the assumption of bounded rational people, this paper constructs the three-side evolutionary game model of regulators, financial intermediaries and consumers. The results show that:In certain conditions, an ideal three-side evolutionary stable strategy exists for the supervision of regulators, the products and services provided by the financial institutions and consumers honesty, and the simulation experiments has verified it. The government's support and the enthusiasm and efficiency of the financial intermediaries are positively related, and the punishment of the regulatory agency standardizes the consumption. The greater the punishment, the more rapider the consumer deception. It shows that moderate government support and regulation are of great importance to sustainable development of inclusive financial.
引文
[1]Sarma, M. Index of financial inclusion[R]. Indian Council for Research on International Economic Relations Working Paper, 2008.
[2]Arora, R.U. Measuring financial access[R]. Discussion Paper in Economics,Griffith University, 2010.
[3]Gupte, R.,Venkatramani, B., Gupta, D. Computation of financial inclusion index for India[J]. Social and Behavioral Sciences,2012(1): 137-149.
[4]Wang, X., Guan, J. Financial inclusion: Measurement, spatial effects and influencing factors[J]. Applied Economics, 2017(18): 1751-1762.
[5]杨军,张龙耀,马倩倩,黄馨谊.县域普惠金融发展评价体系研究——基于江苏省52个县域数据[J].农业经济问题,2016(11):24-31.
[6]张珩,罗剑朝,郝一帆.农村普惠金融发展水平及影响因素分析——基于陕西省107家农村信用社全机构数据的经验考察[J].中国农村经济, 2017(1):2-15.
[7]Honohan, P. Cross-country variation in household access to financial services[J]. Journal of Banking & Finance, 2008(11): 2493-2500.
[8]Sarma, M., Pais, J. Financial inclusion and development[J]. Journal of International Development, 2011(5): 613-628.
[9]Ardic, O.P., Heinmann, M., Mylenko, N. Access to financial services and the financial inclusion agenda around the world[R]. Policy Research Working Paper 5537, The World Bank, 2011.
[10]VanderWerff, A.D., Hogarth, J.M., Peach, N.D. A cross-country analysis of financial inclusion within the OECD[R]. Consumer Interest Annual, 2012.
[11]Swamy, V. Financial inclusion, gender dimension, and economic impact on poor households[J]. World development, 2014(56): 1-15.
[12]Kim, J.H. A study on the effect of financial inclusion on the relationship between income inequality and economic growth[J]. Emerging Markets Finance and Trade, 2016(2): 498-512.
[13]Pradhan, R.P., Arvin, B.M., Norman, N.R., et al. Insurance penetration and economic growth nexus: cross-country evidence from ASEAN[J]. Research in International Business and Finance, 2016(36): 447-458.
[14]李涛,徐翔,孙硕.普惠金融与经济增长[J].金融研究, 2016(4): 1-16.
[15]王颖,曾康霖.论普惠:普惠金融的经济伦理本质与史学简析[J].金融研究,2016(2):37-54.
[16]何德旭,苗文龙.金融排斥、金融包容与中国普惠金融制度的构建[J].财贸经济,2015(3):5-16.
[17]李建伟.普惠金融发展与城乡收入分配失衡调整——基于空间计量模型的实证研究[J].国际金融研究,2017(10):14-23.
[18]朱一鸣,王伟.普惠金融如何实现精准扶贫?[J].财经研究, 2017(10): 43-54.
[19]黄建华.政府双重干预下基于渠道商价格欺诈的农产品交易演化博弈模型[J].中国管理科学,2016(11):66-72.
[20]祁凯,杨志.政府参与下旅游公共危机演化的三方博弈分析[J].旅游学刊,2018(4):46-58.
[21]Friedman, D. Evolutionary games in economics[J]. Econometrica,1991(3): 637-666.
[22]曹凤鸣,周莹莹.普惠金融体系下农村金融服务创新的研究[J]. 金融教育研究,2017(3):23-27.
[23]曾之明.论互联网+普惠金融融合创新发展策略[J]. 商学研究,2017(6):96-101.
[24]崔怡,朱杰.普惠性小额保险的精准特惠[J]. 金融理论探索,2017(4):61-68.
[2]Arora, R.U. Measuring financial access[R]. Discussion Paper in Economics,Griffith University, 2010.
[3]Gupte, R.,Venkatramani, B., Gupta, D. Computation of financial inclusion index for India[J]. Social and Behavioral Sciences,2012(1): 137-149.
[4]Wang, X., Guan, J. Financial inclusion: Measurement, spatial effects and influencing factors[J]. Applied Economics, 2017(18): 1751-1762.
[5]杨军,张龙耀,马倩倩,黄馨谊.县域普惠金融发展评价体系研究——基于江苏省52个县域数据[J].农业经济问题,2016(11):24-31.
[6]张珩,罗剑朝,郝一帆.农村普惠金融发展水平及影响因素分析——基于陕西省107家农村信用社全机构数据的经验考察[J].中国农村经济, 2017(1):2-15.
[7]Honohan, P. Cross-country variation in household access to financial services[J]. Journal of Banking & Finance, 2008(11): 2493-2500.
[8]Sarma, M., Pais, J. Financial inclusion and development[J]. Journal of International Development, 2011(5): 613-628.
[9]Ardic, O.P., Heinmann, M., Mylenko, N. Access to financial services and the financial inclusion agenda around the world[R]. Policy Research Working Paper 5537, The World Bank, 2011.
[10]VanderWerff, A.D., Hogarth, J.M., Peach, N.D. A cross-country analysis of financial inclusion within the OECD[R]. Consumer Interest Annual, 2012.
[11]Swamy, V. Financial inclusion, gender dimension, and economic impact on poor households[J]. World development, 2014(56): 1-15.
[12]Kim, J.H. A study on the effect of financial inclusion on the relationship between income inequality and economic growth[J]. Emerging Markets Finance and Trade, 2016(2): 498-512.
[13]Pradhan, R.P., Arvin, B.M., Norman, N.R., et al. Insurance penetration and economic growth nexus: cross-country evidence from ASEAN[J]. Research in International Business and Finance, 2016(36): 447-458.
[14]李涛,徐翔,孙硕.普惠金融与经济增长[J].金融研究, 2016(4): 1-16.
[15]王颖,曾康霖.论普惠:普惠金融的经济伦理本质与史学简析[J].金融研究,2016(2):37-54.
[16]何德旭,苗文龙.金融排斥、金融包容与中国普惠金融制度的构建[J].财贸经济,2015(3):5-16.
[17]李建伟.普惠金融发展与城乡收入分配失衡调整——基于空间计量模型的实证研究[J].国际金融研究,2017(10):14-23.
[18]朱一鸣,王伟.普惠金融如何实现精准扶贫?[J].财经研究, 2017(10): 43-54.
[19]黄建华.政府双重干预下基于渠道商价格欺诈的农产品交易演化博弈模型[J].中国管理科学,2016(11):66-72.
[20]祁凯,杨志.政府参与下旅游公共危机演化的三方博弈分析[J].旅游学刊,2018(4):46-58.
[21]Friedman, D. Evolutionary games in economics[J]. Econometrica,1991(3): 637-666.
[22]曹凤鸣,周莹莹.普惠金融体系下农村金融服务创新的研究[J]. 金融教育研究,2017(3):23-27.
[23]曾之明.论互联网+普惠金融融合创新发展策略[J]. 商学研究,2017(6):96-101.
[24]崔怡,朱杰.普惠性小额保险的精准特惠[J]. 金融理论探索,2017(4):61-68.
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