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本文以中小企业融资市场为例,应用数理模型揭示了弱势个体通过集体形式披露信息从而提高交易效率的微观机理。研究发现,弱势个体在同强势个体进行交易时,不仅存在信息披露最优化问题,还存在着规模效应不足的问题,这致使两者在现实中难以实现交易。研究表明:1.一定程度上信息不对称能使弱势个体与强势个体在交易中实现双赢;2.弱势个体在无法正常披露信息时,通过捆绑以强势集体形式披露信息,不仅可以改善强弱双方的信息不对称状况,而且可以把弱势个体隐匿型信息内部化,以利于同强势个体交易,从而提高交易效率;3.集体披露信息机制还能够创造规模效应。
This paper, taking SME financing market as an example, applies the mathematical model to reveal the microscopic mechanism of the vulnerable individuals disclosing information through the collective form to improve the transaction efficiency. The study finds that when dealing with powerful individuals, the disadvantaged individuals not only have the problem of information disclosure optimization, but also have the problem of insufficient scale effect, which makes it difficult for them to realize the transaction in reality. The research shows that: 1. To some extent, information asymmetry can make the disadvantaged individuals and the powerful individuals achieve a win-win situation in the transaction; 2. When the disadvantaged individuals can not disclose the information normally, the disclosure of information by the strong collective form through bundling can not only improve the strength and weakness Of the information asymmetry, but also the internalization of vulnerable individuals hidden information, in order to facilitate transactions with strong individuals, thereby enhancing the transaction efficiency; 3. Collective disclosure of information mechanism can also create economies of scale.