| Credit plays a very important place in modern economic and social life. But in our country, big defect lies in the system of credit, which restrains the economic and social development.On a great degree, the problem of credit is caused by information asymmetry. Coming from the basic concept and characteristics, the paper analyzes the loss and lack of credit caused from information asymmetry and put forward one effective method for the solving these problems is the information sharing between creditors.Through building a reputation model of repeated game between bank and borrower, the paper analyzes the players' different actions between once game and repeated game. We find the reputation mechanism take effect on the condition of repeated game. We also find default rate is an important factor to the creditor-borrower relation. Default rate is directly related to the expectation for credit seeker from bank, and therefore affects the creditor-borrower action. However, the drop of default rate is the essential requirement, but not the adequate requirement. The drop of default rate can reduce the worry of loss and the temptation to opportunistic profit as well. But the temptation to opportunistic profit cannot be eliminated absolutely even under the condition of no default. When the default rate increases, the worry of loss will make a larger and larger effect on the decision, and at last become the main factor.As the private information of bank, the value of customer information is the information rent it causes. The range and marketing quota of information rent have a direct ratio to the number of high quality customers, which indicates that information rent comes from the squeeze to high quality customers' surplus. Therefore, information rent provides bank super profit, and furthermore, help bank maintain the competitive advantage among foreign banks.However, the premise of local banks' occupation to information rent is that no information sharing exists. If every bank obtains same information by the way of information sharing, fair competition will encourage the immergence of industrial average profit. Information sharing can make the Pareto Improvement of credit market come true.By theoretical model, the development of national bank environment and creditregisters in America, Britain and Italian, it can be proved that information rent has become one important variable for bank to decide whether take part in the system of information sharing or not. The intense the competition is, the lower the information sharing degree and vice versa.If there's no information sharing, then bank will obtain the surplus of its customers, which can make borrower work less hard and lead to the collapse of credit market. If there is only decentralized information sharing, which need the communications among customers and the guarantee of honesty of banks, but customers don't have the incentive to do that, so this pattern is not able to sustain. Credit bureau of information sharing can pay certain cost through bank, which ensures the inter-trust among banks, can realize information sharing. These analyses explain why in daily life, most of the information sharing among banks exists in the pattern of credit register.If we want to research the operation of credit register, firstly, we must distinguish the public credit register and the private credit register. The function of public credit register is financial supervisory, while private credit register provides the service of credit decision information for creditor. The former is initiated by governmental departments like central bank, set by laws and has compulsion, while the latter initiated by enterprises, non-compulsory and operated commercially. The former has a lower efficiency, a single data type and service kind while the latter is just opposite.Summing up the operating experience of credit registers in Europe, America and other countries and districts where credit system is developed, we find that almost all the credit registers face the same important problem during operating. There is no unified simple method to solve the problem, by contrast, we should base on different markets, laws and customs of different countries and districts, then trade off the method.The technical-economic characteristics of credit industry make credit register enlarges its coverage of data bank, until obtains all the customers' information in order to pursue profit. This characteristic can be reflected in daily life. The development of credit registering industry is just the procedure of .continuous combination and concentration. During the research of the credit development in America and Britain, the trend of monopoly in credit industry can be proved, too.Through technological economic analysis, the credit registering industry obviously possesses the characteristics of network industry and so the method from... |
