The author thinks that, from the allocation of resources, products must be the distribution of financial capital, the specific management three levels were analyzed, and the core of the financial risk, respectively of risk and friction distribution of risk to a comprehensive understanding of financial risk. In the whole process of analysis, the author of its currency stable strictly assumed that completely.



(a) the core of the financial risk. The study of the allocation of resources is the allocation of resources, to reflect the principle of efficiency; Only social resources to get the reasonable configuration, social welfare to achieve the maximum, fundamentally create conditions for financial health. Finance is the social resources configuration of a basic channel, if through the financial allocation of resources is not reasonable, it will bring efficiency loss, the author thinks that, this is the fundamental sense of financial risk, which is the core of the financial risk, its efficiency loss of specific number is the core of the financial risk of quantitative index.



According to the public finance theory, the core of the financial risk and its quantitative in theory can be derived. If society is only "financial" and "private" both, "duty is expended" the collection of the will "duty is expended" of the payment of the actual utility get ability, "duty is expended" will therefore make the have negative utility: "duty is expended" pay in the financial products for public consumption, will gain utility; When "duty is expended" of the payment of marginal "duty is expended" negative utility consumption is equal to the marginal utility of public products, temple: the resources in the financial and will be between private to reach optimization, the configuration of the financial scale at this time is the best scale. The scale of the financial capital too big or too small to bring efficiency loss of the core of the financial risk, that is. It can be said that if the core of the financial risk is very small, financial overall there would be no risk; And the core of the financial risk is bigger, financial balance in fact is not possible.



(2) distribution of financial risk. In the financial sector (" the large financial departments of the notion that the government department) and the private sector to realize reasonable allocation of resources, on the basis of the financial departments and the private sector will also carry out internal wealth rationally. Inside the financial department of the horizontal and vertical distribution of resources efficiency loss caused by the formation of the financial system risk; The private sector pattern of income distribution if not reasonable, will increase the transfer payment of stress, which originated from the private sector in the distribution of internal financial risk sex.

（一）財政的核心風(fēng)險。學(xué)研究的是資源配置的，資源配置要體現(xiàn)效率的原則；只有社會資源得到了合理配置，社會福利才能實現(xiàn)最大化，才能從根本上為財政的健康創(chuàng)造條件。財政是社會資源配置的一個基本渠道，如果通過財政配置的資源是不合理的，則必將帶來效率損失，筆者認為，這就是根本意義上的財政風(fēng)險，即財政的核心風(fēng)險，其效率損失的具體數(shù)量就是財政的核心風(fēng)險的量化指標。

　　根據(jù)公共財政理論，財政的核心風(fēng)險及其量化在理論上是可以推導(dǎo)出來的。假定社會上只有“財政”和“私人”兩者，“稅費”的收取將“稅費”繳納者的實際效用獲得能力，“稅費”繳納者將因此產(chǎn)生負效用：“稅費”繳納者在消費財政提供的公共產(chǎn)品的時候，將會獲得效用；當“稅費”繳納者的邊際“稅費”負效用等于其消費公共產(chǎn)品的邊際效用時，祠：會的資源在財政和私人之間的配置達到最優(yōu)化，此時的財政規(guī)模為最佳規(guī)模。財政資金的規(guī)模過大或過小帶來的效率損失，就是財政的核心風(fēng)險。可以認為，如果財政的核心風(fēng)險非常小之時，財政總體上就不會有風(fēng)險；而財政的核心風(fēng)險比較大的時候，財政的平衡實際上是不可能的。

　　（二）分配性財政風(fēng)險。在財政部門（指大的財政部門概念，即政府部門）和私人部門實現(xiàn)資源合理配置的基礎(chǔ)上，財政部門和私人部門內(nèi)部也將進行財富的合理配置。財政部門內(nèi)部橫向和縱向的資源分配造成的效率損失形成財政的體制性風(fēng)險；私人部門的收入分配格局如果不合理，將加大財政轉(zhuǎn)移支付的壓力，從而導(dǎo)源于私人部門內(nèi)部的分配性財政風(fēng)險。
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