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(cái)政的核心風(fēng)險(xiǎn)。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(huì)資源得到了合理配置，社會(huì)福利才能實(shí)現(xiàn)最大化，才能從根本上為財(cái)政的健康創(chuàng)造條件。財(cái)政是社會(huì)資源配置的一個(gè)基本渠道，如果通過(guò)財(cái)政配置的資源是不合理的，則必將帶來(lái)效率損失，筆者認(rèn)為，這就是根本意義上的財(cái)政風(fēng)險(xiǎn)，即財(cái)政的核心風(fēng)險(xiǎn)，其效率損失的具體數(shù)量就是財(cái)政的核心風(fēng)險(xiǎn)的量化指標(biāo)。

　　根據(jù)公共財(cái)政理論，財(cái)政的核心風(fēng)險(xiǎn)及其量化在理論上是可以推導(dǎo)出來(lái)的。假定社會(huì)上只有“財(cái)政”和“私人”兩者，“稅費(fèi)”的收取將“稅費(fèi)”繳納者的實(shí)際效用獲得能力，“稅費(fèi)”繳納者將因此產(chǎn)生負(fù)效用：“稅費(fèi)”繳納者在消費(fèi)財(cái)政提供的公共產(chǎn)品的時(shí)候，將會(huì)獲得效用；當(dāng)“稅費(fèi)”繳納者的邊際“稅費(fèi)”負(fù)效用等于其消費(fèi)公共產(chǎn)品的邊際效用時(shí)，祠：會(huì)的資源在財(cái)政和私人之間的配置達(dá)到最優(yōu)化，此時(shí)的財(cái)政規(guī)模為最佳規(guī)模。財(cái)政資金的規(guī)模過(guò)大或過(guò)小帶來(lái)的效率損失，就是財(cái)政的核心風(fēng)險(xiǎn)?？梢哉J(rèn)為，如果財(cái)政的核心風(fēng)險(xiǎn)非常小之時(shí)，財(cái)政總體上就不會(huì)有風(fēng)險(xiǎn)；而財(cái)政的核心風(fēng)險(xiǎn)比較大的時(shí)候，財(cái)政的平衡實(shí)際上是不可能的。

　?。ǘ┓峙湫载?cái)政風(fēng)險(xiǎn)。在財(cái)政部門(mén)（指大的財(cái)政部門(mén)概念，即政府部門(mén)）和私人部門(mén)實(shí)現(xiàn)資源合理配置的基礎(chǔ)上，財(cái)政部門(mén)和私人部門(mén)內(nèi)部也將進(jìn)行財(cái)富的合理配置。財(cái)政部門(mén)內(nèi)部橫向和縱向的資源分配造成的效率損失形成財(cái)政的體制性風(fēng)險(xiǎn)；私人部門(mén)的收入分配格局如果不合理，將加大財(cái)政轉(zhuǎn)移支付的壓力，從而導(dǎo)源于私人部門(mén)內(nèi)部的分配性財(cái)政風(fēng)險(xiǎn)。
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