Information Structure,Financial Supervision and the Behavior of Financial Organizations——Game Analysis Based on Principal Agent

The delegated investment behaviors of financial organizations are supervised by supervision departments.Financial supervisors aim to increase social welfare,but the purpose is restricted by information asymmetry.By establishing a multi-player game model among financial consumers,financial organizations and supervisors under supervision,the authors analyze the influence of information structure on agency conflict,supervision behavior and social welfare.The results show that the high risk premium by violating regulations induces financial organizations to violate supervision policies.Besides,information asymmetry decreases the endeavor of supervisors,which induces financial organizations to make mistakes,and the social welfare as a whole is decreased.