Steel Market Financing Risk Mechanism and Measures

钢材作为基本投资建设主要的原材料，相关联的钢贸行业发展就显得更为突出，其中以有形钢材交易市场为主体的供销模式以几何速度在全国各地得以复制。钢材交易市场一方面促进我国钢铁行业的繁荣，为基本建设投资提供了原材料，另一方面，由于这种融资模式具有链条式放大风险的先天性缺陷，且随着融资模式的不断衍变，钢材市场融资的逆向选择和道德风险凸显，已严重危害金融安全。从已经发生的钢材交易市场的金融危机来分析，其融资模式带有信息非对称的先天性不足，如不加以防范，极易形成全国性的金融系统风险。因此，运用非对称信息和博弈理论作指导，深入揭示其风险特征和形成机理，是构建防范系统性金融风险、化解钢材市场危机、保持商业银行健康发展的重要措施。Steel is a kind of main raw material in the basic construction, so the development of steel trade has become more prominent, and the mode of supply and marketing with the tangible steel market as the main body is spreading at geometric speed across China. On one hand, steel trading market promotes the prosperity of the iron and steel industry in China, and provides the necessary raw materials for the basic construction; on the other hand, because the financing mode has the defect of amplifying risk like a chain and has been evolving constantly, adverse selection and moral risk of steel market financing have become prominent, which has done serious harm to financial security. By analyzing the financial crisis which has broken out on steel trading market, the article thinks that the financing mode has the defect of asymmetric information and is liable to cause national financial system risk without proper precaution. Therefore, based on asymmetric information and game theory, it further reveals the risk characteristics and formation mechanism, which is an important measure to prevent financial system risk, solve steel market crisis, and maintain the sound development of commercial bank.063-83