国际金融衍生品交易的市场失灵及其数字化治理研究
|
摘要
近年来,国际衍生品市场交易快速增长,不管是场内交易市场(EXT)还是场外交易市场(OTC),其衍生品交易的数量可以说是呈现出爆炸式的增长。国际OTC衍生品市场的年均增长率大约为40%并且逐年递增。
衍生品市场作为市场经济发展到较高级阶段的产物,在很大程度上补充和发展了基础市场,并日渐成为虚拟经济的主要组成部分,极大地改变了国民经济体系与格局。以衍生品市场为首要内容的虚拟经济在对实体经济发展做出重要推动作用的同时,也表现出与实体经济某种程度的脱离,造成衍生品市场交易风险及市场失灵,从一定角度看,国际金融衍生品市场的交易造成财富和资金的不合理配置和转移,直接或间接地对宏观经济以及其他一系列相关方面产生负面影响,对整个宏观经济造成严重冲击,并可能造成宏观经济政策失灵。因此,研究国际金融衍生品交易的市场失灵及其治理方式是极其有必要的。
金融衍生品市场失灵引起金融风险,导致监管的出现。从微观经济学的角度分析国际金融衍生品市场失灵,即市场在配置资源上的低效率或无效性,市场无法保证资源的配置符合帕累托最优的要求。市场失灵说明市场制度本身存在无法克服的缺陷,分为不完全竞争、负外部效应、信息不对称和公共物品等。
本文用数学模型对衍生品市场的失灵进行数字化治理研究,探讨出从电子商务和度量金融机构风险并建立数字化风险预警系统两种数字化治理模式。并在此基础上得出结论,认为面临衍生品交易的市场失灵,我们必须具备警惕的心理,从分析其成因,到建立统一的数字化金融风险预警系统,以便于在遭遇突发金融事件时,及早采取措施,控制危机的蔓延,减缓金融运行中的剧烈波动,减轻对金融乃至整个经济体系的影响。
目前,根据我国金融衍生品市场数字化发展现状,在发展我国金融衍生品市场时一定要稳妥,只能循序渐进,适时发展已具备条件的衍生产品;同时,在推进我国金融衍生品市场发展时,重要的是发展数字化交易,加快构建金融衍生品市场交易的数字化治理机制。在构建数字化治理机制时应该遵循合法性、协调性、责任性、法治性原则。
In recent years, the international derivatives market transactions was more high performance, regardless of exchange trade market (EXT) or over-the-counter (OTC) market, derivatives trading volume can be said to be showing explosive growth. International OTC derivatives market's average annual growth rate of about 40% and rising.
Derivatives market as a market economy has developed to an advanced stage of the product, to a large extent complementary and the development of the infrastructure market, and becoming virtual economy's major components, significantly changed the economic system and structure. A derivatives market led to the virtual contents of the economic entities in the economic development an important role in promoting the same time, demonstrate the economic entities with some degree of detachment, causing risk derivatives market transactions and market failures, from a certain point of view, the derivatives market transactions and financial wealth to the unreasonable configuration and transfer, directly or indirectly, on a series of macroeconomic and other stakeholders have a negative impact on the entire cause serious macroeconomic impact, and may lead to failures of macroeconomic policy. Therefore, the study of international trade in financial derivatives market failures and governance is extremely necessary.
Financial derivatives market failure is the main cause regulatory risks and lead to the emergence. Market failure from the perspective of micro-economic analysis of that market in the allocation of resources on the invalidity or inefficient, the market can not guarantee that the allocation of resources in line with the requirements of the Pareto. The market failure of market system itself can not overcome the deficiencies. Competition is not entirely negative external effects, public information asymmetries and materials.
This article to grows the market failure with the mathematical model to conduct the digitization governance research, explores and establishes the risk early warning mechanism two kind of digitization government pattern from the electronic commerce and the measure financial organ risk. Based on this and draws the conclusion, thought that faced with the derivation transaction's market failure, we must have the vigilant psychology, from analyzes its origin, to the establishment unified finance risk early warning mechanism, is advantageous when the bitter experience arises suddenly the financial event, takes the measure early, crisis control's spread, slows down in the financial movement the fierce fluctuation, reduces to financial and even the entire economic system's influence.
Certainly at present, according to our country finance derivation market digitization development present situation, when develops our country finance derivation market must be safe, can only proceed in an orderly way, at the right moment develops has had the condition derivative product; At the same time, when advances our country finance derivation market development, more importantly develops the digitized transaction, speeds up the construction finance derivation market transaction the digitized government mechanism. When construction digitization government mechanism should follow the validity, the coordination, the accountability, the government by law principle.
衍生品市场作为市场经济发展到较高级阶段的产物,在很大程度上补充和发展了基础市场,并日渐成为虚拟经济的主要组成部分,极大地改变了国民经济体系与格局。以衍生品市场为首要内容的虚拟经济在对实体经济发展做出重要推动作用的同时,也表现出与实体经济某种程度的脱离,造成衍生品市场交易风险及市场失灵,从一定角度看,国际金融衍生品市场的交易造成财富和资金的不合理配置和转移,直接或间接地对宏观经济以及其他一系列相关方面产生负面影响,对整个宏观经济造成严重冲击,并可能造成宏观经济政策失灵。因此,研究国际金融衍生品交易的市场失灵及其治理方式是极其有必要的。
金融衍生品市场失灵引起金融风险,导致监管的出现。从微观经济学的角度分析国际金融衍生品市场失灵,即市场在配置资源上的低效率或无效性,市场无法保证资源的配置符合帕累托最优的要求。市场失灵说明市场制度本身存在无法克服的缺陷,分为不完全竞争、负外部效应、信息不对称和公共物品等。
本文用数学模型对衍生品市场的失灵进行数字化治理研究,探讨出从电子商务和度量金融机构风险并建立数字化风险预警系统两种数字化治理模式。并在此基础上得出结论,认为面临衍生品交易的市场失灵,我们必须具备警惕的心理,从分析其成因,到建立统一的数字化金融风险预警系统,以便于在遭遇突发金融事件时,及早采取措施,控制危机的蔓延,减缓金融运行中的剧烈波动,减轻对金融乃至整个经济体系的影响。
目前,根据我国金融衍生品市场数字化发展现状,在发展我国金融衍生品市场时一定要稳妥,只能循序渐进,适时发展已具备条件的衍生产品;同时,在推进我国金融衍生品市场发展时,重要的是发展数字化交易,加快构建金融衍生品市场交易的数字化治理机制。在构建数字化治理机制时应该遵循合法性、协调性、责任性、法治性原则。
In recent years, the international derivatives market transactions was more high performance, regardless of exchange trade market (EXT) or over-the-counter (OTC) market, derivatives trading volume can be said to be showing explosive growth. International OTC derivatives market's average annual growth rate of about 40% and rising.
Derivatives market as a market economy has developed to an advanced stage of the product, to a large extent complementary and the development of the infrastructure market, and becoming virtual economy's major components, significantly changed the economic system and structure. A derivatives market led to the virtual contents of the economic entities in the economic development an important role in promoting the same time, demonstrate the economic entities with some degree of detachment, causing risk derivatives market transactions and market failures, from a certain point of view, the derivatives market transactions and financial wealth to the unreasonable configuration and transfer, directly or indirectly, on a series of macroeconomic and other stakeholders have a negative impact on the entire cause serious macroeconomic impact, and may lead to failures of macroeconomic policy. Therefore, the study of international trade in financial derivatives market failures and governance is extremely necessary.
Financial derivatives market failure is the main cause regulatory risks and lead to the emergence. Market failure from the perspective of micro-economic analysis of that market in the allocation of resources on the invalidity or inefficient, the market can not guarantee that the allocation of resources in line with the requirements of the Pareto. The market failure of market system itself can not overcome the deficiencies. Competition is not entirely negative external effects, public information asymmetries and materials.
This article to grows the market failure with the mathematical model to conduct the digitization governance research, explores and establishes the risk early warning mechanism two kind of digitization government pattern from the electronic commerce and the measure financial organ risk. Based on this and draws the conclusion, thought that faced with the derivation transaction's market failure, we must have the vigilant psychology, from analyzes its origin, to the establishment unified finance risk early warning mechanism, is advantageous when the bitter experience arises suddenly the financial event, takes the measure early, crisis control's spread, slows down in the financial movement the fierce fluctuation, reduces to financial and even the entire economic system's influence.
Certainly at present, according to our country finance derivation market digitization development present situation, when develops our country finance derivation market must be safe, can only proceed in an orderly way, at the right moment develops has had the condition derivative product; At the same time, when advances our country finance derivation market development, more importantly develops the digitized transaction, speeds up the construction finance derivation market transaction the digitized government mechanism. When construction digitization government mechanism should follow the validity, the coordination, the accountability, the government by law principle.
引文
[1](美)乔治·考夫曼《现代金融体系》(GEORGE G.KAUFMAN.The U.S. Financial Systems Money Markets and Institution)
[2] John. Eatwell. The Anatomy of The Pension“Crisis”. Economic Survey of Europe, 1999 Issue 3, p57, 11p, 2 graphs
[3]John. Eatwell and Lance. Taylor. The American Stock-Flow Trap. Challenge, Sep/Oct99, Vol. 42 Issue 5, p34, 16p, 1 chart, 3 graphs
[4]Ludger Hentschel, Clifford W.Smith, Jr.: Derivatives regulation: Implications for central banks, Journal of Monetary Economics, 40,305-346,1997.
[5]D.Hart.1998.Wall Street Polices Itself How Securities Firms Manage the Legald Hazards of Competitive Pressures. Oxford University Press, New York.
[6]Evgeny V.Panov, Stepan A. Amossov: Estimation of the guarantee fund sufficiency for the derivatives exchange, Derivatives Use, Trading &Regulation, Henry Stewart Publications,Vol.10 No.4, 2pp.361-37,2005.
[7]Taylor, Michael. Twin Peaks: A. Regulatory Structure for the New Century. London: Centre for the Study of Financial Innovation, 1995.
[8]法博齐,莫迪利亚尼.资本市场:机构与工具[M].唐旭,译.北京:经济科学出版社,1998,13
[9]姚兴涛.金融衍生品市场论[M].上海:立信会计出版社,1999,18
[10]郑振龙主编《衍生产品》[M],武汉大学出版社,2005
[11]姜洋,上海期货交易所编著<境外衍生品市场纵横>[M]百家出版社,2003,16-19
[12]李翀,国际金融市场[M].北京:清华大学出版社,2005
[13] DODD R. The Structure of OTC Derivatives Markets[J]. The Financier, 2002, VOL. 9, Nos. 1-4.
[14]安毅著《衍生品市场发展与宏观调控研究》[M],中国市场出版社,2007,56-58,168
[15]冉华著《衍生品市场对经济增长的作用》[M]中国金融出版社,2006,137-138
[16]李志刚,金融风险-宏观与微观透视,[M],中国金融出版社,2006,7
[17]孙宁华著<金融衍生工具风险形成及防范>[M]南京大学出版社,2004,184-189
[18]刘尚希,宏观金融风险与政府财政责任,[M],中国财政经济出版社2006,8
[19] Merton H. Miller. Do we really need more regulation of financial derivatives?Pacific-Basin Finance Journal, Volume 3, Issues 2-3, July 1995, 147-158.
[20]默顿·米勒,《默顿·米勒论金融衍生工具》[M] ,清华大学出版社,1999年
[21]阎维杰著<金融机构市场退出研究>[M]中国金融出版社,2006,149-151
[22]高鸿业.西方经济学[M].北京:中国人民大学出版社,2000,564.
[23]郑振龙,金融衍生产品:风险、市场失灵与公共政策[J],山东社会科学,2005
[24]余永定,张宇燕,郑秉文:《西方经济学》,经济科学出版社,216
[25]杨迈军主编《金融衍生品的风险防范与化解》[M]中国物价出版社,2001
[26]罗杰·格斯奈里《:阿罗—德布鲁范式与现代企业理论:涉及信息和时间特定问题的讨论》,载拉斯·沃因、汉斯·韦坎德编:《合约经济学》,经济科学出版社,1999,46
[27]Mathias. Dewatripont, Moral Hazard and Capital Structure Dynamics. Journal of the European Economic Association, Jun2003, Vol. 1 Issue 4, 890-930
[28]Stiglitz J.E.,Andrew Weiss,1981.Credit Rationing in Market with Imperfect Information[J].American Economic Review,73(3):393-410
[29]Stiglitz J.E.,1993.The Role of the State in Financial Markets[Z].Proceedings of the World Bank Annual Conference On Development Economics,19-52
[30]宋华:《现代期货制度及其效率》,冶金工业出版社1997年版,209-210
[31]青木昌彦,《比较制度分析》[M],上海远东出版社,2001
[32]易宪容著《金融市场的合约分析》[M]中国城市出版社,2001
[33]叶兵,刘恒军:我国当前电子商务发展中所面临的主要问题及其对策分析[J].湖南大学学报,2000,(2)
[34]喻育军,吴悫华,王德高.金融信息化条件下的金融监管[J].科技进步与对策,2002,(3)
[35]张立洲.论金融信息化对金融业的影响[J].财经问题研究,2002,(3)
[36]孔繁玲.构建电子治理运行机制探析[J].学习与探索,2006,(6)
[37]谭燕芝,论金融衍生品市场的监管[J].湘潭大学学学报,2002(2),46-48
[38]吴世亮著《中国金融市场理论与实务》[M],中国经济出版社,2006
[39]周道许,现代金融监管体制研究[M].北京:中国金融出版社,2000
[40]田超著<金融衍生品:发展现状及制度安排>[M]中国金融出版社,2006,37-40
[41]潘金生,中央银行金融监管比较研究[M].北京:经济科学出版社,1999
[2] John. Eatwell. The Anatomy of The Pension“Crisis”. Economic Survey of Europe, 1999 Issue 3, p57, 11p, 2 graphs
[3]John. Eatwell and Lance. Taylor. The American Stock-Flow Trap. Challenge, Sep/Oct99, Vol. 42 Issue 5, p34, 16p, 1 chart, 3 graphs
[4]Ludger Hentschel, Clifford W.Smith, Jr.: Derivatives regulation: Implications for central banks, Journal of Monetary Economics, 40,305-346,1997.
[5]D.Hart.1998.Wall Street Polices Itself How Securities Firms Manage the Legald Hazards of Competitive Pressures. Oxford University Press, New York.
[6]Evgeny V.Panov, Stepan A. Amossov: Estimation of the guarantee fund sufficiency for the derivatives exchange, Derivatives Use, Trading &Regulation, Henry Stewart Publications,Vol.10 No.4, 2pp.361-37,2005.
[7]Taylor, Michael. Twin Peaks: A. Regulatory Structure for the New Century. London: Centre for the Study of Financial Innovation, 1995.
[8]法博齐,莫迪利亚尼.资本市场:机构与工具[M].唐旭,译.北京:经济科学出版社,1998,13
[9]姚兴涛.金融衍生品市场论[M].上海:立信会计出版社,1999,18
[10]郑振龙主编《衍生产品》[M],武汉大学出版社,2005
[11]姜洋,上海期货交易所编著<境外衍生品市场纵横>[M]百家出版社,2003,16-19
[12]李翀,国际金融市场[M].北京:清华大学出版社,2005
[13] DODD R. The Structure of OTC Derivatives Markets[J]. The Financier, 2002, VOL. 9, Nos. 1-4.
[14]安毅著《衍生品市场发展与宏观调控研究》[M],中国市场出版社,2007,56-58,168
[15]冉华著《衍生品市场对经济增长的作用》[M]中国金融出版社,2006,137-138
[16]李志刚,金融风险-宏观与微观透视,[M],中国金融出版社,2006,7
[17]孙宁华著<金融衍生工具风险形成及防范>[M]南京大学出版社,2004,184-189
[18]刘尚希,宏观金融风险与政府财政责任,[M],中国财政经济出版社2006,8
[19] Merton H. Miller. Do we really need more regulation of financial derivatives?Pacific-Basin Finance Journal, Volume 3, Issues 2-3, July 1995, 147-158.
[20]默顿·米勒,《默顿·米勒论金融衍生工具》[M] ,清华大学出版社,1999年
[21]阎维杰著<金融机构市场退出研究>[M]中国金融出版社,2006,149-151
[22]高鸿业.西方经济学[M].北京:中国人民大学出版社,2000,564.
[23]郑振龙,金融衍生产品:风险、市场失灵与公共政策[J],山东社会科学,2005
[24]余永定,张宇燕,郑秉文:《西方经济学》,经济科学出版社,216
[25]杨迈军主编《金融衍生品的风险防范与化解》[M]中国物价出版社,2001
[26]罗杰·格斯奈里《:阿罗—德布鲁范式与现代企业理论:涉及信息和时间特定问题的讨论》,载拉斯·沃因、汉斯·韦坎德编:《合约经济学》,经济科学出版社,1999,46
[27]Mathias. Dewatripont, Moral Hazard and Capital Structure Dynamics. Journal of the European Economic Association, Jun2003, Vol. 1 Issue 4, 890-930
[28]Stiglitz J.E.,Andrew Weiss,1981.Credit Rationing in Market with Imperfect Information[J].American Economic Review,73(3):393-410
[29]Stiglitz J.E.,1993.The Role of the State in Financial Markets[Z].Proceedings of the World Bank Annual Conference On Development Economics,19-52
[30]宋华:《现代期货制度及其效率》,冶金工业出版社1997年版,209-210
[31]青木昌彦,《比较制度分析》[M],上海远东出版社,2001
[32]易宪容著《金融市场的合约分析》[M]中国城市出版社,2001
[33]叶兵,刘恒军:我国当前电子商务发展中所面临的主要问题及其对策分析[J].湖南大学学报,2000,(2)
[34]喻育军,吴悫华,王德高.金融信息化条件下的金融监管[J].科技进步与对策,2002,(3)
[35]张立洲.论金融信息化对金融业的影响[J].财经问题研究,2002,(3)
[36]孔繁玲.构建电子治理运行机制探析[J].学习与探索,2006,(6)
[37]谭燕芝,论金融衍生品市场的监管[J].湘潭大学学学报,2002(2),46-48
[38]吴世亮著《中国金融市场理论与实务》[M],中国经济出版社,2006
[39]周道许,现代金融监管体制研究[M].北京:中国金融出版社,2000
[40]田超著<金融衍生品:发展现状及制度安排>[M]中国金融出版社,2006,37-40
[41]潘金生,中央银行金融监管比较研究[M].北京:经济科学出版社,1999