金融衍生工具监管制度研究

【作者】 李金勇；

【导师】 张宇润；

【作者基本信息】 安徽大学 ， 经济法学， 2006， 硕士

【摘要】 金融衍生工具在我国发展较晚，国内外的文献资料中，关于金融衍生工具的定义大多是根据不同对象的描述进行的，未能形成统一地界定。在对各代表性定义的总结分析后可以认为金融衍生工具是以基础金融工具为存在前提，价格由作为标的的金融现货事先决定的，在未来成交的金融合同。金融衍生工具应是在当事人意思自治的基础上成立的一种双务、有偿、诺成性的合同，且合同的交易对象是一种权利。 金融衍生工具是市场经济中不可或缺的重要组成部分。究其原因，金融衍生工具具有规避风险、价格发现、转化、盈利、资源配置等功能。市场主体在青睐金融衍生工具，享受其带来的好处的同时，也清醒地认识到金融衍生工具所带来的巨大风险。金融衍生工具的风险主要有市场风险、信用风险、流通性风险营运风险、结算风险和法律风险。由于金融衍生工具出现风险时，通常是多种风险共同作用，各种风险相互影响，相互促进使得金融衍生工具交易的风险加倍放大，不仅会给交易者带来巨大损失，甚至会使整个金融市场出现剧烈动荡。因此，各国对于发展金融衍生工具都持谨慎态度，鼓励发展的同时加以严格地监管。美国、英国、日本、新加坡、香港等国家和地区金融衍生工具的发展历史悠久，市场成熟，经验丰富。这些国家和地区的监管制度完善，监管水平较高。本文在对这些国家和地区金融衍生工具发展历史回顾的基础上重点对比分析了其监管制度，以期对我国监管水平的提高有所帮助。 与这些国家和地区相比，我国金融衍生工具市场十分落后，品种匮乏，监管水平低下。随着金融市场的开放及全球经济一体化的发展，金融衍生工具在我国的发展已是大势所趋。从目前情况来看，金融衍生工具在我国尚未导致金融恐慌的局面，但是未雨绸缪，我们应当因势利导，在重新启动和发展金融衍生市场的初期，积极借鉴发达国家的经验，提高对金融衍生工具的认识，吸取过往的教训，进一步加强金融市场监管和完善相关的法律体制，立足于我国国情，在总结传统金融工具监管经验的同时，与时俱进配合金融衍生工具的发展做好监管制度的完善与创新，以适当的监管方式来促使这一新生事物对我国经更多还原

【Abstract】 Financial Derivatives in our country developed comparatively late, and the definition of it was mostly according to the description of different objects in the domestic and international documents, and still can not become unified boundary settle. After the summary analysis of each representative definition, we can conclude that Financial Derivatives was based on the premise of foundation financial tool, and the price was decided by the financial stock in advance, and will clinch a deal of financial contract in future. Financial Derivatives should be a kind of bi-duty, rewarded and promised contract which is formed by the client’s true willing, and the object of the deal of contract is a kind of right.Financial Derivatives is an important and necessary part in the market economic system, since it enjoys the function of avoiding risk, price detection, conversation, earnings and installing the resources and so on. When the market appears the Financial Derivatives and enjoys the benefits, it also can be aware of the huge and potential risk at the meantime. The main risks of Financial Derivatives involve market risk, credit risk; circulate risk and law risk, which can mutually be influenced. In the case, the effect of the risks can be doubled, not only bringing the huge loss to the trade, but also making the whole financial market a violent turbulence. Therefore, all countries hold a careful attitude for developing Financial Derivatives, both with encouragement and strict supervision. In the United States, U.K, Japan, Singapore, Hong Kong etc. nation and region, the development of Financial Derivatives has long history, mature market and rich experience, also the supervision system is gradually mature and the level of supervision is comparatively high. This theme mainly reviews the development history of Financial Derivatives of these nations and regions, and analyses their supervision system in the hope that it can be helpful to the supervision system in China.Compared with these nations and regions, the market of s in our country is backward: the variety is not rich and the supervision level is inferior. With the financial market open and the development of integration with the global economy, it has become a general trend in the development of our country. Currently, Financial Derivatives in China hasn’t caused financial dismay, but in the view of prevention, we更多还原