【作者】 彭菲娅；

【导师】 谭燕芝；

【作者基本信息】 湘潭大学 ， 世界经济， 2008， 硕士

【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。更多还原

【Abstract】 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.更多还原