金融衍生产品监管制度研究

发布时间：2018-03-17 18:55

本文选题：金融衍生产品　切入点：法律监管　出处：《西南政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：金融衍生产品风险的复杂性、突发性、系统性和交易的高杠杆性对金融稳定带来了严重影响。金融危机前,衍生产品的监管存在着对宏观审慎监管重视程度不够、微观审慎监管不完善的问题,危机后美、英等发达国家对于金融衍生产品法律监管制度都进行了大刀阔斧的改革。虽然金融衍生产品在我国的发展程度还比较低,但是对我国金融业深化改革和扩大开放却有着重要意义,是金融业追赶发达国家的重要突破口。所以我国进行衍生产品监管创新,从防范系统性金融风险的角度进行衍生产品监管改革,建立宏观审慎监管和微观审慎监管并重的法律监管制度就显得很有必要。本文第一部分对金融衍生产品进行了简单的介绍,金融衍生产品的法律属性是一种合约,种类分为期货与远期、期权、互换,以这些基本类型为基础,衍生产品还可以进行无限的创新。并以中信泰富事件为例,描述了衍生产品交易中风险是如何产生并给投资者带来损失的,以及事件带给我们要正确认识衍生产品交易风险、建立有效内部控制制度等教训。第二部分论述了金融衍生产品监管的必要性。一方面,金融衍生产品市场的负外部性导致风险的溢出,易引发系统性风险,信息的不对称性则使得风险概率增加,这两点都要求以法律的手段对衍生产品市场进行监管;另一方面,金融衍生产品的复杂风险特征、强大的金融体系联系作用以及交易的高杠杆性,都要求从防范系统性金融风险的角度对金融衍生产品进行监管。第三部分站在立法的视角,从法律、行政法规和部门规章、规范性文件三个层面剖析了我国金融衍生产品监管制度的现状,得出我国金融衍生产品监管制度存在的立法层次低、对系统性风险的关注不够、分业监管模式造成监管套利、信息披露制度不完善等问题,以及这些问题对构建宏观审慎监管和微观审慎监管相结合的金融衍生产品法律监管制度产生的弊端。第四部分从美、英两国入手,在梳理两国传统金融衍生产品监管制度及缺陷、金融危机后两国的监管改革的基础上,比较了金融危机前后两国衍生产品的监管制度差异,试图为论述我国建立宏观和微观审慎监管有机结合的金融衍生产品监管制度寻求有益经验。第五部分作为本文的结论部分重点谈及设立宏观审慎监管机构,并明确其监管目标和政策工具,从加强金融机构内部控制、完善衍生产品信息披露制度入手完善微观审慎监管,优化衍生产品监管权力的配置,设计宏观审慎监管机构和微观审慎监管机构的协调配合机制,最终在我国建立有机结合宏观和微观审慎监管的金融衍生产品监管制度。
[Abstract]:The complexity of financial derivatives risk, sudden, systemic and highly leveraged transactions have brought serious impact on financial stability. Before the financial crisis, the supervision of derivative products did not pay enough attention to macro-prudential supervision. After the crisis, developed countries such as the United States, Britain and other developed countries have carried out drastic reforms in the legal supervision system of financial derivatives, although the level of development of financial derivatives in China is still relatively low. However, it is of great significance for China's financial industry to deepen its reform and expand its opening up, and is an important breakthrough for the financial industry to catch up with developed countries. To reform the supervision of derivatives from the angle of preventing systemic financial risks, It is necessary to establish a legal supervision system with equal emphasis on macro-prudential supervision and micro-prudential supervision. The first part of this paper gives a brief introduction to financial derivatives. The legal attributes of financial derivatives are a kind of contract. The categories are futures and forward, options, swaps. Based on these basic types, derivatives can also be innovated indefinitely. And take the CITIC Pacific event as an example. This paper describes how the risks in derivatives trading produce and bring losses to investors, and the events that bring us a correct understanding of derivatives trading risks. The second part discusses the necessity of supervision of financial derivatives. On the one hand, the negative externalities of financial derivatives market lead to risk spillover, which can easily lead to systemic risk. The asymmetry of information makes the risk probability increase, both of which require legal means to supervise the derivatives market; on the other hand, the complex risk characteristics of financial derivatives, Strong financial system linkages and highly leveraged transactions require supervision of financial derivatives from the point of view of systemic financial risk. Part three: from the perspective of legislation, from the perspective of laws, administrative regulations and departmental regulations, Three levels of normative documents have analyzed the current situation of the supervision system of financial derivatives in our country. The conclusion is that the legislation level of the supervision system of financial derivatives is low, the attention to systemic risk is not enough, and the regulatory arbitrage is caused by the separated supervision mode. Such problems as the imperfection of information disclosure system, and the disadvantages of these problems to the construction of a legal regulatory system for financial derivatives which combines macro-prudential supervision with micro-prudential supervision. Part 4th begins with the United States, the United Kingdom and the United Kingdom. On the basis of combing the regulatory system and defects of traditional financial derivatives between the two countries and the regulatory reform of the two countries after the financial crisis, this paper compares the differences between the regulatory systems of the two countries before and after the financial crisis. This paper attempts to seek useful experience in establishing a regulatory system of financial derivatives which combines macro and micro prudential supervision in China. Part 5th, as the conclusion of this paper, focuses on the establishment of macro-prudential regulatory bodies. It also clarifies its regulatory objectives and policy tools, from strengthening the internal control of financial institutions, perfecting the information disclosure system of derivative products, improving the micro prudential supervision, optimizing the allocation of supervision power of derivative products. The coordination mechanism between macro-prudential supervision and micro-prudential supervision is designed, and finally a financial derivative supervision system which combines macro-prudential and micro-prudential supervision is established in China.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.28

【相似文献】