权力因素对金融商品交易价格的影响研究

发布时间：2018-03-22 06:26

本文选题：资源　切入点：经济权力　出处：《吉林大学》2012年博士论文　论文类型：学位论文

【摘要】：在社会生活中，经济主体资源和权力禀赋的非对等现象是普遍存在的，而且利益分配结构往往受到行为人权力结构的影响，所以我们认为，资源、权力以及利益分配之间存在内在联系和逻辑必然。在市场中，分配表现为交易各方对利益的占有关系，这实质上又取决于商品的交易价格，即交易价格的形成、变动在一定程度上体现的是市场参与者对利益的竞争。上述想法可以总结为，经济主体凭借所掌控的资源形成的对其他经济主体的影响力和控制力，或称经济权力，能够对市场交易施加影响，通过交易价格进而对交易者之间的利益分配产生影响。上述逻辑并非作者的主观臆断，现实交易中，这种情况应该是广泛存在的。有鉴于此，本文分析了权力因素对交易者的行为选择、交易进程以及交易价格的影响。为避免引起歧义，需要澄清的一个问题是，我们讨论的是交易价格及其影响因素，而非传统意义上的价值或均衡价格。通过分析权力的内涵、经济学研究的权力范式，探讨交易价格的分配功能，并基于利益竞争视角分析交易者的行为选择，数理模型的演绎结果表明，权力因素对交易进程和交易价格都具有重要影响，并详细分析了构成权力的不同要素与交易价格的关系。这些尝试性的研究试图给出更接近现实经济生活的理论分析，，也为深入研究经济权力及其影响作用提供理论参考。综上所述，本文研究所涉及的内容可以总结为以下两个方面：一是经济理论方面。首先，明确市场交易价格的分配属性，即从利益分配角度看，不同交易价格体现了交易各方对利益的不同占有关系，分析和阐述从资源、权力到交易价格和利益分配的理论逻辑。其次，分析金融市场的微观结构，即主要金融市场的参与者、参与者的资源、经济权力、行为方式及对交易价格的影响等问题，为构建数理模型提供思想基础。再次，对汇率、利率和证券交易价格的理论分析，包括这些金融商品交易价格所体现的利益竞争和利益分配关系，上述金融商品交易价格的决定理论和局限，以及基于本文视角对交易价格决定过程和影响因素的分析。二是数理模型方面。首先，构建数理模型，按照上述理论设想，主要采用博弈论方法对交易价格的形成过程进行理论建模，包括对传统模型的改进和重新演绎。其次，对博弈模型求解，分析均衡解的性质，在此过程中明确交易价格的权力影响因素以及作用机制，并揭示其现实经济含义，这也是论文研究的意义所在。对于上述相关内容，本文研究得到以下几个主要结论：第一，资源、权力因素对交易者的行为选择、市场交易过程以及交易价格存在影响，这是基于理性经济主体“利己”理念所得出的必然推论。在市场交易过程中，交易者的行为选择以利益最大化为目的，所以在可能的情况下，他们一定会利用所拥有的资源、权力对市场交易施加影响，进而实现利益目标。第二，交易价格具有分配属性。本文指出，市场交易价格具有二元性，一方面能够反映或部分反映商品的价值信息，另一方面，交易价格具有利益分配属性，即商品交易价格的高低，反映交易双方通过交易而获得的利益情况，交易价格的调整变动，引起的是交易双方收益情况的变动。在现实生活中，交易价格很多时候已经被异化为交易者进行利益竞争和分配的工具。第三，国家博弈是现代汇率决定的重要影响因素。在现代开放经济条件下，国家间的贸易、投资、就业和技术等方面相互依存，每个国家都拥有对其他国家的经济权力，出于对国际经济利益的竞争，国家间基于经济权力的博弈必然会对汇率产生影响。本文构造的数理模型证明，国家的经济权力越大，在汇率变动中越能够争取到有利于自身的结果，进而获得更大的国际经济利益，即真实汇率对相关利益方的影响状态与各方经济权力对比状态同构。第四，借贷双方的定价权会影响市场利率，正规金融市场的定价权主要受市场结构和产品类型决定，非正规金融市场的定价权与期限、风险等因素有关。从利益竞争角度分析，经济主体间的博弈会对市场利率施加影响，本文的模型演绎结果显示，定价权较大的微观主体在决定利率的博弈过程中具有优势，或者说最终的市场利率将更有利于实现具有较大定价权主体的利益。第五，资金和信息等资源对证券交易价格具有重要影响。在证券市场中，部分投资者凭借资金和信息等资源优势形成了对证券交易价格的影响力和控制力，凭此可以影响甚至改变其他投资者的预期，进而影响市场供求，最终影响证券的交易价格，即部分投资者具有对市场交易的利益分配施加影响，进而获得超额利润的可能。
[Abstract]:In social life, the main economic resources and power resources of non equivalence is a common phenomenon, and the interest distribution structure is affected by the behavior of the power structure, so we believe that the resources between power and interests distribution has internal relations and logical necessity. In the market, the distribution performance for the parties to the transaction on the relationship between the interests of the possession, which essentially depends on the commodity transaction price, namely transaction price changes in a certain extent, reflects the competition of market participants interests. These ideas can be summed up as other economic entities on the influence and control of economic main body with the control of the formation of resources, or economic power. Can exert influence on the market, the transaction price and influence the distribution of interests among traders. The logic is not the author's subjective reality, transaction This should be widespread.
In view of this, this paper analyzes the behavior of power factor on traders' choice, transaction process and affect the trading price. In order to avoid ambiguity, a problem to be clear, we discuss the transaction price and its influence factors, rather than the traditional sense of the value or the equilibrium price. Through analyzing the connotation of power, economics research to investigate the distribution function of power paradigm, transaction price, and the analysis of competing interests based on the behavior of traders from the perspective of choice, the mathematical model of interpretation results show that the power factor has an important influence on the transaction process and transaction price, and a detailed analysis of the relationship between different factors and transaction prices constitute power. These tentative analysis is given to closer to the reality of economic life theory, provide a theoretical reference for the further research on the economic power and influence.
To sum up, the contents of this study can be summed up in the following two aspects:
One is the economic theory. Firstly, clear the distribution of property market transaction price, namely from the perspective of the distribution of interests, different transaction price reflects the trading relationship between the parties of different interests share, analysis and explanation from the resources and power to the transaction price and the interest distribution theory logic. Secondly, analysis of financial market microstructure. That is the main financial market participants, participants, resources, economic power, problem behavior and the influence of the transaction price, to provide the ideological foundation for the construction of mathematical model. Thirdly, analysis on the exchange rate, interest rate and stock prices theory, including the relationship between competing interests and the distribution of interests reflected in these financial commodity trading prices, decided to the theory and the limitations of financial commodity trading prices, and based on the perspective of transaction price decision analysis process and the influence factors.
The two is the mathematical model. First, the construction of mathematical model, according to the above theory, mainly uses the method of game theory to the theory model of the formation process of the transaction price, including the improvement of the traditional model and re interpretation. Secondly, the game model, analysis of the properties of the equilibrium solution, explicit transaction price influencing factors and the role of power the mechanism of this process, and reveals the reality of economic meaning, this is where the significance of this research.
For the above related contents, the following main conclusions are obtained.
First, resources, power factor on the choice behavior of traders, the market effect of the transaction and the transaction price, this is a rational economic entity "selfish" concept of the inevitable deduction based on. In the process of market transaction, the behavior of traders choose to maximize the benefits for the purpose, so if possible, they will use the resources and power to influence the market transactions, and achieve the objectives.
Second, the transaction price has distribution properties. This paper points out that the market price is two yuan, on the one hand can reflect or partially reflect the value of information goods, on the other hand, the transaction price is the distribution of interests attribute, namely commodity transaction price, reflect the interests of double party transactions through the transaction obtained by changes in trade the price of the transaction is caused by earnings changes. In real life, a lot of the time the transaction price has been alienated as traders competing interests and distribution tools.
Third, the national game is an important factor influencing the modern exchange rate determination. In the open economy, trade between countries, investment, employment and interdependent technology, every country has on other countries' economic power, for the competition of international economic interests, the game between countries based on the economic power will influence on the exchange rate. Mathematical model proposed in this paper, the greater the power of national economy, changes in the exchange rate between China and Vietnam can get beneficial results, and thus gain greater international economic interests, the real exchange rate of stakeholders and state parties of economic power contrast state isomorphism.
Fourth, the debit and credit pricing will affect the market interest rate, the formal financial market pricing is mainly decided by market structure and product types, pricing and terms of informal financial market, the relevant risk factors. From the perspective of the interests of competition game between the economic subjects will exert influence on the market interest rate, the results of this deduction the model shows, has the advantage of micro subject pricing larger in determining interest rates during the game, or that the ultimate market interest rate will be more conducive to the realization of pricing has great interest in the subject.
Fifth, capital and information resources have an important impact on the trading prices of securities in the stock market, some investors with capital and information resources form the influence and control of the trading prices of securities, by virtue of the pre stage can influence and even change other investors, thereby affecting the market supply and demand, and ultimately affect the prices of the securities that is, some investors have an impact on the distribution of benefits of market transactions, and obtain excess profits.

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F224;F830

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