次债危机后我国场内衍生品市场的监管问题研究

发布时间：2018-06-14 11:28

本文选题：场内交易的衍生品监管 + 期货监管　；参考：《复旦大学》2012年硕士论文

【摘要】：次级债已经臭名昭著,它属于衍生品,所以也被认为是万恶之源。全球范围内已经开始检讨对衍生品的监管体系、监管措施及其执行状况。然而,由于场内衍生品监管严格、透明度高且市场风险可测可控,市场正不断显现出其重要的功能。不应当因为金融危机中场外衍生品的不当使用和监管缺位而连累场内衍生品,使其发展停滞不前。与发达市场及很多其他新兴市场相比,我国的衍生品市场仍然是一个成长中而又未成熟的市场；我国的监管体系也是一个运行中而又未完善的监管体系。与发达国家的金融创新过度,监管不到位相比,我们是金融创新严重不足,监管目标不明晰、不完善却又过于严格。所以,场内衍生品市场的发展、场内衍生品市场法制环境的完善和更良好的金融生态是当前我国最需要大力推动的。一个不完善的市场需要统一的规划和监管,需要循序渐进地发展。以条件成熟的场内交易的简单金融衍生品为发展源头,促进我国金融衍生品市场,乃至整个金融市场的发展。这最终将有利于促进和维护实体经济的发展。本文通过对场内衍生品、场内衍生品市场监管、场内与场外的区别和场内衍生品市场风险的正名揭示了当前社会对场内场外两种衍生品市场的混淆和误解。通过对危机及危机后场内衍生品市场现状的分析,挖掘其存在的意义,证明了场内衍生品应区别于次债等场外衍生品进行监管。在分析监管目标、监管原则、监管结构后,研究了美国模式、德国模式和中国当前的模式。在次债危机启示下,提出了一系列包括法制建设缺失、监管目标偏误、新品种发展瓶颈、交易所盈利性、保证金控制隐患等引发的问题及其解决的创新思路。
[Abstract]:Subprime debt has become notorious as a derivative, so it is also considered the root of all evil. A review of derivatives regulatory systems, regulatory measures and their enforcement has begun around the world. However, because of the strict supervision of OTC derivatives, high transparency and manageable market risk, the market is showing its important function. OTC derivatives should not stagnate because of the improper use of OTC derivatives and lack of regulation in the financial crisis. Compared with developed markets and many other emerging markets, China's derivatives market is still a growing and immature market, and China's regulatory system is also a functioning and imperfect regulatory system. Compared with the developed countries' financial innovation and supervision, our financial innovation is seriously inadequate, the regulatory objectives are not clear, imperfect but too strict. Therefore, the development of OTC derivatives market, the perfection of legal environment of OTC derivatives market and a better financial ecology are the most important things to be promoted in our country. An imperfect market needs unified planning and supervision, and needs to develop step by step. Taking the simple financial derivatives with mature OTC as the source of development, it promotes the development of the financial derivatives market and even the whole financial market in China. This will ultimately help to promote and maintain the development of the real economy. This paper reveals the confusion and misunderstanding of OTC and OTC derivatives markets through the supervision of OTC derivatives market, the difference between OTC and OTC markets and the correct name of OTC derivatives market risks. By analyzing the current situation of OTC derivatives market after crisis and crisis, the significance of OTC derivatives is excavated, and it is proved that OTC derivatives should be different from OTC derivatives such as subprime bonds. After analyzing the regulatory objectives, regulatory principles and regulatory structure, this paper studies the American model, the German model and the current model of China. Under the revelation of the sub-debt crisis, this paper puts forward a series of problems caused by the lack of legal system construction, the deviation of the supervision target, the bottleneck of the development of new varieties, the profitability of the exchange, the hidden danger of margin control, and so on.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.5

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