金融市场跨市场关联关系、市场分派与政府角色

发布时间：2018-01-19 00:29

本文关键词： 跨市场关联关系成本-效能标准市场分派政府角色　出处：《新金融》2015年05期 　论文类型：期刊论文

【摘要】：依据成本效能标准,市场分派的结果是交易者倾向于专门从事其所擅长的交易,交易过程引致多个证券子市场之间产生互动,客观上形成了跨市场关联关系。证券交易者的能力和交易属性相匹配的市场过程构成市场分派具体内容的差异,金融创新会推动市场分派调整。市场分派并不必然导致符合特定市场价值判断的结果。政府介入的目的在于弥补市场分派的不足,并推动符合特定价值判断的市场关系的形成。政府角色选择也需要考虑成本-效能标准并在宽泛的干预原则、具体的干预规则和自律管理等有机结合的基础上,建立起有助于推动金融创新、保持对市场微观变化动态适应的规则和制度环境体系。
[Abstract]:According to the cost effectiveness criterion, the result of market assignment is that traders tend to specialize in the trades they are good at, and the trading process leads to the interaction among multiple securities sub-markets. Objectively, a cross-market relationship is formed. The market process that matches the ability of the securities trader and the trading attributes constitutes the difference of the specific contents of the market assignment. Financial innovation will promote the adjustment of market allocation. Market allocation does not necessarily lead to the results that accord with the judgment of specific market value. The purpose of government intervention is to make up for the deficiency of market allocation. And promote the formation of market relationship in accordance with specific value judgment. Government role selection also needs to consider the cost-effectiveness criteria and on the basis of broad intervention principles, specific intervention rules and self-regulatory management. It is helpful to promote financial innovation and to maintain a system of rules and institutions that can adapt to market microcosmic changes.
【作者单位】：山东科技大学经济管理学院;中南财经政法大学理论经济学博士后流动站;
【基金】：中国博士后科研基金项目:“基于秩序理论的证券交易跨市场监管理论研究”(2012M521510)
【分类号】：F832.5;D630
【正文快照】： 引言在市场资源配置机制发挥作用的过程中,如何借助国家力量,通过改变市场制度进而促进市场资源配置功能的实现和提升已成为经济学领域有关政府监管的各种理论的基本出发点。作为金融市场重要组成部分的证券市场,又可以依据交易对象的不同区分出更细致的证券子市场类型。每种

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