场外金融衍生品信息不对称及其风险——兼论美国的监管改革

发布时间：2018-06-05 09:46

本文选题：场外金融衍生品 + 信息不对称　；参考：《江西社会科学》2012年07期

【摘要】：场外金融衍生品的契约性和未来性使其较其他交易面临更多的信息不对称问题,而现代产品创新和市场发展则进一步加剧了交易双方、公司与投资者、市场与监管者之间的信息不对称。场外金融衍生品信息不对称不但使信息弱势方面临道德风险,而且增加了信息优势方的法律风险。随着交易的社会化发展,信息不对称由交易的微观层面向市场整体的宏观层面扩散,个体风险会因此演变成系统性风险。强化场外金融衍生品监管,提高市场透明度成为美国此次金融改革的重要内容。我国现有分业监管框架和以自律为主的管理机制使得开放而统一的场外金融衍生品市场难以形成,市场透明度的提升需要我国在制度上进行创新。
[Abstract]:The contractual and future nature of over-the-counter financial derivatives makes them face more information asymmetry problems than other transactions, while modern product innovation and market development further aggravate both parties, companies and investors. Information asymmetry between markets and regulators. The asymmetric information of over-the-counter financial derivatives not only makes the weak party of information face moral hazard, but also increases the legal risk of information advantage party. With the development of transaction socialization, the information asymmetry spreads from the micro level of transaction to the macro level of the whole market, and the individual risk will evolve into systemic risk. Strengthening the supervision of OTC financial derivatives and improving the transparency of the market has become an important part of the financial reform in the United States. The existing regulatory framework and self-discipline management mechanism make it difficult to form an open and unified over-the-counter financial derivatives market. The promotion of market transparency needs to be innovated in the system.
【作者单位】：华东政法大学商学院;
【基金】：国家社科基金项目“金融衍生产品投资风险控制法律制度研究”(项目批准号:10BFX065) 教育部人文社科规划项目“场外金融衍生产品法律监管研究”(项目批准号:09YJA820023)的研究成果
【分类号】：F837.12;F832.5

【共引文献】