融资融券最优初始担保水平及其参与者行为
发布时间：2018-10-05 08:20
【摘要】：本文采用效用与均衡分析思想,从市场一般均衡角度,在理论上分析在融资融券契约运行中,投资者的行为选择以及融资融券最优初始担保水平的决定因素,研究发现:融资融券均衡初始担保水平决定于投资者对市场未来走势的预期、通货膨胀水平、消费时间偏好和证券交易成本等因素,且有内在的动态要求;合理的初始担保率有助于引导市场回归均衡和投资者实现帕累托最优,而且也可以配合其他政策措施成为实现宏观经济调控目标的重要工具。
[Abstract]:Based on the idea of utility and equilibrium, this paper theoretically analyzes the investors' behavior choice and the determinants of the optimal initial guarantee level in the operation of margin and margin contracts from the point of view of market general equilibrium. It is found that the initial guarantee level of margin equilibrium is determined by the expectation of the future trend of the market, the inflation level, the consumption time preference and the securities transaction cost, and has the inherent dynamic request; Reasonable initial guarantee ratio is helpful to guide market return to equilibrium and investors to realize Pareto optimum, and it can also be an important tool to realize macroeconomic regulation and control target with other policies and measures.
【作者单位】： 中南财经政法大学理论经济学博士后流动站;中南财经政法大学经济学院;
【基金】：教育部人文社会科学研究青年基金项目“投资消费信心与金融系统互动机理研究”(11YJCZH200)
【分类号】：F224;F832.51
[Abstract]:Based on the idea of utility and equilibrium, this paper theoretically analyzes the investors' behavior choice and the determinants of the optimal initial guarantee level in the operation of margin and margin contracts from the point of view of market general equilibrium. It is found that the initial guarantee level of margin equilibrium is determined by the expectation of the future trend of the market, the inflation level, the consumption time preference and the securities transaction cost, and has the inherent dynamic request; Reasonable initial guarantee ratio is helpful to guide market return to equilibrium and investors to realize Pareto optimum, and it can also be an important tool to realize macroeconomic regulation and control target with other policies and measures.
【作者单位】： 中南财经政法大学理论经济学博士后流动站;中南财经政法大学经济学院;
【基金】：教育部人文社会科学研究青年基金项目“投资消费信心与金融系统互动机理研究”(11YJCZH200)
【分类号】：F224;F832.51
【参考文献】
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