金融衍生品及其与金融危机的相关性分析

发布时间：2018-01-21 05:19

本文关键词： 金融衍生品金融危机市场监管　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：产生于上个世纪七十年代的金融衍生品是近30年来国际金融领域发生的最为深刻的变革之一,因其所具有的价格发现和对冲风险等功能,而吸引了众多投资机构和跨国公司的青睐。但随着金融衍生品创新的不断深化,创新链条的延伸使其离基础资产越来越远,当金融衍生品的创新不再以推动产业升级和提高经济效率为目的,而是为了掩盖传统风险以进行投机套利,那么金融衍生品便背离了服务于实体经济的本质,成为了加剧市场风险的助推器。与此同时,金融衍生品的跨国传染效应,使每一个国家都难逃其影响,只是影响程度取决于该国在国际金融体系中的地位,即便是金融帝国,一旦监管不力导致伤及自身,也会带来帝国的衰落。近几十年来,金融危机表现出越来越强的传递性和危害性,也验证了以上对金融衍生品的担忧。因此,如何在把握机遇,充分利用金融衍生品来促进我国经济发展的同时,从以往金融衍生品带来的动荡中总结经验,吸取教训,切实利用好金融衍生品来提升我国金融市场的活力,成为迫在眉睫的重要课题。故而本文试图从危机前的繁荣中去寻找金融衍生品的足迹,探究金融危机前是否总有金融衍生品创新的起步或发展的高峰,这对稳妥地发展我国的金融衍生品市场具有很重要的现实意义。
[Abstract]:In -30s, financial derivatives is one of the most profound changes in the international financial field in the past 30 years, because of its price discovery and risk hedging functions. But with the deepening of financial derivatives innovation, the extension of innovation chain makes it more and more away from the basic assets. When the innovation of financial derivatives is no longer aimed at promoting industrial upgrading and improving economic efficiency, but in order to cover up traditional risks and carry out speculative arbitrage, financial derivatives deviate from the essence of serving the real economy. At the same time, the transnational contagion effects of financial derivatives make it difficult for every country to escape its impact, depending on its place in the international financial system. Even financial empires, if not regulated to harm themselves, will also bring about imperial decline. In recent decades, the financial crisis has shown increasingly strong transmission and harm. Therefore, how to seize the opportunity to make full use of financial derivatives to promote the economic development of our country, at the same time, from the past financial derivatives brought by the turmoil to sum up experience. Drawing lessons and making good use of financial derivatives to enhance the vitality of our financial market has become an urgent and important issue. Therefore, this paper tries to look for the footprint of financial derivatives from the prosperity before the crisis. It is of great practical significance to explore whether there is always the starting or developing peak of financial derivatives innovation before the financial crisis, which is of great practical significance to the steady development of financial derivatives market in China.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.5

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