金融衍生品监管模式研究
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摘要
金融衍生品市场的交易失败通常会导致了企业及银行的破产,并且迅速地影响到了整个金融环境的稳定。世界各国都越来越重视金融衍生品的监管。我国要使自身的金融体系融入到世界金融环境中,就必须发展金融衍生品市场,那么金融衍生品的监管问题就必须要提上日程。
由于金融衍生品市场自身的重要地位和高风险性,相应监管的设计不能仍走之前先发展再治理的老路,它一方面会造成巨大的社会成本,另一方面也会挫伤投资者的信心,从而延缓我国发展构建金融衍生品市场的步伐。为此,我们需要从更系统的角度去考虑,认识市场未来的发展趋势,选好发展方向,减少重复建设,努力构建高效的金融衍生品监管模式。
本文从金融衍生品及其监管的必要性入手,针对金融衍生品监管的基本原则、法律体系、组织体系和方法体系四个方面,对金融衍生品监管模式进行了深入分析,并在借鉴美国金融衍生品监管经验教训的基础上,针对我国的具体状况提出对于发展金融衍生品监管的系统性建议。
In 1970s,the financial situation in the world was characterized by turbulence and intranquility,and the world's interest rates,exchange rates and stock markets had all experienced significant impact.In order to avoid risks,the financial derivatives first came into being in the United States and quickly swept the world.Though the financial derivatives were to avoid market risks primarily,they brought into the enormous risk as well as prosperity to the market for their own intrinsic quality of highly leveraged and being out of tables,etc..The failure of the financial derivatives market transactions directly led to the bankruptcy of enterprises and banks,and rapidly impacted on the stability of the whole financial environment.Therefore,countries in the world pay increasing attention to the supervision of the financial derivatives market nowadays.
If China would like to integrate its financial system into the world-wide financial environment,it must put the development of the supervision of the financial derivatives market on the agenda.Financial derivatives market because of their important status and high-risk nature, should not go the old way as development first and treatment followed at its design of supervision which we have already learned the lesson before. Because it on the one hand,will cause enormous social costs,on the other hand,would hurt investor's confidence and to slow down the pace of building our country's financial derivatives market.To this end,we need a more systematic point of view,about the adoption of foreign experience to explore the future development trend of the market,selecting the direction of development to reduce duplication of construction,and strive to build a modern mode of regulation of the financial derivatives.
This article will mainly be aimed at four major aspects of building a modern mode of regulation of the financial derivatives.That is,the basic principles of supervision,the legal system,the organizational system and the methodological system.Through the framework,the possible regulatory recommendations for the development of derivatives of our country were proposed.
The body of this article is divided into four chapters:
ChapterⅠdescribes an overview of financial derivatives and the need for supervision.The first part of this chapter proceeds with an overview of the financial derivatives and takes into account the corresponding risk factors while analyzing the characteristics of the financial derivatives,which paving the way to the regulatory analysis followed;The second and the third part of the chapter look into the need for supervision of the financial derivatives from the macro-and micro-perspective,of which is the question necessary to consider;then the fourth part comes to the basic mode of regulation of financial derivatives market conclusions which is fit to the national development conditions in our country.
The second chapter systematic analyzes the main four aspects to be taken into account of building the mode of regulation of financial derivatives.These four aspects are the basic supervision principles,the legal system,organization system and method system.And subsequent sections of this chapter and the following are also in accordance with the structure from the analysis of four aspects.The first part introduces what the status of the basic principles is at the mode of the financial derivatives supervision system,as well as the developmental trend of the current international principle already established;the second part and the third part are considered of the direction of constructing the legal system and the organizational structure,and explores the complementary relationship between the two;the fourth part,in order to reach the entire financial derivatives supervision unified,introduces our specific means to build the financial derivatives supervision system at the basis of the front discussion.
ChapterⅢanalyzes the mode of financial derivatives regulation of the United States,and the reference for our country.The first part introduces the basic principles of supervision of the United States, knowing that the United States put even more emphasis on legal norms to regulate the financial derivatives market,which is the future direction of our country;the second part refers to legal norms aimed at all aspects of the market of the United States;in the third part,the conclusion of studying three-tier regulatory mode of the United States is given,however, for the supervision subject,the unified supervision route will be kept to, so as to exert the advantages of China's totalitarianism and reduce regulatory inefficiencies;the fourth part mainly examines the access and exit mechanisms to the financial derivatives market of United States,and specifically realizes the features and advantages of the preventive supervision mechanism of the United States.
ChapterⅣfrom four aspects analyzes the regulatory model of our country's financial derivatives,and put forward concrete proposals.The first part from five perspective discusses the basic principles of supervision of China's financial derivatives;the second part evaluates the active legal system of our country on the basis of the first part,coming out that it is still inadequate with fitting the unified supervision of the financial derivatives market;the third part analyzes the organizational system of our country,and emphasizes on the necessity of the unified supervision of the financial derivatives;the fourth part proposes some specific corresponding recommendations of building China's financial derivatives supervision system containing the market access mechanism, the assurance mechanism in the process of transactions,the market exit mechanism,and so on.
由于金融衍生品市场自身的重要地位和高风险性,相应监管的设计不能仍走之前先发展再治理的老路,它一方面会造成巨大的社会成本,另一方面也会挫伤投资者的信心,从而延缓我国发展构建金融衍生品市场的步伐。为此,我们需要从更系统的角度去考虑,认识市场未来的发展趋势,选好发展方向,减少重复建设,努力构建高效的金融衍生品监管模式。
本文从金融衍生品及其监管的必要性入手,针对金融衍生品监管的基本原则、法律体系、组织体系和方法体系四个方面,对金融衍生品监管模式进行了深入分析,并在借鉴美国金融衍生品监管经验教训的基础上,针对我国的具体状况提出对于发展金融衍生品监管的系统性建议。
In 1970s,the financial situation in the world was characterized by turbulence and intranquility,and the world's interest rates,exchange rates and stock markets had all experienced significant impact.In order to avoid risks,the financial derivatives first came into being in the United States and quickly swept the world.Though the financial derivatives were to avoid market risks primarily,they brought into the enormous risk as well as prosperity to the market for their own intrinsic quality of highly leveraged and being out of tables,etc..The failure of the financial derivatives market transactions directly led to the bankruptcy of enterprises and banks,and rapidly impacted on the stability of the whole financial environment.Therefore,countries in the world pay increasing attention to the supervision of the financial derivatives market nowadays.
If China would like to integrate its financial system into the world-wide financial environment,it must put the development of the supervision of the financial derivatives market on the agenda.Financial derivatives market because of their important status and high-risk nature, should not go the old way as development first and treatment followed at its design of supervision which we have already learned the lesson before. Because it on the one hand,will cause enormous social costs,on the other hand,would hurt investor's confidence and to slow down the pace of building our country's financial derivatives market.To this end,we need a more systematic point of view,about the adoption of foreign experience to explore the future development trend of the market,selecting the direction of development to reduce duplication of construction,and strive to build a modern mode of regulation of the financial derivatives.
This article will mainly be aimed at four major aspects of building a modern mode of regulation of the financial derivatives.That is,the basic principles of supervision,the legal system,the organizational system and the methodological system.Through the framework,the possible regulatory recommendations for the development of derivatives of our country were proposed.
The body of this article is divided into four chapters:
ChapterⅠdescribes an overview of financial derivatives and the need for supervision.The first part of this chapter proceeds with an overview of the financial derivatives and takes into account the corresponding risk factors while analyzing the characteristics of the financial derivatives,which paving the way to the regulatory analysis followed;The second and the third part of the chapter look into the need for supervision of the financial derivatives from the macro-and micro-perspective,of which is the question necessary to consider;then the fourth part comes to the basic mode of regulation of financial derivatives market conclusions which is fit to the national development conditions in our country.
The second chapter systematic analyzes the main four aspects to be taken into account of building the mode of regulation of financial derivatives.These four aspects are the basic supervision principles,the legal system,organization system and method system.And subsequent sections of this chapter and the following are also in accordance with the structure from the analysis of four aspects.The first part introduces what the status of the basic principles is at the mode of the financial derivatives supervision system,as well as the developmental trend of the current international principle already established;the second part and the third part are considered of the direction of constructing the legal system and the organizational structure,and explores the complementary relationship between the two;the fourth part,in order to reach the entire financial derivatives supervision unified,introduces our specific means to build the financial derivatives supervision system at the basis of the front discussion.
ChapterⅢanalyzes the mode of financial derivatives regulation of the United States,and the reference for our country.The first part introduces the basic principles of supervision of the United States, knowing that the United States put even more emphasis on legal norms to regulate the financial derivatives market,which is the future direction of our country;the second part refers to legal norms aimed at all aspects of the market of the United States;in the third part,the conclusion of studying three-tier regulatory mode of the United States is given,however, for the supervision subject,the unified supervision route will be kept to, so as to exert the advantages of China's totalitarianism and reduce regulatory inefficiencies;the fourth part mainly examines the access and exit mechanisms to the financial derivatives market of United States,and specifically realizes the features and advantages of the preventive supervision mechanism of the United States.
ChapterⅣfrom four aspects analyzes the regulatory model of our country's financial derivatives,and put forward concrete proposals.The first part from five perspective discusses the basic principles of supervision of China's financial derivatives;the second part evaluates the active legal system of our country on the basis of the first part,coming out that it is still inadequate with fitting the unified supervision of the financial derivatives market;the third part analyzes the organizational system of our country,and emphasizes on the necessity of the unified supervision of the financial derivatives;the fourth part proposes some specific corresponding recommendations of building China's financial derivatives supervision system containing the market access mechanism, the assurance mechanism in the process of transactions,the market exit mechanism,and so on.
引文
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[1]白钦先,常海中.关于金融衍生品的虚拟性及其正负功能的思考[J].财贸经济,2007.8.
[2]刘英华.金融衍生品:交易所发展不可或缺的一环[J].深交所,2007.6.
[3]卫新江等.金融监管学[M].北京:中国金融出版社,2005.
[4]郭田勇.金融监管教程[M].北京:中国金融出版社,2005.
[5]谭燕芝.金融衍生品监管——基于契约经济学的分析[M].北京:中国经济出版社,2007.
[6]周许道.现代金融监管体制研究[M].北京:中国金融出版社,2000.
[7]胡怀邦.金融发展中的衍生市场研究[M].北京:中国经济出版社,2000.
[8]陈小平.国际金融衍生品市场[M].北京:中国金融出版社,1997.
[9]明洪盛.新时期金融衍生品对金融业影响及其应对[J].武汉理工大学学报,2005.6.
[10]明洪盛.金融衍生品市场风险分析及应对策略[J].特区经济,2005.10.
[11]寿梅生.金融衍生产品交易三大风险[J].中国外汇管理,2005.3.
[12]刘丽.中国金融衍生产品市场的发展及监管体系的选择[D].北京:武汉理工大学,2005.
[13]闫建.期货市场保证金制度研究[D].辽宁:东北财经大学,2007.
[14]卢文道.金融衍生工具市场监管法制构建中的三个关键问题[EB/OL].中国民商法律网[2007-1-19].http//www.civillaw.com.cn/article/default,asp?id=30594
[15]洪治纲.国际金融衍生品监管法基本原则[J].探析湖北社会科学,2007.02.
[16]巴曙松.金融衍生品市场监管需遵循三原则[J].现代商业银行,2007.
[17]葛敏,席月民.我国金融衍生品市场统一监管模式选择[J].法学杂志,2005.03.
[18]王刚.国际金融衍生工具市场法律监管问题研究[D].大连:大连海事大学,2007.
[19]谭燕芝.金融衍生品监管——基于契约经济学的分析[M].北京:中国经济出版社,2008.
[20]葛敏,郑人玮.金融衍生品市场统一监管法律制度的构建[J].环球法律评论,2005.11.
[21]谭燕芝,蔡伟贤.发达国家金融衍生品监管模式比较与启示[J].求索,2005.4:35.
[22]王晓梅.从国际比较中选择我国金融衍生品监管模式[J].华北金融,2007.8.
[23]黄冠颖.证券交易所自律监管制度国际比较研究[D].华东政法大学,2007.4.
[24]白钦先.发达国家金融监管比较研究[M].中国金融出版社,2003.
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