發(fā)布時間：2018-06-14 11:28

  本文選題：場內交易的衍生品監(jiān)管 + 期貨監(jiān)管��； 參考：《復旦大學》2012年碩士論文

【摘要】：次級債已經臭名昭著,它屬于衍生品,所以也被認為是萬惡之源。全球范圍內已經開始檢討對衍生品的監(jiān)管體系、監(jiān)管措施及其執(zhí)行狀況。然而,由于場內衍生品監(jiān)管嚴格、透明度高且市場風險可測可控,市場正不斷顯現(xiàn)出其重要的功能。不應當因為金融危機中場外衍生品的不當使用和監(jiān)管缺位而連累場內衍生品,使其發(fā)展停滯不前。 與發(fā)達市場及很多其他新興市場相比,我國的衍生品市場仍然是一個成長中而又未成熟的市場；我國的監(jiān)管體系也是一個運行中而又未完善的監(jiān)管體系。與發(fā)達國家的金融創(chuàng)新過度,監(jiān)管不到位相比,我們是金融創(chuàng)新嚴重不足,監(jiān)管目標不明晰、不完善卻又過于嚴格。所以,場內衍生品市場的發(fā)展、場內衍生品市場法制環(huán)境的完善和更良好的金融生態(tài)是當前我國最需要大力推動的。一個不完善的市場需要統(tǒng)一的規(guī)劃和監(jiān)管,需要循序漸進地發(fā)展。以條件成熟的場內交易的簡單金融衍生品為發(fā)展源頭,促進我國金融衍生品市場,乃至整個金融市場的發(fā)展。這最終將有利于促進和維護實體經濟的發(fā)展。 本文通過對場內衍生品、場內衍生品市場監(jiān)管、場內與場外的區(qū)別和場內衍生品市場風險的正名揭示了當前社會對場內場外兩種衍生品市場的混淆和誤解。通過對危機及危機后場內衍生品市場現(xiàn)狀的分析,挖掘其存在的意義,證明了場內衍生品應區(qū)別于次債等場外衍生品進行監(jiān)管。在分析監(jiān)管目標、監(jiān)管原則、監(jiān)管結構后,研究了美國模式、德國模式和中國當前的模式。在次債危機啟示下,提出了一系列包括法制建設缺失、監(jiān)管目標偏誤、新品種發(fā)展瓶頸、交易所盈利性、保證金控制隱患等引發(fā)的問題及其解決的創(chuàng)新思路。
[Abstract]:Subprime debt has become notorious as a derivative, so it is also considered the root of all evil. A review of derivatives regulatory systems, regulatory measures and their enforcement has begun around the world. However, because of the strict supervision of OTC derivatives, high transparency and manageable market risk, the market is showing its important function. OTC derivatives should not stagnate because of the improper use of OTC derivatives and lack of regulation in the financial crisis. Compared with developed markets and many other emerging markets, China's derivatives market is still a growing and immature market, and China's regulatory system is also a functioning and imperfect regulatory system. Compared with the developed countries' financial innovation and supervision, our financial innovation is seriously inadequate, the regulatory objectives are not clear, imperfect but too strict. Therefore, the development of OTC derivatives market, the perfection of legal environment of OTC derivatives market and a better financial ecology are the most important things to be promoted in our country. An imperfect market needs unified planning and supervision, and needs to develop step by step. Taking the simple financial derivatives with mature OTC as the source of development, it promotes the development of the financial derivatives market and even the whole financial market in China. This will ultimately help to promote and maintain the development of the real economy. This paper reveals the confusion and misunderstanding of OTC and OTC derivatives markets through the supervision of OTC derivatives market, the difference between OTC and OTC markets and the correct name of OTC derivatives market risks. By analyzing the current situation of OTC derivatives market after crisis and crisis, the significance of OTC derivatives is excavated, and it is proved that OTC derivatives should be different from OTC derivatives such as subprime bonds. After analyzing the regulatory objectives, regulatory principles and regulatory structure, this paper studies the American model, the German model and the current model of China. Under the revelation of the sub-debt crisis, this paper puts forward a series of problems caused by the lack of legal system construction, the deviation of the supervision target, the bottleneck of the development of new varieties, the profitability of the exchange, the hidden danger of margin control, and so on.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.5

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本文編號：2017221