韓國金融衍生品市場研究
發(fā)布時(shí)間：2018-09-07 22:24
【摘要】：金融衍生品最初出現(xiàn)于20世紀(jì)70年代，它的出現(xiàn)對當(dāng)時(shí)的金融和經(jīng)濟(jì)活動(dòng)起到了豐富和促進(jìn)作用。對于大多數(shù)中國人來說，金融衍生品這個(gè)概念還是個(gè)陌生的詞匯，更遑論利用金融衍生品這種形式來選擇性的降低風(fēng)險(xiǎn)，最大化投資的收益。金融衍生品，簡而言之，就是通過采取更為靈活多樣的合約形式，對公司自身的風(fēng)險(xiǎn)進(jìn)行有效的整合，然后通過市場行為，將形成的風(fēng)險(xiǎn)轉(zhuǎn)移給對此風(fēng)險(xiǎn)有意的風(fēng)險(xiǎn)操作者，從而實(shí)現(xiàn)公司內(nèi)部的資源的優(yōu)化配置。 金融衍生品市場的完善程度也是衡量一個(gè)國家金融市場完整和成熟與否的標(biāo)志，對于任何國家來說，金融市場的發(fā)展，畢竟伴隨著金融衍生品市場的發(fā)展，這一過程對于金融市場的完善和整體運(yùn)營效率的提升具有非常重要的現(xiàn)實(shí)意義，對此進(jìn)行研究，在一定程度上能豐富我國金融市場研究理論，為我國社會(huì)主義市場經(jīng)濟(jì)體系下的金融衍生產(chǎn)品的完善提供一定的理論支持。雖然韓國的金融衍生品市場誕生的時(shí)間要晚于美國，但是韓國從自身的實(shí)際情況出發(fā)，雖然在一定程度上參考了美國的金融模式，但是根據(jù)國內(nèi)市場的實(shí)際需求和整體的發(fā)展情況進(jìn)行的金融產(chǎn)品衍生產(chǎn)品的開發(fā)，在經(jīng)過初期的低迷之后，還是成為全球范圍內(nèi)重要的金融產(chǎn)品衍生品交易中心。 上世紀(jì)末期，韓國經(jīng)濟(jì)發(fā)展趨于緩慢，在很大程度上對金融產(chǎn)品的銷售和發(fā)行帶來了一定的負(fù)面影響，但是從整體上來說，金融衍生產(chǎn)品的交易量始終保持在較高水平，而在最近幾年的全球范圍內(nèi)的金融危機(jī)，對于韓國所造成的實(shí)質(zhì)性影響相對較小，因此對韓國的金融衍生品市場進(jìn)行研究是很有必要的。 在論文的設(shè)計(jì)過程中，綜合采用了文獻(xiàn)分析、市場調(diào)研、信息搜集等多種研究方法。通過對韓國金融衍生品市場的形成和發(fā)展過程進(jìn)行研究，在充分考慮中國金融市場現(xiàn)實(shí)狀況的基礎(chǔ)上，設(shè)計(jì)出適合我國的金融衍生品市場的模式，以期望通過本文為中國的金融衍生品市場戰(zhàn)略發(fā)展做出應(yīng)有貢獻(xiàn)。 本論文結(jié)構(gòu)共分為六大部分: 第一部分緒論，論述了本文的選題背景、研究的目的，通過對國內(nèi)外研究動(dòng)態(tài)的回顧和綜述，在現(xiàn)有相關(guān)研究背景和研究結(jié)論的基礎(chǔ)上提煉出本文的創(chuàng)新點(diǎn)，對我國金融衍生品市場發(fā)展的具有一定的理論意義與現(xiàn)實(shí)意義。在本文的研究中，重點(diǎn)對韓國金融衍生品市場的形成過程進(jìn)行了相關(guān)的研究，尤其是對這一過程中的法律法規(guī)方面的論述，更是具有一定的創(chuàng)新意義。 第二部分結(jié)合韓國金融衍生品市場介紹了金融衍生品市場的相關(guān)理論，如金融衍生品及其分類、金融衍生品的經(jīng)濟(jì)功能，金融衍生品的風(fēng)險(xiǎn)管理和監(jiān)管等。 第三部分介紹了韓國金融衍生品市場的形成過程、現(xiàn)狀、發(fā)展，法律法規(guī)和韓國金融衍生品市場的特點(diǎn)。 第四部分通過對中韓金融衍生品市場發(fā)展的比較分析，得出中韓兩國在金融衍生品市場中的不同點(diǎn)。 第五部分是本文最重要的兩章，，闡述了韓國金融衍生品市場中存在的問題：如對場內(nèi)金融衍生品過于依賴、整體金融市場進(jìn)入標(biāo)準(zhǔn)過于寬松等原因造成的韓國金融衍生品市場的發(fā)展緩慢等以及韓國金融衍生品市場對中國的啟示，并以此為依據(jù)，對我國的金融衍生品市場的構(gòu)建和完善提出了意見和建議。是本文的核心章節(jié)。 第六部分得出了本文的研究結(jié)論：在向國外的不斷學(xué)習(xí)借鑒過程中，我們應(yīng)該結(jié)合我國的實(shí)際情況，找到一個(gè)適合我國國情的發(fā)展方向，推行具有本國特色的金融衍生品市場，同時(shí)使中國的金融衍生品市場更為國際化。 中國現(xiàn)在的市場處于發(fā)展初期，很多方面還準(zhǔn)備的不夠充分，為更好的建立、完善金融衍生品市場、促進(jìn)市場長遠(yuǎn)發(fā)展的功能，還需要繼續(xù)完善、健全信息披露制度，減少市場參與各方的信息不對稱；完善相應(yīng)的法律、法規(guī)，使得各項(xiàng)操作有法可依；強(qiáng)化監(jiān)管和行業(yè)協(xié)會(huì)的職能，倡導(dǎo)自律管理；更好的引導(dǎo)機(jī)構(gòu)投資者的行為，培育具有長期投資這價(jià)值投資理念的投資者。 由于本人跨行學(xué)金融，屬于初學(xué)階段，因此水平有限，加之金融衍生品市場在我國不是很成熟，對它的研究只是處于起步階段，因此本文難免存在一些紕漏和錯(cuò)誤，在此懇請各位專家學(xué)者不吝賜教，學(xué)生萬分感謝。
[Abstract]:Financial derivatives first appeared in the 1970s, which enriched and promoted the financial and economic activities at that time. For most Chinese, the concept of financial derivatives is still a strange word, let alone the use of financial derivatives as a form of selective risk reduction to maximize the income of investment. Benefits. Financial derivatives, in short, is the effective integration of the company's own risks through the adoption of more flexible and diverse forms of contracts, and then through market behavior, the resulting risks will be transferred to the risk of intentional risk operators, so as to achieve the optimal allocation of resources within the company.
The perfection of the financial derivatives market is also a sign of the integrity and maturity of a country's financial market. For any country, the development of the financial market, after all, is accompanied by the development of the financial derivatives market. This process has a very important practical significance for the improvement of the financial market and the improvement of the overall operational efficiency. This research can enrich the theory of financial market research in China to a certain extent and provide theoretical support for the perfection of financial derivatives under the socialist market economic system in China. To some extent, it refers to the financial model of the United States, but according to the actual demand of the domestic market and the overall development of financial derivatives development, after the initial downturn, or become an important financial derivatives trading center in the world.
At the end of last century, South Korea's economic development tended to be slow, to a large extent, the sale and issuance of financial products has had a negative impact, but on the whole, the volume of financial derivatives trading has been maintained at a higher level, and in recent years, the global financial crisis has caused substantial damage to South Korea. Therefore, it is necessary to study the financial derivatives market in Korea.
In the process of designing this paper, the author synthetically uses various research methods such as literature analysis, market research, information collection and so on. Through the research on the formation and development process of the financial derivatives market in Korea, and on the basis of fully considering the actual situation of China's financial market, the author designs a suitable model for China's financial derivatives market in order to look forward to it. Through this article, we should make a due contribution to the strategic development of China's financial derivatives market.
The structure of this thesis is divided into six parts.
The first part is the introduction, which discusses the background of this paper, the purpose of this study, through the review and summary of the domestic and foreign research trends, and on the basis of the existing relevant research background and conclusions, extracts the innovation of this paper, which has a certain theoretical and practical significance for the development of China's financial derivatives market. In this paper, we focus on the formation process of the financial derivatives market in South Korea, especially the discussion of laws and regulations in this process, which is of certain innovative significance.
The second part introduces the relevant theories of financial derivatives market, such as financial derivatives and their classification, the economic functions of financial derivatives, the risk management and supervision of financial derivatives.
The third part introduces the forming process, present situation, development, laws and regulations of the Korean financial derivatives market and the characteristics of the Korean financial derivatives market.
In the fourth part, through the comparative analysis of the development of China and South Korea's financial derivatives market, we get the differences between China and South Korea in the financial derivatives market.
The fifth part is the most important two chapters of this paper. It expounds the problems existing in the Korean financial derivatives market, such as the slow development of the Korean financial derivatives market caused by the over-reliance on intra-market financial derivatives, the loose entry standards of the overall financial market and so on, and the Enlightenment of the Korean financial derivatives market to China. On this basis, the paper puts forward some suggestions on the construction and perfection of China's financial derivatives market.
The sixth part draws the conclusion of this study: in the process of learning from foreign countries, we should find a suitable development direction for China's national conditions, promote the financial derivatives market with its own characteristics, and make China's financial derivatives market more international.
China's current market is in the early stage of development, many aspects are not fully prepared, in order to better establish, improve the financial derivatives market, promote the long-term development of the market function, but also need to continue to improve, improve the information disclosure system, reduce the market participants in information asymmetry; improve the corresponding laws and regulations, so that the operation of various operations. There are laws to abide by; strengthen the functions of supervision and trade associations, advocate self-discipline management; better guide the behavior of institutional investors, cultivate investors with long-term investment value investment concept.
As I cross-bank finance, belong to the initial stage, so the level is limited, coupled with the financial derivatives market in China is not very mature, the study of it is only in its infancy, so there are inevitably some omissions and errors in this paper, I would like to invite experts and scholars to teach, students thank you very much.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F833.126
本文編號：2229585
[Abstract]:Financial derivatives first appeared in the 1970s, which enriched and promoted the financial and economic activities at that time. For most Chinese, the concept of financial derivatives is still a strange word, let alone the use of financial derivatives as a form of selective risk reduction to maximize the income of investment. Benefits. Financial derivatives, in short, is the effective integration of the company's own risks through the adoption of more flexible and diverse forms of contracts, and then through market behavior, the resulting risks will be transferred to the risk of intentional risk operators, so as to achieve the optimal allocation of resources within the company.
The perfection of the financial derivatives market is also a sign of the integrity and maturity of a country's financial market. For any country, the development of the financial market, after all, is accompanied by the development of the financial derivatives market. This process has a very important practical significance for the improvement of the financial market and the improvement of the overall operational efficiency. This research can enrich the theory of financial market research in China to a certain extent and provide theoretical support for the perfection of financial derivatives under the socialist market economic system in China. To some extent, it refers to the financial model of the United States, but according to the actual demand of the domestic market and the overall development of financial derivatives development, after the initial downturn, or become an important financial derivatives trading center in the world.
At the end of last century, South Korea's economic development tended to be slow, to a large extent, the sale and issuance of financial products has had a negative impact, but on the whole, the volume of financial derivatives trading has been maintained at a higher level, and in recent years, the global financial crisis has caused substantial damage to South Korea. Therefore, it is necessary to study the financial derivatives market in Korea.
In the process of designing this paper, the author synthetically uses various research methods such as literature analysis, market research, information collection and so on. Through the research on the formation and development process of the financial derivatives market in Korea, and on the basis of fully considering the actual situation of China's financial market, the author designs a suitable model for China's financial derivatives market in order to look forward to it. Through this article, we should make a due contribution to the strategic development of China's financial derivatives market.
The structure of this thesis is divided into six parts.
The first part is the introduction, which discusses the background of this paper, the purpose of this study, through the review and summary of the domestic and foreign research trends, and on the basis of the existing relevant research background and conclusions, extracts the innovation of this paper, which has a certain theoretical and practical significance for the development of China's financial derivatives market. In this paper, we focus on the formation process of the financial derivatives market in South Korea, especially the discussion of laws and regulations in this process, which is of certain innovative significance.
The second part introduces the relevant theories of financial derivatives market, such as financial derivatives and their classification, the economic functions of financial derivatives, the risk management and supervision of financial derivatives.
The third part introduces the forming process, present situation, development, laws and regulations of the Korean financial derivatives market and the characteristics of the Korean financial derivatives market.
In the fourth part, through the comparative analysis of the development of China and South Korea's financial derivatives market, we get the differences between China and South Korea in the financial derivatives market.
The fifth part is the most important two chapters of this paper. It expounds the problems existing in the Korean financial derivatives market, such as the slow development of the Korean financial derivatives market caused by the over-reliance on intra-market financial derivatives, the loose entry standards of the overall financial market and so on, and the Enlightenment of the Korean financial derivatives market to China. On this basis, the paper puts forward some suggestions on the construction and perfection of China's financial derivatives market.
The sixth part draws the conclusion of this study: in the process of learning from foreign countries, we should find a suitable development direction for China's national conditions, promote the financial derivatives market with its own characteristics, and make China's financial derivatives market more international.
China's current market is in the early stage of development, many aspects are not fully prepared, in order to better establish, improve the financial derivatives market, promote the long-term development of the market function, but also need to continue to improve, improve the information disclosure system, reduce the market participants in information asymmetry; improve the corresponding laws and regulations, so that the operation of various operations. There are laws to abide by; strengthen the functions of supervision and trade associations, advocate self-discipline management; better guide the behavior of institutional investors, cultivate investors with long-term investment value investment concept.
As I cross-bank finance, belong to the initial stage, so the level is limited, coupled with the financial derivatives market in China is not very mature, the study of it is only in its infancy, so there are inevitably some omissions and errors in this paper, I would like to invite experts and scholars to teach, students thank you very much.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F833.126
【引證文獻(xiàn)】
相關(guān)期刊論文 前1條
1 孫冬梅;張磊;;證券衍生品交易若干法律問題初探——以陳某訴廣東省機(jī)場管理集團(tuán)公司認(rèn)沽權(quán)證侵權(quán)糾紛案為例[J];法制與社會(huì);2013年25期
本文編號：2229585
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