【摘要】：本文采用效用與均衡分析思想,從市場一般均衡角度,在理論上分析在融資融券契約運(yùn)行中,投資者的行為選擇以及融資融券最優(yōu)初始擔(dān)保水平的決定因素,研究發(fā)現(xiàn):融資融券均衡初始擔(dān)保水平?jīng)Q定于投資者對市場未來走勢的預(yù)期、通貨膨脹水平、消費(fèi)時間偏好和證券交易成本等因素,且有內(nèi)在的動態(tài)要求;合理的初始擔(dān)保率有助于引導(dǎo)市場回歸均衡和投資者實(shí)現(xiàn)帕累托最優(yōu),而且也可以配合其他政策措施成為實(shí)現(xiàn)宏觀經(jīng)濟(jì)調(diào)控目標(biāo)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.
【作者單位】： 中南財經(jīng)政法大學(xué)理論經(jīng)濟(jì)學(xué)博士后流動站;中南財經(jīng)政法大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】：教育部人文社會科學(xué)研究青年基金項(xiàng)目“投資消費(fèi)信心與金融系統(tǒng)互動機(jī)理研究”(11YJCZH200)
【分類號】：F224;F832.51

【參考文獻(xiàn)】

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