金融衍生品定价规制的法经济学分析

Law and Economics Analysis of Financial Derivatives Pricing Regulation

对金融衍生品定价的研究一般都局限于"价格由什么因素决定"的经济学问题,而把"价格如何决定"这一法律制度问题忽视了。本文从法律经济学的视角,将法律制度作为金融衍生品定价的内生变量加以理论诠释,重点通过金融风险理论和博弈论对规制金融衍生品定价进行必要性和适度性分析,并在信息披露制度、信用评级监管制度和定价奖惩制度方面提出法律建议。

The study of financial derivatives pricing is generally limited to 'What factors determine the price',but 'how to determine the price' is ignored.From the perspective of the laws and economics,the legal system should be a financial derivatives pricing endogenous variable.Based on the financial risk theory and game theory,the paper analyzes the necessity and proportionality of financial derivatives pricing regulation.At last,we put forward some legal suggestions on information disclosure system,credit rating regulatory and the rewards and penalties of pricing.