我国金融工程发展的市场环境与制度框架

Market Environment and System Framework for Our Financial Engineering Development

金融工程具有对风险的规避和放大效应。金融工程的发展不仅需要强大的技术手段支持,更需要政府从制度层面进行合理配置。本文分析了金融工程在经济运行中的负面作用,根据当前我国利率、汇率市场化改革的宏观环境,并结合当前国外金融制度建设的基本特征和我国基本国情,提出了我国金融工程发展的制度框架。其中,近期制度建设构想为:加强法规制度建设,优化金融环境,严防金融欺诈;加强监管机构管理,确保其独立性和公平性;加强二级市场管理建设。远期制度建设构想为:进一步强化对产品发行人、合作投资计划、市场中介机构和行业自律等方面的制度约束。

Financial engineering can prevent and amplify risks. Its development needs strong technical support and governmental coordination at system level. In this paper, the adverse effect of financial engineering in economic operation is studied and a system framework for the development of our financial engineering is proposed after the microenvironment for the current interest rate and reform of exchange market is considered together with the basic features of financial system construction in foreign countries and China＇s own situation. Currently, efforts should be focused on strengthening legal system, optimizing financial environment, preventing financial fraud, strengthening the management over watchdogs to ensure independency and fairness and fostering secondary market. In the long run, attention should be drawn to system constraint on product issuers, cooperate investment plan, market intermediary and industrial self-discipline.