国际金融衍生产品交易风险的契约诠释

An analysis of the risk of the international financial derivatives' transactions applied with contract theory

国际金融衍生产品交易存在着高风险,这种高风险与其产品自身的高杠杆性、高关联性、虚拟性密切相关,因此,国际金融衍生产品交易的高风险是与生俱来的。20世纪30年代兴起的契约理论把每次交易视为一种契约,将交易作为最基本的分析单位对现实问题进行契约分析。本文试图从契约理论这一全新角度出发,运用不完全契约理论解释国际金融衍生产品交易存在高风险的原因。国际金融衍生产品交易的高风险源自于国际金融衍生产品市场上有限理性和机会主义行为的广泛存在,而引起国际金融衍生产品交易高风险的根本原因则是国际金融衍生产品的非完全契约性质。

There is high risk in the international financial derivatives＇ transactions, which is closely related to the international financial derivatives＇ high-lever, high-interrelated and virtual features, thus high risk in the international financial derivatives＇ transactions is a heritage. The contract theory which arisen in 1930s regarded every transaction as a contract, and treated a contract as the most basic unit to analyze real issues. From the new perspective of contract theory, this paper tries to apply incomplete contract theory to elucidate the reason why high risk exists in the international financial derivatives＇ transactions .The extensive existence of bounded rationality and opportunism behavior triggers off the high risk in the international financial derivatives＇ transactions. The paper concludes that the root cause of the high risk is the incomplete contract nature of the international financial derivatives＇ transactions.