金融衍生品的本质特征及其监管制度——以美国次债为分析视角

Intrinsic Characteristics of Financial Derivatives and Supervision System:A perspective from American Subprime Mortgage Loan

美国次债危机过程中一系列金融衍生产品的风险形成和危机爆发,用传统的理论已不足以进行解释。研究发现金融衍生产品市场具有一种全新的本质性特质——信息的溶解性扩散。在"信息溶解性扩散"的背景下,金融衍生产品市场存在天然的系统性风险缺陷。需对该种市场的系统作概念重构,并以信息溶解性扩散为理论基础,对资产证券化的制度建设、法律监管以及更高层面的宏观调控提供可行性建议。

American subprime mortgage crisis met with the global financial market regulation and a wake- up call. The crisis in the process of a series of financial derivatives and the risk of the formation of the outbreak, the traditional theory of the causes of the crisis is no longer sufficient to explain. The author of this crisis, made an in- depth analysis of the study and found that the financial derivatives market with a new essential qualities - the solubility of the spread of information. On this basis, for the legal regulation of the financial derivatives market a new perspective. ＂Dissolved the spread of information,＂ the background, to prevent the occurrence of systemic risk and, as well as the cumulative risk of sexually transmitted contact with the financial regulatory system of legal theories and models need to been looked at again.