次贷危机之后金融产品定价模式的变迁

Change of the Financial Product Pricing Model after Subprime Crisis

本文回顾了资产定价理论的发展历程,研究了金融产品定价模式转变与金融市场创新发展的相互关系,指出金融产品定价模式从风险定价主导转向套利定价主导的变迁是次贷危机的深层次原因,并探讨了次贷危机之后,金融产品定价模式可能的变迁之路。

This paper reviews the evolution of asset pricing theory, studies the mutual relations between the change of financial product pricing model and the innovation and development of financial market, points out that the transformation of the financial product pricing model from risk-driven to arbitrage-driven is an important deep-rooted reason of subprime crisis, and explores how financial institutions learn from subprime crisis to avoid the systematic pricing errors.