基于逆向选择视角的金融衍生品市场监管研究

Supervision of the Financial Derivatives Markets in the Perspective of the Adverse Selection Model

利用逆向选择模型对金融衍生品市场进行透视,得出以下结论:金融衍生品场外市场存在逆向选择;场外市场的逆向选择是引发次贷危机的重要原因;逆向选择在场外市场并不是以优质产品退出市场的形式直接表现,而是以低质量产品大量进入和部分高质量产品"蜕变"为低质量产品的隐蔽形式来完成。针对金融衍生品市场逆向选择问题提出以下建议:加强对金融衍生品场外市场的制度建设,提高市场准入标准;提高场外金融衍生品交易的标准化程度;积极促进场外金融衍生品进场交易。

The paper adopts the adverse selection model to study the financial derivatives markets and gets the following conclusions： adverse selection occurs in OTC markets and this kind of selection is a major cause for the subprime lending crisis; adverse selection represents itself in the guise of such mass-produced products that are of low quality. The paper brings up the following suggestions： further improvement of the institutional construction of OTC markets, more strict regulations for OTC markets, better standardization for financial derivatives trade and stimulus to the in-bourse trade.