试论金融市场间的风险传递渠道与防范机制构建

The Preliminary Discussion on Risk Transmission Channels and Prevention Mechanism Construction between the Financial Markets

金融全球化带来金融活动的效率、规模和波动性同步上升。与此同时,金融市场发展呈现出一些显著的变化,主要体现为金融资产价格、交易量和交易时间跨度的巨大变化,而风险则伴随着资金的流动在不同市场间进行传递和蔓延。金融市场的风险防范机制应当从金融监管、风险自律、金融基础设施等多层面来系统构建。

Financial globalization brings the synchronal rise of the efficiency, scale and volatility of financial activities. At the same time, there presents some significant changes in the financial market development, mainly embodied in the great changes in the financial asset prices, the transaction volume and transaction time span, and the transmission and spreading of the risks accompanying the fund flow between different markets. Financial market risk prevention mechanism should be formed from the aspects of the finan- cial regulation, risk self-discipline and financial infrastructure.