我国金融工具有效性研究——以资本市场为例

Research on the Effectiveness of Financial Instruments in China Taking the Capital Market as an Example

随着我国市场经济不断发展,金融工具的发展也呈现多元化和多样化的趋势。分析我国资本市场金融工具的发展现状,构建层次分析模型,研究金融工具的有效性。研究结果表明:在准则层为信用、技术、政策和监管的条件下,所选取金融工具的有效性从大到小依次为:股权证券、衍生金融工具和长期固定收益证券。在此研究的基础上,提出提高金融工具有效性的对策建议。

With the continuous development of China’smarket economy,the development of t- nancial instruments also presents diverse and diversification trend. Through understanding the current status of financial instruments in the capital market of China,constructing the analytic hierarchy process model and analyzing the effectiveness of financial instruments, research re-sults showed that in the conditions of credit, technology, policy and regulatory as rules,the ef-fectiveness of the selected financial instruments from large to small is as follows： equity securi-ties ,financial derivatives and long-term fixed income securities. On the basis of empirical re-search ,the paper further put forward some countermeasures and suggestions to improve the ef-fectiveness of financial instruments.