金融市场不当行为历史分析及启示

Behavioral Cluster Analysis and Revelation of Misconduct Patterns in Financial Markets

利用聚类分析方法,对全球26个国家1792年至今的390起金融市场不当行为案件进行研究发现,金融市场不当行为种类有限,且在世界范围内反复出现。金融产品创新并未导致不当行为增多,技术和新媒体则为其提供了便利。金融市场不当行为无法彻底消除,需综合考虑合理定性。应构建不当行为分析预警模型和快速反应处理机制,鼓励金融市场中的企业强化对不当行为的内部控制和风险管理。

This review comprises behavioral patterns in 390 cases from 26 countries over 225 years by using Behavioral Cluster Analysis method. Financial market misconduct is limited in kinds and appears repeatedly in the world. Behaviors adapt to new technologies and market structures. These behaviors are not new,while they are known behaviors that have adapted to new media. Financial market misconduct cannot be completely eliminated,and rational characterization needs to be considered comprehensively. An early warning model of misconduct analysis and a quick response mechanism should be constructed. Companies in financial markets are encouraged to strengthen internal controls and risk management of misconduct.