金融衍生工具效用风险分析

Analysis on Effects and Risk of Financial Derivatives

本文讨论了金融衍生工具发行和交易的效用,论证了其风险分担功能在市场不完善的情况下所起到的提供信息的作用,同时还对金融衍生工具风险进行了分类分析,将相关风险分为外在风险、内在风险、判断和感知风险,进而提出了金融领域防范金融衍生产品风险的总思路。

In this paper we discuss the economic benefits associated with the issuance and trading of derivative instruments. In addition to their risk sharing properties, they facilitate information gathering in the presence of frictions and market incompleteness. These benefits are then contrasted with the risks stemming from derivatives' trading activities. A new categorization of these risks is proposed which distinguished between explicit (market) risks and the ones stemming from the informational and functional characteristics of a given financial market structure. This leads us to summarize the main policies and actions that the financial community should pursue