论我国金融期货市场法律监督-毕业论文.doc

摘  要  金融期货是近代金融市场产生的一种衍生工具。与商品期货相比，它具有更 高的回报率和风险性。在现代市场经济条件下，金融期货的特点使得其市场法律 监管尤为必要。 我国早在 20 世纪 80 年代即已开始进行金融期货交易的试点，经过十年的历 程，最终以停止全国范围内所有试点草草收场。最主要的原因在于“先发展后规 范”的错误思路导致了金融期货市场法律监管的缺失，市场的发展方向严重偏离 了正常轨道。直到今天，我国金融期货市场仍然存在着严重的问题：时滞性问题 严重，非正规约束没有得到应有的重视，强制性制度变迁为远多于诱致性制度变 迁，产权不清导致缺乏真正的市场法人主体，金融期货所对应的现货市场股信息 严重不对称和不完全。 纵观世界主要金融期货市场的监管法律体系演进，我们可以归纳出他们的特 点：以诱致性制度变迁为主，充分发挥后发性优势，修改内容具有明显的法律整 合趋势。这为我国构建金融期货市场监管法律体系提供了丰富的经验。 新制度经济学认为，制度提供的一系列规则由社会认可的非正式约束、国家 规定的正式约束和实施机制所构成，这三个部分就是制度构成的基本要素。完善 我国金融期货市场的法律监督首先从正式规则入手，从宏观和微观两方面进行具 体构建；其次从优化非正式规则方面，对培养高素质的市场参与者与打破行业壁 垒提出要求；再次，在实施机制上提出两点：建立基金制度、金融期货市场监管 国际化。由此，为我国金融期货市场运作创造一个稳定运作、健康发展的制度环 境提供一条新思路。 关键词：金融期货；金融期货市场；法律监管 I Abstract Financial futures is a modern derivative of financial market. Compared with commodity futures, it has a much higher rate of return and risk. In the modern market economy, it is particularly necessary to regulate the financial futures legally. Back in the 1980s of the 20th century, nationwide pilot of financial futures exchange all ended hastily after the trial began, after a decade of course. The main reason is the “development first, regulation later”, the mistake of thinking led to the absence of legal regulation of the financial futures market, mistakes market direction deviated from the normal track of development. Even today, Chinas financial futures market still has serious problems: the informal constraints have not been given the attention they deserve, resulting low efficiency of legal regulation; formal institution alters slowly, the formal system is still inadequate; Mandatory system changes mainly, then induces institutional change little. An overview of the evolution of the legal regulation system of worlds leading financial futures market, we can sum up the common characteristics: to meet the market demand is the driving force of legislation; improving market efficiency and competitiveness gradually is the objectives of legislation; “regulation first, development later” is the sequence of