金融衍生品：发展现状及制度安排-应用经济学专业论文.docxVIP

摘 摘 要 从国际经验来看，发展金融衍生品市场的过程实际上是金融创新的过程，金融衍 生品创新是现代金融发展的中心，而金融衍生品正在改变着世界经济发展方式和基础 市场的风貌。中国已经基本建立了市场经济体制，市场化程度也达到了相当高的水平， 因此，在条件成熟的金融领域逐步推出金融商品的衍生品，是我国未来经济发展中必 然选择，并将随着金融改革和经济国际程度的提高而日益迫切。 本文是在介绍有关金融衍生品与金融创新有关理论基础上，对金融衍生品创新的 经济效应进行了研究，结合对目前国际金融衍生品市场结构、演进特征、国际竞争格 局变迁和国际化竞争的全面考察，对金融衍生品市场在维护经济、金融稳定方面作用 机理进行了系统研究和经验总结。接着，提出中国衍生品创新中明显存在路径依赖与 锁定，这是造成中国金融衍生品创新中的制度效率很低的根本原因。最后对我国期货 市场的制度效率进行实证分析，从宏观环境、微观环境、基础市场方面对中国金融衍 生品创新的制度环境进行了研究，并对在中国发展金融衍生品市场的可行性及就现在 和今后发展的战略方面提出一些可操作的建设性建议。 关键词：金融衍茸_点，发展，制度 ABSTRACTFrom ABSTRACT From intemational experience．the development offmancial derivatives iS a process of fmaneial irmov她on．which iS tlle foCUS ofmodem financial development．Meanwhile fmancial derivatives are changing the mode of西obal economical evoIvement and structure of the basic market．As China has already established its market economy with certain degree of development,it is essential to develop financial derivatives in the maturing financial fields，which represents high urgency with the improvement of financial reform and economical globalizmion． nliS dissertation firstlv introduces related也eories about fmancial derivatives and financial innovation and researches on the cconon：1ical effbcts brought about by the innovation of fiuancial derivatives．Based on a comprehensive analysis about intcreational market。market restmctIlring and global competition，a summary comes to the role of fiuancial derivatives to safeguard economical and financial stabilization． Thell it puts forward that the reason why there is a low systematic e岱cieney in China’s market of financial derivatives is that thRe obviously exists a path dependence and block．Finally an emp试cal research about its institutional background is conducted including macro and micro environment and basic market． Besides，this dissertation iS concluded with feasibihty ofdeveloping Chinas financial derivatives and some strategic suggestions． Key words：Financial derivatitives，Development，Institution． Ⅱ 绪 绪 论 一、研究目的和意义 金融是现代经济的