金融衍生品的法律监管-国际经济学专业论文.docxVIP

I I 摘 要 金融衍生品是二十世纪七八十年代全球金融创新浪潮中的高科技产品，它 是在传统金融品（如货币、股票、债券等）的基础上衍生出来的新兴金融工具。 随着金融衍生品的高度发展，对金融衍生品交易的监管摆到了突出的地位。金 融衍生风暴的不断发生表明，金融衍生品包含着极大的风险，如果运用不当、 管理不严将对一国经济乃至全球经济带来严重的冲击与损害。20 世纪 90 年代以 来，全球几乎每一场金融风暴都与金融衍生品有直接或是间接的关系。全球经 济高速发展过后，2007 年美国爆发了“次级抵押贷款危机”，简称“次贷危机”。 此次危机的爆发伴随着多方面的原因，其中原因之一就是监管不到位。金融衍 生品市场充满了机遇与风险，控制风险的有效方法就是对其加以有效的法律监 管。 立足于我国的金融衍生品市场发展现状，深入分析了我国金融衍生品市场 的不足，主要表现在：立法层面的不足；监管体制的协调能力不足；信息披露 制度不完善；自律监管体系功能发挥不充分；市场主体风险防范素质不高、责 任追究机制不完善；国际经验的借鉴与世界各国的监管合作不足。 根据上述分析，立足我国国情，借鉴国际上金融衍生品市场发达的国家的 监管经验，由此整理出我国值得借鉴的经验。主要包括五点：集中监管和自律 监管相结合；完善金融衍生品监管法律依据；以严格的法律执行机制为保障； 及时、准确完整的信息披露制度；健全的风险预警机制和紧急事件应急机制。 为了构建我国完善、合理的金融衍生品市场监管体系，防范和化解金融危 机，保障我国金融衍生品市场健康、稳健、和谐发展，应当逐步完善我国金融 衍生品市场的法律监管，具体举措主要包括：监管目标的确立；监管法律法规 的完善；监管组织体系的构建；明确监管内容；丰富监管的方法和手段。 关键词：金融衍生品；法律制度；监管 II II Abstract Finacial derivatives are the high-tech products which were produced in the global wave of financial innovation, in Seventies-Eighties on behalf of the twentieth century. They are the new financial instruments which were derived from the basis of the traditional financial products (such as currencies, equities, bonds, etc.) With the high degree of financial development, financial derivatives has been placed in a prominent position of supervision. The constant turmoil has made it clear that the financial derivatives also contain great risks, if the use of inappropriate, which take poor management and the impact of serious damage to countrys economy even the global economy. The twentieth century since the 90s, almost every global financial turmoil has a direct or indirect relationship with the financial derivatives. After the rapid development of the global economy, in 2007 the subprime mortgage crisis outbreat in the United States, referred to as sub-loan crisis. Then, the outbreak of the crisis along with a wide range of reasons, the most important of which is to regulate supervision. Financial derivative market is full of opportunities and risks, and an effective way to control risk is effective monitorin