本文選題：場(chǎng)內(nèi)交易的衍生品監(jiān)管 + 期貨監(jiān)管��； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：次級(jí)債已經(jīng)臭名昭著,它屬于衍生品,所以也被認(rèn)為是萬(wàn)惡之源。全球范圍內(nèi)已經(jīng)開(kāi)始檢討對(duì)衍生品的監(jiān)管體系、監(jiān)管措施及其執(zhí)行狀況。然而,由于場(chǎng)內(nèi)衍生品監(jiān)管嚴(yán)格、透明度高且市場(chǎng)風(fēng)險(xiǎn)可測(cè)可控,市場(chǎng)正不斷顯現(xiàn)出其重要的功能。不應(yīng)當(dāng)因?yàn)榻鹑谖C(jī)中場(chǎng)外衍生品的不當(dāng)使用和監(jiān)管缺位而連累場(chǎng)內(nèi)衍生品,使其發(fā)展停滯不前。 與發(fā)達(dá)市場(chǎng)及很多其他新興市場(chǎng)相比,我國(guó)的衍生品市場(chǎng)仍然是一個(gè)成長(zhǎng)中而又未成熟的市場(chǎng)；我國(guó)的監(jiān)管體系也是一個(gè)運(yùn)行中而又未完善的監(jiān)管體系。與發(fā)達(dá)國(guó)家的金融創(chuàng)新過(guò)度,監(jiān)管不到位相比,我們是金融創(chuàng)新嚴(yán)重不足,監(jiān)管目標(biāo)不明晰、不完善卻又過(guò)于嚴(yán)格。所以,場(chǎng)內(nèi)衍生品市場(chǎng)的發(fā)展、場(chǎng)內(nèi)衍生品市場(chǎng)法制環(huán)境的完善和更良好的金融生態(tài)是當(dāng)前我國(guó)最需要大力推動(dòng)的。一個(gè)不完善的市場(chǎng)需要統(tǒng)一的規(guī)劃和監(jiān)管,需要循序漸進(jìn)地發(fā)展。以條件成熟的場(chǎng)內(nèi)交易的簡(jiǎn)單金融衍生品為發(fā)展源頭,促進(jìn)我國(guó)金融衍生品市場(chǎng),乃至整個(gè)金融市場(chǎng)的發(fā)展。這最終將有利于促進(jìn)和維護(hù)實(shí)體經(jīng)濟(jì)的發(fā)展。 本文通過(guò)對(duì)場(chǎng)內(nèi)衍生品、場(chǎng)內(nèi)衍生品市場(chǎng)監(jiān)管、場(chǎng)內(nèi)與場(chǎng)外的區(qū)別和場(chǎng)內(nèi)衍生品市場(chǎng)風(fēng)險(xiǎn)的正名揭示了當(dāng)前社會(huì)對(duì)場(chǎng)內(nèi)場(chǎng)外兩種衍生品市場(chǎng)的混淆和誤解。通過(guò)對(duì)危機(jī)及危機(jī)后場(chǎng)內(nèi)衍生品市場(chǎng)現(xiàn)狀的分析,挖掘其存在的意義,證明了場(chǎng)內(nèi)衍生品應(yīng)區(qū)別于次債等場(chǎng)外衍生品進(jìn)行監(jiān)管。在分析監(jiān)管目標(biāo)、監(jiān)管原則、監(jiān)管結(jié)構(gòu)后,研究了美國(guó)模式、德國(guó)模式和中國(guó)當(dāng)前的模式。在次債危機(jī)啟示下,提出了一系列包括法制建設(shè)缺失、監(jiān)管目標(biāo)偏誤、新品種發(fā)展瓶頸、交易所盈利性、保證金控制隱患等引發(fā)的問(wèn)題及其解決的創(chuàng)新思路。
[Abstract]:Subprime debt has become notorious as a derivative, so it is also considered the root of all evil. A review of derivatives regulatory systems, regulatory measures and their enforcement has begun around the world. However, because of the strict supervision of OTC derivatives, high transparency and manageable market risk, the market is showing its important function. OTC derivatives should not stagnate because of the improper use of OTC derivatives and lack of regulation in the financial crisis. Compared with developed markets and many other emerging markets, China's derivatives market is still a growing and immature market, and China's regulatory system is also a functioning and imperfect regulatory system. Compared with the developed countries' financial innovation and supervision, our financial innovation is seriously inadequate, the regulatory objectives are not clear, imperfect but too strict. Therefore, the development of OTC derivatives market, the perfection of legal environment of OTC derivatives market and a better financial ecology are the most important things to be promoted in our country. An imperfect market needs unified planning and supervision, and needs to develop step by step. Taking the simple financial derivatives with mature OTC as the source of development, it promotes the development of the financial derivatives market and even the whole financial market in China. This will ultimately help to promote and maintain the development of the real economy. This paper reveals the confusion and misunderstanding of OTC and OTC derivatives markets through the supervision of OTC derivatives market, the difference between OTC and OTC markets and the correct name of OTC derivatives market risks. By analyzing the current situation of OTC derivatives market after crisis and crisis, the significance of OTC derivatives is excavated, and it is proved that OTC derivatives should be different from OTC derivatives such as subprime bonds. After analyzing the regulatory objectives, regulatory principles and regulatory structure, this paper studies the American model, the German model and the current model of China. Under the revelation of the sub-debt crisis, this paper puts forward a series of problems caused by the lack of legal system construction, the deviation of the supervision target, the bottleneck of the development of new varieties, the profitability of the exchange, the hidden danger of margin control, and so on.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.5

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本文編號(hào)：2017221