由金融危机反思当前中外金融衍生品监管制度  

The Lesson for the Current Supervising System of Derivatives from Subprime Loan Crisis

作　　者：刘泽宁[1] 刘旭[2] 

机构地区：[1]中国人民大学 法学院,北京100872 [2]中央财经大学 统计学院,北京100081

出　　处：《河南科技大学学报（社会科学版）》2009年第3期75-78,共4页Journal of Henan University of Science & Technology(Social science)

摘　　要：美国衍生品市场以市场机构自律为主,缺乏有效的实质监管。次贷危机是其金融自由化和证券化走到极端的必然结果,使西方金融制度的弊端暴露无遗。我国金融衍生品市场缺乏发达的基础市场、监管制度建设不健全,法律法规严重滞后,导致市场机制不成熟和监管无序并存。我国应从这次危机中吸取教训,立足国情,完善相关法律法规、加强信息披露责任制度、限制零和交易工具,避免过度投机。In the United States, the derivatives was mainly disciplined by the market institutions. The absence of effective supervision led to an overdevelopment out-of-control. The crisis of subprime loan is an inevitable result of the extreme securitization and liberlization. In contrast, the main problems existing in the derivative market of China are the immaturity of market mechanism and the disordered supervision. We should make the fundamental law of derivatives, improve related regulations, enhance the information disclosure system, restrict the trade-off instruments, and avoid the excessive speculation.

关 键 词：证券 风险 金融衍生品 监管 

分 类 号：F831.59[经济管理—金融学]