金融衍生工具监管的缺陷、改进及框架构建  

The Research on Defects,Improvement and Construction of Supervision about Financial Derivatives

作　　者：李佳[1,2] 

机构地区：[1]中国人民大学财政金融学院博士后流动站,北京100872 [2]中国建设银行博士后工作站,北京100032

出　　处：《金融经济学研究》2013年第1期16-24,共9页Financial Economics Research

基　　金：教育部人文社会科学规划基金项目(11YJA790024);山东省自然科学基金项目(ZR2011GL026)

摘　　要：金融衍生工具风险的复杂性、信用创造机制的内在缺陷以及高杠杆性对金融稳定带来了巨大威胁,因此从防范系统性风险的角度考虑金融衍生工具的监管十分必要。金融衍生工具监管的缺陷体现在微观审慎的偏差以及宏观审慎的缺位,必须从加强宏观审慎监管入手来改进金融衍生工具的监管。同时,微观审慎监管需要将衍生工具的微观信息传递给宏观审慎监管;而宏观审慎监管通过对衍生工具系统性风险的评估进行风险预警,并传递给微观审慎监管,故应结合微观审慎监管和宏观审慎监管构建金融衍生工具的监管框架。The complexity of risk, the intrinsic defects of the credit creation and high leverage of financial derivatives bring great threat to financial stability. Therefore, it is nec-essary to consider the supervision of financial derivatives from the prevention of systemic risks. While supervision of financial derivatives in financial crisis is mainly embodied in the Micro-Prudential Regulation deviation and Macro-Prudential Regulation vacancy, therefore we must strengthen Macro-Prudential Regulation to improve the supervision of financial de- rivatives. At the same time, Micro-Prudential Regulation needs to transfer micro information to the Macro-Prudential Regulation, while the Macro-Prudential Regulation through the as-sessment of Financial Derivatives＇ System Risk, and passed to the Micro -Prudential Regula-tion. It should be combined with Micro and Macro Prudential Regulation to construct the Fi-nancial Derivatives regulatory framework.

关 键 词：金融衍生工具 金融监管 框架 

分 类 号：F830.9[经济管理—金融学]