金融市场不当行为历史分析及启示  

Behavioral Cluster Analysis and Revelation of Misconduct Patterns in Financial Markets

作　　者：尹向明 魏磊[2] 王佳琪 Yin Xiangming;Wei Lei;Wang Jiaqi(Institute of Finance,the PBC,Beijing 100033;Research Bureau,the PBC,Beijing 100033)

机构地区：[1]中国人民银行金融研究所,北京100033 [2]中国人民银行研究局,北京100033

出　　处：《金融发展研究》2019年第2期3-8,共6页Journal Of Financial Development Research

基　　金：国家社科基金项目"影子银行与正规银行间风险交叉传染研究"(项目批准号13CJY129)的阶段性研究成果

摘　　要：利用聚类分析方法,对全球26个国家1792年至今的390起金融市场不当行为案件进行研究发现,金融市场不当行为种类有限,且在世界范围内反复出现。金融产品创新并未导致不当行为增多,技术和新媒体则为其提供了便利。金融市场不当行为无法彻底消除,需综合考虑合理定性。应构建不当行为分析预警模型和快速反应处理机制,鼓励金融市场中的企业强化对不当行为的内部控制和风险管理。This review comprises behavioral patterns in 390 cases from 26 countries over 225 years by using Behavioral Cluster Analysis method. Financial market misconduct is limited in kinds and appears repeatedly in the world. Behaviors adapt to new technologies and market structures. These behaviors are not new,while they are known behaviors that have adapted to new media. Financial market misconduct cannot be completely eliminated,and rational characterization needs to be considered comprehensively. An early warning model of misconduct analysis and a quick response mechanism should be constructed. Companies in financial markets are encouraged to strengthen internal controls and risk management of misconduct.

关 键 词：金融市场 不当行为 金融创新 金融风险 

分 类 号：F831.5[经济管理—金融学]