量化交易的风险影响与监管体系构建研究  

Research on the Impact of Quantitative Trading Risks and the Construction of the Regulatory System

作　　者：许荣[1] 田文涛 胡学峰 XU Rong;TIAN Wentao;HU Xuefeng

机构地区：[1]中国人民大学财政金融学院暨财政金融政策研究中心 [2]中国人民大学财政金融学院 [3]中国人民大学智慧治理学院

出　　处：《金融监管研究》2025年第2期74-92,共19页Financial Regulation Research

摘　　要：近年来,量化交易频繁造成市场波动和争议,引起了投资者及监管机构的广泛关注。本文通过对相关文献进行梳理,从流动性、稳定性、定价效率和公平性视角探讨了量化交易对市场的风险影响。一般情况下,量化交易有利于提升市场流动性并改善资产定价效率,但在极端情况下,量化交易会放大市场波动性,甚至会导致系统性风险的形成;同时,量化交易通过策略博弈和逆向选择等机制,还会对个人投资者造成策略不公平现象。根据以上研究结论并结合国际监管经验,本文提出对量化交易监管的政策建议:以对交易场所、金融产品和参与者的全面监管为监管核心,维护市场的公平与效率。本研究在算法时代下为监管机构制定量化交易监管措施提供了可行的理论框架和经验参考。In recent years, quantitative trading has frequently caused market volatility and controversy, which has attracted extensive attention from investors and regulators. This paper explores the risk impact of quantitative trading on the market from the perspectives of liquidity, stability, pricing efficiency and fairness by combing the relevant literature. In general, quantitative trading is conducive to enhancing market liquidity and improving asset pricing efficiency, but in extreme cases, quantitative trading can amplify market volatility, and even lead to the formation of systemic risk;at the same time, quantitative trading can also cause strategic unfairness to individual investors through the mechanisms of strategy gaming and adverse selection. Based on the above findings and combining with international regulatory experience, this paper proposes a policy proposal for the regulation of quantitative trading: to take the comprehensive regulation of trading venues, ffnancial products and participants as the core of regulation, and to maintain the fairness and efficiency of the market. This study provides a feasible theoretical framework and empirical reference for regulators to formulate regulatory measures for quantitative trading in the algorithmic era.

关 键 词：量化交易 市场风险 金融监管 市场公平性 

分 类 号：F831.5[经济管理—金融学]