论金融衍生产品的风险积聚效应

从美国次贷危机出发,探讨了金融衍生产品的风险积聚功能。认为:由于金融衍生产品的价格受相关基础金融工具价格决定,具有财务杠杆效应、复杂的性质和设计的灵活性等特性,使其具有风险积聚能力;而金融自由化、管理层认识的滞后、激励机制的过度使用以及先进的交易技术是风险积聚的客观条件;建议通过严格的监管、完善的制度、合理的激励机制以及风险教育来化解金融衍生产品的风险积聚效应。

On the Risk Accumulation of Financial Derivative

In the background of American sub-loan crisis,the paper investigates into the risk accumulation of financial derivatives.The author holds that the risk accumulation ability of financial derivatives is attributed to the fact that the prices of financial derivatives are decided by related basic financial instruments and that it is also due to its financial leverage,complex characteristics and its design flexibility.What′s more,the financial liberalization,the lag of management cognition,the overuse of incentive mechanism and advanced transaction techniques comprise the objective conditions for the existence of the risk accumulation.It is advisable that the risk accumulation should be resolved through strict supervision,rational system,proper incentive mechanism and risk education.