我国证券市场产品创新及其问题.doc

摘要
次贷危机引发的金融风暴席卷全球,金融衍生产品的过度开发和滥用成为潘多拉的盒子,创新行为变成了危机之源,然而真正危机的并不是金融创新,而是过度金融创新和不足的市场监管。2008年9月下旬开始,由于世界各国政府通力合作,采取了史无前例的措施对市场进行积极且行之有效的干预,世界经济呈现脆弱复苏,各国都在积极寻找迅速摆脱困境的出口。加快金融创新特别是证券市场的产品创新仍然是我国即将进行的重要任务,也是发展金融的重要手段。
本文通过对后金融危机时代背景的介绍,以及金融危机与金融创新关系的讨论,通过海外证券市场的产品创新比较,分析研究我国目前证券市场创新面临的问题,发展的途径和取得的重要成果,以及今后发展的方向。最后并讨论了我国对证券市场产品创新的政策引导,对我国金融市场的发展具有重要的现实意义。
关键词:后金融危机;证券市场;金融创新;产品创新;金融监管
Abstract
The loan crisis initiation's financial storm engulfs the entire world, the finance derivative product's overdevelopment and abused into Pandora's box, the innovation behavior turned source of the crisis, However the true crisis is not the financial innovation, but excessive financial innovation and insufficient market supervision. in 2008 starts in late September, because various countries government cooperates fully, took the unprecedented measure to carry on positive and the effective intervention to the market, the world economics presents the frail recovery. Various countries positively are seeking ask the difficult position rapidly the export. Sped up the financial innovation is specially the stock market product innovation was still the important task which our country soon carried on. Also develops the financial important also means.
This article through after the financial crisis background's introduction and the discussion, compares through the overseas stock market's product innovation. The analytical study our country present stock market innovation faces the question, as well as later will develop direction. And discussed our country policy guidance finally regarding this. Has vital practical significance to our country money market's development.
Key word: Financial crisis; stock market; finance innovation; finance supervision; product innovation
目录
一、绪论 1
(一)写作背景 1
(二)文献综述 2
1、金融产品创新理论及存在的问题…………………………………………………………2
2、国内学术研究………………………………………………………………………………5
(三)课题研究思路和框架 6
二、金融危机与金融创新关系的探讨 8
(一)美国金融危机不应影响我国金融创新进程 8
(二) 金融创新不是金融危机的原罪 9
三、我国证券市场产品创新的形成与发展 11
(一)我国证券市场的发展历程及金融创新的意义 11
(二)我国证券市场产品创新的发展历程 14
1、我国证券市场产品创新的制约因素及存在的问题……………………………………..14
2、我国证券市场产品创新的途径…………………………………………………………..15
四、我国融资融券与股指期货创新 19
(一)我国融资融券与股指期货创新的环境与条件 19
1、市场成熟为新品种推出奠定了坚实基础………………………………………………..19
2、风险意识逐步形成………………………………………………………………………..20
3、股市环境有利于平稳推出………………………………………………………………..21
(二)我国融资融券和股指期货创新产品的发展与分析 22
1、我国发展融资融券和股指期货产品的必要性…………………………………………..22
2、我国融资融券与股指期货的发展历程…………………………………………………..23
3、融资融券和股指期货相互作用关系……………………………………………………..26
4、股指期货与融资融券的推出对资本市场的影响……………………………………….27
五、我国证券市场产品创新展望 29
(一)我国证券指数产品创新 29
1、股指期权创新……………………………………………………………………………..29
2、指数存托凭证创新………………………………………………………………………..32
(二)我国其他主要证券市场产品创新 33
六、研究结论与政策建议 35
(一)研究结论 35
(二)政策建议 36
致谢 38
参考文献 39
附录 40
contents
1 introduction 1
1.1 writing bakground 1
1.2 Literature Review 2
1.2.1 financial product innovation theory and problem 2
1.2.2 Domestic research 5
1.3 the research ideas and franmeworks 6
2 Financial crisis and explore the relationship between financial innovation 8
2.1 U.S. financial crisis will not affect the process of financial innovation 8
2.2 Financial innovation is not the original sin of financial crisis 9
3 Chinese stock market formation and development of product innovation 11
3.1 Chinese securities market development p