本文是一篇金融创新论文范文,关于金融创新相关毕业论文题目,关于金融证券化和法律监管的法律经济学相关本科毕业论文范文。适合金融创新及金融风险及法律经济学方面的的大学硕士和本科毕业论文以及金融创新相关开题报告范文和职称论文写作参考文献资料下载。
摘 要:金融证券化现象大量充斥于市场中.它给市场带来了诸多利润,也带来了非理性繁荣.因为金融创新背后便隐藏着金融风险.金融创新不能构建于沙尘之上,纵使金融化促使经济无限繁荣,非理性的增长,但一旦人们意识到风暴来临,基础的沙尘在随风动摇时,这栋再精美的金融大厦离毁灭也就不远啦.故在金融创新背景下,亟待需要市场重构.
关 键 词:金融证券化法律监管法律经济学
一、Afinancialphenomenon
Duringmid-autumnfestival,wecanseesomuchmooncakecoupon.AndwhythereexistssomuchmooncakecouponinthemarketAccordingtomyinvestigation,thatisbecausemooncakemanufacturingenterpriseswanttomakemoreprofitsbuttheydonothetheabilitytoincreaseitsoutputrapidlyintheshorttimebecauseofbeingrestrictedbyProductionFunction(Cobb–Douglaunction:Y等于A(t)L*α.K*β.μ).
TakemooncakemanufacturerAforexample,whichwantstomakemoreprofits,butitcan’tincreaseitsoutputrapidlyintheshorttimebecauseofbeingrestrictedbyproductionfunction.SoAhasanideathathecanproduce$100mooncakecoupon,whichiainlybasedonfollowingconsideration—thereexistsconsumers’needinthemarketbeforemid-autumnfestival.Andthereisalmostnotanyextracostforproducingmooncakecoupon.Aboveall,itwillhelphimtomakemoreprofits.AndthenAsellsthecoupontothedealerBatthepriceof$65.BsellsittocustomerCatthepriceof$80.Butrightnow,duetosomereasons,Cdoesnotreallyneedthiscoupon(mooncakeisnotdailynecessities,whichappearsprimarilyinmid-autumnfestival.Justainancialproductsinthefinancialmarketthatarenotnecessarybutgivepeoplehopeandincentivetobuythem,sothatiteasilyleadstofinancialcrisisoncepeoplelosetheirhopetothesefinancialproducts).AfterC,CdoesnotneedthecouponandmakesuphiindtosendittoDforfree.Atthesametime,DalsodoesnotneedthiscouponsothathesellsittothescalperEatalowpriceat$40(Admittedly,DcansellhiscoupontoothersthroughpersistentlysearchingatahigherpricebutitwillcosthistimeandsearchcostssothatsellingtothescalperEdirectlyisthemosteffectivewayforhim).Atlast,thescalperEsellsthecoupontoAimmediatelyatthepriceof$50.
ABCDEA
Table1:Cost-BenefitAnalysis
二、Financialsecuritizationandirrationalexuberance
Duringmooncakecouponcirculating,themooncakemanufacturerAperhapsdoesnotproduceanymooncake,buteveryoneobtainprofitfrommooncakecouponexceptC(butCmaygetpotentialprofitthroughgivingthecoupontoDforfreebecausethiorwillbringCprofitfromDinthelong-term).Amaydonotproduceanymooncake,butAgetextra$15profit.Bgetsextra$15.Dgets$40profitandthescalpergets$10.Almosteverybody’ssituationbeesbetterthanthatofthepast.Underthistradingmodel,thecustomerwhobuysthecouponcanachievethegoalofpurchasingcouponatalowpriceandthecustomerwhoeventuallygetsthecouponcanmakethecouponnotbeuseduptherealmoney.Themanufacturercanoidtherestrictionofproductionfunctionandachievethegoalofgettingmoreprofit.Evenifthescalperwhosebehiormaybeillegalalsogetssomeprofit.Andthisiinancialsecuritization.
Financialsecuritizationmakeseconomymoreflowingandmostofpeople’ssituationbetter.Consideringthemultipliereffect,theeconomyiuchbetter.Andmoreimportantly,mostofpeoplemakeprofitromthiskindoffinancialsecuritizationsothattheyhetheconfidence(orego)thatthemarketwillbebetterandbetter—Rightnow,themarketistrappedinanirrationalexuberance.Anditisverydangerousbecausethisirrationalexuberanceisbasedonanillusionthatallofthemwillcontinuetomakeprofitromthefinancialsecuritizationotherthananstablerealeconomy—Theymaydonotproduceanymooncake.
三、Financialsecuritizationandfinancialrisks
(一)Legalregulatoryrisk
1.Theriskoflawhasnoclearstipulation.
Intheprocessofthesecuritizationofmooncake,mooncakemanufactureristheinitiator,howtodefinethenatureofthecouponfromthelawLawhasnotclearlydefinedit,whichwillbetrappedinthedilemmaoflawlessordifficulttoabidelaw.
First,iooncakecouponbond
Bondisaninstrumentofindebtednessofthebondissuertotheholders.Itisadebtsecurity,underwhichtheissuerowestheholdersadebtand,dependingonthetermsofthebond,isobligedtopaytheminterestand/ortorepaytheprincipalatalaterdate,termedthematurity.AndInterestisusuallypayabletoholdersatsomefixedintervals,suchaonthly,semiannual,annual,10-year.Buttheissuerofmooncakecoupondoesnotpayinteresttoholdersonaregularbasis,whichdoesnotconformtothebonddebtrelationromthispointofview.
Second,iooncakecouponstock
Stockisatypeofsecuritythatconstitutestheequityofitsowners,whichrepresentstheresidualassetsofthepanythatwouldbeduetostockholdersafterdischargeofallseniorclaimssuchassecuredandunsecureddebt.Stockholdershestockrightswhichincludetherighttodividethedividend,therighttoenactandamendthearticlesofassociation,therightofappointmentanddecisionmanagement,therighttoparticipateinthegeneralmeetingofshareholders.Butintheprocessofcirculationofmooncakecoupon,holdersdonotdirectlyinvesttothemooncakemanufacture.Andholderscanonlyexchangemooncakecoupontosomemooncake,don'tenjoyotherrightsownedbyshareholders,whichshowsthatthemooncakecouponisstock.2.Theriskoftunneling
Underthecircumstanceofmooncakesecuritization,mostofpeople’ssituationsgetbetterexceptC.Butduringthissecuritization,Cislikelytobethecarrierofinterests,eventobethehotbedofcorruptionintherealmarketeconomy.Intheformofgiftgivingbribestomeettheinterestsofothers,itsessenceistoseekahigherinterestinthefuture.AndCtunnelsinterestsbymeansofcouponthatiuchmoreindirectthanmoneysothatitisunforabletolegalsupervisionandverification.Butthisriskoftunnelingundertheveilofsecuritizationisbiggerandtheharmisgreater.
3.Theriskofindirectcollusiondamage
WhyAdaretosellthecouponwhoseparvalueis$100tothedealerBatthelowpriceof$65.That’sbecauseAtakeullaccountofmarketdemandandmarketsupplyandthenmakesthisrationalbehior.Intherealmarketeconomy,weoftenseethatmanypaniessuchasCfreedistributethecouponwhoseparvalueis$100toemployees.Aorpanies,theybuycouponsatthepriceof$80thatislowerthan$100,whosediscountis80%.WhypaniesenjoysuchdiscountThereexistsindirectcollusionamongthemanufacturerA,thedealerB,thepanyC,whichwillgiverisetocollateraldamagetoD.AlthoughDgetsthecouponwhoseparvalueis$100,thisisnotrealmoneybutsecurityonbehalfofmooncake.Theproblemincludes:
First,mooncakeisnotdailynecessities,whosedemandelasticityisbigger.Notallofemployeeswhoobtainthecouponwillexchangethem.Themooncakevaluing$100isabigamountandtheycannotrunoutofthemsothatitisabetterchoiceforthemtosellthiscouponinordertogetrealmoneyimmediately.Becausepeopletryingtoexchangecouponaresomanythatscalpermarketesintobeing.Themarketsupplyishugewhilethemarketdemandisrelativelystablewhichleadstothepriceofmooncakecouponbeingbeatdownverylow—only$40.
Second,panyshoulddirectlypay$100toemployeesbecausetheyoriginallybelongtothem,butpanychoosetobuythecouponwhoseparvalueis$100whilethepriceis
本文是一篇金融创新论文范文,关于金融创新相关毕业论文题目,关于金融证券化和法律监管的法律经济学相关本科毕业论文范文。适合金融创新及金融风险及法律经济学方面的的大学硕士和本科毕业论文以及金融创新相关开题报告范文和职称论文写作参考文献资料下载。
$80andthengivethemtoemployees.Actually,panydirectlyobtain$20—theprofitofCisnot$-80.Andtheprofitofemployeeisnottheparvalueof$100butonly$40becauseholderswanttoselloffthemtoexchangerealmoneytimely.Table2:Cost-BenefitAnalysis
(二)SqueezeriskandmarketriskFurtheranalysisTable1,wewilleasilyfindthatmooncakemanufacturernotonlycreatessecuritizationbutalsocreatessecuritizationrisk.Amplifyingthesecuritizationofmooncaketothefinancialmarkets,peoplearealsocreatingfinancialriskwhentheyareconductingfinancialinnovation.Itisthebasicprincipleoffinance:Highyieldwithhighrisk.
AscanbeseenintheTable1,everybodyseemstomakeprofitromthissecuritization.ButsupposingallofDexchangethecoupontomooncakeasanalyzedintheTable2,andwewillgetcost-benefitanalysislikeTable3.
Aissueooncakecouponwhoseparvalueis$100/sheet,andthensellsittothedealerBatthepriceof$65/sheet.(BissimilartoinvestmentbankorSecurityCompanyinthefinancialmarket)BsellsittoCatthepriceof$80.AorC,itis80%discount.WhyCbuyitfromBotherthanothermooncakemanufacturers(Thereexistintereststunnelingandcollusion,whichwilldamagepotentialinterestsofD.)IfnotmostofDsellsthecoupontothethirdparty-E(scalper)butdirectlyexchangethecoupontomooncake.SoAwillbetrappedinthedilemma.
Supposingthereisprobabilityk(0
Table3:Cost-BenefitAnalysis
(三)Financialcrisisandmarketreconstruction
Lookingbackfinancialcrisis,mostofthemarecausedbyso-calledinnovation.Innovationgivesrisetoirrationalexuberanceandleadstomadnessofhuman,butmakespeoplefettheriskofinnovationwhichtheyshouldhe.Suchastheearliest“tulipbubble”in1637,“southseabubble”in1720andthelatest“interbubble”in2000and“subprimecrisis”in2008.
Financialinnovationhasprovidedpeoplewithahighprofitbutalsobroughtincalculablerisks.Everyfinancialcrisishasbroughtfataldestructiontofinancialmarketandrealeconomy.Financialinnovationcannotbebuiltonthesandanddust,eveniffinancializationgivesrisetoirrationaldevelopmentandprompteconomyunlimitedprosperity.Butoncepeoplerealizethatstormising,thebasisofthedustwillshakeandflyawaywiththewind.Andthiselegantfinancialbuildingisalsonotfarfromdestruction.Accordingtothedataoffinancialcrisisin2008,theglobalGDPofrealeconomyis$61trillionbuttheglobalGDPoffinancialeconomy(virtualeconomy)amountsupto$600trillion.ThinkingaboutEquationofexchange(FisherEquation):M.V等于P.T.Where,foragivenperiod,Misthetotalnominalamountofmoneyincirculationonerageinaneconomy.Visthevelocityofmoney,whichistheeragefrequencywithwhichaunitofmoneyisspent.Pisthepricelevel.Tisanindexofrealexpenditures.M.V等于P.T.meansthatfinancialeconomy等于realeconomy.Butthemadnessofpeoplehasalreadysurpassedthelimitsofthemarket,whichfinallyleadstothecollapseofthemarketandfinancialcrisis.
1.ThefallacyofGDP
InFisherEquation:M.V等于P.T,whichmeansthatfinancialeconomyisequivalenttorealeconomy.Duringacertaintime,PstandorpricelevelandTstandorrealexpenditureswillnotsignificantlychange,sothatmanycountriesthinkofchangingfinancialeconomytopromoterealeconomy(GDP).Infinancialeconomy,Misthetotalnominalamountofmoneyincirculationonerageinaneconomy.Visthevelocityofmoney.Relativelyspeaking,thevelocityofmoneyisnoteasytochangeintheshortterm.AnditisnotdifficultforcountrytoissuecurrencysoastoimproveM.IfthecountryincreasesMandVremainsstable,theamountofMVincreases.Accordingtorealeconomy等于PT等于MV,whichmeansGDPstandingforrealeconomyincreasestoo.ButtheproblemisthatissuingsomuchcurrencytoincreasesMreallymeansGDPgrowthWecanthinkabout“subprimecrisis”in2008,“debtcrisis”ofEuropean,“currencyinflation”and“propertybubble”ofChinaand“thelosttwodecades”ofJapan.Anyillusionstoreconstructthegrowthofrealeconomy(GDP)bymeansofimprovingfinancialeconomywillburst.Itisthebubblethatwillbursteventually,whichfullyshowsthefallacyofGDP.
2.Thedilemmaoffreemarketeconomy
AscanbeseeninTable4,wecansupposethattherearemarketpetitorsAandBinthemarket.Inthemarketeconomy,allofthemhetheirownstrategychoice:non-monopolyandmonopoly.WhenthemarketpetitorAchoosestonon-monopolyandBalsochoosestonon-monopoly,bothofthemwillobtain$500.WhenAchoosestonon-monopolybutBchoosestomonopoly,Awillget$300andBwillget$1000.WhenAchoosestomonopolybutBchoosestonon-monopoly,Awillget$1000andBwillget$300.WhenAchoosestomonopolyandBalsochoosestomonopoly,bothofthemwillobtain$700.
Inconclusion,aorthemarketpetitorAandB,nomatterwhatactiontheotherwilltake,choosingmonopolyisa"dominantstrategy".Suchastrategyisoptimalforanyparty.Themarketwillgraduallyslideintomonopolymarketeconomyfromfreemarketeconomyunderthecircumstanceofnon-monopoly.
Table4:GameAnalysisofMarketCompetitors
MarketCompetitorB
Non-monopolyMonopoly
3.Marketreconstruction
Thefreemarketeconomyislikeabussystemthroughthestreet.Althoughitiree(Driversheafreediscretion,passers-byhemoreliberaloptionforbus)whileitseriouslylackofefficiencyevencausefreereigninexecution.Themonopolymarketeconomyislikearailsystembetweenthecity,itiullofefficiencysuchashingstrictrailwaytimetableandcleartrainsschedulebutlacksoffreedom.Suchmonopolyeconomydrivesintheprescribedorbitintheprescribedtimeandplace.Themarketcan'tdrift,whichneedstostrengthentheregulation,buttheregulationshouldnotbetooharsh,oritwilllosethemarketpowertheyshouldhe.Itoughttobeaprehensivetransportationsystem,whichdoesnotlackofefficiencyonthepremiseofnotconstraintingfreedom.