全球化背景下的金融产品创新及其风险防范问题探讨——基于不完全契约理论视角
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外国经济与管理 2009 年 第 31 卷第 10 期, 页码：8 - 15
摘要
参考文献
摘要
本文认为,金融产品创新的本质是要解决投资者和融资者在资源跨期配置过程中出现的利益纷争和偏好协调等问题。根据不完全契约理论,把微观个体的道德风险和逆向选择行为与金融体系结构和产业结构联系起来,探讨金融产品创新及其风险防范问题,才可能有效提高金融产品创新的效率。同时,作为缔约环境的营造者,政府在提供高效监管的基础上,还应该保持政策行为的一致性,并给予市场充分的产品创新自由。
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[2]Tirole,J.The theory of corporate finance[M].Princeton,NJ:Princeton University Press,2006.
[3]Boot,A,Radhakrishnan,G,and Thakor,A.The entrepreneur’s choice between private and publics ownership[J].Journal of Finance,2006,61(2):803-836.
[4]罗伯特.范奥德.证券化的经学分析及美国的经验教训[J].比较,2008,33(11):139-157.
[5]Allen,F,and Gale,D.From cash-in-the-market pricing to financial fragility[J].Journal of the European Economic Association,2005,3(2/3):535-546.
[6]Allen,F,and Carletti,E.Credit risk transfer and contagion[J].Journal of Monetary Economics,2006,53(1):89-111.
[7]Allen,F,and Carletti,E.Mark-to-market accounting and liquidity pricing[J].Journal of Accounting and Economics,2008,45(2/3):358-378.
[8]Stein,J C.Presidential address:Sophisticated investors and market efficiency[J].The Journal of Finance,2009,64(4):1 517-1 548.
[9]Adrian,T,and Shin,H S.Liquidity and leverage[J].Journal of Financial Intermediation,2009,Forthcoming.
[10]Levy,A,and Hennessy,C.Why does capital structure choice vary with macroeconomic conditions?[J].Journal of MonetaryEconomics,2007,54(6):1 545-1 564.
[11]Shin,H S.Securitization and financial stability[J].The Economic Journal,2009,119(Mar.):309-332.
[12]Baker,M P.Market-driven corporate finance[EB/OL].Harvard Business School and NBER Working Paper,Available at http://ss-rn.com/abstract=1331567,2009.
[13]Farhi,E,and Tirole,J.Competing liquidities:Corporate securities,real bonds and bubbles[EB/OL].NBER Working Papers,Availa-ble at http://idei.fr/doc/wp/2008/bubbly.pdf,2008.
[14]He,Z,and Krishnamurthy,A.Intermediary asset pricing[EB/OL].NBER Working Paper,Available at http://ssrn.com/abstract=1312614,2008.
[15]乔治.阿克洛夫.宏观经济学中遗漏的动机[J].比较,2008,35(3):28-66.
引用本文
张雄, 万迪昉. 全球化背景下的金融产品创新及其风险防范问题探讨——基于不完全契约理论视角[J]. 外国经济与管理, 2009, 31(10): 8–15.
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