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关于金融创新相关论文范本,与金融证券化和法律监管的法律经济学相关论文格式模板
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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,thatisbecausemooncakemanufacturingenterpriseswanttomakemoreprofitsbuttheydonothavetheabilitytoincreaseitsoutputrapidlyintheshorttimebecauseofbeingrestrictedbyProductionFunction(Cobb–Douglasfunction:Y等于A(t)L*α.K*β.μ).
TakemooncakemanufacturerAforexample,whichwantstomakemoreprofits,butitcan’tincreaseitsoutputrapidlyintheshorttimebecauseofbeingrestrictedbyproductionfunction.SoAhasanideathathecanproduce$100mooncakecoupon,whichismainlybasedonfollowingconsideration—thereexistsconsumers’needinthemarketbeforemid-autumnfestival.Andthereisalmostnotanyextracostforproducingmooncakecoupon.Aboveall,itwillhelphimtomakemoreprofits.AndthenAsellsthecoupontothedealerBatthepriceof$65.BsellsittocustomerCatthepriceof$80.Butrightnow,duetosomereasons,Cdoesnotreallyneedthiscoupon(mooncakeisnotdailynecessities,whichappearsprimarilyinmid-autumnfestival.Justasfinancialproductsinthefinancialmarketthatarenotnecessarybutgivepeoplehopeandincentivetobuythem,sothatiteasilyleadstofinancialcrisisoncepeoplelosetheirhopetothesefinancialproducts).AfterC,CdoesnotneedthecouponandmakesuphismindtosendittoDforfree.Atthesametime,DalsodoesnotneedthiscouponsothathesellsittothescalperEatalowpriceat$40(Admittedly,DcansellhiscoupontoothersthroughpersistentlysearchingatahigherpricebutitwillcosthistimeandsearchcostssothatsellingtothescalperEdirectlyisthemosteffectivewayforhim).Atlast,thescalperEsellsthecoupontoAimmediatelyatthepriceof$50.
ABCDEA
Table1:Cost-BenefitAnalysis
二、Financialsecuritizationandirrationalexuberance
Duringmooncakecouponcirculating,themooncakemanufacturerAperhapsdoesnotproduceanymooncake,buteveryoneobtainprofitfrommooncakecouponexceptC(butCmaygetpotentialprofitthroughgivingthecoupontoDforfreebecausethisfavorwillbringCprofitfromDinthelong-term).Amaydonotproduceanymooncake,butAgetextra$15profit.Bgetsextra$15.Dgets$40profitandthescalpergets$10.Almosteverybody’ssituationbeesbetterthanthatofthepast.Underthistradingmodel,thecustomerwhobuysthecouponcanachievethegoalofpurchasingcouponatalowpriceandthecustomerwhoeventuallygetsthecouponcanmakethecouponnotbeuseduptherealmoney.Themanufacturercanavoidtherestrictionofproductionfunctionandachievethegoalofgettingmoreprofit.Evenifthescalperwhosebehaviormaybeillegalalsogetssomeprofit.Andthisisfinancialsecuritization.
Financialsecuritizationmakeseconomymoreflowingandmostofpeople’ssituationbetter.Consideringthemultipliereffect,theeconomyismuchbetter.Andmoreimportantly,mostofpeoplemakeprofitsfromthiskindoffinancialsecuritizationsothattheyhavetheconfidence(orego)thatthemarketwillbebetterandbetter—Rightnow,themarketistrappedinanirrationalexuberance.Anditisverydangerousbecausethisirrationalexuberanceisbasedonanillusionthatallofthemwillcontinuetomakeprofitsfromthefinancialsecuritizationotherthananstablerealeconomy—Theymaydonotproduceanymooncake.
三、Financialsecuritizationandfinancialrisks
(一)Legalregulatoryrisk
1.Theriskoflawhasnoclearstipulation.
Intheprocessofthesecuritizationofmooncake,mooncakemanufactureristheinitiator,howtodefinethenatureofthecouponfromthelawLawhasnotclearlydefinedit,whichwillbetrappedinthedilemmaoflawlessordifficulttoabidelaw.
First,ismooncakecouponbond
Bondisaninstrumentofindebtednessofthebondissuertotheholders.Itisadebtsecurity,underwhichtheissuerowestheholdersadebtand,dependingonthetermsofthebond,isobligedtopaytheminterestand/ortorepaytheprincipalatalaterdate,termedthematurity.AndInterestisusuallypayabletoholdersatsomefixedintervals,suchasmonthly,semiannual,annual,10-year.Buttheissuerofmooncakecoupondoesnotpayinteresttoholdersonaregularbasis,whichdoesnotconformtothebonddebtrelationsfromthispointofview.
Second,ismooncakecouponstock
Stockisatypeofsecuritythatconstitutestheequityofitsowners,whichrepresentstheresidualassetsofthepanythatwouldbeduetostockholdersafterdischargeofallseniorclaimssuchassecuredandunsecureddebt.Stockholdershavestockrightswhichincludetherighttodividethedividend,therighttoenactandamendthearticlesofassociation,therightofappointmentanddecisionmanagement,therighttoparticipateinthegeneralmeetingofshareholders.Butintheprocessofcirculationofmooncakecoupon,holdersdonotdirectlyinvesttothemooncakemanufacture.Andholderscanonlyexchangemooncakecoupontosomemooncake,don'tenjoyotherrightsownedbyshareholders,whichshowsthatthemooncakecouponisstock.2.Theriskoftunneling
Underthecircumstanceofmooncakesecuritization,mostof
关于金融创新相关论文范本,与金融证券化和法律监管的法律经济学相关论文格式模板参考文献资料：