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people’ssituationsgetbetterexceptC.Butduringthissecuritization,Cislikelytobethecarrierofinterests,eventobethehotbedofcorruptionintherealmarketeconomy.Intheformofgiftgivingbribestomeettheinterestsofothers,itsessenceistoseekahigherinterestinthefuture.AndCtunnelsinterestsbymeansofcouponthatismuchmoreindirectthanmoneysothatitisunfavorabletolegalsupervisionandverification.Butthisriskoftunnelingundertheveilofsecuritizationisbiggerandtheharmisgreater.

3.Theriskofindirectcollusiondamage

WhyAdaretosellthecouponwhoseparvalueis$100tothedealerBatthelowpriceof$65.That’sbecauseAtakesfullaccountofmarketdemandandmarketsupplyandthenmakesthisrationalbehavior.Intherealmarketeconomy,weoftenseethatmanypaniessuchasCfreedistributethecouponwhoseparvalueis$100toemployees.Asforpanies,theybuycouponsatthepriceof$80thatislowerthan$100,whosediscountis80%.WhypaniesenjoysuchdiscountThereexistsindirectcollusionamongthemanufacturerA,thedealerB,thepanyC,whichwillgiverisetocollateraldamagetoD.AlthoughDgetsthecouponwhoseparvalueis$100,thisisnotrealmoneybutsecurityonbehalfofmooncake.Theproblemincludes:

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本篇论文url http://www.sxsky.net/guanli/00104497.html

First,mooncakeisnotdailynecessities,whosedemandelasticityisbigger.Notallofemployeeswhoobtainthecouponwillexchangethem.Themooncakevaluing$100isabigamountandtheycannotrunoutofthemsothatitisabetterchoiceforthemtosellthiscouponinordertogetrealmoneyimmediately.Becausepeopletryingtoexchangecouponaresomanythatscalpermarketesintobeing.Themarketsupplyishugewhilethemarketdemandisrelativelystablewhichleadstothepriceofmooncakecouponbeingbeatdownverylow—only$40.

Second,panyshoulddirectlypay$100toemployeesbecausetheyoriginallybelongtothem,butpanychoosetobuythecouponwhoseparvalueis$100whilethepriceis$80andthengivethemtoemployees.Actually,panydirectlyobtain$20—theprofitofCisnot$-80.Andtheprofitofemployeeisnottheparvalueof$100butonly$40becauseholderswanttoselloffthemtoexchangerealmoneytimely.

Table2:Cost-BenefitAnalysis

（二）SqueezeriskandmarketriskFurtheranalysisTable1,wewilleasilyfindthatmooncakemanufacturernotonlycreatessecuritizationbutalsocreatessecuritizatio

关于金融创新相关论文范本nrisk.Amplifyingthesecuritizationofmooncaketothefinancialmarkets,peoplearealsocreatingfinancialriskwhentheyareconductingfinancialinnovation.Itisthebasicprincipleoffinance:Highyieldwithhighrisk.

AscanbeseenintheTable1,everybodyseemstomakeprofitsfromthissecuritization.ButsupposingallofDexchangethecoupontomooncakeasanalyzedintheTable2,andwewillgetcost-benefitanalysislikeTable3.

Aissuesmooncakecouponwhoseparvalueis$100/sheet,andthensellsittothedealerBatthepriceof$65/sheet.(BissimilartoinvestmentbankorSecurityCompanyinthefinancialmarket)BsellsittoCatthepriceof$80.AsforC,itis80%discount.WhyCbuyitfromBotherthanothermooncakemanufacturers(Thereexistintereststunnelingandcollusion,whichwilldamagepotentialinterestsofD.)IfnotmostofDsellsthecoupontothethirdparty-E(scalper)butdirectlyexchangethecoupontomooncake.SoAwillbetrappedinthedilemma.

Supposingthereisprobabilityk(00,k<1/3,whichmeansthatmorethan1/3peopleofDgotoexchangemooncakecoupondirectly,Awillfacetothelossrisk.Themorepeoplechoosetoexchange,themorelossriskwillAfaceto.Amayfaceuptobankruptriskifcouponholderslosefaithtothemarketandruntoexchangemooncakecouponwhichwillleadtosqueezerisk.Amplifyingtheexampleofthesecuritizationofmooncaketoconsiderthefinancialmarket,wecanfindthatthefinancialmarketwillendurehighlysqueezeriskevensomebiggermarketriskunderthecircumstanceoffinancialsecuritization.

Table3:Cost-BenefitAnalysis

（三）Financialcrisisandmarketreconstruction

Lookingbackfinancialcrisis,mostofthemarecausedbyso-calledinnovation.Innovationgivesrisetoirrationalexuberanceandleadstomadnessofhuman,butmakespeoplefettheriskofinnovationwhichtheyshouldhave.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,Misthetotalnominalamountofmoneyincirculationonaverageinaneconomy.Visthevelocityofmoney,whichistheaveragefrequencywithwhichaunitofmoneyisspent.Pisthepricelevel.Tisanindexofrealexpenditures.M.V等于P.T.meansthatfinancialeconomy等于realeconomy.Butthemadnessofpeoplehasalreadysurpassedthelimitsofthemarket,whichfinallyleadstothecollapseofthemarketandfinancialcrisis.

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