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

本论文是一篇关于金融创新相关论文格式模板,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。免费优秀的关于金融创新及金融风险及法律经济学方面论文范文资料,适合金融创新论文写作的大学硕士及本科毕业论文开题报告范文和学术职称论文参考文献下载。

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,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

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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参考文献资料：