最优证券设计及完善中国资本市场的路径选择

项目名称： 最优证券设计及完善中国资本市场的路径选择

项目编号： No.70873012

项目类型： 面上项目

立项/批准年度： 2009

项目学科： 金属学与金属工艺

项目作者： 彭龙

作者单位： 北京外国语大学

项目金额： 27万元

中文摘要： 自上世纪六七年代中期以来，全球金融机构进行了大量的金融创新。这些金融创新极大地丰富了市场的品种，提高了市场的效率，但同时也在市场中蕴藏了大量的风险。2008年百年一遇的金融危机的爆发，再次引发了全球关于金融创新的争论。当前我国正处在实现从计划经济体制向社会主义市场经济体制转化的历史进程中，金融创新的发展相对比较缓慢。如何从金融危机中汲取经验和教训，科学合理地推动金融创新步伐，寻求完善资本市场的发展路径已经成为我国资本市场改革的重要内容，也是理论界研究的热点和焦点。本项目主要研究金融创新中的最优证券设计、金融衍生品的定价模型及其在风险管理中的应用机理、环境对金融创新的影响和我国金融创新产品及完善我国资本市场的路径选择等问题。我们希望通过该项研究，进一步丰富和发展金融创新的理论和方法，为我国的金融创新产品的设计和应用提供一些有益的理论结果和分析模型，并期望它们能切实应用到我国的资本市场中去，帮助实现资本市场科学有效的发展。

中文关键词： 金融创新；证券设计；路径选择；?风险管理???

英文摘要： A large amount of Financial innovation has taken place in world financial institutes since between the mid of 1960s and 1970s last century. These financial innovation greatly enriched the types in market and made it efficient,but meanwhile it also brings about a large number of risks to the market. The burst of financial crisis in 2008 resulted in the argument about the financial innovation in the whole world. At Present, China is undergoing the transferring from plan economy to social market economy. The speed of financial innonovation is relatively slow.It has become a significant content for our capital market reform in what we can learn from the financial crisis, properly push the development of financial innovation and seek the development path of capital market. This programm mainly study the best security design 、pricing models of financial derivative and their applications in the risk management 、the influence of enviroment on the financial innovation and the product of financial innovation in China and the development of the path selection of capital market during the financial innovation in China.We hope through this study we can further enrich and develope the theory and methods of financial innovation and then supply some useful theoretic result and analytic models for the design and application of China financial innovation.We also hope these theories and methods can be truly applied to Chinese capital market and help to realize its scientific and efficient development in the capital market.

英文关键词： Financial innovation;Security design; Path selection; Risk Management