基于博弈论的OTC金融衍生品市场监管必要性分析

基于博弈论的OTC金融衍生品市场监管必要性分析表明:在政府行政监管、行业协会自律管理及市场参与者内部控制的博弈中,单凭市场本身的内部调节机制并不能完全发挥持续稳定市场的效力,政府监管职能对规范市场行为有重大作用;行业自律组织监管是市场监管中不可替代的有机组成。应加强OTC衍生品市场内部控制与风险管理,完善行政监管机制,提高行业协会自律监管能力,特别是加强金融机构表外业务风险的监管,以保证金融机构的稳健经营。

Analysis of Market Supervision Necessity of OTC Financial Derivatives Based on Game Theory

The analysis of the market supervision necessity of OTC financial derivatives based on game theory proves that in the game between government administrative supervision,industrial association self-discipline management and internal control of market participants,internal regulatory mechanism of the market itself does not give full play to the effectiveness of sustained and stable market.Government regulatory functions have great influence in regulating market behavior.Supervision of the industrial self-discipline organizations is the irreplaceable organic composition of market supervision.In order to ensure the sound operation of financial institutions,the government should strengthen internal control and risk management of the OTC derivatives market,improve the administrative supervision mechanism,improve the self-discipline ability of industrial associations,and especially,strengthen the risk supervision over off-balance-sheet activities of financial institutions.