中国期货市场:过度供给和过度需求下的监管选择

监管经济学认为,监管是受基本供求关系影响的一种产品。我国的金融管制目标、期货市场内生性、法律不完备性、投资者非理性等造成过度监管供给,对期货的负面意识、对微观基础不信任等造成过度监管需求。供给和需求的双重影响决定了我国期货市场的从严监管导向。因此,自1999年以来,我国期货市场的监管一直侧重于规范,而不是发展。

CHINA'S FUTURE MARKET:REGULATION CHOICES UNDER EXCESS SUPPLY AND EXCESS DEMAND

The economics on regulation holds the view that regulation is a product whose equilibrium amount is decided by the supply and the demand. The target of China's financial regulation,the endogeneity of futures market,the incompleteness of law and the irrationality of investors lead to excess supply of government regulation; the negative ideology about future market,and the distrust on micro foundations lead to excess demand by the investors. The two forces determine that regulation on China's future market te...