金融产品创新视野下的投资者适当性——兼论中国金融投资者保护

中国金融市场在此次危机过后面临全新的发展机遇和更为严峻的挑战。如何在新形势下协调金融产品创新与金融监管的关系,保护金融投资者权益成为摆在中国金融业面前的一项重大课题。在海外成熟市场,投资者适当性已成为各国金融监管机构普遍采用的适用于产品创新的重要监管理念。在完善我国金融市场的过程中,构建金融监管与投资者保护的重要制度性安排,有必要分析、借鉴海外成熟市场的有效经验,引入投资者适当性。这样,既有利于提高金融监管效率,维护金融市场安全运行,又可应对国际金融市场风起云涌的产品创新浪潮的冲击。     

金融产品创新视野下的投资者适当性——兼论中国金融投资者保护北大核心SSCI

中国金融市场在此次危机过后面临全新的发展机遇和更为严峻的挑战。如何在新形势下协调金融产品创新与金融监管的关系,保护金融投资者权益成为摆在中国金融业面前的一项重大课题。在海外成熟市场,投资者适当性已成为各国金融监管机构普遍采用的适用于产品创新的重要监管理念。在完善我国金融市场的过程中,构建金融监管与投资者保护的重要制度性安排,有必要分析、借鉴海外成熟市场的有效经验,引入投资者适当性。这样,既有利于提高金融监管效率,维护金融市场安全运行,又可应对国际金融市场风起云涌的产品创新"浪潮"的冲击。     

金融科技产品交易视角下的适当性义务研究

随着金融科技创新不断涌现和金融科技行业的蓬勃发展,金融业务模式改变,金融效率以及金融服务可得性逐步提高,金融科技创新带来全新的金融产品.金融机构在销售具有产品设计复杂化、技术主导效率化、宣传方式多样化、交易灵活便捷化、客户群体广泛化等特点的金融科技产品时,存在适当性义务履行疏漏问题,表现为了解客户义务履行不充分,了解产品义务履行不够专业,适当推介义务履行不当以及告知说明义务履行不到位.金融机构应当明确以投资者为中心的经营理念,通过新技术的运用强化金融机构了解用户的责任,在对金融科技产品进行精准分类的基础上,实现投资者和金融科技产品的智能化适配,并对金融科技产品进行差异化信息披露.     

欧盟金融投资者适当性制度简介及其借鉴

本文通过研究欧盟的投资者分类制度以及其法理和价值,积极寻求对我国金融期货投资者适当性制度的完善。     

金融产品销售适当性规则研究

当前我国金融产品日渐丰富,交易更加活跃,同时金融市场中也存在立法缺位和风险隐患。通过对我国相关规定的分析,本文认为现阶段我国金融产品销售适当性制度存在着规范位阶较低、难以充分发挥适当性制度的功能,适当性制度内容不完善,理论研究比较薄弱等问题。通过对域外法中适当性规则的介绍,借鉴其中投资者分类制度、法律责任规定等制度,结合我国自身状况,对构建我国投资者适当性制度在总体框架及具体制度方面提出了建议,认为我国应当将适当性规则上升到法律的规范层面,赋予其法律的效力和司法上的执行力;同时在投资者分类和产品分类制度的构建、投资者和经营机构义务的明确以及监管规则的完善等方面作出努力。     

境内外投资者适当性制度研究

投资者适当性制度是成熟市场普遍采用的一种投资者保护措施,在保护投资者权益和维护金融市场平稳运行方面发挥了重要作用。本文从适当性概念入手,对投资者适当性制度的起源与发展、境内外适当性制度实践进行了梳理,最后结合研究情况提出思考与启示。     

构建差异化投资者适当性制度

构建投资者适当性制度是完善我国投资者权益保护措施的一个重要方向,如何构建债券市场投资者适当性制度成为近期各方关注的焦点。文章通过考察投资者适当性的基本内涵、建立原因和国际经验,结合我国场外市场和场内市场投资者结构的现实差异,提出应构建契合两个市场特性的差异化债市投资者适当性制度。     

我国投资者适当性管理制度构建浅析

在金融市场和金融产品日趋复杂的形势下,对投资者进行合理划分,以便把合适的产品卖给合适的投资者的要求日益突出,为此,国内外已经开始构建投资者适当性管理制度。本文通过国内外投资者适当性管理制度的对比分析,试图就如何进一步完善我国投资者适当性管理制度提出意见和建议。     

客户金融需求与金融产品创新

为及时了解客户金融需求,快速推进金融产品创新,从而更好地服务市场、服务客户,近期,我们采取问卷调查和与客户访谈等方式,对襄樊市辖内的102家公司、机构类客户以及500多名个人客户的金融需求情况进行了调查。一、客户金融需求现状分析客户金融需求是开展金融产品创新的出发点和归宿点。通过辖内公司、机构、个人客户的抽样调查发现,随着市场经济的发展、人民生活水平的提高和国民综合素质的提升,以及信息技术     

金融交易的适合性原则研究

金融机构不加区别地向公众推销雷曼迷你债券,令购买者在金融危机中损失惨重。香港地区的雷曼迷你债券风波引发人们对买者自负原则进行反思。雷曼迷你债券的高度专业性、风险性特点使得这类衍生品根本就不适合向个人投资者推销出售。此次风波正暴露了香港地区金融立法的漏洞,金融交易的适合性原则不仅是监管规则,应当落实为投资者可以直接援引的私法规则。     

The effect of foreign currency hedging on the probability of financial distress

This paper investigates the effect of foreign currency hedging with derivatives on the probability of financial distress. I use Merton’s (1974) structural default model to compute firms’ distance to default as a proxy for their probability of financial distress. Using an instrumental variables approach to control for endogenous hedging and leverage, I find that the extent of foreign currency hedging is associated with a lower probability of financial distress. Whereas previous research finds that the probability of financial distress is a determinant of a firm’s hedging policy, this paper provides direct evidence supporting the hypothesis that the extent of hedging reduces a firm’s probability of financial distress.     

Trade credit and the joint effects of supplier and customer financial characteristics

We examine how access to bank credit affects trade credit in the supplier–customer relationships of U.S. public firms. For identification, we use exogenous liquidity shocks to supplier firms in the form of staggered changes to interstate bank branching laws. Using a variety of tests, we show that supplier firms with greater access to banking liquidity offer more trade credit to their customers. We also show that when bank branching restrictions are relaxed in the supplier’s state, the supplier–customer relationship is more likely to survive.     

论非寿险投资型产品的性质、风险与监管

保险公司的主营业务特性不同,其盈利模式和所面对的风险状况也就存在着较大的差异性,进而也决定着保险监管和风险管理措施的差异性。本文首先从保险公司经营业务的重新认识开始,明确了非寿险投资型产品的业务性质,进而通过比较传统产险业务和非寿险投资型产品的盈利模式和风险,指出非寿险投资型产品的双重业务性质所决定的双重风险,并针对性地提出了非寿险投资型产品的监管建议。     

Costs and benefits of financial regulation: Short-selling bans and transaction taxes

We quantify the effects of financial regulation in an equilibrium model with delegated portfolio management. Fund managers trade stocks and bonds in an order-driven market, subject to transaction taxes and constraints on short-selling and leverage. Results are obtained on the equilibrium properties of portfolio choice, trading activity, market quality and price dynamics under the different regulations. We find that these measures are neither as beneficial as some politicians believe nor as damaging as many practitioners fear.     

The joint influence of financial risk perception and risk tolerance on individual investment decision‐making

The increasing complexity of the investment environment has accelerated the need for better quality financial advice services. Central to quality advice is advisers’ accurate assessment of their clients’ risk characteristics. Typically a client's risk characteristic is assessed by measuring the client's risk tolerance but not risk perception. To assess whether this practice fails to fully capture the client's risk profile, we explore both risk tolerance and risk perception in the investment decision‐making context. Using Australian online survey data of financial adviser clients (n = 364), our results reveal that risk tolerance influences risky‐asset allocation directly and indirectly through risk perception. These results thus clarify the joint role of both risk constructs in the investment making decision and highlight the importance of assessing both in the provision of client financial advice services. Importantly, our results validate a new comprehensive risk perception measure applicable in the financial advice context.     

论英国金融消费者保护机制对我国的借鉴与启示

随着我国金融消费者权利意识的不断增强,金融消费者保护问题已经受到日益关注。本文详细介绍了英国金融消费者保护法制和自律机制以及争议处理程序,并在此基础上结合我国金融消费者保护实践及相关法制、自律机制存在的问题,就我国金融消费者保护机制完善问题提出了相关建议。     

我国现阶段跨市场金融风险的传递载体刍议

我国正经历从分业经营向综合经营转变的重要时期,伴随产生的跨市场金融风险因其复杂性与危害性而亟待研究。本文对跨市场金融风险界定后,将现阶段我国跨市场金融风险的传递载体分为三类:交叉性金融产品、全国公开性金融市场、金融控股公司。剖析了跨市场金融风险在不同载体中的传递方式与风险特点,并基于前文分析建议构建我国的"伞式综合监管 功能监管"模式,以有效防范跨市场金融风险。     

The impact of undergraduate personal finance education on individual financial literacy,attitudes and intentions

Financial literacy education features prominently among the policy options available to improve personal financial decision‐making. Notwithstanding calls to expand delivery of financial literacy units at university level, such offerings are relatively rare with little evaluation. We provide an evaluation of the impact on financial literacy, financial attitudes and financial behaviour intentions of a semester unit in personal finance delivered to undergraduates at an Australian university, carefully controlling for confounding effects in the analysis. We report increases in objective and subjective financial literacy and an additional gender effect. Contrary to previous speculation, we do not find overconfidence as an associated outcome.     

The focus of attention in financial reporting

This article discusses a concept of the focus of attention and its implications for financial reporting, a concept that has essentially been ignored in the financial reporting literature. Ignoring it has made dealing with the conflict between the proprietary and the entity theories of the firm the most intractable problem in financial reporting. Exploring the concept of the focus of attention permits abandonment of the conflict rather than continuation of the attempt to solve it. It permits avoiding the errors committed by those involved in the conflict: dealing with the wrong level of abstraction and incorporating contradictions, fictions, and false assumptions. Applying the concept of the focus of attention helps solve a number of issues not solvable by consideration of the theories of the firm.