摘要
近年来,证券公司场外衍生品业务快速发展,场外衍生品杠杆属性对实体经济、资本市场、投资机构以及证券公司传统业务等方面的影响越来越大。本文研究了场外衍生品对市场主体及证券公司自身的杠杆效用,研究发现:(1)场外衍生品增强了金融市场服务实体经济的能力;(2)场外衍生品业务有助于促进证券公司传统业务协同发展,提升证券公司经营效益。基于场外衍生品业务的复杂化、多样化、非线性特征,本文提出了机构杠杆和市场杠杆等多种杠杆风险的度量方法及监管建议。
In recent years, the over-the-counter derivatives business of securities companies has developed rapidly, and the leverage attributes of over-the-counter derivatives have an increasing impact on the real economy, capital markets, investment institutions and traditional businesses of securities companies. This paper examines the leverage effect of OTC derivatives on market players and securities firms themselves. The study finds that:(1) OTC derivatives enhance the ability of the financial market to serve the real economy;(2) OTC derivatives business helps to promote the coordinated development of the traditional business of securities companies and enhance the operating efficiency of securities companies. Based on the complex, diversified and non-linear characteristics of the OTC derivatives business, this paper puts forward a variety of leverage risk measurement methods and regulatory suggestions such as institutional leverage and market leverage.
作者
申万宏源证券课题组
杨玉成
Research Team of Shenwan Hongyuan Securities
出处
《证券市场导报》
CSSCI
北大核心
2022年第3期2-11,共10页
Securities Market Herald
基金
中国证券业协会2021年度优秀课题“证券公司场外衍生品业务杠杆效用及风险监测研究”(2021SACKT077)改编。
