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Study of Development of Chinese Financial Derivative Market

Author: GuoDong
Tutor: SunJian;WangAnMin
School: Ocean University of China
Course: Business management
Keywords: Financial derivative products Financial innovation No-arbitrage pricing : financial regulation
CLC: F832.5
Type: Master's thesis
Year: 2003
Downloads: 566
Quote: 0
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Abstract


Finance is the core of modern economy, and the development of modern financial focus is reflected in the development of the application of financial engineering and financial derivatives market. The current status and role of financial derivative products in the international financial markets are increasingly important, is called the core of the broad capital markets. With China's accession to WTO, China's economy will join the trend of world economic integration, but the single, structure and function of China's capital market varieties are rudimentary, basic financial business stay in the traditional business, the development of the financial derivatives market far behind the developed countries. Therefore, to carry out the financial derivative transactions, the development of China's financial derivatives market waits for no man. Financial derivative products is derived from the underlying financial products, new financial products, and is the basis for the development of financial products and regroup. The emergence and development of financial derivative products is an important part of financial innovation. Financial derivative products has undergone considerable development since the 1970s, has been a wide range of products, complex structure, covering the entire financial market huge family. The main types of financial derivative products, including forward class, futures, swaps and options class, derivative, leverage, risk and virtual summed it up is a hedge, is a speculation. In the derivatives market, these two functions are indispensable. Generation of financial derivative products in order to avoid risks, but derivatives trading has brought new risks, and thus the financial supervision and put on the agenda, many domestic and foreign scholars have conducted a study on risk management issues, published a number of articles, but more qualitative research from a policy perspective, there is no quantitative elaborate. In fact, financial derivatives, risk management issues is inseparable from the pricing of derivative products, which is only to solve the pricing problem, in order to consider how to reduce and avoid risks. Unfortunately, the the domestic derivatives pricing is not depth. Based on this, this paper attempts to study the product pricing, given the prices of some basic derivative products. In particular, with regard to the option pricing model derivation. Financial derivative product innovation is the core of the financial innovation of the establishment and development of the derivatives market, in fact, is the process of financial innovation. The successful contemporary financial innovations are built on mature theoretical basis, the reality of the world's financial development also proved more active study of the theory of financial innovation, financial innovation, the higher the success rate, the effect is more significant. Based on this, the system combing the Western financial innovation theory, learn the basis of these theories, the author summarizes the motivation of financial derivative product innovation, provide some theoretical basis for China's development of the financial derivatives market. This paper summarizes the market characteristics and regulatory experience in the financial derivatives market in the United States, Britain, Japan, Singapore, Hong Kong, South Korea, Taiwan and other countries and regions, and provide a reference for the establishment and development of the derivatives market in China. Article contact the actual situation in China, recalled the history of the development of China's financial derivatives market, the development characteristics and constraints, policy recommendations on the development of the financial derivatives market in China, that China should be based on the first specification, after the development of the principle of, follow the principle of gradual and orderly progress, and specific programs for the development of the financial derivatives market.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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