为经济主体提供形式多样、高效的风险管理手段进而实现市场经济运行中风险配置的优化是金融的核心功能之一。从某种意义上说,金融的演变就是一部(金融)风险管理功能深化的发展史。历史地看,金融风险管理经历了基于自有资本的分散化与抵押、基于有限责任制度的金融契约设计、基于市场流动性的证券创新、基于金融工程思维的风险商品化和全面风险管理(ERM)五个阶段。展望未来,金融市场和金融中介之间的动态竞争以及由此导致的创新螺旋将使得金融体系中制度、市场和技术不断趋于成熟,或者说金融体系自我支持定价和交易金融风险的工具创新能力的不断提升,金融风险管理功能趋于强化,相应地金融体系的构成也日益复杂化。
Abstract
It is one of the core functions of finance to provide various forms of high-efficiency risk mana-gement means for economic entities to realize the optimization of risk allocation in the operation of market economy.In a sense,the evolution of finance is a history of the deepening of(financial)risks management function.Historically,financial risks management has gone through five stages:diversification and mortgage based on owned capital,financial contract design based on limited liability system,securities innovation based on market liquidity,commoditization of risk based on financial engineering thinking and enterprise risk management(ERM).Looking to the future,the dynamic competition between financial markets and financial intermediaries and the resulting spiral of innovation will make the institutions,markets and technologies of the financial system increasingly mature.In other words,the financial system's tool innovation ability to self-support pricing and financial risk trading will continue to improve,financial risk management functions will be strengthened,and the composition of the financial system will become increasingly complex.
关键词
金融体系 /
风险管理 /
历史演进
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Key words
Financial system /
Risk management /
Historical evolution
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中图分类号:
F830.9
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基金
中央高校基本科研业务费专项资金;中央财经大学青年英才培育支持计划(项目编号:QYP1809);中央财经大学科研创新团队支持计划。
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