摘要
信息不对称是金融衍生工具风险形成的主要原因。在金融衍生工具公司内部、交易者、经纪机构、监管者之间存在着信息不对称,容易引发逆向选择和道德风险问题。本文运用博弈论方法,通过分析衍生工具公司内部所有者与交易员之间的委托代理问题,说明了收益比率和风险选择是造成交易员过度承担风险的主要原因。
The information asymmetry is the main cause that leads to the derivative risk. The asymmetry information exists inside the financial derivative company, dealer, manager organization, and the supervision person. It is apt to cause the adverse selection and morals hazards. This text uses the game theory method, through analyzing the problem of agency of commission between the owner and deal maker inside the derivative company,in order to explain the main reasons that cause deal maker's transition to undertake the risk.
出处
《财经科学》
CSSCI
北大核心
2005年第4期36-40,共5页
Finance & Economics
