经济理论与经济管理
經濟理論與經濟管理
경제이론여경제관리
Economic Theory and Business Management
2009年
4期
62~67
,共null页
期货市场 监管 供给 需求
期貨市場 鑑管 供給 需求
기화시장 감관 공급 수구
China＇s futures market; regulation; supply; demand
监管经济学认为，监管是受基本供求关系影响的一种产品。我国的金融管制目标、期货市场内生性、法律不完备性、投资者非理性等造成过度监管供给，对期货的负面意识、对微观基础不信任等造成过度监管需求。供给和需求的双重影响决定了我国期货市场的从严监管导向。因此，自1999年以来，我国期货市场的监管一直侧重于规范，而不是发展。
鑑管經濟學認為，鑑管是受基本供求關繫影響的一種產品。我國的金融管製目標、期貨市場內生性、法律不完備性、投資者非理性等造成過度鑑管供給，對期貨的負麵意識、對微觀基礎不信任等造成過度鑑管需求。供給和需求的雙重影響決定瞭我國期貨市場的從嚴鑑管導嚮。因此，自1999年以來，我國期貨市場的鑑管一直側重于規範，而不是髮展。
감관경제학인위，감관시수기본공구관계영향적일충산품。아국적금융관제목표、기화시장내생성、법률불완비성、투자자비이성등조성과도감관공급，대기화적부면의식、대미관기출불신임등조성과도감관수구。공급화수구적쌍중영향결정료아국기화시장적종엄감관도향。인차，자1999년이래，아국기화시장적감관일직측중우규범，이불시발전。
The economics on regulation holds the view that regulation is a product whose equilibrium amount is decided by the supply and the demand. The target of China＇s financial regulation, the endogeneity of futures market, the incompleteness of law and the irrationality of investors lead to excess supply of government regulation; the negative ideology about future market, and the distrust on micro foundations lead to excess demand by the investors. The two forces determine that regulation on China＇s future market tends to be over restrictive. Therefore, since 1999, the regulation has been focused on normalization instead of development.
