CAJ | 학술논문

金融危机和公允价值的关系主要有＂元凶说＂、＂帮凶说＂、＂替罪羊说＂。金融危机微观层面的根本原因是美国金融机构治理结构不完善,导致高管层激励机制异化,管理层薪酬高且没有与风险挂钩。这导致金融机构积极从事高风险业务,并采用高杠杆持有,故意模糊证券化过程,欺骗消费者,造成房地产泡沫,泡沫破灭酿成金融危机。金融业高管层为逃避责任,利用其话语权,将公允价值指为＂元凶＂,公允价值成为替罪羊。本文认为预防金融危机应标本兼治,治本之策是完善金融机构公司治理,优化激励机制。
금융위궤화공윤개치적관계주요유＂원흉설＂、＂방흉설＂、＂체죄양설＂。금융위궤미관층면적근본원인시미국금융궤구치리결구불완선,도치고관층격려궤제이화,관리층신수고차몰유여풍험괘구。저도치금융궤구적겁종사고풍험업무,병채용고강간지유,고의모호증권화과정,기편소비자,조성방지산포말,포말파멸양성금융위궤。금융업고관층위도피책임,이용기화어권,장공윤개치지위＂원흉＂,공윤개치성위체죄양。본문인위예방금융위궤응표본겸치,치본지책시완선금융궤구공사치리,우화격려궤제。
The main view of relationship between financial crisis and fair value are culprit,accomplice and scapegoat.The root causes of the financial crisis in U.S.financial industry is flawed management structure,and this result to alienation of senior management incentives,management compensation and access to the high risk business.This has led to the financial industry being actively involved in high-risk business,deceiving consumers,bubbles in real estate,and the financial crisis brought by bubble burst.In order to shirk responsibility,top management of financial sector tries to refer fair value as the ＂culprits＂ and the scapegoat by using their power of saying.The authors believe that,to prevent financial crisis,we should take both radical and stopgap measures to solve the problem.So we should improve corporate governance and optimize the incentive mechanism.