论文部分内容阅读
交易主体的金融伦理观与其市场信念密切相关。在一般竞争均衡模型中,通过将金融伦理卷入及其决策惯性参数化,证明了交易主体的金融伦理卷入强度和伦理卷入下的决策惯性是影响市场价格稳定性的重要因素;市场参与者忽视伦理判断而过分看重行为的财富结果,内含着很高的市场失稳可能;尤其是,市场一旦对违背伦理行为收入有很高预期,无论伦理态度如何,都可能直接推高市场波动。因此,通过伦理规制对交易主体行为的调适应成为市场监管的重要补充。
The financial ethics of the transaction subject is closely related to its market belief. In the general competitive equilibrium model, by taking financial ethics into account and its parameter inertia parameterization, it is proved that the main body of financial transactions involved in financial ethics and the decision-making inertia involved in ethics is an important factor affecting the stability of market prices; market participation Neglect of ethical judgments and too much emphasis on behavioral wealth results, contains a high degree of market instability may be; in particular, once the market has a high expected breach of ethical behavior, regardless of ethical attitude may directly push up market volatility . Therefore, the adjustment of the main body of the transaction through ethical regulation should be an important complement to market regulation.