中国金融市场监管行为的演化博弈研究

在整个金融活动中,金融监管决定着金融市场规范性与绩效性的演化方向与路径,对金融系统乃至整个经济系统的绩优运行路径依赖具有全局性的关键作用。为揭示金融监管过程的复杂性及监管行为的动态演化路径,建立演化博弈模型来分析金融制度、市场参与者素养、市场有效性、交易成本与金融监管的相关关系。研究认为:金融市场参与者的违规带来的超额收益、违规成本和监管者的查处成本、查处力度、对违规行为的惩罚力度以及市场自身对违规行为的惩罚等因素决定着市场参与者的行为选择,决定着金融市场的演化路径与方向。

The Evolution Game Research of the Financial Markets Supervision Behavior

In financial activities, financial supervision determines the evolution of the direction and path of the normative and performance of financial markets, and plays a key role in the blue-chip running path dependence of the financial system and the whole economic system overall. In order to reveal the complexity of the process of financial supervision and dynamic evolution path of the financial supervision behavior, this paper established the evolution game model, and analyzed the relationships between financial system, quality of market participants, market efficiency, transaction costs and financial supervision. The study concluded that the excess proceeds and costs brought to financial market participants by non-compliance behaviors, and the costs of regulators, investigation and punishment for violations, as well as the market's own penalties for violations, etc., are factors that determine the behaviors of market participants, and determine the evolution path and direction of financial markets.