The External Effects Of The Financial Derivatives Research

The financial derivatives as continuously innovative trading products in the financial and economic fields have rich developing trading mode. Since the 70s of the 20th century, the development of financial derivatives increasingly attract the attention of the world's, financial derivatives market in the past few decades has experienced explosive growth and had a profound impact of the world economy. On the one hand, the financial derivatives promoted the development of world economy, providing new channels of financial intermediation and a variety of hedging tools to help improve the efficiency of resource allocation; on the other hand, financial derivatives with high-risk and the high correlation on the real economy was an important reasons to the result of serious economic crisis. Domestic academic research on financial derivatives focus on the following areas:on the risk management of financial derivatives studies; on the pricing of financial derivatives; on the financial derivatives market research, and so on. Its success has mainly in:how to learn from foreign experience in financial derivatives risk management. In other words, the current research on financial derivatives in financial derivatives focus their studies and research on these areas, such as pricing, risk management, supervision and so on, but the lack of financial derivatives'external effects. In this paper, based on the connotation of the financial derivatives, types, characteristics and development as the research foundation, Marxist theory of virtual economy, analyzed from the essential characteristics of financial derivatives, elaborates the financial derivatives of external effects occur, trying to explore the financial derivatives produces externalities and the essential function mechanism. Interpretation the influence of the financial derivatives in the whole economy and the third party's development, and combining the status of financial derivatives markets for China's financial derivatives, and proposed some suggestions on the healthy development of the market. The first innovation of this paper is the first time from the externalities angle of financial derivatives, and in this point of view process a systematic study of its external effects, while using the theory of Marxism, the virtual capital theory, investment finance and risk management and related field basic theory at the same time, on the correction of the positive and negative financial derivatives are given related measures and recommendations; Secondly, the use of relevant economic theory that China's capital market has entered a new step which was the needs of innovation and development on the financial derivatives. Analysis of the urgent need to develop financial derivatives market in China, use of financial derivative instruments to achieve our goal of innovation and development of capital market feasibility. Finally, targeted on how to better play the positive financial derivatives, external effects, how to avoid negative external effects on the economy, destruction of the China's development of financial derivatives transactions has some of the recommendations and measures proposed.