1776年亞(ya)當·斯密(mi)的(de)《國富論(lun)》中第一次提出(chu)了勞動(dong)分(fen)工(gong)的(de)觀(guan)點,并系統全面地闡述了勞動(dong)分(fen)工(gong)對(dui)提高勞動(dong)生產(chan)率和(he)增進國民(min)財富的(de)巨大作用(yong)。長期以來,經濟(ji)(ji)學家將分(fen)工(gong)與專業化(hua)視為促進經濟(ji)(ji)增長的(de)主要原(yuan)因之一,把(ba)專業化(hua)和(he)分(fen)工(gong)作為研(yan)究(jiu)經濟(ji)(ji)增長和(he)社會發(fa)展的(de)出(chu)發(fa)點。
在(zai)索洛經濟(ji)增長(chang)模型中(zhong),提出(chu)了經濟(ji)增長(chang)與生(sheng)產要素(su)投入之間(jian)的關系,技(ji)術、資(zi)(zi)(zi)本(ben)(ben)(ben)、勞動是(shi)生(sheng)產需(xu)要的三大核心要素(su),其中(zhong)資(zi)(zi)(zi)本(ben)(ben)(ben)要素(su)的地位舉足輕重。資(zi)(zi)(zi)本(ben)(ben)(ben)市(shi)(shi)場幫(bang)助將稀(xi)缺的資(zi)(zi)(zi)本(ben)(ben)(ben)配(pei)置(zhi)到(dao)市(shi)(shi)場需(xu)求最強(qiang)、效率最高的生(sheng)產領域,實現(xian)資(zi)(zi)(zi)本(ben)(ben)(ben)在(zai)時間(jian)、空間(jian)上(shang)的優化(hua)配(pei)置(zhi)。為了滿(man)足不同(tong)(tong)風險偏好資(zi)(zi)(zi)金供(gong)給(gei)者和需(xu)求者的多樣化(hua)需(xu)求,資(zi)(zi)(zi)本(ben)(ben)(ben)市(shi)(shi)場逐步(bu)向(xiang)(xiang)多層(ceng)次(ci)方向(xiang)(xiang)發(fa)展(zhan)(zhan)。橫向(xiang)(xiang)發(fa)展(zhan)(zhan)來(lai)看,為滿(man)足不同(tong)(tong)發(fa)展(zhan)(zhan)階(jie)段、不同(tong)(tong)規模、不同(tong)(tong)收益(yi)風險特征(zheng)企業(ye)的融資(zi)(zi)(zi)需(xu)求,美(mei)國、日本(ben)(ben)(ben)、英國等成熟市(shi)(shi)場,已形成從(cong)全市(shi)(shi)場到(dao)細分行業(ye)、從(cong)全國到(dao)地方、從(cong)場內到(dao)場外的多層(ceng)次(ci)資(zi)(zi)(zi)本(ben)(ben)(ben)市(shi)(shi)場體系。在(zai)我(wo)國,資(zi)(zi)(zi)本(ben)(ben)(ben)市(shi)(shi)場也逐步(bu)從(cong)滬深交易(yi)所的主板(ban)(ban)(ban)市(shi)(shi)場,向(xiang)(xiang)中(zhong)小板(ban)(ban)(ban)、創業(ye)板(ban)(ban)(ban)、新三板(ban)(ban)(ban)、區域性(xing)股(gu)權交易(yi)市(shi)(shi)場、柜臺市(shi)(shi)場等多層(ceng)次(ci)方向(xiang)(xiang)發(fa)展(zhan)(zhan)。縱向(xiang)(xiang)發(fa)展(zhan)(zhan)來(lai)看,資(zi)(zi)(zi)本(ben)(ben)(ben)市(shi)(shi)場逐步(bu)實現(xian)了從(cong)發(fa)行市(shi)(shi)場、交易(yi)市(shi)(shi)場,到(dao)風險管理市(shi)(shi)場的多方向(xiang)(xiang)發(fa)展(zhan)(zhan)。
在人(ren)類(lei)經濟(ji)活動(dong)中,不(bu)確(que)定性(xing)和(he)風(feng)(feng)險(xian)(xian)(xian)廣泛存在,金融領域(yu)在風(feng)(feng)險(xian)(xian)(xian)偏好(hao)上產(chan)生(sheng)類(lei)似于生(sheng)產(chan)活動(dong)中的(de)(de)“勞動(dong)分(fen)(fen)工(gong)”,形成規避風(feng)(feng)險(xian)(xian)(xian)和(he)投資(zi)(zi)風(feng)(feng)險(xian)(xian)(xian)兩大(da)專業分(fen)(fen)工(gong)主(zhu)(zhu)體,前者(zhe)(zhe)是(shi)(shi)風(feng)(feng)險(xian)(xian)(xian)的(de)(de)供給者(zhe)(zhe),或者(zhe)(zhe)套(tao)期保值(zhi)者(zhe)(zhe),后者(zhe)(zhe)是(shi)(shi)風(feng)(feng)險(xian)(xian)(xian)的(de)(de)投資(zi)(zi)者(zhe)(zhe),或者(zhe)(zhe)一般交易者(zhe)(zhe),這兩者(zhe)(zhe)構成衍(yan)生(sheng)品(pin)市(shi)場(chang)的(de)(de)參(can)與主(zhu)(zhu)體。從(cong)社會分(fen)(fen)工(gong)來看,金融期貨等衍(yan)生(sheng)品(pin)市(shi)場(chang)的(de)(de)產(chan)生(sheng),使(shi)不(bu)愿(yuan)意(yi)承擔(dan)風(feng)(feng)險(xian)(xian)(xian)的(de)(de)人(ren)可(ke)以把風(feng)(feng)險(xian)(xian)(xian)轉移給愿(yuan)意(yi)承擔(dan)風(feng)(feng)險(xian)(xian)(xian)的(de)(de)人(ren),拓寬了(le)市(shi)場(chang)主(zhu)(zhu)體之間風(feng)(feng)險(xian)(xian)(xian)分(fen)(fen)擔(dan)交易的(de)(de)可(ke)行空間,可(ke)以視為經濟(ji)單位在經營活動(dong)中的(de)(de)又(you)一次分(fen)(fen)工(gong),能夠進(jin)(jin)一步提高(gao)整個資(zi)(zi)本市(shi)場(chang)的(de)(de)完備性(xing),讓金融市(shi)場(chang)更加穩定、安全(quan),增(zeng)進(jin)(jin)金融市(shi)場(chang)各類(lei)參(can)與者(zhe)(zhe)的(de)(de)福祉。
金融期(qi)貨(huo)市場(chang)滿足了(le)分工深化(hua)產(chan)生的(de)(de)(de)風(feng)險(xian)(xian)(xian)(xian)管理(li)的(de)(de)(de)需求。一(yi)方面,它(ta)把現(xian)有風(feng)險(xian)(xian)(xian)(xian)在(zai)現(xian)有不(bu)同群體中(zhong)分解(jie),通過創造(zao)和提供各(ge)種金融產(chan)品,允許投(tou)資者(zhe)個人分散投(tou)資組合(he),對沖異質(zhi)風(feng)險(xian)(xian)(xian)(xian)。投(tou)資者(zhe)可根據自身的(de)(de)(de)風(feng)險(xian)(xian)(xian)(xian)承受能力和風(feng)險(xian)(xian)(xian)(xian)偏好(hao)調整資產(chan)組合(he)的(de)(de)(de)風(feng)險(xian)(xian)(xian)(xian)。另(ling)一(yi)方面,它(ta)把未(wei)(wei)來的(de)(de)(de)風(feng)險(xian)(xian)(xian)(xian)提前(qian)(qian)不(bu)斷(duan)分解(jie),例(li)如金融期(qi)貨(huo)市場(chang)掛牌交易合(he)約(yue)都是(shi)未(wei)(wei)來1-2年(nian)內的(de)(de)(de)連(lian)續合(he)約(yue),實際(ji)上就是(shi)把未(wei)(wei)來的(de)(de)(de)風(feng)險(xian)(xian)(xian)(xian)提前(qian)(qian)分解(jie)到(dao)(dao)合(he)約(yue)到(dao)(dao)期(qi)前(qian)(qian)的(de)(de)(de)一(yi)段時(shi)間內進行消(xiao)化(hua),就是(shi)把未(wei)(wei)來不(bu)確(que)定的(de)(de)(de)風(feng)險(xian)(xian)(xian)(xian)提前(qian)(qian)配(pei)置(zhi)在(zai)各(ge)個時(shi)點上,分散給了(le)不(bu)同的(de)(de)(de)投(tou)資者(zhe),實現(xian)了(le)風(feng)險(xian)(xian)(xian)(xian)的(de)(de)(de)配(pei)置(zhi)作(zuo)用(yong)。
正如美(mei)聯儲(chu)前主席格林斯潘曾經說過(guo)(guo):“金(jin)融期貨具(ju)有一種(zhong)(zhong)與生(sheng)俱來(lai)的(de)化(hua)(hua)解各種(zhong)(zhong)風險的(de)能(neng)力(li)(li),并(bing)將這些風險分(fen)配給(gei)那些最(zui)具(ju)有能(neng)力(li)(li)且(qie)又愿(yuan)意承擔風險的(de)投資者(zhe)。這種(zhong)(zhong)化(hua)(hua)解和(he)轉(zhuan)移風險的(de)過(guo)(guo)程改(gai)善了(le)市場形成各種(zhong)(zhong)金(jin)融產(chan)(chan)(chan)品(pin)價(jia)格和(he)資產(chan)(chan)(chan)價(jia)格的(de)機制……合(he)理的(de)、非扭(niu)曲的(de)金(jin)融產(chan)(chan)(chan)品(pin)和(he)資產(chan)(chan)(chan)價(jia)格信號將有利于促進企業家更(geng)合(he)理地分(fen)配實(shi)物資產(chan)(chan)(chan)資源,從而(er)創(chuang)造出在消(xiao)費(fei)者(zhe)看來(lai)最(zui)有價(jia)值的(de)產(chan)(chan)(chan)品(pin)和(he)服務(wu)。毫無疑問,這一過(guo)(guo)程提(ti)高了(le)生(sheng)產(chan)(chan)(chan)力(li)(li),改(gai)善了(le)人們(men)的(de)生(sheng)活水平……金(jin)融衍生(sheng)市場本(ben)身的(de)附(fu)加值來(lai)自提(ti)升財富創(chuang)造過(guo)(guo)程的(de)能(neng)力(li)(li)。”
中(zhong)(zhong)(zhong)證網(wang)(wang)(wang)(wang)聲(sheng)明(ming):凡本(ben)(ben)網(wang)(wang)(wang)(wang)注(zhu)明(ming)“來(lai)(lai)源:中(zhong)(zhong)(zhong)國(guo)(guo)證券(quan)報·中(zhong)(zhong)(zhong)證網(wang)(wang)(wang)(wang)”的所有作(zuo)品(pin),版權(quan)均(jun)屬于中(zhong)(zhong)(zhong)國(guo)(guo)證券(quan)報、中(zhong)(zhong)(zhong)證網(wang)(wang)(wang)(wang)。中(zhong)(zhong)(zhong)國(guo)(guo)證券(quan)報·中(zhong)(zhong)(zhong)證網(wang)(wang)(wang)(wang)與(yu)作(zuo)品(pin)作(zuo)者(zhe)聯合(he)聲(sheng)明(ming),任何組織未經(jing)中(zhong)(zhong)(zhong)國(guo)(guo)證券(quan)報、中(zhong)(zhong)(zhong)證網(wang)(wang)(wang)(wang)以及作(zuo)者(zhe)書面授權(quan)不得轉(zhuan)(zhuan)載、摘編或利用其(qi)它方式使(shi)用上述作(zuo)品(pin)。凡本(ben)(ben)網(wang)(wang)(wang)(wang)注(zhu)明(ming)來(lai)(lai)源非(fei)中(zhong)(zhong)(zhong)國(guo)(guo)證券(quan)報·中(zhong)(zhong)(zhong)證網(wang)(wang)(wang)(wang)的作(zuo)品(pin),均(jun)轉(zhuan)(zhuan)載自其(qi)它媒體,轉(zhuan)(zhuan)載目(mu)的在(zai)于更好服務讀者(zhe)、傳遞信息之需,并不代表本(ben)(ben)網(wang)(wang)(wang)(wang)贊同其(qi)觀點,本(ben)(ben)網(wang)(wang)(wang)(wang)亦不對(dui)其(qi)真實性(xing)負責(ze),持異(yi)議者(zhe)應與(yu)原(yuan)出處單位主(zhu)張權(quan)利。
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