交易所治理结构、所有者背景和衍生品创新

doi:10.16381/j.cnki.issn1003-207x.2020.0750

Abstract

Abstract: Derivatives innovation is an important part of supply side reform in financial market.The innovative performance of an exchange can be influenced by its governance structure. The data of 85 exchanges across 37 countries over the period 2006-2016 is taken as samples to study the influence of governance structure and ownership background on derivatives innovation for the first time, as well as the moderating effect of legal environment. The panel Poisson regression model is adopted, and the number of newly launched futures/options contracts is employed as the measurement of innovative output of an exchange in that year.

Key words: derivatives innovation;exchange;governance structure;ownership background;legal environment

CLC Number:

F830.39

LI Jia-lan, WAN Di-fang, CHEN Nan. Governance Structure, Ownership Background and Derivatives Innovation of Exchanges[J]. Chinese Journal of Management Science, 2022, 30(11): 31-41.

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Governance Structure, Ownership Background and Derivatives Innovation of Exchanges

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