The Research On Financial Vulnerability Based On The Object Of Financial Transaction's Right Nature

Financial crisis, which bursts out frequently since 1980s, has fully exposed the vulnerability which exists inside the financial system. Minsky Hyman's theory provides a feasible direction for studying vulnerability. Along with this theory, this paper comes up with a new point of view for the research, which is the basis of financial vulnerability. Then this paper probes into the question of financial vulnerability based on the point.This paper notices that the nature of the object of financial transaction's right has an important effect on financial vulnerability. Therefore, this paper focuses on the right's special characteristics, including invisibility, futurity, derivation and the pricing method facing the future, and then this paper analyzes the effect of external elements on the uncertainty of right. The analysis indicates that the uncertainty of right is the basis of financial vulnerability, which expounds and proves Minsky Hyman's theory saying that the fragility is the nature of financial system. However, since the fragility does not appear in the financial system constantly, the paper puts forward the conception of vulnerability appearance, and then quotes the cost function equation and sets up a right-chain to analyze the mechanism of vulnerability appearance.Based on the theoretic study, this paper chooses relevant variables, utilizes the method of AHP and Entropy Index Evaluation to do an authentic proof analysis of the uncertainty of right, and then takes the result to compare with the situation of financial vulnerability. The result shows that from 1995 to 2008, the trend of our country's right uncertainty went up in the first place, and then went down, which conforms to the change of financial vulnerability. In order to discover further regular patterns, this paper quotes the concept of contribution ratio of vulnerability. Analysis shows that the contribution ratio of credit market is declining, but the ratio of capital market and price infection should be on the alert, which also conforms to the actual situation from 1995 to 2008.Following the above theories, this paper puts forward to some suggestions. First, the realization of right should be guaranteed to weaken the vulnerability. Second, the early-warning system based on right's uncertainty should be established before the appearance of vulnerability. Third, if the vulnerability is appeared, measures should be taken to prevent financial crisis...