摘要：
数字技术在全球金融市场的普遍应用，促进了量化交易和被动管理的盛行，对金融市场波动和系统性风险的发生机理产生了深刻的影响。数字社交网络和自媒体内容产业的爆发，则在行为金融学的视角强化了叙事对投资者预期和市场情绪的引领，尤其是提高了个人投资者一致性预期和集体行动的可能性，这些都加剧了全球金融市场的波动和重尾风险，一度在华尔街掀起了“散户革命”。而数字货币的诞生，则是全球货币体系的一次“范式革命”，对货币政策的传导、交易、支付和结算模式等都产生了极为深刻的影响。数字化背景下的全球金融风险发生机理的新变化，需要引起投资者和监管部门的重视。
关键词:
数字革命｜投资行为｜货币体系｜金融风险｜散户革命
Abstract:
The universal application of digital technology in the global financial market has promoted the prevalence of quantitative trading and passive management, and has a profound impact on the mechanism of financial market volatility and systemic risk. The outbreak of digital social networks and We media content industry has strengthened the guidance of narrative on investor expectations and market sentiment from the perspective of behavioral finance, especially improved the possibility of consistent expectations and collective actions of individual investors, which have exacerbated the volatility and heavy tail risks of the global financial market and once set off a“retail revolution” on Wall Street. The birth of digital currency is a“Paradigm Revolution” of the global monetary system, which has had a profound impact on the transmission, transaction, payment and settlement modes of monetary policy.
Key words:
digital revolution｜investment behavior｜monetary system｜financial risk｜retail revolution
赵建, 李嘉怡.
全球金融市场的“数字革命”：交易结构、投资行为与风险特征
[J]. 探索与争鸣, 2021(8): 25-36.
Zhao Jian & Li Jiayi.
“Digital Revolution” in Global Financial Markets: Transaction Structure, Investment Behavior and Risk Characteristics[J]. Exploration and Free Views, 2021(8): 25-36.