导致2008年金融危机爆发的部分原因是对复杂的金融衍生品进行投机性投资。在制定《多德-弗兰克法》过程中,美国国会曾试图寻求解决投机的办法,却仅仅把权力转移到各机构,始终未找到切实可行的解决方案。目前大多数观点都集中于交易所和结算所的使用及信息披露。然而,我们认为这种强制披露制度几乎没有作用,因为金融机构投资了大量资金开发金融产品,并借此进行博弈和监管套利,而这两种行为都只能造成社会资源的浪费。因此,我们建议当投资机构创造出新的金融产品时,在获得政府机构的许可之前应该被禁止销售,该政府机构应该沿用美国食品与药物管理局检查创新药品的标准来检查新的金融衍生品。只有当新开发的金融衍生品通过了社会效用测试,才可获准投放市场。 Part of the reason for the 2008 financial crisis was the speculative investment in complex financial derivatives. In formulating the Dodd-Frank Act, the United States Congress tried to find a solution to speculation but only shifted its power to agencies and never found a viable solution. Most of the current views are focused on the use and disclosure of exchanges and clearing houses. However, we think this compulsory disclosure system has little effect because financial institutions have invested heavily in developing financial products and playing games and regulatory arbitrage, both of which can only result in the waste of social resources. Therefore, we recommend that when an investment institution creates a new financial product, it should be prohibited from selling until it obtains permission from a government agency that follows the FDA’s standard of checking for innovative medicines to check for new financial derivatives . Only when newly developed financial derivatives pass the social utility test, can they be allowed to be put on the market.