当代经济管理2025，Vol.47Issue(2)：69-77,9.DOI:10.13253/j.cnki.ddjjgl.2025.02.009
生成式人工智能下证券市场程序化交易的风险监管范式构建
The Construction of Risk Regulatory Paradigm for Programmatic Trading in the Securities Market under Generative Artificial Intelligence
摘要
Abstract
In recent years,driven by big data and deep learning technology,artificial intelligence,especially generative artificial intelligence,has rap-idly emerged.Various securities market operators have deeply applied generative artificial intelligence technology to traditional securities markets,giv-ing rise to new programmatic trading methods.Programmatic trading is a fusion of artificial intelligence and the securities market,possessing inherent technological preferences and financial attributes,and can effectively promote the digitization of securities products and services.However,generative artificial intelligence exacerbates the risks of programmatic trading in the securities market.By adopting the case study method,it is found that the risks of programmatic trading in the securities market under generative artificial intelligence are mainly embodied in exogenous risks(legal regulation risk and market liquidity risk)and endogenous risks(algorithmic technology risk and internal operational risk),posing a risk regulatory dilemma for program-matic trading in China's securities market.Therefore,to prevent and resolve endogenous and exogenous risks,and promote the stable development of programmatic trading,China should establish a risk regulatory paradigm for programmatic trading in the securities market under generative artificial in-telligence:strengthen legal regulation and financial supervision to prevent exogenous risks of programmatic trading;build a full process risk monitoring system to avoid endogenous risks in programmatic trading.关键词
生成式人工智能/证券市场/程序化交易/系统性金融风险/风险监管范式Key words
generative artificial intelligence/securities market/programmatic trading/systemic financial risk/risk regulatory paradigm分类
管理科学引用本文复制引用
程雪军..生成式人工智能下证券市场程序化交易的风险监管范式构建[J].当代经济管理,2025,47(2):69-77,9.基金项目
教育部人文社会科学研究青年基金项目"金融科技平台数据垄断的系统治理研究"(23YJC820005) （23YJC820005）
上海市哲学社会科学规划课题"金融科技公司算法风险的系统治理研究"(2022EFX001) （2022EFX001）
上海市软科学研究项目"上海金融科技平台数据创新的反垄断规制系统研究"(24692110900). （24692110900）
