【作者】 郭静；

【导师】 于乃书；

【作者基本信息】 吉林大学 ， 金融学， 2011， 硕士

【摘要】 整个金融的发展史本质上就是金融创新发展史,随着社会的发展,经济对金融不断产生新的需求,金融创新满足了这种需求并保证了经济的可持续发展。同时,金融危机爆发的频率随着金融创新的发展也越来越高。2007年年中爆发了美国次贷危机,此后又爆发了以希腊、爱尔兰等国为主的欧洲主权债务危机。前者是由房地产市场的泡沫破灭导致以住房抵押贷款为标的的金融衍生品的偿付性降低引起的,同时金融衍生品的杠杆效应将这种风险扩大化,最终导致危机的产生;后者是某些欧盟国家为了加入欧元区而将本国的高债务进行金融工具创新分离资产负债表,当这些金融工具无法偿付时,主权偿债能力下降而引发的主权债务危机。这两次金融危机让学界和业界对于金融创新的作用及影响产生了激励的争论,主要焦点在于要不要继续进行金融创新。有人认为应该抑制金融创新,加强对金融产品和金融机构尤其是投资银行的监管,并加强商业银行体系的风险承受能力,提高其资本充足率;有的人认为金融创新不是金融危机爆发的根本原因,金融创新对于经济有促进作用,不应该就此次危机否定金融创新的意义。再观中国,从计划经济到市场经济,金融市场不断的完善,尤其是近两年,资本市场、货币市场以及外汇市场都在不断创新。资本市场方面,推出了中小板、股指期货、融资融券试点、金融债券试点以及创业板。货币市场方面,推出人民币利率互换交易及远期利率协议业务,上海银行间同业拆借利率(SHIBOR),2009年为支持中小企业发展又创新推出中小非金融企业集合票据。外汇市场方面,中国正在进行汇率形成机制改革,逐步实现汇率市场化。在金融机构方面,启动设立金融租赁公司试点,消费金融公司试点等,丰富了资金需求者的借贷途径。中国经济的持续增长,可以说与金融市场的发展创新是密不可分的。本文力图通过金融创新的理论,西方国家的金融创新发展历程以及金融创新在金融危机中的作用,中国金融创新现状的研究,试图解决以下问题:1、金融创新的本质是什么,不同的金融创新在风险与效率方面各有什么利弊;2、在当前的金融危机背景下,我们究竟应该如何正确看待金融创新;3、在中国现有的经济金融发展条件下,中国的金融创新现状以及应该如何推进中国的金融创新。上述问题的研究对于金融创新理论以及对策研究是一个补充,具有一定的理论意义;认清金融创新的本质,看清中国金融创新的现状,对于稳健推进金融创新,提高中国金融市场的效率和持续的经济增长具有现实意义。在论述了金融创新理论以及研究现状后,本文第二部分分析了美国、英国以及日本等经济体的金融创新过程,同时又分析了中国金融创新的过程。在金融创新的过程分析中发现,金融创新快速发展的原因一方面是经济发展对于金融的需求增多;一方面是金融机构自身为了追求利润最大化不断的增加的金融供给;一方面是国家的法律制度和监管当局给予了金融创新一定的空间。金融创新的发展提高了金融市场的金融效率和国家经济的经济效率,在规避风险的同时,一些金融工具的杠杆机制等也扩大了市场风险。本文第三部分分别分析了美国次贷危机和欧洲主权债务危机与金融创新的关系。本文认为金融创新并不是美国次贷危机爆发的根本原因,但是繁多的金融创新工具带来的高杠杆性确实增加了金融危机中风险的扩散速度和影响范围。同样,在欧洲主权债务危机中,金融创新也不是“主谋”,但债务危机引起的汇率波动造成了资产价格的波动,这种不稳定性通过衍生品的传染性和杠杆性使全球都处于不安之中。金融创新的发展应该与实体经济需要相适应,并及时纳入监管范畴之内,达到信息公开化透明化。本文第四部分总结分析了中国在改革开放三十多年的时间里经济发展状况,同时,从金融工具创新、业务创新以及市场机制创新三个方面分析中国金融创新的现状,并对比分析四种金融创新工具,融资融券、裸卖空、贷款交易和资产证券化的产生背景和特点。目前中国经济正处于快速发展阶段,并取得举世瞩目的成绩,但是中国仍处于初级发展阶段,拥有巨大的发展潜力;金融体系有了长足的发展,但仍相对落后,存在诸多体制性的问题,需要进一步的金融创新。本文第五部分总结全文并提出政策建议。本文主要结论:一是金融创新发展是逐步加快的。金融创新的实质是金融需求与供给的统一,平衡其风险与效率是关键;二是本轮金融危机的历程告诉我们金融创新的发展应与实体经济需要相适应,并及时纳入监管范畴之内,使信息公开透明化,金融创新对经济发展具有积极作用,要合理确定其地位,扬长避短;三是中国经济金融发展需要金融创新与之匹配,其金融创新发展空间巨大,应积极发展与经济需求相适应的金融创新。得到的政策建议如下:1、应根据国家的经济发展需要适时适度的开展金融创新业务;2、金融创新过程中应注意结合我国经济金融环境,在既定目标下,选择合适的创新形式以达到提高效率的目的;3、在加快金融创新的同时,应加强相应的金融监管,及时的分析和检测不同的金融创新对市场及参与者收益与风险的影响,提前防范可能发生的风险。更多还原

【Abstract】 Essentially, the history of finance is the history of financial innovation. Financial innovation satisfied the demand of finance of the economic entity; there is new demand for finance with the development of economic. And financial innovation guarantees the substantial development of economic. At the same time, the financial crisis happened with greater frequency as the financial innovation developed.In the middle of 2007, sub-prime crisis happened in the USA and after that, sovereign debt crisis happened in Greece, Ireland, even the whole Euro area. The former is due to the bubble of the real estate market broken and the price of the housing mortgage-backed derivatives decreased sharply and the solvency of financial derivatives leverage risked bigger. The latter is due to some countries which wanted to join the euro took their own higher debt innovations in financial instruments to separate them from balance sheet, when these financial instruments are unable to pay, sovereign debt crisis happened because the sovereign debt paying ability dropped. These two financial crises make the educational circles and businessmen rethink and argue about the influence of financial innovation, the point is whether or not to continue financial innovation. Someone suggested the government should inhibit financial innovation, enhance the supervision of the financial products and financial institutions, especially the investment bank; at the same time, the government should increase the risk endurance ability and capital adequacy ratio of the commercial bank system. Someone believed that financial innovation was not the primary cause of the financial crises; we should confirm the benefit of financial innovation to society and should not deny the significance of financial innovation.Back to China, from planned economy to market economy, financial market is getting more and more perfect; especially these two years, there are many changes in capital market, currency market and foreign currency market. In capital market, there are stock of medium and small listing companies, stock index futures and experimental unit of margin trading and short selling, financial bond, and GEM (growth enterprise market). In currency market, there are RMB interest rate swap deals, FRAs (forward rate agreement), SHIBOR and small and medium-sized non-financial enterprises set bills to support the development of small and medium enterprises. In aspect of foreign currency market, China is on the formation mechanism of exchange rate reform, gradually realize exchange rate marketization. In aspect of financial institutions, China started set up financial leasing company pilot, consumer finance company pilot which enriched capital demanders lending way. In some extend, sustained economic growth of China and development of financial market innovation are inseparable.This paper tries to study the theory analysis of financial innovation, the development of western financial innovation and the role of financial innovation in financial crisis. This paper also wants to research the financial innovation situation of China trying to solve the following problem: one is what is the nature of financial innovation, what the pros and cons of different financial innovation in the risk and efficiency; Second, in the background of the current financial crisis, we look at how to correct financial innovation; Third, it is in China’s existing economic and financial development condition, China’s financial innovation condition how and how should promote China’s financial innovation. The above problem for financial innovation theory research and counter measures study is a supplement to, has certain theoretical meaning and recognize that the nature of financial innovation, see, the present situation of Chinese financial innovation for robust financial innovation of China’s financial market, improve the efficiency of economic growth and to hold realistic meanings.After discussing the theory and research status of financial innovation, the second part of this paper analyzes the financial innovation process of the United States, Britain and Japan and other economies, and also analyzed China financial innovation process. From the above national innovation process analysis found that financial innovation on the rapid development of the cause of economic development for the financial demand increase; On the one hand is financial institutions themselves in order to maximize profit unceasing increase financial supply; On the one hand is the national legal system and regulators gave financial innovation certain space. The development of financial innovation, improve the financial market of financial efficiency and national economy, the economic efficiency, including risk while, some financial tools lever mechanism etc also expanded the market risk.The third part of this paper respectively analyzes financial innovation relationship with subprime mortgage crisis and the European sovereign debt crisis. This paper argues that financial innovation is not the fundamental causes of the U.S. subprime mortgage crisis, but financial innovation tools highly leveraged character really bring a financial crisis in promoting the spreading of risk speed and impact range. Similarly, in the European sovereign debt crisis, financial innovation is not "ringleaders", but the debt crisis of the exchange rate fluctuations caused by the fluctuation caused asset prices, this instability through derivatives infectious and lever sex at precariously global. Financial innovation should develop with the entity economy demands, and timely, reach into regulatory category transparent within information.The fourth part summarizes achievements of China’s reform and opening-up thirty years economic development and financial market system construction, meanwhile, from financial tool innovation, business innovation and market mechanism innovation three aspects analyzes present situation of China’s financial innovation, and comparative analysis of four kinds of financial innovation tools, margin, trading and selling short, loan bought of asset securitization background and characteristics. China’s economy is in rapid development stage, has made remarkable achievement, but China is still in the primary stage of development, have great potential of development; The financial system has developed rapidly, but still relatively backward, and there are many institutional problems to solve, and need further financial innovation.The fifth part of this paper sums up and proposes policy recommendations. This paper’s mainly conclusions are: one is that the financial innovation development is gradually quickening of. The essence of financial innovation is the unity of financial demand and supply, the balance the risks and efficiency is the key; two is that the process of financial crisis tell us that financial innovation development should be adapted into the entity economy needs, and timely information within regulatory category, achieve transparent, financial innovation has the positive role, to reasonably determines its status, enhances strong points and avoid weaknesses; Three is that China’s economic and financial development need financial innovation and financial innovation should match their huge development space, should actively develop financial innovation which adapts to the economy. Policy suggestions are as follows: 1, should conduct measurable financial innovation business timely according to the country’s economic development’s need; 2, financial innovation should be paid attention to in the process, according to our country’s economic and financial environment in goals to choose the appropriate innovation, to improve the efficiency of the form of purpose; 3, in the meanwhile to speed up financial innovations, we should strengthen the corresponding financial oversight, timely analysis and detection of different financial innovation on market and participants, the influence of benefit and risk prevention ahead of the risk.更多还原