【作者】 刘智；

【导师】 邓乐平；

【作者基本信息】 西南财经大学 ， 金融学， 2007， 博士

【摘要】 当前,国际金融市场瞬息万变,金融产品与金融服务不断创新,衍生性金融产品已经从只有少数专业人员才能理解的语言转变成一般投资者都必须具备的知识。2000年以来,国际衍生产品市场发展较为迅猛,从2000年至2005年,全球期货总成交额年均增长率为25.9%,全球场内期权总成交额年均增长率为43.4%。与此同时,全球场外衍生产品名义本金余额也从2000年95万亿美元增长到2006年6月底的338.6万亿美元。一场全球范围内的信息博弈、知识博弈、则富博弈正在金融衍生品市场激烈展开,对此,我们显然不能置身事外、视而不见。创新的本质在于实践,创新如果仅仅停留在观念、思想和制度上,没有转化为行动和成果,创新就没有任何价值和意义。金融衍生产品的创新成为大型金融机构特有的工具,他们凭借创新,将变化看作是开创一个企业或服务的机遇。对于创新而言,创新是否成功不在于它是否新颖、巧妙或具有科学内涵,而在于它是否能够赢得市场。不具有创新市场的能力就会被远远地抛在竞争者的后面,这是人们的共识。对于中国来说,问题的关键不在于是否理解,而是在别人已经开始全新金融理念运用的时候,我们却处于被动的状态。因此,在判断中国的金融业是否有创新能力的时候,首先需要看到的是用什么样的方式进入市场。因此,研究中国的金融衍生产品创新问题,从逻辑上讲,首先应该分析以下问题:(1)在判断中国的金融业是否有创新能力的时候,首先需要看到的是用什么样的方式进入市场。由此引出的问题是:中国是否存在一个市场化的创新机制?在金融产品的创新过程中,政府与金融机构谁应该具有更大的话语权?在“中国特色”的金融衍生产品创新过程中,有那些弊端?在中国金融进一步对外开放过程中,金融衍生产品创新应如何与国际接轨?(2)从各个方面看,中国都应该成为金融创新最活跃的地方,经济生活中各个层面存在的巨大风险需要多样化的金融工具进行分散和管理。直接运用“拿来主义”固然可以暂时解决一些困难,但运行起来问题不少。就我国金融衍生产品发展状况而言,由政府推动的创新取得了一定的进展,但受到内部制度和外部环境的多重约束,使得这一时期的衍生产品创新更多的带有鲜明的引进和补课特征,已经不能适应WTO后金融竞争和国内经济发展的需要。那么,造成这种状况除了思想观念因素、外部环境因素以及技术因素以外,制约我国金融衍生产品创新的还有那些因素?(3)在真实的世界中,所有的国家都拥有“丰富”的惯例体系:反映文化渊源的习惯、不成文的行为准则、共同的社会期望以及将这种期望融入日常经营行为的方式。因此,当交易从一种文化背景转变到另一种文化背景时,必须考虑文化背景的作用。那么,如何看待中国的惯例体系,它将在多大程度上影响我国的金融衍生产品创新过程和投资者行为?对以上问题的探索,可以为研究转型期中国金融衍生产品创新的个例提供一个基本的分析框架。本文的研究的重点主要不在于刻意描述衍生金融市场的基本原理,而是重在如何将这些原理运用于中国实践,使其本土化,变成中国市场经济的必要组成部分。金融改革一直是中国经济改革的重要甚至是核心部分,控制金融资源,或者主导金融改革和发展,是渐进式经济改革的内在意蕴。就转型期中国金融衍生产品创新研究的特殊性而言,可以发现几乎所有的创新都与制度变迁有关,但这个观察却经常不能覆盖金融衍生产品的自主型创新。这就决定了金融衍生金融产品在中国的发展,不仅仅是一个交易所市场构建和定价技术提高的问题,更为关键的是我国承载金融衍生产品创新的金融制度载体的先进程度究竟如何。沿着这一思路,本文建立了一个基本的分析框架,其要点是:(1)政府管制与市场化趋势成为观察中国金融衍生产品创新的两条主要线索:中国金融衍生产品创新一方面源于市场参与者规避金融监管以及税收、会计方面的强烈需求,另一方面则来自于投资者重新分配金融风险的需要。(2)在研究中国金融衍生产品创新的过程中,应该把注意力从机构改革以及纠结于其中的支配权力中转移出来,更多的关注金融衍生产品的功能以及投资者的利益。(3)在中国金融衍生产品创新的过程中,政府的作用是非常重要的。但这并不是说政府要亲自制定创新项目、干预创新过程,而是需要政府创造一个好的创新环境、创新条件和机制。政府应该更多地关注金融市场机制的建设、激励机制和制度改革,而不是单个机构的命运。金融衍生产品在我国发展的历史和现实说明,必须竭力避免基于政策压力和利润诉求的刻意的衍生产品创新。(4)从实用主义的角度出发,中国金融衍生产品创新的价值仅在于它能得到什么样的现实。经济发展的具体阶段、重大问题的出现是其研究的出发点。中国与西方相比,劣势在于分析技术,优势在于体制转型中出现的更为丰富的经济金融现象。从分析个案到推断总体,尽可能敏感、准确地捕捉我国金融运行中衍生产品创新的典型事实,实行开放式的实证研究是从事中国金融衍生产品创新研究的必然选择。(5)金融衍生品的发展必须基于内生需求的基础上进行,中国要充分发挥后发优势,系统地设计制度供给和风险监管。政府在促进和推动金融衍生产品发展的金融制度创新中的作用应该有两点:首先,要制定与金融衍生产品发展相匹配的制度创新的总体规划。其次,通过一定的制度安排,培养一种维持自由试验环境的能力。在以上基本分析框架的基础上,本文对近年来中国金融衍生产品创新情况进行了分析,并重点对资产证券化创新、债券远期、利率互换、人民币远期、人民币与外币掉期、认股权证以及股指期货进行了详细深入的研究,并结合其发展中的弊端给出了政策建议。论文的创新之处主要有以下几点:(1)从转型期中国金融改革的现实出发,建立了一个基本分析框架;(2)借助于这一分析框架,从分析个案到推断总体,尽可能敏感、准确地捕捉我国金融运行中衍生产品创新的典型事实,进行了开放式的实证研究;(3)对我国2005年以来出现的金融衍生产品进行了全面的分析,并根据其发展中出现的问题提出了政策建议。更多还原

【Abstract】 These days, the international financial markets are keeping changing, financial products and services are under their way of innovation, and the knowledge of derivative financial products has become the necessary ones for ordinary investors. International derivative product markets have developed rapidly since 2000: the annual growth rate of trading amount is around 25.9% from 2000 to 2005, and 43.4% for the trading amount of options; the nominal principle balance of global over-the-counter derivative products rise from 95,000 billion in 2000 to 338,600 billion in Jun. of 2006. The game of information, knowledge and wealth spreads on the financial derivative market so that we can not ignore it anymore.Innovation lies in practice, that is to say, innovation is meaningless if it is just an opinion, thought or something of institution and cannot be transferred to actions and results. The innovation of financial products is seen as special tools for large financial institution to bring new chances for them to begin new firms or services. As for innovation, the success does not depend on whether it is new, cute or scientific, but on whether it can win the market. It is common sense that the one who cannot be innovative will be left behind to other stronger competitors. For China, the point is that we still be passive when other countries have already put such financial theories into practice. Thus, how to enter the market should be checked at first when we judge whether Chinese financial industry has the ability of innovation.Thus, the following questions should be analyzed firstly when we research the issue of Chinese financial derivative product innovation:(1) How to enter the market should be checked at first when we judge whether Chinese financial industry has the ability of innovation. The following questions are: whether there is a market-oriented innovation mechanism? Who, government or financial institution will be more powerful in the process of financial product innovation? Are there any drawbacks in such“Chinese Special” innovation process? How could such innovation be more international as with China be more open?(2) China should be the most fast-developing place for financial innovation; diversified financial tools can be used to hedge and manage the risks in the economy. It is very problematic for China to use the experience of others although it may solve some issues in relative short time. Although the development of financial products of China has been advanced by the government up to present, the innovation at this time has clear character of“bring-in”because of the constraints of external institution and external environment, and cannot meet the demand of financial competition and domestic economical development after joining WTO. Therefore, what factors other than technology or external environment hinder the financial innovation of China?(3) All the countries in the real world has their own“fluent”custom system, which reflects the habit of culture, behavior criteria, common social expectation and the way to put the expectation to the daily business; thus, culture difference should be considered when trades are transferred from one culture to another. The custom system of China will, to what extent, influence on the process of financial derivative product innovation and investor behavior?Thinking of above issues could provide a basic analyzing framework for research on the case of financial derivative product innovation in transition economy of China. The key point of this paper is not to describe basic concepts of financial markets, but to how to put these concepts or theories to Chinese practice, and to localize such practice to become one of the necessary part of Chinese market economy.Financial revolution is an important or even kernel part of Chinese economical revolution. Gradual economical revolution partly means controlling the financial resource or guiding the financial revolution and development. The financial derivative innovation of China in transition period almost due to the change of institution, but the change could not be the only reason for“self-innovation”. So, the advance of the financial institutions in addition to the trading exchange building or asset pricing technology contribute to the development of financial derivative innovation in China. The basic points in my framework are as follows:(1) Government regularity and trend to be more market-oriented could be two clues to observe the innovation of financial derivative products in China: the innovation in China partly due to the demand of market participants to avoid financial regularity or taxation and accounting standard, and partly of investors to reallocate financial risk.(2) Attention of researchers should be transferred from institution revolution to the function of financial derivative products and investors’benefits.(3) The function of government is of the great importance in the process of financial derivative innovation in China. That means, the government should create a proper environment, condition and mechanism for innovation. Government should pay more attention to the building of financial market mechanism, incentive mechanism and institution revolution but not the fate of single institutions. The history of financial innovation in China demonstrates that innovations that because of the press from government should be avoided.(4) The particular stage in economical development and the occurrence of important issues is the start point of innovation research. Compared with western countries, the disadvantage of China is analysis technology while the advantage is the fluent financial phenomenon in the transitional economy. It is necessary for the researchers to do empirical studies using the typical cases of China’s financial system.(5) Financial derivative products should develop on the basis of external demand, China should take its own advantage to design institution and risk management semantically. Government should take measures to: firstly, make general plans for the institution innovation that matches with the financial derivative product development; secondly, foster an ability of free experiment environment by arranging certain institutions.Based on above basic framework, this paper analyses recent financial innovation of China, which focus on securitization, bond forward, interest swap, RMB forward, etc. Then I provide policy suggestions based on such analysis.The innovations of my paper are: (1) building up a basic framework based on the facts of transition economy of China; (2) adopting empirical analysis through the research of typical cases of China’s financial system; (3) analyzing the financial product innovation since 2005 and providing policy suggestions.更多还原