本文選題：金融創(chuàng)新　切入點：悖論　出處：《西南財經大學》2013年博士論文

【摘要】：20世紀80年代以來的金融創(chuàng)新,所取得的規(guī)模是驚人的,對金融與經濟的影響已經超越了人們的想象。2008年金融危機爆發(fā)以來,經濟學家們開始關注金融創(chuàng)新,特別是金融工具的創(chuàng)新給這場危機帶來的影響。觀察此次危機爆發(fā)的原因和擴散過程,像資源悖論一樣,金融創(chuàng)新程度越高的國家在此次危機中所遭受的損失也最大。廣泛的批評開始關注于金融創(chuàng)新給經濟體所帶來的負面影響及其風險擴散問題,在金融創(chuàng)新高度發(fā)達的國家,金融創(chuàng)新產品的誤導使用和缺乏管理,可能導致經濟體風險的提高,并引發(fā)金融海嘯。金融創(chuàng)新的時代是一個災難,因為它導致了崩潰,使得許多人陷入了資產大幅縮水甚至破產的邊緣。因此,不足為奇的是,金融創(chuàng)新被放在了“聚光燈”下受到了部分理論家、參與者及評論者的指責,被認為是金融危機的主要元兇。顯然,這個結果并不是金融創(chuàng)新本意所在,它已經違背了金融創(chuàng)新的初衷。本文將質疑金融創(chuàng)新的上述觀點暫稱之為金融創(chuàng)新悖論。 我國金融創(chuàng)新雖沒有西方國家復雜,但隨著我國金融市場不斷完善,金融創(chuàng)新也正呈現(xiàn)復雜化趨勢,影響經濟的作用力越來越大。談到我國的金融創(chuàng)新現(xiàn)象,比較復雜,我國參考、參與并進行自主金融創(chuàng)新。從廣義上來說,我國的金融創(chuàng)新指那些金融領域內從無到有的各種金融活動,包括金融產品、金融業(yè)務、金融制度等創(chuàng)新。不論這個金融創(chuàng)新是從國外泊來的,還是參考國外金融創(chuàng)新,亦或是完全自主研發(fā)創(chuàng)新的金融活動,這些都算是我國的金融創(chuàng)新活動。從狹義上來說,我國的金融創(chuàng)新指那些具有中國元素的金融創(chuàng)新活動,包括金融產品、金融業(yè)務、金融制度等創(chuàng)新,這些創(chuàng)新產物是我國金融特有的。無論是廣義上金融創(chuàng)新,還是狹義上金融創(chuàng)新,自改革開放以來,金融市場的不斷推陳出新,深深影響著經濟增長。與此同時,世界經濟一體化進程加快,各國間金融往來越來越頻繁,我國參與世界經濟廣度和深度在逐步擴大,參與國外金融創(chuàng)新活動越來越多,國外金融創(chuàng)新活動對我國經濟影響也在逐步擴大。我國經濟正面臨金融創(chuàng)新活動的國內和國際雙重影響。 因此,在后危機時代研究金融創(chuàng)新對于經濟影響的負外部性問題非常必要。一方面可以幫助我們正確認識金融創(chuàng)新,及其對于經濟的影響；另一方面可以汲取美國發(fā)展金融創(chuàng)新的失敗教訓,合理推進我國金融創(chuàng)新活動,避免同類風險問題在我國發(fā)生。鑒于此,本文章節(jié)安排如下： 第一章：根據(jù)國外對危機前后金融創(chuàng)新與生產力、產出、金融風險和交易成本等方面截然相反的觀點,融合這些研究結論,從金融創(chuàng)新與金融經濟關系,提出金融創(chuàng)新存在悖論問題。除此之外,還詳細整理了國內金融創(chuàng)新研究現(xiàn)狀。該部分內容主要以綜述為主。 第二章：首先對金融創(chuàng)新進行了界定,指出本文的研究對象是狹義的金融創(chuàng)新；其次,介紹了金融創(chuàng)新的西爾伯、凱恩、諾斯和�？怂沟慕鹑趧�(chuàng)新理論；其次,分析了金融創(chuàng)新的放松管制、市場競爭、追求利潤最大化、科技進步和尋租的動力問題；其次,通過介紹影子銀行和場外衍生品市場,重點研究了全球金融創(chuàng)新發(fā)展高杠桿、表外化、復雜化和過度資產證券化等新趨勢；最后,提出了金融創(chuàng)新對經濟發(fā)展的積極和消極影響。 第三章：任何命題或假設提出,需要經濟基礎理論來支撐,在這種思想指導下,本章創(chuàng)新性提出了五個金融創(chuàng)新悖論的經濟理論,主要包括創(chuàng)新悖論觀、軟預算約束觀、供求定理觀、道德風險觀和泡沫理論觀。在第三章中,不僅僅介紹每個理論含義,還把每個理論與金融創(chuàng)新相結合起來,構建金融創(chuàng)新悖論的各個觀點。 第四章：根據(jù)第三章經濟基礎原理分析,本章抽出軟預算約束和控制權私人收益兩個影響因素,構建含有控制權私人收益的軟預算約束DM模型,論證金融創(chuàng)新過度問題。金融創(chuàng)新還是以尋求金融“租金”為主要動力。 第五章：過度金融創(chuàng)新增加了金融脆弱性,甚至可引發(fā)金融危機。在此,本文給出了金融創(chuàng)新悖論的定義及其在生產力、產出、價格發(fā)現(xiàn)、信息、流動性和交易成本六個方面的悖論表現(xiàn)。 第六章：以美國金融創(chuàng)新為樣本,通過構建含有金融創(chuàng)新的商業(yè)銀行內生經濟增長模型,分析了金融創(chuàng)新與居民消費、私人投資和產出的動態(tài)關聯(lián)性,并以次貸危機舉例說明；在模型結論的基礎上,采用VAR、SVAR和DAG模型進一步實證檢驗和分析金融創(chuàng)新與產出間的不一致關系。 第七章：重點研究我國金融創(chuàng)新悖論問題。首先,給出了我國金融創(chuàng)新的界定,劃分為廣義和狹義之區(qū)別。本文對我國金融創(chuàng)新研究對象是廣義上金融創(chuàng)新活動,但剔除債券、股票等基礎金融產品,研究對象金融創(chuàng)新包括國內自主金融創(chuàng)新、泊來的金融創(chuàng)新和買賣國外的金融創(chuàng)新。其次,簡單介紹了我國自主金融創(chuàng)新、泊來品和參與國外金融創(chuàng)新活動現(xiàn)狀。其次,分析了我國金融創(chuàng)新的一般動力問題,新增了“政府推動”和“國有企業(yè)改制”兩個特殊動力。最后討論了我國金融創(chuàng)新負外部性問題。 第八章：主要研究內容是實證分析我國金融創(chuàng)新活動對宏觀經濟變量的影響問題。樣本變量金融創(chuàng)新包括權證、基金、期貨和對外證券投資,其他變量還有產出、消費、投資和通貨膨脹。研究結論表明,我國的金融創(chuàng)新和通貨膨脹呈現(xiàn)正相關性,與投資和消費呈現(xiàn)負相關性,與產出呈現(xiàn)正相關性。對于這些結論文章給出了自己的解釋。 第九章是本文總結和政策建議。金融創(chuàng)新悖論問題確實存在,導致產生這種結果是誰之過?不是金融創(chuàng)新本身,也不是投資者或投機者,也不是金融機構創(chuàng)新者,也不是監(jiān)管者,而是約束缺失或不足所導致的。因此,本文最后分別從投資者、創(chuàng)新者和監(jiān)管者角度,提出了如何強化約束來減少金融創(chuàng)新對經濟的負外部性影響。 在論文寫作過程中,本文力做到將所學經濟學知識融入其分析中,試圖有所突破和創(chuàng)新,創(chuàng)新點主要有： 創(chuàng)新點一：金融創(chuàng)新悖論觀點的提出。翻閱國內外文獻,提出金融創(chuàng)新是雙刃劍的有過；有關金融創(chuàng)新監(jiān)管悖論的觀點也有過；有關金融危機悖論的觀點也提過；有觀創(chuàng)新悖論的也提過,但惟獨沒有學者在其論文或官方文件中提出過金融創(chuàng)新悖論觀點,我們所看到的只是一些零散的有關金融創(chuàng)新對經濟或好或壞的評價。 創(chuàng)新點二：從創(chuàng)新悖論這個一般性問題,引申出金融創(chuàng)新悖論問題；從軟預算約束理論出發(fā),提出金融創(chuàng)新悖論問題的一個假設；從供求定理出發(fā),創(chuàng)新建立彎折的供給和需求曲線,結合總供給和總需求曲線,構建金融創(chuàng)新悖論的一個模型；從道德風險出發(fā),建立含有控制權私人收益私人收益的函數(shù)方程,經過模型求解,刻畫了金融創(chuàng)新過度問題。 創(chuàng)新點三：從理論上論證了金融創(chuàng)新悖論的存在性。首次采用軟預算約束理論,構建含有控制權私人收益的軟預算約束的DM模型,求解方程,推導出金融創(chuàng)新活動存在過度問題,論證金融創(chuàng)新活動的動力是“租金”。 創(chuàng)新點四：對金融創(chuàng)新悖論含義的界定和表述。本文參考了悖論及其它悖論的含義和表述,結合金融創(chuàng)新在交易成本、價格發(fā)現(xiàn)、流動性和信息彌補等方面的新觀點,給出了金融創(chuàng)新悖論的含義及其表現(xiàn)。目的是想通過這樣一個界定,把金融創(chuàng)新悖論做一個精煉的概括。 創(chuàng)新點五：構建含有金融創(chuàng)新的商業(yè)銀行內生經濟增長模型。假設政府通過稅收來為金融創(chuàng)新過度買單,這是代表性家庭和商業(yè)銀行共有的信息,求解模型,得出家庭消費、私人投資會下降,產出也會下降,甚至會引發(fā)金融危機。 創(chuàng)新點六：借鑒金融創(chuàng)新定義的狹義和廣義區(qū)分,把我國金融創(chuàng)新也從廣義上和狹義上進行界定。在分析我國金融創(chuàng)新動力方面,首次提出了國有企業(yè)改革動力之說。首次采用權證、期貨、基金和對外證券投資四個指標加總來衡量我國金融創(chuàng)新規(guī)模和總量,并在此基礎上創(chuàng)新研究金融創(chuàng)新對我國投資、消費、產出和通貨膨脹的影響,開創(chuàng)了我國金融創(chuàng)新實證研究先河。 創(chuàng)新點七：金融創(chuàng)新悖論是誰之過?關于這個問題,本文認為提出是金融創(chuàng)新產品、投資者或投機者、金融創(chuàng)新者和監(jiān)管者之過的說法都只是停留在問題的表面,真正導致金融創(chuàng)新引發(fā)金融風險的是約束因素,正是因為約束機制的缺失或不足而導致的。 金融創(chuàng)新本就是一個很難把握的概念,界限比較模糊,具有很強的時間性和相對性。一個金融產品,在現(xiàn)在是一個金融創(chuàng)新,但隨著時間的推移卻會慢慢淡出,讓位于其他新的金融產品；一個金融產品的出現(xiàn),在美國,它可能是上個世紀的事了,但在我國,它可能卻是一個金融創(chuàng)新。金融創(chuàng)新產品的這些屬性,使得我在研究過程中,沒有辦法做到具體化,只能是泛指。但是,當具體到某個時段、某個國家及某個金融機構,關于金融創(chuàng)新,我們還是能說出個所以然的；當金融危機爆發(fā)之時,我們還是能夠觀察到某種金融創(chuàng)新活動和金融危機的關系,或是金融危機的導火索,或是金融危機的催化劑,或二者兼之。因此,金融創(chuàng)新雖無法準確衡量,無法界定,但是有關金融創(chuàng)新活動的后果,我們還是可以觀察的,即對經濟的影響還是可以界定的,這也是本文堅持選題的原因之一 本文希望通過論文寫作,提出自己對于金融創(chuàng)新的感知,即金融創(chuàng)新存在悖論問題,運用經濟學基本理論知識,論證這個假說,使得其具有一定的經濟解釋能力,這是希望達到的一個層次。除此之外,還希望通過對于金融創(chuàng)新活動的重新審視和認知,提出相關的研究結論和政策建議,能夠對于我國新時期開展金融創(chuàng)新活動提供幫助。
[Abstract]:Financial innovation since 1980s, the scale is amazing and the influence on finance and economy has gone beyond the imagination of people.2008 years since the financial crisis, economists began to focus on financial innovation, especially the innovation of financial tools for this crisis to take effect. Observe the causes and the diffusion process of this crisis as the resource paradox, too, suffered the biggest loss in this crisis, the higher the degree of financial innovation in the country. Widespread criticism began to focus on the negative impact on financial innovation for the economy brought about by the risk and diffusion problems in financial innovation in highly developed countries, misleading financial innovation products and a lack of management the economy may lead to increased risk, and triggered the financial tsunami. The era of financial innovation is a disaster, because it leads to collapse, makes many people fall into the capital Production has shrunk dramatically even bankruptcy. Therefore, financial innovation is be not at all surprising, was put in the spotlight by some theorists, participants and commentators accused, is considered to be the main culprit of the financial crisis. Obviously, this result is not the intention of financial innovation, it has violated the financial innovation original intention. This article will question this view of financial innovation has called the paradox of financial innovation.
China's financial innovation in western countries is not complex, but with China's financial market, financial innovation also is showing the trend of complexity, economic impact force is growing. When it comes to financial innovation, our country is more complex, our reference, and participate in the main financial innovation. In a broad sense, Chinese financial innovation refers to those in the financial field from various financial activities, including financial products, financial services, financial system innovation. The financial innovation is from the exotic, or reference to foreign financial innovation, or completely independent research and innovation of financial activities, these are all our financial innovation activities. In a narrow sense, financial innovation in China has China those elements of the financial innovation activities, including the financial products, financial services, financial system innovation, the product innovation in China The financial characteristic. Whether financial innovation in general, or the narrow sense of financial innovation, since the reform and opening up, financial market innovation, deeply affect the economic growth. At the same time, the world economy globalization, financial exchanges between countries have become increasingly frequent, China's participation in the world economy to gradually expand the breadth and depth, participate in activities more and more foreign financial innovation activities, foreign financial innovation on the impact of China's economy is gradually expanding. China's economy is facing the financial innovation activities of domestic and international influence.
Therefore, the problem of negative externalities in post crisis era of financial innovation for economic impact is very necessary. On the one hand, can help us to correctly understand the financial innovation, and its influence on the economy; on the other hand, the United States can draw lessons to promote the reasonable development of financial innovation, the financial innovation risk, avoid similar problems occur in me in view of this, this paper is organized as follows:
The first chapter: according to the output of foreign innovation and productivity, before and after the financial crisis, financial risk and transaction cost as well as the opposite opinion, the integration of these research conclusions, from financial innovation and economic relations, and puts forward the financial innovation paradox. In addition, detailed reviews of financial innovation on the part of the domestic research. Mainly in the review.
The second chapter: firstly, financial innovation was defined, points out the research object of this paper is the narrow financial innovation; secondly, introduces the financial innovation Silbert, Kaine north, and Hicks's theory of financial innovation; secondly, analyzes the deregulation of financial innovation, market competition, the pursuit of profit maximization, the dynamic problem of the progress of science and technology rent; secondly, through the introduction of shadow banking and OTC derivatives market, focus on the global financial innovation and development of high leverage, sheet, the new trend of complexity and excessive asset securitization; finally, put forward the positive and negative effects of financial innovation on economic development.
The third chapter: any proposition or assumption, economic basic theory to support, in this guidance, put forward five financial innovation paradox of economic theory this chapter innovation, including innovation paradox concept, soft budget constraint, the laws of supply and demand outlook, outlook and moral risk bubble theory view. In the third chapter not only, introduce each theory meaning, also each theory and financial innovation combining the construction of various views paradox of financial innovation.
The fourth chapter: the third chapter according to the analysis of the economic basis principle, this chapter from the soft budget constraints and private benefits of control of the two factors, the construction of soft budget constraint DM model with private benefits of control rights, demonstration of excessive financial innovation. Financial innovation is to seek financial "rent" as the main driving force.
The fifth chapter: excessive financial innovation increases financial vulnerability and even leads to financial crisis. Here, this paper gives the definition of financial innovation paradox and its paradoxes in six aspects: productivity, output, price discovery, information, liquidity and transaction cost.
The sixth chapter: the American financial innovation as the sample, through the construction of financial innovation of commercial banks with the endogenous economic growth model, analysis of financial innovation and consumption, the dynamic relationship between private investment and output, and to illustrate the subprime crisis; using VAR in the conclusion of the model based on the relationship between SVAR and DAG, are not consistent the model further empirical test and analysis of financial innovation and output.
The seventh chapter is the study on China's financial innovation paradox emphasis. Firstly, gives the definition of financial innovation in China, divided into broad and narrow the difference. This paper is financial innovation generalized to the research object of financial innovation in China, but excluding bonds, stocks and other basic financial products, the research object of financial innovation includes domestic financial innovation, financial innovation and the sale of the exotic. Secondly, introduces the independent financial innovation in China, foreign goods and foreign participation in the activities of financial innovation situation. Secondly, analyzes the general dynamic problems of financial innovation in our country, the new "government" and "state-owned enterprises" two special power. Finally discusses the negative externalities of financial innovation in our country.
The eighth chapter: the main content of the research is empirical analysis of influence of China's financial innovation on macroeconomic variables. The sample variables of financial innovation including warrants, funds, futures and foreign securities investment, other variables are the output, consumption, investment and inflation. The conclusion of the study shows that financial innovation and inflation in China is positively related to the present. Negative correlation between investment and consumption, showed a positive correlation with the output. The conclusion of this paper gives his own interpretation.
The ninth chapter is the conclusion and policy suggestions. The paradox of financial innovation problems do exist, resulting in the result is who? Not financial innovation itself, nor investors or speculators, not financial institutions nor regulators, innovators, but the lack of restrictions or as a result of inadequate. Therefore, the end of this paper from investors and innovators and the regulators perspective, put forward how to strengthen the restriction to reduce the negative effect of financial innovation on the economy.
In the process of writing, this paper tries to integrate the knowledge of economics into its analysis and try to make breakthroughs and innovations.
Innovation: the paradox of financial innovation. Through domestic and foreign literature, the financial innovation is a double-edged sword with the financial innovation supervision paradox; there is also related to the financial crisis; the paradox of view also mentioned a concept of innovation; the paradox also mentioned, but no scholars have proposed financial paradox innovative ideas in the paper or official documents, we see only some scattered about the financial innovation on the economy or good or bad evaluation.
Innovation two: from innovation paradox of this general problem, a problem of financial innovation paradox; from the perspective of the theory of soft budget constraint, a hypothesis of financial innovation paradox; starting from the theorem of supply and demand, supply and innovation to build kinked demand curve, with the total supply and demand curve, a model of paradox financial innovation; starting from the moral risk, establish the function equation containing the private benefits of control private benefits, through solving the model, describes the problem of excessive financial innovation.
Innovation three: the theory proved the existence of the paradox of financial innovation. The theory of soft budget constraint, equation DM model, construction of the soft budget constraint with private benefits of control rights, the existence of excessive financial innovation activities are pushing, dynamic demonstration activities of financial innovation is the "rent".
Four innovative points: to define and express the meaning of financial innovation paradox. This reference to the meaning and expression of paradox and other paradoxes, combined with financial innovation in the transaction cost, price discovery, new ideas and information for liquidity and other aspects of the meaning and expression of the paradox of financial innovation is given. The purpose is to want to pass such a the definition, the paradox of financial innovation to make a concise outline.
Innovation five: to construct an endogenous growth model with financial innovation of the commercial banks. By assuming that the government taxes to pay excessive financial innovation, which is the representative household and commercial banks shared information, solving the model, the household consumption, private investment will decline, output will decline, and even lead to financial crisis.
Innovation six: the definition of financial innovation from the narrow and broad distinction, the financial innovation in China from the broad and narrow sense definition. In the analysis of China's financial innovation, first put forward the reform of state-owned enterprises. For the first time using power that warrants, futures, and foreign securities investment fund index plus total four to measure the size and quantity of financial innovation in China, and on the basis of innovation investment, financial innovation on China's consumption, output and inflation, creating a financial innovation in China: An Empirical Study of its kind.
Innovation seven: the paradox of financial innovation is who? On this issue, this article argues that financial innovation products, investors or speculators, financial regulators and the surface of innovators is just stay in the problem, the real cause of financial innovation is bound to lead to financial risk factors, it is due to the lack of or inadequate the mechanism of constraint.
Financial innovation is a very difficult to grasp the concept of vague boundaries, with time and relatively strong. A financial product, is now a financial innovation, but with the passage of time will slowly fade out, let in other new financial products; and a financial product in the United States, it may be a thing of the past, but in our country, it is a financial innovation. Financial innovation products of these attributes, makes me in the course of the study, there is no way to do specific, only refers to. However, when the specific to a certain period of time, a country and a financial institution, a financial innovation, we can still say it; when the financial crisis, we still can observe the relationship between financial innovation and financial crisis, or financial crisis or financial crisis, catalyst, Two or otherwise. Therefore, financial innovation is unable to accurately measure, can not be defined, but the consequences of financial innovation activities, we can still observe the impact on the economy still can be defined, it is also one of the reasons on the topic
This paper hopes to put forward his own perception of financial innovation by writing his thesis, that is, the paradox of financial innovation, and use the basic knowledge of economics to prove this hypothesis, making it have a certain ability of economic explanation, which is a level that we hope to achieve.

【學位授予單位】：西南財經大學
【學位級別】：博士
【學位授予年份】：2013
【分類號】：F831.59;F832

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