【作者】 张学波；

【导师】 高长春；

【作者基本信息】 东华大学 ， 管理科学与工程， 2011， 博士

【摘要】 随着20世纪80年代以来经济全球化和金融自由化的不断发展,金融发展日益全球化,各国金融业不仅要和本国的竞争对手竞争,还面临着来自国际上的金融企业的竞争,这使得金融业的竞争更趋激烈,迫使各国为应对国际金融市场的变化,增强本国金融业的国际竞争力而相继放松金融管制,为金融创新的发展营造宽松的政策和法律环境,金融创新的作用由此而更加突出。一方面,作为金融竞争的利器和金融发展的主要推动力量,金融创新促进了金融发展空间不断拓展,金融对经济的推动力不断增强。另一方面,金融创新使得金融风险不断累积,金融运行的波动性不断加大,金融体系的脆弱性不断增加。在监管缺位的背景下,全球金融危机终于爆发,金融发展受到严重制约,银行体系遭遇重创,银行体系的稳健运行受到严重影响。随着金融全球化、金融一体化和金融创新的不断发展,新的金融产品不断出现,新的金融技术大量应用,新的金融组织不断产生,传统意义上的金融机构之间的界限日渐模糊,与之相应的新的金融制度不断出台；银行业务日益复杂化和多元化,银行机构之间与银行机构之间以及银行机构与非银行机构之间的竞争愈加激烈。银行监管所处的环境呈现出动态变化的特征,为持续地保持银行监管的有效性,需要顺应金融创新环境的新趋势和新动向,需要把握金融创新的特点,需要全面衡量金融创新对银行监管的影响而与时俱进。在金融创新环境下,在保持银行业持续金融创新以提高竞争力的前提下,通过银行监管以防范和化解金融创新所带来的风险,鼓励金融创新以确保银行业稳健运行以及金融创新收益最大化和风险最小化,同时促进银行业迅速、健康发展,就成为21世纪既具有重大现实意义又具有重要理论意义的研究课题。本文所指的金融创新环境泛指对金融创新产生直接或间接影响的各种客观条件和因素,主要包括：国际、国内和区域经济金融形势,宏观经济政策,法制环境,银行业发展态势,科学技术进步等。金融创新环境具体包括了经济环境、金融环境和社会环境等。具体来说,经济环境包括宏观经济运行、经济机构和经济全球化；金融环境包括金融市场、金融工具、货币政策；社会环境包括政治制度、法律法规、科技文化和社会规范等诸方面。当前,金融创新环境日益呈现出动态变化的特征：银行、证券、保险和信托之间的联系不断加强,业务相互渗透和机构相互连结的现象不断增多,金融创新日益深入发展,金融创新与银行监管之间既统一又对立的矛盾不断加深。出于发展需要,银行业需要金融创新以增加盈利和规避风险,金融创新所带来的银行体系不稳定更需要科学地有效的银行监管。基于产权理论的金融创新环境下的银行监管模型的研究表明,金融创新、银行监管、金融发展三维变量之间互为因果,相互作用,三者之间适当地平衡有利于金融创新与银行监管的相互协调和共生发展。在不断变化的金融创新环境下,更加需要深入地探究金融创新与银行监管之间的互动作用机制,遵循金融创新风险与银行监管相互协调的原则,统筹考虑金融创新风险对银行业运营的影响,将创新风险置于银行监管的管控范围之内。金融创新环境下的银行监管既要重视金融创新有利于分散风险、转移风险和丰富消费者选择的积极作用,坚持以金融创新解决金融发展面临的挑战和金融危机带来的问题；也要重视金融创新放大风险导致银行体系不稳定的消极方面,通过科学的银行监管以确保银行体系的稳健运行,以动态性的银行监管应对和促进金融创新。通过深入研究金融创新环境下的银行监管问题,提出了银行监管因应金融发展和金融创新所带来的挑战的监管对策,即：促进和鼓励金融创新与加强和完善银行监管并举,坚持金融创新推动金融发展,坚持金融创新前提是风险可控,坚持银行监管创新以促进和推动金融创新的发展。通过深入研究,本文在研究方法和研究内容上有所创新：首先,研究目标导向新颖,切中时弊。通过将银行监管研究置于金融创新环境下,结合对国际金融危机从金融创新和银行监管方面的深入分析,本文提出了金融创新与银行监管协调、并进和共生的发展思路。其次,科学界定了金融创新环境的概念：金融创新环境指对金融创新产生影响的各种客观条件和因素如经济环境、金融环境和社会环境等,也包括金融创新对金融体系的改变和影响。这一概念的界定,有助于为研究目标设立新的视角,对金融创新对银行监管的影响做全面辩证地分析,对银行监管的实践和理论研究更加具有实践意义。再次,在研究金融创新与银行监管的博弈关系时,通过构建金融创新与银行监管的动态博弈关系图,并且引入了银行监管覆盖能力指标来分析银行监管的发展,全面深入地分析了银行监管与金融创新动态博弈、层层递进的交互作用关系以及由低级到高级的演进趋势。这种做法既使传统的“斗争”和“互补’分析框架得以丰富和扩展,又使得对这一博弈关系的分析更加系统化和全面化,弥补了以往研究成果在进行两者博弈分析时缺乏严整的分析框架的缺憾。第四,把罗默等人的新经济增长模型加以拓展应用,基于产权理论构建了金融创新环境下的银行监管模型,分析了基于产权的金融创新、银行监管、金融发展三维变量之间互为因果,相互影响的互动作用机制。借鉴金融危机所暴露出来的金融创新和银行监管方面的教训,分析三者之间的发展趋势,试图以监管促创新和创新促发展的思路求解金融创新与银行监管的博弈难点问题。同时,对佩尔兹曼规制模型结合了金融创新环境下的银行监管特点加以扩展应用,进行银行监管的均衡分析,说明金融市场中存在满足金融创新发展和与之相适应的银行监管的均衡状态。第五,提出了金融创新环境下符合中国银行业实际的银行监管对策,即：建立与国际市场之间的防火墙和安全网,加强逆周期监管；在推动和鼓励金融创新的同时,汲取国际金融危机因金融创新过度和监管缺失所产生的深刻教训。针对金融创新发展的动态性,需要以动态性银行监管即持续的银行监管创新以应对和促进金融创新。更多还原

【Abstract】 With constant development of economic globalization and financial liberalization since 1980s, financial development became more global, financial rivals not only came from domestic, but also came from worldwide, this made the financial competitions more and more intensively, forcing countries to respond to changes in international financial markets, enhancing their international competitiveness of financial industries, pushing financial deregulation and creating relaxed circumstances for financial innovations in terms of policies and laws, the role of financial innovation thus became more and more prominent. On the one hand, as the efficient instrument of financial competition and the main driving force of financial development, financial innovation continued to expand the space of financial development and to strengthen impetus to the economy growing. On the other hand, financial innovation continued to make the accumulation of financial risks, the volatility of financial operations continued to increase, the vulnerability of the financial system continued to increase. In the absence of financial supervision, the global financial crises finally broke out, severely limited financial development, banking systems inflicted heavy losses, the sound operation of the banking system was seriously affected.With the development of financial globalization, financial integration and financial innovation, financial innovative products continued to adopt, new financial organizations continued to generate, traditional boundaries between financial institutions increasingly blurred, corresponding new financial system continued to introduce, banks increased complex and diverse businesses, competitions among banking institutions and non-banking institutions became more intensively. The banking supervision circumstances present the characteristics of dynamic changes, in order to continue to maintain the effectiveness of banking supervision, new trends and developments need to adapt, financial innovation characteristics need to grasp, comprehensive measures of financial innovation on banking supervision need to adopt.Under the circumstances of financial innovation, in order to maintain the banking sector competitiveness, to guard against and to defuse financial risks of innovation, to encourage financial innovation operating on sound basis,maximizing benefits and minimizing risks from innovations. Therefore, promoting rapid and healthy development of banking industry is of great significance not only on realistic aspects but also on theoretical aspects in the 21st century.The meaning of financial innovation circumstances in this article refers to the various objective conditions and factors with direct or indirect impact including: international,national and regional economic and financial situation, macroeconomic policy, legal environment, banking development trend and scientific technological progress. Specific financial innovation circumstances, including the economic environment, financial environment and social environment. Specifically, the economic environment, including macro-economy operations, financial institutions and economic globalization, financial environment, including financial markets, financial instruments, monetary policy, social environment, including political systems, laws and regulations, technological and cultural and social norms and others aspects.Nowadays, financial innovation circumstances is manifesting with complex and volatile features Demonstrating as follows:links between banks, insurance companies, security companies and trust companies are strengthening, financial businesses intermingling and infiltrating with each other, funds relations and business cooperations increasing steadily, financial innovation turns to comprehensive and mingling directions. Opposition and uniform contradictions between financial innovation and banking supervision are developing deeply. The demand for banking development pushes financial innovation in order to pursue profits and to avoid risks, keeping banking systems’stability needs banking supervisions. In order to maximize profits, banks launch financial innovations to avoid banking supervisions, but when financial innovation endangers the banking stability, banking supervision will be reinforced, another new round financial innovation occures.Based on the property theory of financial innovation circumstances, the studies on the model of banking supervision shows three-dimensional factors:financial innovation, banking supervision and finance development are influencing with each other, proper balance between these three factors will benefit the harmony of financial innovation and banking supervision.Through in-depth studies, this article puts forward some innovations on research method and contents:Firstly, the goal-oriented novel hits the mark. In this article, the banking supervision of exposure to financial innovation circumstances combined the international financial crises from financial innovation and banking supervision in-depth analysis, the banking supervision under financial innovation circumstances putting forward counter-measures for financial innovation and banking supervision coordination in hand and symbiotic development.Secondly, Through deep-going studies, from the view of banking supervision under fmancial innovation circumstances, bringing forward the concept of financial innovation circumstances scientifically. The concept of financial innovation circumstances are conducive to set borders for the factors affecting the financial innovation, doing analysis and studying dialectically. It is of more practical significance to banking supervision practices and theoretical studies.Thirdly, studies on the game relations between financial innovation and banking supervision, by establishing dynamic game figures, introducing banking supervision coverage index to analyse the banking supervision development, overall and deeply analysis the relations between banking supervision and financial innovation with progressive interactions and the evolutions from lower level to higher level. This approach even the traditional "struggle" and "complementary" to enrich and to expand analytical framework, also make the analysis of the game relationship more systematic and comprehensive in conducting research to make up for the previous defect of rigoros analytical framework.Fourthly, developing the Romer Model for New Economy Growth, based on the property theory of financial innovation,building banking supervision model to analyze the property based on financial innovation circumstances, banking supervision, financial development, reciprocal causation between the three variables, the interaction mechanism of mutual influence. Learning from the financial crises exposed from financial innovation and the lessons of banking supervision, analysizing of trends among the attempt to control the leading innovation, and innovation to lead the development and innovation to promote regulatory innovation, and regulatory innovation to adapt to financial innovation need to promote economic development perspective to address the financial innovation game with difficult issues of banking supervision. Meanwhile, Peltzman Model for supervision of financial innovation circumstances combined with characteristics of banking supervision, applying balanced analysis of banking supervision, indicating the existence of financial market development and financial innovation to meet the corresponding equilibrium state of banking supervison.Fifthly, this article proposes measures in line with Chinese banking supervision under financial innovation circumstances, namely:to establish firewalls and safety nets between international and national markets, strengthening the counter-cyclical supervision. In the process of promoting and encouraging financial innovation, learning from international financial crises due to lack of financial supervision and undue financial innovation. For the dynamic development of financial innovation, banking supervision need to be dynamic or continuous innovation in response to promote financial innovation.更多还原