【作者】 栾光旭；

【导师】 陆德明；

【作者基本信息】 复旦大学 ， 政治经济学， 2004， 博士

【摘要】 本文运用演化经济学的基本思想和逻辑框架 研究改革开放以来中国金融演进的动因和机制 包括导论在内 全文共有 7 章导论部分简要介绍了论文的选题 研究角度 研究方法 结构和创新点等第二章对国内外关于金融发展演进的动因和机制的研究文献进行综述 在此基础上 将进一步讨论那些因素可以解释中国的金融发展 那些不能解释 还需要提出一些什么新的解释因素第三章立足于中国转型初期金融落后的现实 探讨金融演进的初始动因 后发国家的金融发展是改变 金融落后 状态的动态演进过程 金融发展中存在后发优势 即通过学习和模仿可以带来利益和好处 包括制度性后发利益和技术性后发利益两方面 经济主体对后发利益的追求是中国金融演进的初始动因第四章从政府行为的角度研究金融制度变迁的演进机制和影响因素 中国的金融制度演进过程是典型的政府推动式的 在这个过程中 政府作为经济主体也是利益驱动的 也要遵循成本收益原则 这是金融制度演进的内因 一些外部因素如技术条件 人力资本储备 金融基础设施 经济开放等 会在一定程度上影响金融制度演进的路径 中国的金融制度演进是内因和外因共同作用的结果第五章从金融产品供给方 金融机构的角度研究金融产品创新的演进机制和影响因素 金融产品创新是金融机构主要的创新行为 金融机构产品创新的内部动机是利益驱动 包括技术性后发利益 规模经济 范围经济等 从外部因素看 市场结构 技术条件 人力资本储备 经济开放 外部性 攀比效应等会影响金融机构的创新行为和金融产品演进 本章运用一个 最优新产品开发时机模型 并以中国的货币市场基金作为案例 重点分析了市场结构或竞争因素对金融机构的产品创新行为的影响第六章从金融产品需求方 投资者的角度 研究金融结构的演进机制和影响因素 金融结构演进主要表现为金融机构形式的演变 金融机构形式的演变在很大程度上是投资者选择的结果 投资者对不同金融机构及其提供的金融产品的选择 主要受风险态度和收益预期的影响 动态的看 风险态度和收益预期是变化的 从而投资者的选择会随时间变化 这将影响长期的金融结构演变第七章总结转型时期中国金融演进的绩效 并对中国金融演进的未来进行展望更多还原

【Abstract】 On China’s Financial Evolution During Transition Period Using the theory of evolutionary economics this article studies the motivationand process of China’s financial evolution during transition period. Altogether thereare seven chapters including the introduction of this article. In the first chapter we introduce the problem this article attempts to discuss thestudying angles of this article the theory and method used in this article and theframework and innovation of this article. In the second chapter we review the literature about financial development andfinancial evolution by the predecessors and discuss which study can explain China’sfinancial development which can not what we should study follow on. In the third chapter we discuss the motivation of China’s financial evolutionduring transition period with original financial backwardness in the background. Thefinancial development of late-developing countries is a dynamic evolutionaryprocess during which the state of financial backwardness should be changed. Thereexists “late-developing advantage” in financial development that is to saylate-developing countries can benefit from learning and imitation. There are two typesof benefit in late-developing countries technological benefit of late-developing andinstitutional benefit of late-developing which form the original motivation of China’sfinancial evolution. In the forth chapter by analyzing the government’s behavior we study theinstitutional evolutionary process of China’s financial system and the factors thatinfluence the evolution. Typically China’s financial system evolution is drove by thegovernment. During the process the government as a economic unit also seeksbenefit this is the inside motivation of China’s financial system evolution. Someoutside factors such as technological condition human resource financialinfrostructure economic opening can influence the evolutionary path to some extent.The process of China’s financial system evolution is codetermined by the insidemotivationand the outside factors. In the fifth chapter we study the evolutionary process of China’s financialproduct innovation and the factors that influence the evolution by analyzing thebehavior of financial institution which is the provider of financial product. Financialproduct innovation is the primary behavior of financial institution. The seeking of II<WP=7>ABSTRACTsuch benefit as the technological benefit of late-developing economic of scale andeconomics of scope is the inside motivation of China’s financial product innovation.Some outside factors such as market structure technological condition humanresource economic opening externality bandwagon effect can influence theevolution path to some extent. Using Scherer’s model we study the case of China’sMoney Market Fund analyzing the influence of market structure on the institution’sinnovation behavior. In the sixth chapter we study the evolutionary process of China’s financialstructure and the factors that influence the evolution by analyzing the behavior ofinvestor which is the main demander of financial product. The evolution of financialstructure is the change of financial institution form which is the result of investor’schoice to a large extent. Investor’s choice is mostly influenced by the attitude to riskand the expectant income. In the long run investor’s attitude to risk and the expectantincome will change so investor’s choice will change accordingly and this willinfluence the dynamic evolutionof financial structure. In the seventh chapter we summarize the performance of China’s financialevolution and view the future of China’s financial evolution.更多还原