后危机时代金融创新悖论研究

发布时间：2018-04-05 05:14

本文选题：金融创新　切入点：悖论　出处：《西南财经大学》2013年博士论文

【摘要】：20世纪80年代以来的金融创新,所取得的规模是惊人的,对金融与经济的影响已经超越了人们的想象。2008年金融危机爆发以来,经济学家们开始关注金融创新,特别是金融工具的创新给这场危机带来的影响。观察此次危机爆发的原因和扩散过程,像资源悖论一样,金融创新程度越高的国家在此次危机中所遭受的损失也最大。广泛的批评开始关注于金融创新给经济体所带来的负面影响及其风险扩散问题,在金融创新高度发达的国家,金融创新产品的误导使用和缺乏管理,可能导致经济体风险的提高,并引发金融海啸。金融创新的时代是一个灾难,因为它导致了崩溃,使得许多人陷入了资产大幅缩水甚至破产的边缘。因此,不足为奇的是,金融创新被放在了“聚光灯”下受到了部分理论家、参与者及评论者的指责,被认为是金融危机的主要元凶。显然,这个结果并不是金融创新本意所在,它已经违背了金融创新的初衷。本文将质疑金融创新的上述观点暂称之为金融创新悖论。我国金融创新虽没有西方国家复杂,但随着我国金融市场不断完善,金融创新也正呈现复杂化趋势,影响经济的作用力越来越大。谈到我国的金融创新现象,比较复杂,我国参考、参与并进行自主金融创新。从广义上来说,我国的金融创新指那些金融领域内从无到有的各种金融活动,包括金融产品、金融业务、金融制度等创新。不论这个金融创新是从国外泊来的,还是参考国外金融创新,亦或是完全自主研发创新的金融活动,这些都算是我国的金融创新活动。从狭义上来说,我国的金融创新指那些具有中国元素的金融创新活动,包括金融产品、金融业务、金融制度等创新,这些创新产物是我国金融特有的。无论是广义上金融创新,还是狭义上金融创新,自改革开放以来,金融市场的不断推陈出新,深深影响着经济增长。与此同时,世界经济一体化进程加快,各国间金融往来越来越频繁,我国参与世界经济广度和深度在逐步扩大,参与国外金融创新活动越来越多,国外金融创新活动对我国经济影响也在逐步扩大。我国经济正面临金融创新活动的国内和国际双重影响。因此,在后危机时代研究金融创新对于经济影响的负外部性问题非常必要。一方面可以帮助我们正确认识金融创新,及其对于经济的影响；另一方面可以汲取美国发展金融创新的失败教训,合理推进我国金融创新活动,避免同类风险问题在我国发生。鉴于此,本文章节安排如下：第一章：根据国外对危机前后金融创新与生产力、产出、金融风险和交易成本等方面截然相反的观点,融合这些研究结论,从金融创新与金融经济关系,提出金融创新存在悖论问题。除此之外,还详细整理了国内金融创新研究现状。该部分内容主要以综述为主。第二章：首先对金融创新进行了界定,指出本文的研究对象是狭义的金融创新；其次,介绍了金融创新的西尔伯、凯恩、诺斯和希克斯的金融创新理论；其次,分析了金融创新的放松管制、市场竞争、追求利润最大化、科技进步和寻租的动力问题；其次,通过介绍影子银行和场外衍生品市场,重点研究了全球金融创新发展高杠杆、表外化、复杂化和过度资产证券化等新趋势；最后,提出了金融创新对经济发展的积极和消极影响。第三章：任何命题或假设提出,需要经济基础理论来支撑,在这种思想指导下,本章创新性提出了五个金融创新悖论的经济理论,主要包括创新悖论观、软预算约束观、供求定理观、道德风险观和泡沫理论观。在第三章中,不仅仅介绍每个理论含义,还把每个理论与金融创新相结合起来,构建金融创新悖论的各个观点。第四章：根据第三章经济基础原理分析,本章抽出软预算约束和控制权私人收益两个影响因素,构建含有控制权私人收益的软预算约束DM模型,论证金融创新过度问题。金融创新还是以寻求金融“租金”为主要动力。第五章：过度金融创新增加了金融脆弱性,甚至可引发金融危机。在此,本文给出了金融创新悖论的定义及其在生产力、产出、价格发现、信息、流动性和交易成本六个方面的悖论表现。第六章：以美国金融创新为样本,通过构建含有金融创新的商业银行内生经济增长模型,分析了金融创新与居民消费、私人投资和产出的动态关联性,并以次贷危机举例说明；在模型结论的基础上,采用VAR、SVAR和DAG模型进一步实证检验和分析金融创新与产出间的不一致关系。第七章：重点研究我国金融创新悖论问题。首先,给出了我国金融创新的界定,划分为广义和狭义之区别。本文对我国金融创新研究对象是广义上金融创新活动,但剔除债券、股票等基础金融产品,研究对象金融创新包括国内自主金融创新、泊来的金融创新和买卖国外的金融创新。其次,简单介绍了我国自主金融创新、泊来品和参与国外金融创新活动现状。其次,分析了我国金融创新的一般动力问题,新增了“政府推动”和“国有企业改制”两个特殊动力。最后讨论了我国金融创新负外部性问题。第八章：主要研究内容是实证分析我国金融创新活动对宏观经济变量的影响问题。样本变量金融创新包括权证、基金、期货和对外证券投资,其他变量还有产出、消费、投资和通货膨胀。研究结论表明,我国的金融创新和通货膨胀呈现正相关性,与投资和消费呈现负相关性,与产出呈现正相关性。对于这些结论文章给出了自己的解释。第九章是本文总结和政策建议。金融创新悖论问题确实存在,导致产生这种结果是谁之过?不是金融创新本身,也不是投资者或投机者,也不是金融机构创新者,也不是监管者,而是约束缺失或不足所导致的。因此,本文最后分别从投资者、创新者和监管者角度,提出了如何强化约束来减少金融创新对经济的负外部性影响。在论文写作过程中,本文力做到将所学经济学知识融入其分析中,试图有所突破和创新,创新点主要有：创新点一：金融创新悖论观点的提出。翻阅国内外文献,提出金融创新是双刃剑的有过；有关金融创新监管悖论的观点也有过；有关金融危机悖论的观点也提过；有观创新悖论的也提过,但惟独没有学者在其论文或官方文件中提出过金融创新悖论观点,我们所看到的只是一些零散的有关金融创新对经济或好或坏的评价。创新点二：从创新悖论这个一般性问题,引申出金融创新悖论问题；从软预算约束理论出发,提出金融创新悖论问题的一个假设；从供求定理出发,创新建立弯折的供给和需求曲线,结合总供给和总需求曲线,构建金融创新悖论的一个模型；从道德风险出发,建立含有控制权私人收益私人收益的函数方程,经过模型求解,刻画了金融创新过度问题。创新点三：从理论上论证了金融创新悖论的存在性。首次采用软预算约束理论,构建含有控制权私人收益的软预算约束的DM模型,求解方程,推导出金融创新活动存在过度问题,论证金融创新活动的动力是“租金”。创新点四：对金融创新悖论含义的界定和表述。本文参考了悖论及其它悖论的含义和表述,结合金融创新在交易成本、价格发现、流动性和信息弥补等方面的新观点,给出了金融创新悖论的含义及其表现。目的是想通过这样一个界定,把金融创新悖论做一个精炼的概括。创新点五：构建含有金融创新的商业银行内生经济增长模型。假设政府通过税收来为金融创新过度买单,这是代表性家庭和商业银行共有的信息,求解模型,得出家庭消费、私人投资会下降,产出也会下降,甚至会引发金融危机。创新点六：借鉴金融创新定义的狭义和广义区分,把我国金融创新也从广义上和狭义上进行界定。在分析我国金融创新动力方面,首次提出了国有企业改革动力之说。首次采用权证、期货、基金和对外证券投资四个指标加总来衡量我国金融创新规模和总量,并在此基础上创新研究金融创新对我国投资、消费、产出和通货膨胀的影响,开创了我国金融创新实证研究先河。创新点七：金融创新悖论是谁之过?关于这个问题,本文认为提出是金融创新产品、投资者或投机者、金融创新者和监管者之过的说法都只是停留在问题的表面,真正导致金融创新引发金融风险的是约束因素,正是因为约束机制的缺失或不足而导致的。金融创新本就是一个很难把握的概念,界限比较模糊,具有很强的时间性和相对性。一个金融产品,在现在是一个金融创新,但随着时间的推移却会慢慢淡出,让位于其他新的金融产品；一个金融产品的出现,在美国,它可能是上个世纪的事了,但在我国,它可能却是一个金融创新。金融创新产品的这些属性,使得我在研究过程中,没有办法做到具体化,只能是泛指。但是,当具体到某个时段、某个国家及某个金融机构,关于金融创新,我们还是能说出个所以然的；当金融危机爆发之时,我们还是能够观察到某种金融创新活动和金融危机的关系,或是金融危机的导火索,或是金融危机的催化剂,或二者兼之。因此,金融创新虽无法准确衡量,无法界定,但是有关金融创新活动的后果,我们还是可以观察的,即对经济的影响还是可以界定的,这也是本文坚持选题的原因之一本文希望通过论文写作,提出自己对于金融创新的感知,即金融创新存在悖论问题,运用经济学基本理论知识,论证这个假说,使得其具有一定的经济解释能力,这是希望达到的一个层次。除此之外,还希望通过对于金融创新活动的重新审视和认知,提出相关的研究结论和政策建议,能够对于我国新时期开展金融创新活动提供帮助。
[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.

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F831.59;F832

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