20世纪60年代以来美国金融创新及其主要外部动因

发布时间：2018-01-22 05:19

本文关键词： 美国金融创新外部动因金融危机　出处：《中国社会科学院研究生院》2013年博士论文　论文类型：学位论文

【摘要】：20世纪60、70年代以来，美国乃至全球掀起了一轮金融创新的高潮，货币市场新兴工具、金融衍生品、证券化产品、新型债券与股票大量涌现，并一度受到市场欢迎、广为市场称道。但2008年全球金融危机爆发后，抵押贷款支持证券、担保债务凭证和信用违约互换等创新工具又被推到了风口浪尖，因其在危机爆发、传播过程中扮演的不光彩角色成为了千夫所指的对象。为还原美国金融创新产生与发展的真相，本文采用理论研究与实证研究相结合的方法，对金融理论发展、科技进步、市场环境波动、监管与金融自由化、税收、竞争状况变化以及金融全球化等近几十年来影响美国与全球金融行业的主要因素进行了系统性分析，并对这些外部动因影响企业内部创新动机、进而刺激金融市场创新活动的过程进行了论述。同时，本文以近几十年来美国与全球金融行业出现的几种重大金融创新为对象开展了实证研究，进一步揭示了上述因素在金融创新实践中起到的推动刺激作用。此外，文中还对金融创新在金融危机爆发、恶化与传播过程中所扮演的角色予以详细解读，客观总结了新型金融产品与服务对金融市场稳定造成的负面影响。本文研究主要分为五大部分：首先，对金融创新的概念、主要分类方法以及金融创新的主流动因理论进行回顾总结，为深入研究美国大量金融创新的出现做好铺垫、打下理论基础。其次，对20世纪60、70年代以来金融理论与信息通讯技术方面取得的巨大突破，美国通胀率、利率、汇率环境的剧烈波动，金融监管、税收环境的变化，以及金融行业竞争的日益加剧和金融全球化趋势的兴起等近几十年来美国乃至全球金融市场所经历的重大变迁进行逐一梳理，并深入探讨上述因素影响金融市场主体运营效率，市场份额，利润、成本、风险、流动性状况以及市场竞争力，进而诱发金融创新的具体路径。再次，对大额可转让定期存单、货币市场共同基金、货币市场存款账户等货币市场工具，，金融期权、金融期货与互换合约等衍生金融工具，住房抵押贷款支持证券与担保债务凭证等结构性金融产品，以及危机背景下仍实现飞跃式发展的移动支付进行实证研究，对创新主要外部动因与金融创新的关系加以验证。又次，详细回顾美国住房市场、住房抵押贷款市场以及金融市场泡沫形成、扩大与破裂的全过程，重点分析了住房抵押贷款支持证券、担保债务凭证与信用违约互换等新型金融技术与工具在整个过程中扮演的角色。此外，该部分还对危机爆发后几种重要金融产品的发展现状进行了简要叙述，并总结了国际与美国金融监管改革的主要内容。最后，对全文研究进行总结，并以上文研究结果为依托，指明了人们应对金融创新持有的正确态度，同时展望了未来的研究方向。
[Abstract]:Since 20th century, the United States and even the world have set off a round of financial innovation climax, money market emerging tools, financial derivatives, securitization products, new bonds and stocks in large numbers. It was once popular and widely praised. But in 2008, after the global financial crisis, innovative instruments such as mortgage-backed securities, collateralised debt obligations and credit default swaps were pushed back into the limelight. Because it broke out in the crisis, the dissemination process played a disgraceful role to become the target. In order to restore the truth of the emergence and development of financial innovation in the United States, this paper adopts the method of combining theoretical research and empirical research to analyze the development of financial theory, the progress of science and technology, the fluctuation of market environment, the regulation and financial liberalization. The main factors influencing the financial industry in the United States and the world in recent decades, such as tax, competition and financial globalization, have been systematically analyzed, and these external factors have influenced the internal innovation motivation of enterprises. Furthermore, the paper discusses the process of stimulating the innovation of financial market. At the same time, this paper carries out empirical research on several major financial innovations in the United States and the global financial industry in recent decades. In addition, the role of financial innovation in the financial crisis outbreak, deterioration and dissemination of the role played by the detailed interpretation. The negative effects of new financial products and services on the stability of financial market are summarized objectively. This paper is divided into five parts: First of all, the concept of financial innovation, the main classification methods and the mainstream motivation theory of financial innovation are reviewed and summarized, which lays a theoretical foundation for the in-depth study of the emergence of a large number of financial innovation in the United States. Secondly, a great breakthrough has been made in financial theory and information and communication technology since 20th century. The inflation rate, interest rate and exchange rate environment fluctuate sharply in the United States, and financial supervision. The changes in the tax environment, the increasing competition in the financial industry and the rise of the trend of financial globalization in recent decades, the United States and even the global financial market experienced major changes to sort out one by one. The paper also discusses the above factors which affect the operation efficiency, market share, profit, cost, risk, liquidity status and market competitiveness of financial market, and then induce the specific path of financial innovation. Third, for large transferable certificates of deposit, money market mutual funds, money market deposit accounts and other money market instruments, financial options, financial futures and swaps and other derivative financial instruments. Housing mortgage backed securities and collateralized debt obligations and other structured financial products, as well as under the background of the crisis to achieve leapfrog development of mobile payments for empirical research. The relationship between the main external motivation of innovation and financial innovation is verified. Then, the whole process of bubble formation, expansion and burst in American housing market, mortgage market and financial market is reviewed in detail, with emphasis on the analysis of mortgage-backed securities. The role of new financial techniques and instruments, such as secured debt certificates and credit default swaps, in the whole process. In addition, this part also briefly describes the development status of several important financial products after the outbreak of the crisis. And summarizes the international and American financial regulatory reform of the main content. Finally, this paper summarizes the full text research, and points out the correct attitude of people to financial innovation, and looks forward to the future research direction.
【学位授予单位】：中国社会科学院研究生院
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F171.2

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