中美金融业“规避监管型创新”比较分析

An Comparative Analysis about Circumventive Innovation in the Financial Industries between China and U.S.

金融创新是经济及社会发展的原动力,更是金融行业发展的灵魂和永恒主题。金融史上的每一次创新都推动了金融业乃至整个经济的跨越式发展。20世纪60-80年代,西方国家金融创新的主要动因是规避管制。在行业背景相似的情况下,中美金融业在为规避监管进行的创新方面存在较大的差异。我们认为,这主要基于两国的金融创新属于完全不同的类型。美国的金融创新是市场主导型创新,而中国金融业的创新表现出深刻的政府主导的特征。因此,当前必须改变政府主导型的创新模式,强化微观金融主体的创新地位,保持微观金融主体的创新活力,以提升我国金融业的创新水平,推动我国金融业的发展。

Financial innovation is the primary driving force of socio-economic development; more importantly, it is the soul and perpetual theme of the development of the financial industry. Each innovation in financial history led to a spurt of growth in the financial industry and even in the entire economy. In the 1960-80s, financial innovation in the West was mainly driven by a desire to circumvent regulation. Despite the similarity of background, the Chinese and U.S. financial industries have significant differences in circumventive innovation. We believe that such differences have stemmed from the fact that China and the U.S. has completely different types of financial innovation. In the U.S., financial innovation is chiefly driven by the market, while in China, financial innovation has prominent marks of government sponsorship. As such, it is imperative to change the current government-sponsored innovation model in China, reinforce the position of micro financial entities in innovation, and maintain the vitality of innovation by micro financial entities, thereby boosting the standard of innovation in China ＇ s financial industry and promoting the development of this particular industry.