金融危机对我国资本市场发展创新的启示

The Financial Crisis and Chinese Capital Market Development: The Lessons

本文总结了金融创新的三方面教训:金融创新不应脱离监管约束,鼓励创新与加强监管不能偏废;金融创新的动力不能来自短期逐利,短期激励和利益冲突必须避免;金融创新不应唯模型化,金融工程的自娱自乐、自欺欺人倾向应该警惕。本文提出应扬长避短,循序渐进地进行资本市场发展与创新,具体包括:(1)大力扩展资本市场规模,改善结构失衡,提高资源配置效率,降低企业融资成本;(2)有序发展场内交易金融衍生品,发挥其对风险的定价、对冲、分散等功能;(3)鼓励商业银行、证券公司业务创新,改变业务模式传统、单一的局面,提高金融机构的抗风险能力;(4)深化交易机制市场化改革,在风险可测、可控和可承受的情况下推进融资融券等制度创新。

This paper concludes three major lessons from financial innovation： First, financial innovation should be constrained by supervision; Second, the financial innovation should not come from short-term motivation, and the conflict between short-term interests should be avoided. Third, financial innovation should not purely follow financial engineering models. Based on these lessons, this paper suggests that the financial innovation should be conducted in proper sequence. In detail, we should： （1） expand the scale of capital market, improve the structural imbalance, enhance resource allocation efficiency, and reduce financing cost; （2） develop in-the-floor derivatives, and enhance its functions on pricing, hedging and diversification; （3） encourage innovation of commercial banks and securities firms, enhance the risk-prevention ability of financial institutions; （4） marketize the trading mechanism, and push forward innovations such as trade on margin and short selling under controlled risks. Key words： Financial Crisis, Subprime Crisis, Financial Innovation, Financial Supervision