资本市场的创新与风险防范

On Innovation of Capital Market and Risk Prevention

资本市场存在外生性与内生性两种不同的风险。资本市场的创新可以分散和转移外部性风险,但加大了内生性风险,起到累积和放大资本市场风险的作用。美国次级贷款危机演变为金融危机,过度的金融创新起了传导链和放大器的作用。推进我国资本市场的创新,必须寻求创新与监管及风险防范的平衡;服务于实体经济发展的要求;健全资本市场的监督与宏观调控体系及机制;防范外部金融冲击和国际金融危机传染。

The capital market has two different kinds of risks： endogenous risks and exogenous risks. Innovation in capital market can diversify and transfer exogenous risks, but at the same time it also increases endogenous risks, thus accumulates and magnifies risks. In the process in which subprime mortgage crisis in the United States developed into a global financial crisis, excessive financial innovations acted as the conductive chain and magnifier. To promote innovations in China＇s capital market, we should seek the balance between innovation, regulation and risk prevention, promote innovations to serve the development of China＇s real economy, perfect China＇s capital market supervision and macro-control system, and guard against impacts from external and international financial crisis.