新型城镇化进程中的金融创新与金融风险

Emerging Financial Innovation and Risk in Urbanization

目前我国城镇化建设在资金规模、产品结构、投资取向和金融环境层面存在多重金融困境,急需包括债券市场创新、消费金融创新和中小企业融资创新在内的全方位金融创新。但是金融创新会衍生金融风险,威胁金融体系安全,必须引起高度重视。新型城镇化金融风险具有明显的城镇化特征,无论是存量风险的累积,还是增量风险的形成,都与城镇化进程紧密相连,金融风险的传导将通过财政路径、消费结构路径、资产价格路径、产业结构路径对新型城镇化产生不同维度的影响。因此,通过构建金融风险的预警系统,建立金融风险防范的宏观调控和微观约束机制能够在事前对金融风险进行有效防范;通过金融监管创新以及实施合理的风险化解救援措施,能够在事中和事后最大限度地对金融风险进行缓释和控制。

There are multi-level difficulty in urbanization process such as capital scale, product structure, investment orientation and financial environment, which requires omnibearing financial inno- vation including bond market innovation, consumption finance innovation and medium-sized and small enterprise financing innovation. However, financial innovation can give rise to financial risk, threatening the security of financial system, which should cause high degree of attention. Financial risk in emerging urbanization process has clear urban characteristics, which is closely related to ur- banization process regarding accumulation of stock risk, and formation of increment risk. The trans- mission of financial risk influences emerging urbanization through way of finance, consumption struc- ture, capital price and industrial structure. Therefore, it is an efficient way to construct an early warning system, and a macro-control and micro- restrain mechanism of prevention of financial risk to prevent financial risk in advance; financial supervision innovation and reasonable risk deliverance measures can relieve and control financial risk in the process and afterwards maximally.