论我国金融产品创新的制度约束

On the Systematic Restriction of Our Country's Financial Product Innovation

金融产品创新特别是金融衍生产品的引入 ,可以增加金融交易配置资源的迂回度 ,从而提高资源配置的效率。我国金融业在开放过程中能否具备后发优势 ,决定因素是金融机构的产品创新能力。但是 ,我国金融产品创新并不是一个纯粹的技术问题 ,市场规则、金融制度等方面的制度性因素压制了金融机构的产品创新能力 ,使得金融产品创新活动长期以来处于一种低效的“锁定”状态。创新我国金融产品的关键在于突破制度性的障碍。

The introduction of financial product innovation, especially the financial derivative innovation can add the circuitousness to the resource distribution in financial trading and thus can increase the resource distribution's efficiency. Whether or not can our country's financial industry possess the advantage all depends upon the product innovation capability of the financial institution. The financial product innovation in China , however , is not a sheer technological problem, some systematic factors such as market rules and financial system restrict the financial institution's product innovation capability, leaving the financial product innovation as a 'locked' low efficiency status during a long term. The key to innovate our country's financial product lies in the breakthrough of the systematic barriers.