金融创新改进制度缺陷的推动力——关于基于金融创新及金融监管的制度缺陷的对话

Blazing New Trails in Finance:the Motive Force Which Will Improve the Systematic Defects

招行“可转债风波”引起了业内外的普遍关注。这一事件背后实际反映了中国股票市场最深层的矛盾——全流通问题。对于这种基于制度缺陷的金融创新,如果采用严格的一律禁止的措施,只能暂时在表面上掩盖制度存在的缺陷。我们目前应当做的,就是积极构建这种创新与制度改进的良性互动关系。

The issue of debts transfer in CMB has attracted the attention of people both in this line and out of this line. Under the cover of this issue, it, in fact, reflects the deepest conflict in China's stock market, that is the problem of circulation. As to this financial creation based on the system defects, if we just take the measure of strict forbiddance completely, the system defects can only be concealed temporarily what we should do now is to construct the positive relationship of creation and system improvement .