摘要
本文从制度角度分析了金融创新与金融中介效率之间的内在关系,研究表明,根本性和全局性的制度缺陷是金融创新的障碍并降低金融中介效率,具体的金融管制与金融创新之间的"辩证"互动反而会提高金融中介的效率;对于中国的金融体制改革而言,推动国有金融企业上市是产权改革和公司治理模式再造的有效手段,逐步放开金融服务的经营限制则是必经之路;金融体制改革将诱发金融创新,建立新型的风险投资体系和创造新型的金融工具是金融创新的主要方面;有限合伙制风险投资方式能提高金融中介的效率并推动国家创新性产业的发展;对于金融工具创新,国有商业银行是工具创新的主体,帮助投资者合理避税、便利交易以及降低匹配风险的产品是成功率最高的创新工具。
This paper analyzes the intrinsic relationship between financial innovation and financial intermediation efficiency, and finds that the drawbacks of fundamental institutions are obstacle for financial innovation, and ＂dialectic＂ in teraction between concrete financial regulation and financial innovation could improve financial intermediation efficiency in turn. As for the financial institutional reform in China, it is an effective means to impel state owned financial firms into stock market for property right reform and firm government mode reengineering; and the way must be taken is to loose the limitation for financial services step by step. Financial system reform will induce financial innovation, which is composed of innovation of venture systems and financial tools. Limited partnership can improve the intermediation effi ciency and develop innovative high tech industries. As for innovation of financial tools, the undertaker is state owned commercial banks, and the would be successful innovative financial tools will help investor to execute tax saving, fa cilitate financial transaction and reduce the matching risk.
出处
《商业研究》
CSSCI
北大核心
2013年第4期97-104,共8页
Commercial Research
基金
国家社科基金资助项目
项目编号:11CJY101
关键词
金融创新
金融中介效率
体制改革
financial innovation
financial intermediation efficiency
institutional reform
