中国金融创新的不足及其消极影响.pdfVIP

Inefficiencies in China’s Financial Innovation and The Negative Impacts [Abstract] Financial innvoation includes financial system innovation and financial instrument innovation. The former supports the latter. A good financial innovation mechanism may promote financial deepening by improving financial ecological cycle. Most Chinese financial institutes are operating in divided management, and the comprehensive management is just at the emerging stage. The divided business mode limits the resources available to the financial institutes and weakens their capability of financial innovation. The Shanghai Stock Exchange and the Shenzhen Stock Exchange are both based on the membership mode. Compared to the incorporated exchanges, they obviously lack motives to carry out financial innovation. The membership mode is unable to stimulate exchanges’ financial innovation motives. In terms of financial structure innvoation, China’s problem is too much dependence on indirect funding, so too much financial risk remains in the banking sector. Size of the company bonds’ market is too small, and there’s no clear layer division in the stock markets. Hence, Chinese enterprises have too few funding channels, leading to high concentration of financial risks in the banking system. The problem of China’s financial supervision innovation is the contradiction of the divided mode of China’s financial laws and supervision system against the trend of comprehensive business operation. On one hand, the inefficient financial supervision innovation increases the system risk, and on the other hand, becomes administrative resistance to the financial instrument innovation. China’s financial derivatives market is inefficient