现代金融监管变革趋势研究(山东大学硕士学位课题论文).docVIP

现代金融监管变革趋势研究 山东经济学院财政金融系　侯成晓 摘 要：始于20世纪60年代末的金融创新浪潮席卷金融业的各个领域，引发了金融业的一场革命。目前，这股创新浪潮仍旧持续着，并且有加速的趋势。金融创新从金融工具创新、金融市场创新和金融制度创新三个方面，深刻地改变了金融市场的结构，而金融市场结构的变迁又对传统的金融监管理念、监管方式和监管内容都提出了严峻的挑战，并促进了金融监管自身的创新，以适应变化了的金融市场结构。 放宽管制，鼓励创新，同时加强监管（再监管）是金融监管对这一挑战的反映。金融创新与金融监管沿着创新——放松管制——再创新——再放松管制这样的循环轨迹演进，体现了二者的 “博弈”过程。而金融全球化与金融自由化无疑为金融创新和金融监管在更广、更深层面上的展开“博弈”提供了舞台。 金融全球化与金融自由化背景下的金融创新浪潮引发了经济学界和金融监管部门对如下问题的思考：现代金融监管变革的趋势是由金融创新所导致的金融市场结构的变迁决定的吗？如果是，那么推动金融创新的动力来源于何处？金融监管应如何面对金融创新的挑战？诚然，隐含于金融创新和金融监管中的错综复杂的关系可能是我们无法完全把握的，但对这些问题的深入分析有助于我们把握金融市场的发展趋势，从而为我国金融监管的实践提供逻辑推理上的参考，并为保持中国金融体系的高效、稳健运行提供思路上的借鉴。 关键词：金融监管；金融创新；挑战；博弈 ABSTRACT Financial innovations which started at the end of 1960s have been sweeping over the whole industry and have been leading to a truly revolution in this field. The trend is still continuing and speeding up. Financial innovations, mostly connecting with financial instruments, markets, and institutions, have created a great structure change of the financial market. It is a challenge to traditional financial supervision including the rationale, methods and content, and also catalyzes the innovation of financial supervision itself to embrace this challenge. To respond to this challenge, the financial supervisory authorities not only took positive attitude to encourage financial innovation by the way of financial deregulation, but worked hard to strengthen financial supervision as well. This process repeated itself in an endless cycle, something like a game between financial supervisory authorities and financial institutions. No doubt that financial globalization and financial liberalization provide a better stage for financial institutions and financial supervisory authorities to play a more dynamic game. The waves of financial innovation on the background of financial globalization and financial liberalization cause a lot of thoughts on economists and governors of financial administration. Is the trend of financial supervision determined by the changing structure of fi