博弈视角下的金融创新
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摘要
金融是现代市场经济的核心,在一国经济发展中起着举足轻重的作用。金融创新已成为经济发展的重要因素和先导力量,具有强大的作用力、渗透力和推动力,它在降低交易费用、提高融资效率的同时,也给金融业带来一些不稳定因素。
随着金融自由化进程的加快、信息技术的飞速发展以及新兴市场的崛起,金融全球化已成为不可逆转的潮流,国际金融创新不断涌现。面对金融全球化迅速发展、国际金融创新不断涌现和我国金融创新严重滞后的形势,全面系统地研究金融创新具有重要的理论和现实意义。吸引了国内外无数学者对其进行研究和分析,西方学者根据熊皮特对创新概念的论述,提出金融创新的概念,对金融创新的原因、效果及对策作了大量分析,并提出了各自的见解。我国学者对金融创新问题的研究始于20世纪80年代,主要是对西方的金融创新理论、金融工具、金融市场及金融组织的创新进行研究和评述。无论是国内还是国外学者,他们关于金融创新的研究大多围绕金融创新的动因和依据静态模型进行的分析,忽略了金融创新主体所处的动态环境以及创新主体之间的各种外部性因素(如战略性、竞争性、信息因素等)对金融创新主体的决策行为、金融市场中金融创新运行效率和资源配置效率的影响。
本文试图从博弈论视角出发,详尽分析金融创新过程中各创新主体之间的博弈关系及达到最优均衡的结果,根据金融创新主体之间的博弈效应,对我国金融创新过程中存在的问题提出相应的建议与启示。文章分别从以下六章进行论述:第一章是导言部分,这部分对论文的选题背景、文献综述、研究视角及方法进行了阐述,并介绍了本文的基本结构。第二章是对金融创新的历史回顾,分别对金融创新的内涵、特点、分类及金融创新的历史发展脉络进行了大致的概括,为下文的研究提供历史事实基础。第三章是博弈论与金融创新,这部分是本文的理论基础,主要介绍了博弈论的发展及主要理论内容和方法,并对目前金融创新理论的现状和局限性进行分析,提出金融创新过程中的动态博弈特征及在博弈视角下研究金融创新的必要性。第四章是对金融创新主体之间的博弈分析,运用不同的博弈模型分别对金融创新微观主体之间及金融创新宏观主体与微观主体之间的博弈性进行分析。第五章是我国金融创新有关问题研究及建议,主要通过对我国金融创新的历史回顾,总结出我国金融创新的特征及存在的主要问题,并根据金融创新主体之间的博弈效应,对我国金融创新提出相应的建议与启示。最后第六章是对全文的总结与展望。
As the core of modern market economy,finance plays a key role in the national economy.The financial innovation with great,penetrative and propelled effect prevailing day by day in the international financial markets has become an important factor and leading power of economic development,which also brings some unstable factors in reducing transaction costs and improving financing efficiency.
With the ever-increasing process of financial liberalization,the fast development of information technology and the growing up of new markets,financial globalization shows an unconvertible trend for both the developed and the developing countries,and international financial innovation comes forth constantly.Facing the large-scale and comprehensive activities of innovation in the domain of finance,the systematically study about financial innovation in theoretical and practical becomes more and more important.Therefore,many scholars home and abroad are attracted on it.The Western scholars,applying Joseph Schumpeter's conception and viewpoint of innovation,put forward the concept of financial,and they have made much analysis about the reasons,effects and countermeasures for financial innovation,and brought up their own views.In our country,researches about financial innovation was begun in the 1980s,and the research mainly consists of the introduction of and comment on the western financial innovation theories、financial derivatives、financial market and the innovation of financial organization.The study about financial innovation both home and abroad are all talking about the reason for financial innovation and the financial innovation process analysis according to static framework,but neglect the influence on the decision action by the financial innovation main body,and the operation efficiency and resources arrangement efficiency during financial innovation,which are effected by the dyanmic situation where innovation main bodies is,the strategies and competition activities among innovation main bodies and the information externality.
This paper attempts to clearly analyze the interaction relationship among those innovation main bodies during financial innovation and the perfect equilibrium from the perspective of game theory. according to the results of game effect analyaes between market actors and innovation main bodies,advices and enlightenments according to the each main body during the financial innovation process in our country.
The paper is designed to six chapters:The first chapter puts forward the main problem and generally introduces the main content,background,literature review,method,purpose and structure of the research in this paper.The second chapter introduces the main content about the history of financial innovation,and gives comment on the exact meaning,characteristics,classification and the historical development of financial innovation ,this part is historical fact for the research.The third chapter introduces the main content and models about game theory,and analysis the research about financial innovation therory in the world and the limitation,puts forward the dynamic character during financial innovation and the necessity for the dynamic analysis in the financial innovation process,this part is theoretical basis for the research.The forth chapter,by using dynamic game theory models,analyzes the competition equilibrium of micro financial innovation main bodies and dynamic game between governments and financial innovation associations.The fifth chapter discusses the financial innovation of our country,through reviewing the history of financial innovation,gives summarizes the characteristics and the main problems of financial innovation,and put forward countermeasures,advices and enlightenments according to the each main body during the financial innovation process in our country.Finally the sixth chapter is summarized in the paper.
随着金融自由化进程的加快、信息技术的飞速发展以及新兴市场的崛起,金融全球化已成为不可逆转的潮流,国际金融创新不断涌现。面对金融全球化迅速发展、国际金融创新不断涌现和我国金融创新严重滞后的形势,全面系统地研究金融创新具有重要的理论和现实意义。吸引了国内外无数学者对其进行研究和分析,西方学者根据熊皮特对创新概念的论述,提出金融创新的概念,对金融创新的原因、效果及对策作了大量分析,并提出了各自的见解。我国学者对金融创新问题的研究始于20世纪80年代,主要是对西方的金融创新理论、金融工具、金融市场及金融组织的创新进行研究和评述。无论是国内还是国外学者,他们关于金融创新的研究大多围绕金融创新的动因和依据静态模型进行的分析,忽略了金融创新主体所处的动态环境以及创新主体之间的各种外部性因素(如战略性、竞争性、信息因素等)对金融创新主体的决策行为、金融市场中金融创新运行效率和资源配置效率的影响。
本文试图从博弈论视角出发,详尽分析金融创新过程中各创新主体之间的博弈关系及达到最优均衡的结果,根据金融创新主体之间的博弈效应,对我国金融创新过程中存在的问题提出相应的建议与启示。文章分别从以下六章进行论述:第一章是导言部分,这部分对论文的选题背景、文献综述、研究视角及方法进行了阐述,并介绍了本文的基本结构。第二章是对金融创新的历史回顾,分别对金融创新的内涵、特点、分类及金融创新的历史发展脉络进行了大致的概括,为下文的研究提供历史事实基础。第三章是博弈论与金融创新,这部分是本文的理论基础,主要介绍了博弈论的发展及主要理论内容和方法,并对目前金融创新理论的现状和局限性进行分析,提出金融创新过程中的动态博弈特征及在博弈视角下研究金融创新的必要性。第四章是对金融创新主体之间的博弈分析,运用不同的博弈模型分别对金融创新微观主体之间及金融创新宏观主体与微观主体之间的博弈性进行分析。第五章是我国金融创新有关问题研究及建议,主要通过对我国金融创新的历史回顾,总结出我国金融创新的特征及存在的主要问题,并根据金融创新主体之间的博弈效应,对我国金融创新提出相应的建议与启示。最后第六章是对全文的总结与展望。
As the core of modern market economy,finance plays a key role in the national economy.The financial innovation with great,penetrative and propelled effect prevailing day by day in the international financial markets has become an important factor and leading power of economic development,which also brings some unstable factors in reducing transaction costs and improving financing efficiency.
With the ever-increasing process of financial liberalization,the fast development of information technology and the growing up of new markets,financial globalization shows an unconvertible trend for both the developed and the developing countries,and international financial innovation comes forth constantly.Facing the large-scale and comprehensive activities of innovation in the domain of finance,the systematically study about financial innovation in theoretical and practical becomes more and more important.Therefore,many scholars home and abroad are attracted on it.The Western scholars,applying Joseph Schumpeter's conception and viewpoint of innovation,put forward the concept of financial,and they have made much analysis about the reasons,effects and countermeasures for financial innovation,and brought up their own views.In our country,researches about financial innovation was begun in the 1980s,and the research mainly consists of the introduction of and comment on the western financial innovation theories、financial derivatives、financial market and the innovation of financial organization.The study about financial innovation both home and abroad are all talking about the reason for financial innovation and the financial innovation process analysis according to static framework,but neglect the influence on the decision action by the financial innovation main body,and the operation efficiency and resources arrangement efficiency during financial innovation,which are effected by the dyanmic situation where innovation main bodies is,the strategies and competition activities among innovation main bodies and the information externality.
This paper attempts to clearly analyze the interaction relationship among those innovation main bodies during financial innovation and the perfect equilibrium from the perspective of game theory. according to the results of game effect analyaes between market actors and innovation main bodies,advices and enlightenments according to the each main body during the financial innovation process in our country.
The paper is designed to six chapters:The first chapter puts forward the main problem and generally introduces the main content,background,literature review,method,purpose and structure of the research in this paper.The second chapter introduces the main content about the history of financial innovation,and gives comment on the exact meaning,characteristics,classification and the historical development of financial innovation ,this part is historical fact for the research.The third chapter introduces the main content and models about game theory,and analysis the research about financial innovation therory in the world and the limitation,puts forward the dynamic character during financial innovation and the necessity for the dynamic analysis in the financial innovation process,this part is theoretical basis for the research.The forth chapter,by using dynamic game theory models,analyzes the competition equilibrium of micro financial innovation main bodies and dynamic game between governments and financial innovation associations.The fifth chapter discusses the financial innovation of our country,through reviewing the history of financial innovation,gives summarizes the characteristics and the main problems of financial innovation,and put forward countermeasures,advices and enlightenments according to the each main body during the financial innovation process in our country.Finally the sixth chapter is summarized in the paper.
引文
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[2]朱淑珍.金融创新理论述评[J].东华大学学报, 2002,28(3),129-131.
[3]李小娟.论金融发展理论的演进与创新[J].金融问题研究,2004,11,81-83.
[4]崔光华.西方金融创新理论综述[J].经济理论研究,2005,4,40-42.
[5]李鹏.有关金融创新的理论评述[J].经济师,2006,1,33-35.
[6]陈晓枫,叶李伟.金融发展理论的变迁与创新[J].福建师范大学学报,2007, 3,52-57.
[7]马续田.当代西方金融创新理论的比较与评价[J].城市金融论坛,1997,1,54-55.
[8]李玉泉,王洪彬.金融创新与风险防范[M].北京:中国纺织出版社,2000.
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