摘要
按照熊彼特经典创新理论和现代金融学理论,创新是市场机制对企业的激励,也是企业与生俱来的本能。金融创新是市场与管制博弈的过程和结果,所有金融创新理论都认为创新的动力均来自于企业。当金融机构普遍缺乏创新动力时,监管部门应当放松管制,鼓励创新。中国资本市场在长期的模仿性创新过程中实行严格管制和选择性创新是导致目前创新不足和缺乏创新的根本原因。企业无法创新的结果是市场逐步丧失其基本功能,所以资本市场发展的惟一出路就是实施自主性金融创新。在产品创新、技术创新、组织创新和制度创新中,制度创新是其他创新的前提和条件,制度创新意味着放松管制。本研究首次提出选择性创新概念,认为选择性金融创新是严格管制条件下的创新异化,本质上形成了创新扩散过程中的监管壁垒,长期实施选择性创新势必阻滞金融创新。
In accordance with the Schumpeterian classical innovation theory and the theory of modern finance,innovation is the incentive of market mechanism against the enterprises,and the innate instinct of businesses themselves as well.Financial innovation undergoes and results from the game of marketing and controlling.All financial innovation theories think that the impetus for innovation comes from the enterprises.When the financial institutions lack innovation abilities,the regulatory authority shall perform deregulation and will encourage innovation.The root cause of weak innovation is that China's capital market in the long process of imitative innovation practises strict controlling and advocates selective innovation.Companies cannot practice innovation and the market gradually loses its basic functions.The only way for the development of the capital market is to implement self-determined financial innovation.In product innovation,technological innovation,organizational innovation and institutional innovation,institutional innovation is the precondition and it means deregulation.This text for the first time advocates selective innovative concept and thinks that the selective financial innovation is an alienation of innovation under strictly regulated conditions.In essence,it becomes the regulatory barrier in the process of innovation diffusion.If selective innovation is carried out for a long time,it will get in the way of financial innovation.
出处
《理论学刊》
CSSCI
北大核心
2013年第6期35-42,127,共8页
Theory Journal
关键词
资本市场
金融创新
制度创新
选择性创新
capital markets
financial innovation
institutional innovation
selective innovation
