论商业银行产权主体的金融创新

近年来有学者提出“中国金融创新”假说,之后有人甚至把“我国商业银行的创新”的观点作为定论写进教材。本文沿制度分析的路径,得出中国至今尚未出现金融创新的结论。因为任何一种创新活动的形成,都暗含一个最基本的条件,即需要一个创新主体,这个创新主体即是经济组织的产权主体。只有这个产权主体才是创新的“内在因素”。金融创新只有以清晰的且人格化的产权主体这样的“内在因素”为前提,才能在外部环境的刺激下,获得创新的原动力。本文认为迄今为止我国包括商业银行改革在内的金融改革,实际上全是由政府效用函数所牵引的政府行为。我国商业银行受产权制度的制约,尚未真正成为创新主体,金融改革的最大不足,也在于企图避开商业银行产权制度的改革,而商业银行产权制度的合理安排恰恰是金融创新的先决条件。

On Jfinancial innovation of commercial bank as an ownership subject

Following the hypothesis about China's financial innovation, some people even cite the "China's financial innovation of commercial bank" as a final conclusion in teaching material. However, from the point view of institutional analysis, we present a new conclusion that so far there has never been financial innovation in China. For any formation of innovative activity, there must be an assumption that ownership subject, also the only internal factor of innovation in economic organization is needed in the activity. Only under a clear and human ownership system placement, can financial innovation obtain the original driving force stimulated by external environment. In this essay, we therefore take it for granted that financial innovation including in the field of commercial bank is actually driven by the government intervention. In the meantime, restricted by the imperfect ownership system, commercial bank has not yet grown into an innovative subject. In a word, the key to solving the fundamental problem of financial innovation lies in the reform of ownership system in commercial bank. Thus a rational ownership system placement of commercial bank is precisely the prerequisite of financial innovation.