我国吸纳金融创新的时滞效应及其制度因素分析

长期以来,对金融创新在中国金融市场扩散吸收中的时滞效应的认识往往归咎于微观市场主体缺乏吸收能力或竞争所致,而忽略了中国这样的转型经济国家所具有的制度性因素的影响。本文通过分析我国与金融创新国在金融体系、经济体制、经济发展水平、金融相关率、产权制度、市场结构等因素上存在的结构性不均衡,发现异质性金融市场间的结构和金融工具比例的差异性对金融创新扩散可能产生的阻碍机制也是引发我国采纳金融创新扩散中出现时滞现象的重要原因。

Time Lag Effect and Institutional Mechanism in Adoption of Financial Innovation in China

For a long time,people have owed time lag effect of financial innovation on diffusion and absorption of financial market in China to lack of absorptive capacity or competition in micro-market,and neglected the effect of institutional factors in a country of economic transition like China.The paper analyzes the existing structural imbalance of institutional factors,such as economy system,economic development level,FIR,property rights system,market system between financial innovation countries and China,finding structure of heterogeneous financial market and discrepancy of derivatives proportion would block diffusion of financial innovation,which may be the main cause of time lag effect in adoption of financial innovation diffusion in China.