金融改革实验区金融创新与监管动态响应机制研究——基于美国金融创新产品的衍生逻辑视角

温州金融改革实验区的设立及随后深圳推出系列金融创新举措开启了我国金融实验区改革的序幕。在金融实验区,围绕引导民间资本进入规范化的金融体系以更好服务中小微企业孕育了一条凸显金融创新的资金流动链条。美国金融创新体系中以房地产市场为基础的金融创新衍化逻辑尤为典型,但该衍化链条蕴藏的金融监管对创新响应失衡引发了流动性逆转联动着金融危机的爆发,之后掀起全球金融监管改革潮。鉴于此,本文借鉴美国金融创新衍化的经验,弥补其不足,并结合当前国际金融监管趋势,在金融实验区搭建了金融创新与监管间"一种理念,两种响应"的动态响应机制,以期在防范金融风险的基础上使金融创新能够更好服务实体经济。

Dynamic Response Mechanism between Financial Innovation and Regulation in China' s Financial Reform Experimental Zone:Based on the Derivative Logic of the U.S.Financial Innovations

The establishment of Wenzhou financial reform experimental zone and a series of financial innovations launched subsequently by Shenzhen open the prelude to the reform of China’s financial experimental zone.In experimental zone,guiding private investment into standardized financial system to better service SMEs has created a chain of capital flow which highlights the financial innovation.But this chain is not yet perfect and mature,meanwhile the derived financial innovation logic based on the real estate market is particularly typical in the U.S.financial innovation system,and the financial supervision’s imbalanced response to innovation,which was hidden in the derived chain,triggered a liquidity reversal which resulted in the outbreak of financial crisis,which pushed forward a tide of global financial regulatory reform.Based on this,the paper learns from the derived experience of U.S.financial innovation,makes up the shortfall,combines with the current international financial regulatory trend,creates the dynamic response mechanisms of"one concept, two responses" between financial regulation and financial innovation in the experimental zone.By preventing the financial risk,financial innovation will better serve the real economy.