个利驱动、合成谬误与宏观约束——关于当前金融创新价值回归的思考

通过梳理我国金融创新历程和现状发现,当前银行业基于各种目的开展的诸多金融创新看似符合自身理性,但总体形成合成谬误,本文以信托为例进行深入分析,并构建软预算约束动态博弈模型探索金融创新的驱动机理,对金融业完善金融创新路径和监管部门改进监管方式方法提出建议。

Individual Interest Drive,Fallacy Composition and Macro Constraints--Thoughts on the Value of Current Financial Innovation

From the aspects of China’s financial innovation process and current situation, those seemingly rational financial innovation products launched by commercial banks are fallacy composition. This paper takes Trust as an example to do a deep analysis and to explore the drive mechanism of financial innovation by building a soft budget constraint dynamic game. And then it makes some suggestions on perfecting the financial innovation and supervision methods.