本文關鍵詞： 美國 金融創(chuàng)新 外部動因 金融危機　出處：《中國社會科學院研究生院》2013年博士論文　論文類型：學位論文

【摘要】：20世紀60、70年代以來，美國乃至全球掀起了一輪金融創(chuàng)新的高潮，貨幣市場新興工具、金融衍生品、證券化產(chǎn)品、新型債券與股票大量涌現(xiàn)，并一度受到市場歡迎、廣為市場稱道。但2008年全球金融危機爆發(fā)后，抵押貸款支持證券、擔保債務憑證和信用違約互換等創(chuàng)新工具又被推到了風口浪尖，因其在危機爆發(fā)、傳播過程中扮演的不光彩角色成為了千夫所指的對象。 為還原美國金融創(chuàng)新產(chǎn)生與發(fā)展的真相，本文采用理論研究與實證研究相結合的方法，對金融理論發(fā)展、科技進步、市場環(huán)境波動、監(jiān)管與金融自由化、稅收、競爭狀況變化以及金融全球化等近幾十年來影響美國與全球金融行業(yè)的主要因素進行了系統(tǒng)性分析，并對這些外部動因影響企業(yè)內(nèi)部創(chuàng)新動機、進而刺激金融市場創(chuàng)新活動的過程進行了論述。同時，本文以近幾十年來美國與全球金融行業(yè)出現(xiàn)的幾種重大金融創(chuàng)新為對象開展了實證研究，進一步揭示了上述因素在金融創(chuàng)新實踐中起到的推動刺激作用。此外，文中還對金融創(chuàng)新在金融危機爆發(fā)、惡化與傳播過程中所扮演的角色予以詳細解讀，客觀總結了新型金融產(chǎn)品與服務對金融市場穩(wěn)定造成的負面影響。 本文研究主要分為五大部分： 首先，對金融創(chuàng)新的概念、主要分類方法以及金融創(chuàng)新的主流動因理論進行回顧總結，為深入研究美國大量金融創(chuàng)新的出現(xiàn)做好鋪墊、打下理論基礎。 其次，對20世紀60、70年代以來金融理論與信息通訊技術方面取得的巨大突破，美國通脹率、利率、匯率環(huán)境的劇烈波動，金融監(jiān)管、稅收環(huán)境的變化，以及金融行業(yè)競爭的日益加劇和金融全球化趨勢的興起等近幾十年來美國乃至全球金融市場所經(jīng)歷的重大變遷進行逐一梳理，并深入探討上述因素影響金融市場主體運營效率，市場份額，利潤、成本、風險、流動性狀況以及市場競爭力，進而誘發(fā)金融創(chuàng)新的具體路徑。 再次，對大額可轉讓定期存單、貨幣市場共同基金、貨幣市場存款賬戶等貨幣市場工具，，金融期權、金融期貨與互換合約等衍生金融工具，住房抵押貸款支持證券與擔保債務憑證等結構性金融產(chǎn)品，以及危機背景下仍實現(xiàn)飛躍式發(fā)展的移動支付進行實證研究，對創(chuàng)新主要外部動因與金融創(chuàng)新的關系加以驗證。 又次，詳細回顧美國住房市場、住房抵押貸款市場以及金融市場泡沫形成、擴大與破裂的全過程，重點分析了住房抵押貸款支持證券、擔保債務憑證與信用違約互換等新型金融技術與工具在整個過程中扮演的角色。此外，該部分還對危機爆發(fā)后幾種重要金融產(chǎn)品的發(fā)展現(xiàn)狀進行了簡要敘述，并總結了國際與美國金融監(jiān)管改革的主要內(nèi)容。 最后，對全文研究進行總結，并以上文研究結果為依托，指明了人們應對金融創(chuàng)新持有的正確態(tài)度，同時展望了未來的研究方向。
[Abstract]:Since 20th century, the United States and even the world have set off a round of financial innovation climax, money market emerging tools, financial derivatives, securitization products, new bonds and stocks in large numbers. It was once popular and widely praised. But in 2008, after the global financial crisis, innovative instruments such as mortgage-backed securities, collateralised debt obligations and credit default swaps were pushed back into the limelight. Because it broke out in the crisis, the dissemination process played a disgraceful role to become the target. In order to restore the truth of the emergence and development of financial innovation in the United States, this paper adopts the method of combining theoretical research and empirical research to analyze the development of financial theory, the progress of science and technology, the fluctuation of market environment, the regulation and financial liberalization. The main factors influencing the financial industry in the United States and the world in recent decades, such as tax, competition and financial globalization, have been systematically analyzed, and these external factors have influenced the internal innovation motivation of enterprises. Furthermore, the paper discusses the process of stimulating the innovation of financial market. At the same time, this paper carries out empirical research on several major financial innovations in the United States and the global financial industry in recent decades. In addition, the role of financial innovation in the financial crisis outbreak, deterioration and dissemination of the role played by the detailed interpretation. The negative effects of new financial products and services on the stability of financial market are summarized objectively. This paper is divided into five parts: First of all, the concept of financial innovation, the main classification methods and the mainstream motivation theory of financial innovation are reviewed and summarized, which lays a theoretical foundation for the in-depth study of the emergence of a large number of financial innovation in the United States. Secondly, a great breakthrough has been made in financial theory and information and communication technology since 20th century. The inflation rate, interest rate and exchange rate environment fluctuate sharply in the United States, and financial supervision. The changes in the tax environment, the increasing competition in the financial industry and the rise of the trend of financial globalization in recent decades, the United States and even the global financial market experienced major changes to sort out one by one. The paper also discusses the above factors which affect the operation efficiency, market share, profit, cost, risk, liquidity status and market competitiveness of financial market, and then induce the specific path of financial innovation. Third, for large transferable certificates of deposit, money market mutual funds, money market deposit accounts and other money market instruments, financial options, financial futures and swaps and other derivative financial instruments. Housing mortgage backed securities and collateralized debt obligations and other structured financial products, as well as under the background of the crisis to achieve leapfrog development of mobile payments for empirical research. The relationship between the main external motivation of innovation and financial innovation is verified. Then, the whole process of bubble formation, expansion and burst in American housing market, mortgage market and financial market is reviewed in detail, with emphasis on the analysis of mortgage-backed securities. The role of new financial techniques and instruments, such as secured debt certificates and credit default swaps, in the whole process. In addition, this part also briefly describes the development status of several important financial products after the outbreak of the crisis. And summarizes the international and American financial regulatory reform of the main content. Finally, this paper summarizes the full text research, and points out the correct attitude of people to financial innovation, and looks forward to the future research direction.
【學位授予單位】：中國社會科學院研究生院
【學位級別】：博士
【學位授予年份】：2013
【分類號】：F171.2

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