Comparing the gap between Chinese banks and international banks in financial innovation and its enlightenment?

First, a summary of western financial innovation

It is a pity that Schumpeter is the first economist in the west to systematically study innovation theory.

The reason is that he did not study financial innovation and combined his definition of innovation with the development of financial innovation.

Historically, we can define financial innovation as follows: financial innovation is a financial institution.

Change finance with new ideas, new technologies, new management methods or organizational forms.

The collocation and combination of basic elements in the system will introduce new tools, new systems and new markets.

Market, improve the flow efficiency of financial assets, thus avoiding risks and chasing profits to a higher level.

The unification of.

In this sense, the development history of financial innovation is also the development history of the whole financial industry.

Exhibition history, from the emergence of currency to the emergence of commercial banks, from the listing of the first stock to

At present, every major change in the familiar securities market and financial industry contains everything.

All innovative ideas should fall into this category. But in order to learn more from reality.

It means that $ we still learn from the recognized%&; As a time span of research, "century" is the end of ten years.

According to its sudden and intensive occurrence, it can be divided into several stages: the first stage

Paragraph:%&; At the end of the century' and the decade, with10%&; Century (&; At the end of 1990s, the innovative financial instruments of USD mainly

There are: foreign currency swap, European bond market, eurodollar market, syndicated loans and parallel loans.

Funds, convertible bonds, autopay, callable bonds, negotiable certificates of deposit, liability management

Management, mixed accounts, accounts receivable sales, the second stage:%&; Century)&; S, this period

Financial innovations include floating rate bills, special drawing rights (*+,) and federal residential mortgage loans.

Loans, securities dealers' automatic quotation system, foreign exchange futures, negotiable payment order accounts.

(-#! ), money market mutual funds (.../), forward foreign exchange transactions, floating rate notes.

Securities, value-added bonds, interest rate futures, smart cards, treasury bonds futures, money market deposit accounts.

Account, automatic transfer service, European monetary system. In the meantime, Brayton

The disintegration of the forest system, the debate between Keynesianism and monetarism, and the world economy.

The trend of internationalization makes the international financial situation extremely complicated and changeable: the exchange rate is out of control,

Soaring interest rates and extremely unstable inflation rate have made financial institutions at home and abroad

At the same time, the degree of financial supervision in various countries is still very high. How to avoid interest rate, exchange rate and general account better under the existing financial control?

Interest rate risk is the theme of financial innovation in this period. The third stage:%&; Century 1 &

S to 2&; At the end of 1990s, financial innovations at this stage included: debt-backed bonds and currency.

Swap, zero coupon bond, interest rate swap, bill issuing instrument, treasury bond futures option, stock index period.

Commodities, currency options, adjustable preferred stock, establishment of London International Financial Futures Exchange,

Mortgage debt, standard & poor's index futures, forward interest rate agreement, European currency futures period

Rights, automatic drawing vouchers, loss-free bonds, loss-free warrants, bridge loan bills, index time deposits.

Single, stock flexibility options, Hang Seng Index options, etc. Finance in 1980s and 1990s

Innovation is the most glorious era in the history of innovation, such as the four great inventions of off-balance sheet business and financial development.

The emergence of tools and so on, although financial innovation is still transferring interest rates, exchange rates and trust.

It is risky to use, but compared with the previous stage, these tools are more flexible and convenient, and also innovative.

The types are more diversified, besides the innovation of risk transfer, there are also credit creation and stock generation.

The innovation of rights and the rapid expansion of the innovation market have benefited a lot from this prosperous situation.

At the present stage of financial liberalization, countries are competing to relax financial control and financial instruments.

Innovation pays more attention to the docking of capital market, insurance market and traditional financial intermediary.

Let's go

Second, the economic mechanism of innovation

The history of financial innovation has been introduced in detail above, and every kind of financial innovation has been introduced.

The motive force of financial innovation can be seen from financial innovation in different historical periods.

, some * * * factors play a role in every historical period, in order to better grasp.

The formation mechanism of financial innovation, we intend to analyze the emergence of financial innovation from the perspective of the subject.

Macro and micro factors of life, grasp more things in different historical stages. ! macroscopic view

The change of economic environment is the most suitable soil for the birth of "new species". First, avoid gold.

Financial supervision is the cause of financial innovation. As we all know, financial intermediaries were born in the economy.

Development, from the perspective of new economics, is caused by lowering the exchange rate.

Easy to cost, when financial supervision brings great disadvantages to the operating status and objectives of financial institutions.

The influence of financial institutions will be circumvented as far as possible through reasonable and legal innovation activities.

Open control is a kind of financial innovation when the income of this innovative activity is greater than its opportunity cost.

A new one has emerged; Secondly, the development of financial liberalization and globalization endows traditional gold.

Financial institutions have brought about a new competitive landscape. With the development of economy, the financial market has developed to

To a certain extent, the potential savings resources of the whole society have been exhausted. At this time, savings

Resources flow between traditional financial intermediaries, other non-bank financial institutions and financial markets, and intermediaries and financial markets are substitution effects rather than complementary effects.

Thus, the phenomenon of financial disintermediation is formed, that is, a large amount of funds are transferred from the regulated finance.

Intermediaries flow to the direct financing market, forcing the financial system to produce these two innovations.

To cope with the new situation of financial liberalization and global financial integration: First, new financial instruments.

Innovation; The other is the birth of new financial institutions, such as venture capital institutions and investment.

Banking institutions and so on. Finally, the promotion of electronic computers and information technology in the financial field.

And development provide the necessary technical conditions for financial innovation. The wide application of information technology

Especially in recent years, the rapid development of e-commerce has accelerated the processing speed of financial information.

Fast, the transaction cost is reduced, further accelerating the business innovation of financial institutions. ! golden

Micro-motivation of financial innovation. Judging from the history of financial innovation, micro-financial institutions started from

Ultimately, it is the subject of financial innovation. As an operating organization, any business activities.

The purpose is to pursue profits, and financial innovation activities are no exception, avoiding risks and accounting for.

Leading the market, reducing costs and meeting market demand will take the lead in the increasingly fierce competition.

Machines and the like, in the final analysis, can't escape the word "profit", just the stimulation of competition.

Intense market demand stimulation can induce internal innovation of financial institutions to the greatest extent.

Force, thus affecting the financial innovation activities in a certain period of time, we can see that

The 1980s and 1990s were the glorious seasons of financial innovation, and many new financials appeared.

Tools, commercial and financial institutions. Therefore, western financial innovation mainly comes from its micro.

The intrinsic motivation of financial institutions is characterized by "bottom-up", and more work is more rewarding.

Mainly innovation and system innovation. The economic mechanism formed through the above-mentioned financial innovation

Analysis helps us to master the research methods of financial innovation. On this issue, Richard

It is generally believed that there are two research methods: one is "demand following"! It emphasizes that

It is the demand side of financial services. With the economic growth or development, economic entities will appear.

In response to the demand for financial services, the financial system will continue to exist.

Innovation. In other words, the demand of economic entities for financial services leads to financial institutions,

The emergence of financial assets and liabilities and related financial innovations; The other is "supply leading"!

It emphasizes that financial institutions are suppliers of financial innovation! In terms of the supply of innovation

Take the initiative to stay ahead of demand. But the latter method has been greatly ignored. In fact, these two methods

These methods should be combined, and we should also see that demand follows and supply leads.

There is an optimal order problem between types. Looking at the history of financial development, thinking about finance

The deep-seated reasons behind innovation can be seen from the early stage of economic development.

Give a dominant position to the dominant type; With the development of economy, economic factors gradually become active.

Leap, demand-following type gradually occupies the dominant position. The determination of this idea is very important to our country.

Financial innovation is very enlightening.

Third, the enlightenment to China's banking financial innovation.

It has been nearly twenty years since financial institutions gradually resumed their financial functions.

Under the background of China's special economic system reform, most of China's financial innovations have been presented in recent years.

There is such a feature: "Financial innovation is mainly based on institutional innovation, such as the credit of financial institutions.

The reform of management system-four stages, finally implemented in "asset-liability ratio management"

Open "; The few tool innovations are mainly deposit tool innovation and asset tool innovation.

The lack of new increase has its deep-seated institutional factors. ! Original innovation ratio

Less, more attractive Since the reform and opening up, China's innovative financial instruments are "# $

What is "brought" belongs to "brought", while innovation is more "top-down"-from person to person.

The way of writing down to commercial banks and then to branches or from head office to subordinate banks is rarely bottom-up, which is different from the level of economic and financial development and the backwardness of financial machines in China.

The structure with poor independence is consistent with relatively strict financial control. # In terms of financial innovation

The formation mechanism of financial innovation is very different from that of the west, and the main sources of financial innovation are.

Driven by the external force of system reform, the internal innovation impulse of financial institutions is insufficient.

It should be said that in the initial stage, the effect of this externally initiated financial innovation is very obvious.

The innovation of financial system, financial market and financial instruments makes the financial system the shortest.

In the past few years, it has been improved, which helps and supports the reform of the economic system. But with

With the development of China's socialist market economy, the depth and breadth of financial functions will be further improved.

The scope and quality of financial services will gradually put forward new requirements, and financial innovation is needed.

Demand will increase, and the original financial innovation is inefficient and lacks systematicness and standardization.

The disadvantages are gradually emerging, so that the lag in the development of the financial system has become a restrictive factor for the economy.

Bottleneck of development.

How should China's financial innovation develop in the future? Should follow a

What kind of thinking can adapt to the national conditions, and China should join%&; New shape after'

Potential? Through the analysis of western financial innovation, we can determine such a foundation here.

This idea: "China is still in the primary stage of economic development, micro-economy.

Personal function is not perfect, and the demand is not strong. Financial innovation of financial institutions should

Following "supply-oriented" rather than passive "demand-following" is the optimal order.

The choice of financial innovation determines the logical thinking of China's financial innovation process. ! With the orderly progress of competition

Improve the financial supervision system, activate the innovation power of micro-financial institutions, and restore

Financial institutions are the main body of innovation, giving up strict control that makes financial institutions rigid,

When the bank's management level is improved to be truly self-financing and self-restraint, it will be gradually defeated.

Breaking separate operation and realizing mixed operation. It is best to increase this process within five years.

Enhance the competitiveness of financial institutions in China after China's entry into WTO. # Improve the technical content of financial innovation

Quantity, under the premise of gradual deregulation and perfect supervision, financial innovation is best

"Bottom-up", facing the market demand, is conducive to improving the efficiency of financial innovation; Payable to $

With the rapid development of direct financing market, financial intermediaries in China are about to face financing.

The phenomenon of disintermediation, so the innovation of financial institutions and financial instruments should pay attention to the capital market.

Docking, open up a broader living space and find new profit growth points.

() At the beginning of the century, looking forward to the future, we can foresee that China's financial innovation is great.

Development space, the upcoming financial innovation is: first, the introduction of various forms of debt.

Bonds, such as floating rate bills, guaranteed rate bonds, callable bonds, convertible bonds, etc. ;

The second is to set up various forms of funds. Such as open-end funds, various investment funds and so on; three

It is to carry out various futures, options and swaps, such as stock options, interest rate swaps and stock indexes.

Digital futures, foreign exchange futures, etc. ; Fourth, banks should introduce new service forms, such as design and

We should start with the financial instrument (loan securitization) that connects the stock market and the insurance market.

Participating in investment banking business is the general trend; Fifth, similar to venture capital institutions.

New financial institutions will emerge one after another. I think we are fully absorbing the funds from developed countries.

With careful design and supervision based on innovative experience, China's financial innovation will

Get rapid development.