金融监管对商业银行产品创新绩效的影响研究
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摘要
金融体系在整个经济中发挥着资源配置的作用,而金融创新则是促进这一功能提高效率的强大动力。有别于其他金融机构,商业银行在整个金融体系中与国民经济的联系最为紧密,在金融体系中占据着最为核心的位置。从国家整体经济的层面来看,商业银行的产品创新在节约筹资成本、细化投资风险、提高投资收益、增进市场效率方面有着明显的优势；从商业银行的角度来看,产品创新的目的是为了满足自身和客户的需求以实现利润的最大化,因此,具有盈利性的产品创新是商业银行根据金融环境变化调整的产物。
正因为金融体系的重要性,使得金融机构成为了经济体中受到最严格监管的组织之一,而商业银行又是其中受到金融监管最为严厉的金融机构之一。令人遗憾的是,无论是过去还是现在,世界范围内银行体系发生危机的事实说明银行监管并不是完全有效的。国际上对金融监管与银行产品创新之间的描述大多都是从“危机推动型”的角度进行阐述,但事实表明许多银行产品的创新就是金融监管变化的直接结果,更不用说由金融监管导致金融环境发生变化从而引发的银行产品创新了。特别是在我国的商业银行,比起欧美国家存在的“创新过度”,我国的商业银行更多表现出来的是“创新不足”,这种不足不仅仅是由产品的研发不足造成的,也是由商业银行的监管环境不成熟所造成的。
本文首先对金融监管、金融创新、银行产品创新、商业银行绩效及银行产品创新绩效等核心概念进行了界定；对金融监管、商业银行产品创新、商业银行产品创新的绩效评价以及研究三者之间关系的相关理论进行了回顾。从金融监管的视角探究了金融创新的动因以及为商业银行带来的绩效变化。进而构建了相应的经济学模型,比较了在金融监管的作用下,商业银行个体创新绩效与银行业创新绩效的发展轨迹,创新性的从经济学的角度讨论了金融监管短期和长期对商业银行产品创新以及对单个银行和对整个银行业的绩效的影响是不同的。发现从短期看金融监管对单个商业银行的产品创新有可能是起抑制作用的,但是从长期来看,金融监管能够降低系统风险及银行业的整体风险,用风险分解和风险聚集的方式增进银行业的整体绩效。在此基础上,通过探索性的研究设计出针对我国银行监管与商业银行产品创新的指标体系,在实证研究部分,首先对金融监管对商业银行产品创新绩效的影响路径进行了研究,结果显示监管是通过影响商业银行的产品创新行为而后间接影响到商业银行的整体创新绩效。基于上述观点,本文利用公开的二手数据从时间维度和横截面维度两个层面构建了金融监管对商业银行产品创新绩效的影响模型,并对我国金融监管对商业银行产品创新绩效进行了研究,结合金融监管和商业银行产品创新的实践经验对影响商业银行产品绩效的关键性因素进行了深度挖掘。在政策研究部分,结合后金融危机时代银行监管面临的挑战以及我国银行监管的变革与发展状况,为我国银行监管目标的改革方向提供了建议并从金融监管角度提出了提升我国商业银行产品创新绩效的相应对策。
Financial system plays the role of the allocation of resources in the whole economy, financial innovation is the powerful motive force to promote the function and improve the efficiency. Differing from the other financial institutions, commercial banks are most closely linked with national economy in the whole financial system and occupy the core position. From the overall national economic level, product innovation of commercial banks has the obvious advantage in saving the cost of financing, refining investment risk, improving the return on investment and improving market efficiency; from the view of commercial banks, the objective of product innovation is to maximize the profit, in order to meet the needs of their own and customers. Therefore, the profitable product innovation is the product of commercial banks adjusting to the financial environment changes.
Because of the importance of the financial system, the financial institution has become one of the organizations which sustained the most strict supervision in the economy, commercial bank is one of the financial institutions which is most supervised and regulated. Unfortunately, both past and present, the fact of banking crisis within the scope of world prove that banking supervision is not completely effective. Internationally the description between financial supervision and bank product innovation are expounded from the angle of "crisis driven", but the facts show that the direct result of many bank product innovations is the financial regulatory changes, not to mention the financial supervision leads to changes in the financial environment which triggered the bank product innovation. Especially in China's commercial banks, compared to Europe and the United States'"excessive innovation",our commercial bank is more of "innovation shortage", this shortage is caused not only by insufficient product development, but also by the immature regulatory environment.
This paper first defines the core concepts of financial supervision, financial innovation, the bank product innovation, the performance of commercial bank and the bank product innovation performance; and reviews the theory about financial supervision、product innovation of commercial bank and commercial bank performance evaluation as well as the study of their relationships. This paper explores the motivation of financial innovation and performance changes for commercial banks from the perspectives of financial supervision. And then construct the economic model, comparing the development track of commercial bank individual innovation performance and banking innovation performance under the action of the financial supervision, This paper argued from a creative economic perspective that short-term financial supervision and long-term financial supervision exert different impacts on the innovation of commercial banking products and on the performance of individual banks and the entire banking sector. And found that in the short term financial supervision restrains individual commercial bank's product innovation, but from a long-term perspective, financial supervision can reduce system risk and the overall risk of banking industry, promote the overall performance of banking by risk decomposition and risk aggregation. On this basis, designed a index system for China's banking supervision and banking product innovation through the explored study, in the part of empirical research, firstly studied the impact path which financial supervision act on product innovation of commercial bank performance, results showed that regulation is then indirectly affect the overall innovation of commercial bank performance through affecting the product innovation of commercial banks. Based on the above viewpoints, this paper constructs the impact model of financial supervision acting on commercial bank's product innovation performance from two aspects of time dimension and cross dimension using secondary data publicly available, and studied China's financial supervision as well as commercial bank products innovation performance, studied the key factor that influenced commercial bank products innovation performance on the depth of excavation combined with the experience of financial supervision and commercial bank's product innovation. In policy research part, combining the challenges that banking supervision is faced as well as the change and development of China's banking supervision in post financial crisis era, provided suggestions to reform the direction for China's banking supervision objectives and put forward the corresponding countermeasures to enhance the performance of product innovation of commercial banks in China from the perspective of financial supervision.
正因为金融体系的重要性,使得金融机构成为了经济体中受到最严格监管的组织之一,而商业银行又是其中受到金融监管最为严厉的金融机构之一。令人遗憾的是,无论是过去还是现在,世界范围内银行体系发生危机的事实说明银行监管并不是完全有效的。国际上对金融监管与银行产品创新之间的描述大多都是从“危机推动型”的角度进行阐述,但事实表明许多银行产品的创新就是金融监管变化的直接结果,更不用说由金融监管导致金融环境发生变化从而引发的银行产品创新了。特别是在我国的商业银行,比起欧美国家存在的“创新过度”,我国的商业银行更多表现出来的是“创新不足”,这种不足不仅仅是由产品的研发不足造成的,也是由商业银行的监管环境不成熟所造成的。
本文首先对金融监管、金融创新、银行产品创新、商业银行绩效及银行产品创新绩效等核心概念进行了界定；对金融监管、商业银行产品创新、商业银行产品创新的绩效评价以及研究三者之间关系的相关理论进行了回顾。从金融监管的视角探究了金融创新的动因以及为商业银行带来的绩效变化。进而构建了相应的经济学模型,比较了在金融监管的作用下,商业银行个体创新绩效与银行业创新绩效的发展轨迹,创新性的从经济学的角度讨论了金融监管短期和长期对商业银行产品创新以及对单个银行和对整个银行业的绩效的影响是不同的。发现从短期看金融监管对单个商业银行的产品创新有可能是起抑制作用的,但是从长期来看,金融监管能够降低系统风险及银行业的整体风险,用风险分解和风险聚集的方式增进银行业的整体绩效。在此基础上,通过探索性的研究设计出针对我国银行监管与商业银行产品创新的指标体系,在实证研究部分,首先对金融监管对商业银行产品创新绩效的影响路径进行了研究,结果显示监管是通过影响商业银行的产品创新行为而后间接影响到商业银行的整体创新绩效。基于上述观点,本文利用公开的二手数据从时间维度和横截面维度两个层面构建了金融监管对商业银行产品创新绩效的影响模型,并对我国金融监管对商业银行产品创新绩效进行了研究,结合金融监管和商业银行产品创新的实践经验对影响商业银行产品绩效的关键性因素进行了深度挖掘。在政策研究部分,结合后金融危机时代银行监管面临的挑战以及我国银行监管的变革与发展状况,为我国银行监管目标的改革方向提供了建议并从金融监管角度提出了提升我国商业银行产品创新绩效的相应对策。
Financial system plays the role of the allocation of resources in the whole economy, financial innovation is the powerful motive force to promote the function and improve the efficiency. Differing from the other financial institutions, commercial banks are most closely linked with national economy in the whole financial system and occupy the core position. From the overall national economic level, product innovation of commercial banks has the obvious advantage in saving the cost of financing, refining investment risk, improving the return on investment and improving market efficiency; from the view of commercial banks, the objective of product innovation is to maximize the profit, in order to meet the needs of their own and customers. Therefore, the profitable product innovation is the product of commercial banks adjusting to the financial environment changes.
Because of the importance of the financial system, the financial institution has become one of the organizations which sustained the most strict supervision in the economy, commercial bank is one of the financial institutions which is most supervised and regulated. Unfortunately, both past and present, the fact of banking crisis within the scope of world prove that banking supervision is not completely effective. Internationally the description between financial supervision and bank product innovation are expounded from the angle of "crisis driven", but the facts show that the direct result of many bank product innovations is the financial regulatory changes, not to mention the financial supervision leads to changes in the financial environment which triggered the bank product innovation. Especially in China's commercial banks, compared to Europe and the United States'"excessive innovation",our commercial bank is more of "innovation shortage", this shortage is caused not only by insufficient product development, but also by the immature regulatory environment.
This paper first defines the core concepts of financial supervision, financial innovation, the bank product innovation, the performance of commercial bank and the bank product innovation performance; and reviews the theory about financial supervision、product innovation of commercial bank and commercial bank performance evaluation as well as the study of their relationships. This paper explores the motivation of financial innovation and performance changes for commercial banks from the perspectives of financial supervision. And then construct the economic model, comparing the development track of commercial bank individual innovation performance and banking innovation performance under the action of the financial supervision, This paper argued from a creative economic perspective that short-term financial supervision and long-term financial supervision exert different impacts on the innovation of commercial banking products and on the performance of individual banks and the entire banking sector. And found that in the short term financial supervision restrains individual commercial bank's product innovation, but from a long-term perspective, financial supervision can reduce system risk and the overall risk of banking industry, promote the overall performance of banking by risk decomposition and risk aggregation. On this basis, designed a index system for China's banking supervision and banking product innovation through the explored study, in the part of empirical research, firstly studied the impact path which financial supervision act on product innovation of commercial bank performance, results showed that regulation is then indirectly affect the overall innovation of commercial bank performance through affecting the product innovation of commercial banks. Based on the above viewpoints, this paper constructs the impact model of financial supervision acting on commercial bank's product innovation performance from two aspects of time dimension and cross dimension using secondary data publicly available, and studied China's financial supervision as well as commercial bank products innovation performance, studied the key factor that influenced commercial bank products innovation performance on the depth of excavation combined with the experience of financial supervision and commercial bank's product innovation. In policy research part, combining the challenges that banking supervision is faced as well as the change and development of China's banking supervision in post financial crisis era, provided suggestions to reform the direction for China's banking supervision objectives and put forward the corresponding countermeasures to enhance the performance of product innovation of commercial banks in China from the perspective of financial supervision.
引文
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