中国商业银行金融产品创新演化研究
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摘要
金融产品创新是所有金融机构研究与实践的重要课题。进入新世纪以来,国内外金融机构在金融产品创新中出现了很多新的问题和挑战,而且金融危机究其原因似乎都离不开金融产品创新这个话题,本次发端于美国的全球性国际金融危机也不例外。自20世纪90年代以来,金融创新领域的理论和模型研究不断兴起,但专门针对金融产品创新过程的系统研究较少,对于金融产品创新规律的研究更是鲜见。文章利用演化经济学这门新兴学科,对金融产品创新这一微观领域进行研究,为我国商业银行进一步加强产品创新、解决各种问题提供新的理论平台。
文章把金融产品放在一个系统演化的整体结构中进行考察,从自组织演化的理论视角把握金融产品创新,这显然不同于以前大多数研究者仅关心金融产品创新本身的做法。以本文的观点和理念,任何金融产品创新现象都不是片面和孤立的,而是有着内在的演化逻辑。在此基础上,通过建立金融产品创新过程模型和系统演化模型,从金融产品创新与客户的互动关系中把握创新特点与规律,进而从演化的角度观察和分析金融产品创新过程和系统进化规律,是本文重要的创新点和突破点。
文章从构建金融产品创新整体结构出发,建立了分析我国商业银行金融产品创新的理论框架。首先,从演化机理诠释了金融产品创新的动因。其次,以“金融产品创新的自组织特性”为关键点,分析了金融产品创新的一般演化过程。发现创新是否成功将受到创新者知识临界点、客户积极性及互相沟通情况的影响,一旦客户对创新的需求减缓下来,产品创新的演化过程和速度将会改变。进一步发现由于随机扰动、非线性机制的放大作用,导致产品创新出现跃迁。第三,进一步构建和分析了产品创新系统的整体演化模型。发现创新会产生两种方向：种因路径依赖作用产生渐近式的创新；另一种因“巨涨落力”作用产生非线性突变式的创新,产生全新产品。最后,通过分析还发现了商业银行产品创新具有生命周期的特性,但演化状态受内、外部成长速度因子的影响。
文章在构建演化博弈模型的基础上,进一步分析了反映商业银行各部门交往过程的演化规律,考察了银行内不同交往规则对应于演化博弈模型的演化稳定战略,并发现在一个具有不确定性和有限理性空间的条件下,仅当银行内制度安排比较有效,才能确保金融产品创新的内部演化机制的形成。
最后,文章结合国外商业银行金融产品创新的发展状况和特点,从演化视角,深入分析了中国商业银行金融产品创新的特点和存在的问题,提出我国商业银行金融产品创新的方向、步骤和策略,并就加强制度环境建设提出相关政策建议。
Financial product innovation is an important project for all financial institutions both in research and in practice. Since the entry into new century, numerous problems and challenges have been arising in financial product innovation for domestic and overseas financial institutions. Furthermore, there seems to be causal relation between financial product innovation and several financial crises, even including the international financial crisis that generated in the United States. Since 1990s, theory and model study in financial innovation has become prosperous. However, systematic study on the process of financial product innovation is rare, let alone the study on systematic principles of financial product innovation. This dissertation aims to provide a new theory platform for China's commercial banks to enhance product innovation and solve diversified problems by taking advantage of evolutionary economics, a newly-rising branch of science.
The dissertation studies financial product in an integrated framework of system evolution and inspects financial product innovation in the respective of self-organization theory, which obviously differs from the practice of precedent researchers whose major focus were solely put on financial product innovation itself. This dissertation holds that the phenomena of financial product innovation are not unilateral or separated, but involves internal evolutionary logic. Based on the above, the key innovation and breakthrough of this dissertation lies in the observation and analysis on process as well as systematic evolutionary principles for financial product innovation in the respective of evolution through the acknowledge of innovation characteristics and principles in an interactive relationship between financial product innovation and customers.
The dissertation establishes theory framework for China's commercial bank in financial product innovation by starting from the setting-up of integrated framework for financial product innovation. Firstly, it elaborates the cause for financial product innovation in the respective of evolutionary theory. Secondly, it analyses ordinary evolutionary process of financial product innovation by emphasizing on the characteristics of self-organization and reveals that the success of innovation is influenced by knowledge critical point of innovator, enthusiasm of customers and the communication between them. Once customer's demand on innovation slows down, evolutionary process and speed of product innovation will be retarded greatly. Furthermore, it conducts an analysis on the phenomenon that product innovation process can be accelerated by random disturbance and non-liner mechanism and leap phenomenon. Thirdly, it makes progress in establishing and analyzing integrated evolutionary model of product innovation system. Innovation can be processed in two directions, one is gradual innovation generated by path dependence effect, the other is non-liner mutation innovation generated by force fluctuation effect, which will lead to the birth of brand-new product. Besides, this dissertation discovers the fact that evolutionary process of commercial bank's product innovation bears lifecycle characteristics, although its evolutionary condition is influenced by various factors of growth speed, such as growth speed coefficient under the influence of internal and external condition. Based on the analysis, it comes to its theoretical viewpoint which will be beneficial for commercial bank's financial product innovation.
Based on the analysis on evolutionary game model, the dissertation makes a further progress in analyzing the communication process, evolutionary principles of rules that reflect commercial bank's product innovation. Furthermore, it probes into evolutionary stability strategy that generated by product competition rules in banks that coordinates with evolutionary game model. Under the condition of uncertainty and bounded rational space, only effective internal rules & regulations can ensure the formation of internal evolutionary mechanism.
Finally, the dissertation conducts in depth analysis on the characteristics and problems of China's commercial banks in the respective of evolution by combining the development and characteristics of overseas commercial banks in the area of financial product innovation. It also suggests direction, steps and strategy for China's commercial financial product innovation and provides advice on how to enhance rules& regulations establishment.
文章把金融产品放在一个系统演化的整体结构中进行考察,从自组织演化的理论视角把握金融产品创新,这显然不同于以前大多数研究者仅关心金融产品创新本身的做法。以本文的观点和理念,任何金融产品创新现象都不是片面和孤立的,而是有着内在的演化逻辑。在此基础上,通过建立金融产品创新过程模型和系统演化模型,从金融产品创新与客户的互动关系中把握创新特点与规律,进而从演化的角度观察和分析金融产品创新过程和系统进化规律,是本文重要的创新点和突破点。
文章从构建金融产品创新整体结构出发,建立了分析我国商业银行金融产品创新的理论框架。首先,从演化机理诠释了金融产品创新的动因。其次,以“金融产品创新的自组织特性”为关键点,分析了金融产品创新的一般演化过程。发现创新是否成功将受到创新者知识临界点、客户积极性及互相沟通情况的影响,一旦客户对创新的需求减缓下来,产品创新的演化过程和速度将会改变。进一步发现由于随机扰动、非线性机制的放大作用,导致产品创新出现跃迁。第三,进一步构建和分析了产品创新系统的整体演化模型。发现创新会产生两种方向：种因路径依赖作用产生渐近式的创新；另一种因“巨涨落力”作用产生非线性突变式的创新,产生全新产品。最后,通过分析还发现了商业银行产品创新具有生命周期的特性,但演化状态受内、外部成长速度因子的影响。
文章在构建演化博弈模型的基础上,进一步分析了反映商业银行各部门交往过程的演化规律,考察了银行内不同交往规则对应于演化博弈模型的演化稳定战略,并发现在一个具有不确定性和有限理性空间的条件下,仅当银行内制度安排比较有效,才能确保金融产品创新的内部演化机制的形成。
最后,文章结合国外商业银行金融产品创新的发展状况和特点,从演化视角,深入分析了中国商业银行金融产品创新的特点和存在的问题,提出我国商业银行金融产品创新的方向、步骤和策略,并就加强制度环境建设提出相关政策建议。
Financial product innovation is an important project for all financial institutions both in research and in practice. Since the entry into new century, numerous problems and challenges have been arising in financial product innovation for domestic and overseas financial institutions. Furthermore, there seems to be causal relation between financial product innovation and several financial crises, even including the international financial crisis that generated in the United States. Since 1990s, theory and model study in financial innovation has become prosperous. However, systematic study on the process of financial product innovation is rare, let alone the study on systematic principles of financial product innovation. This dissertation aims to provide a new theory platform for China's commercial banks to enhance product innovation and solve diversified problems by taking advantage of evolutionary economics, a newly-rising branch of science.
The dissertation studies financial product in an integrated framework of system evolution and inspects financial product innovation in the respective of self-organization theory, which obviously differs from the practice of precedent researchers whose major focus were solely put on financial product innovation itself. This dissertation holds that the phenomena of financial product innovation are not unilateral or separated, but involves internal evolutionary logic. Based on the above, the key innovation and breakthrough of this dissertation lies in the observation and analysis on process as well as systematic evolutionary principles for financial product innovation in the respective of evolution through the acknowledge of innovation characteristics and principles in an interactive relationship between financial product innovation and customers.
The dissertation establishes theory framework for China's commercial bank in financial product innovation by starting from the setting-up of integrated framework for financial product innovation. Firstly, it elaborates the cause for financial product innovation in the respective of evolutionary theory. Secondly, it analyses ordinary evolutionary process of financial product innovation by emphasizing on the characteristics of self-organization and reveals that the success of innovation is influenced by knowledge critical point of innovator, enthusiasm of customers and the communication between them. Once customer's demand on innovation slows down, evolutionary process and speed of product innovation will be retarded greatly. Furthermore, it conducts an analysis on the phenomenon that product innovation process can be accelerated by random disturbance and non-liner mechanism and leap phenomenon. Thirdly, it makes progress in establishing and analyzing integrated evolutionary model of product innovation system. Innovation can be processed in two directions, one is gradual innovation generated by path dependence effect, the other is non-liner mutation innovation generated by force fluctuation effect, which will lead to the birth of brand-new product. Besides, this dissertation discovers the fact that evolutionary process of commercial bank's product innovation bears lifecycle characteristics, although its evolutionary condition is influenced by various factors of growth speed, such as growth speed coefficient under the influence of internal and external condition. Based on the analysis, it comes to its theoretical viewpoint which will be beneficial for commercial bank's financial product innovation.
Based on the analysis on evolutionary game model, the dissertation makes a further progress in analyzing the communication process, evolutionary principles of rules that reflect commercial bank's product innovation. Furthermore, it probes into evolutionary stability strategy that generated by product competition rules in banks that coordinates with evolutionary game model. Under the condition of uncertainty and bounded rational space, only effective internal rules & regulations can ensure the formation of internal evolutionary mechanism.
Finally, the dissertation conducts in depth analysis on the characteristics and problems of China's commercial banks in the respective of evolution by combining the development and characteristics of overseas commercial banks in the area of financial product innovation. It also suggests direction, steps and strategy for China's commercial financial product innovation and provides advice on how to enhance rules& regulations establishment.
引文
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