商业银行金融产品创新的风险管理研究
|
摘要
由美国次贷危机引发的抵押担保贷款机构破产、投资银行倒闭、股市大幅震荡等一系列事件,不仅使在世界金融产业格局占主导地位的发达国家纷纷陷入困境,同时也让金融产品市场相对落后的发展中国家意识到了金融创新背后潜藏的巨大风险。我国商业银行的金融衍生产品创新进入了起步阶段,在资产证券化方面也进行了一些有益的尝试,并取得了初步的成绩。但是,金融产品创新在极大地推动了经济发展的同时,也带来了较大的金融风险。因此,深入加强对金融产品创新风险及其风险管理影响因素的识别、建立有效的风险管理模式和风险防范体系,已成为商业银行金融创新过程中必不可少的重要环节。
本文从金融产品创新及其风险管理的基础理论和相关文献研究入手,系统分析了商业银行金融产品创新的内涵,对金融产品创新的动机进行分析；建立了一个新的具有溢出效应和不同竞争策略、风险约束下的金融产品创新重复博弈模型,确定该模型的纳什均衡点并讨论该平衡点的稳定性条件,从混沌动力学角度分析金融产品创新的复杂性,并通过线性混沌控制法使重复博弈模型从混沌状态恢复到新的纳什均衡状态；分析了金融产品创新所面临的风险,在金融产品创新风险特征分析的基础上,探讨了金融产品创新链的风险传导机制；在借鉴金融产品创新风险管理国际成功经验的基础上,提出中国商业银行金融产品创新内部风险管理和外部风险监管的新模式；分析了中国商业银行金融产品创新及其风险管理的现状与存在的问题；在国内外学者相关研究的基础上,对影响金融产品创新风险管理的关键因素进行识别,在此基础上构建了包括金融产品创新监管、风险管理文化、组织结构与制度、人力资源、金融产品创新信息、金融产品创新风险管理等6个潜变量的理论模型,并结合相关理论和实证研究结果,提出相关假设、量表设计,进行问卷调查,通过对样本数据进行验证性因子分析,提炼了量表的选项,对相关量表进行信度、效度检验,使用结构方程模型进行理论模型拟合、假设检验和风险管理的作用路径分析；最后,就如何提高商业银行产品创新的风险管理水平提出相应的对策建议。
研究表明：商业银行金融创新产品竞争策略和金融创新的溢出效应对市场竞争的复杂性影响显著,使用线性反馈控制法可使重复博弈模型从混沌状态恢复到新的纳什均衡状态,从而促使商业银行有效防范商业风险和市场风险；为防范商业银行金融产品创新风险,必须要有独立的风险组织架构、合适的风险管理流程和完善的风险管理配套机制；对商业银行金融产品创新监管应采取功能监管的方式；金融产品创新监管、商业银行风险管理文化、风险管理战略、金融产品创新内控制度、风险管理组织结构、人力资源管理和金融产品创新信息是影响金融产品创新风险管理的关键因素；金融产品创新监管和风险管理文化对商业银行金融产品创新风险管理水平的提升有较高的间接效果,其中风险管理文化主要通过组织结构与制度、人力资源、金融产品创新信息这三个路径进行管理传导；科学制定商业银行金融产品创新风险管理的对策,有效提高金融产品创新风险管理水平。
本文的创新之处主要有以下几个方面：
第一,鉴于金融产品创新的“溢出效应”和商业银行不同竞争策略的现实选择,将市场中的溢出效应和不同竞争策略联系起来,建立了新的重复博弈模型,而且提出了更符合商业银行金融产品创新实际的新溢出效应函数(存在知识外溢的成本函数)在充分考虑商业银行金融产品创新的“溢出效应”所可能导致的风险,全面探讨了市场中存在溢出效应和具有不同竞争策略的情况下商业银行企业的混沌动力学行为,对所建立的金融产品创新重复博弈模型进行混沌控制。
第二,构建金融产品创新风险管理模型,集合影响金融产品创新风险管理的各类因素。开发了商业银行金融产品创新风险管理影响因素量表和金融产品创新风险管理量表,验证了这些量表的可靠性和有效性。构建了商业银行金融产品创新风险管理影响因素与金融产品创新风险管理之间的传导关系的结构方程模型,对结构方程模型进行整体适配度检验和基本适配度检验,对模型进行评价和修正。提出了商业银行金融产品创新风险管理影响因素与金融产品创新风险管理之间的传导关系研究假设,得到了支持研究假设的结果。
第三,构建了商业银行金融产品创新风险管理的模式：从组织结构、风险管理流程和相应的配套机制等三方面构建了内部风险管理模式；有别于现行的机构监管模式,构建了以中国人民银行作为伞式监管人的外部功能监管模式。
The bankruptcy of mortgage-backed lending institutions, collapse of investment banks, major fluctuations in stock markets and a series of events triggered by the U.S. subprime mortgage crisis, not only runs the developed countries dominating in the world's financial industry pattern into difficulties one by another, but also makes the developing countries whose financial products market is relatively backward aware of the huge risk hidden behind the financial innovation. The financial derivative product innovation of Chinese commercial banks has come into the early stage. Some useful attempts has also been carried out and initial results has been achieved in asset securitization. However, innovation in financial products not only has greatly promoted the economic development, but also brought greater financial risks. Therefore, it has become an indispensable part of the commercial bank financial innovation process to further strengthen the identification of financial products innovation risk and its risk management factors, and establish effective risk management and risk prevention system.
Beginning from the basic theory and related literature study of the financial innovation and its risk management, this article systematically analyzes the connotation of commercial banks'financial product innovation, and the motives of financial innovation. Based on the relevant theoretical basis, we have created a new repeated game model of financial product innovation which has spillover effects, different competitive strategies, and risk constraint. Determining the Nash equilibrium of the model and discuss the stability conditions of the equilibrium point, we analyze the financial product innovation's complexity from the perspective of chaotic dynamics, make repeated game model recover from a chaotic state to a new state of the Nash equilibrium chaos through linear chaotic control method; and analyze the risks faced by financial product innovation. The article discusses chain transmission mechanism of financial product innovation on the basis of the analysis of risk characteristics of financial product innovation; proposes a new model of internal risk management and external supervision of Chinese commercial bank financial product innovation on the basis of learning the successful experience of financial product innovation risk management; identifies the key factors influencing risk management level of financial product innovation on the basis of relevant theoretical foundation. Based on these, above six latent variables'theoretical models are established, including financial product innovation governance, risk management culture, organizational structure and systems, human resources, financial product innovation information, and financial risk management. Combined with relevant theoretical and empirical findings, we put forward the underlying assumptions and scale design, conduce the questionnaire surveys, refine the scale options through the confirmatory factor analysis of sample data, test the reliability and validity of the relevant scale, use structural equation to model theoretical model fitting, hypothesis testing and path analysis of risk management's effects; finally propose corresponding countermeasures and suggestions on how to improve the risk management level of commercial banks' product innovation.
Research shows that the competitive strategy of commercial bank's financial innovation product and the spillover effects of financial innovation have a significant influence on market competition complexity. Using linear feedback control method can make the repeated game model recover from chaos state to a new Nash equilibrium state, which promotes the commercial banks to guard against business risks and market risk effectively. In order to prevent the innovation risk of commercial banks's financial product, there must be an independent risk organizational structure, appropriate risk management processes and perfect risk management support mechanisms; functional regulatory approach should be taken to supervise commercial banks'financial products innovation. Supervision of financial products innovation, commercial banks' risk management culture, risk management strategies, financial product innovation internal control system, risk management organizational structure, human resources management and financial product innovation and the financial product information are the key factors affecting innovation risk management. Supervision of financial product innovation and risk management culture have much more indirect effects on increasing the level of innovation risk management to commercial banks' financial product. Among these factors, risk management culture is mainly managed and transmitted through the following three paths:organizational structure and information system, human resources, financial product innovation. It is necessary to scientifically establish countermeasures for innovation risk management of commercial banks' financial product, and to effectively improve the innovation risk management level of financial product.
The innovation of this paper can be summarized as the following respects:
Firstly, this paper creatively links spillover effect in market to different competitive strategies, establishes a new repeated game model, proposes new function of spillover effect which is more consistent with the innovation practice of commercial banks' financial product. After the full consideration of potential risk which the spillover effect of the commercial banks's financial product innovation may lead to, this article comprehensively discusses commercial banks'enterprises chaotic dynamical behavior in the case of market having spillover effect and different competitive strategies, and carry out the chaotic dynamics analysis and chaos control to the established spillovers and different competitive strategies of financial product innovation's repeated game model.
Secondly, this paper builds a new model of financial product's innovation risk management, collects various factors affecting financial product innovation, and explores the mechanism of the key influencing factors to the innovation management level of commercial banks'financial product. It also develops the influence factors scale of commercial banks'financial product innovation risk management, and uses the testing, confirmatory factor analysis of reliability and validity to verify the scale's reliability and validity; builds the transmission relationship's structural equation model between the influence factors of commercial banks financial products' innovation risk management and the level of financial products' innovation risk management, tests the overall adaptation degree and the basic adaptation degree of the structural equation model, and evaluate and revise the model; proposes transmission relationship's research hypothesis between the influence factors of commercial banks financial products'innovation risk management and the level of financial products' innovation risk management, tests the significance and analyze the acting path, and then gets the results to support the research hypothesis.
Thirdly, this paper constructs the model of financial products'innovation risk management with Chinese characteristics:builds the risk management model based on internal control from three aspects of the organizational structure, risk management processes and the corresponding supporting mechanisms; establishes functional regulatory model with the People's Bank of China being the umbrella supervisor, which is different from the current institutional regulation mode.
本文从金融产品创新及其风险管理的基础理论和相关文献研究入手,系统分析了商业银行金融产品创新的内涵,对金融产品创新的动机进行分析；建立了一个新的具有溢出效应和不同竞争策略、风险约束下的金融产品创新重复博弈模型,确定该模型的纳什均衡点并讨论该平衡点的稳定性条件,从混沌动力学角度分析金融产品创新的复杂性,并通过线性混沌控制法使重复博弈模型从混沌状态恢复到新的纳什均衡状态；分析了金融产品创新所面临的风险,在金融产品创新风险特征分析的基础上,探讨了金融产品创新链的风险传导机制；在借鉴金融产品创新风险管理国际成功经验的基础上,提出中国商业银行金融产品创新内部风险管理和外部风险监管的新模式；分析了中国商业银行金融产品创新及其风险管理的现状与存在的问题；在国内外学者相关研究的基础上,对影响金融产品创新风险管理的关键因素进行识别,在此基础上构建了包括金融产品创新监管、风险管理文化、组织结构与制度、人力资源、金融产品创新信息、金融产品创新风险管理等6个潜变量的理论模型,并结合相关理论和实证研究结果,提出相关假设、量表设计,进行问卷调查,通过对样本数据进行验证性因子分析,提炼了量表的选项,对相关量表进行信度、效度检验,使用结构方程模型进行理论模型拟合、假设检验和风险管理的作用路径分析；最后,就如何提高商业银行产品创新的风险管理水平提出相应的对策建议。
研究表明：商业银行金融创新产品竞争策略和金融创新的溢出效应对市场竞争的复杂性影响显著,使用线性反馈控制法可使重复博弈模型从混沌状态恢复到新的纳什均衡状态,从而促使商业银行有效防范商业风险和市场风险；为防范商业银行金融产品创新风险,必须要有独立的风险组织架构、合适的风险管理流程和完善的风险管理配套机制；对商业银行金融产品创新监管应采取功能监管的方式；金融产品创新监管、商业银行风险管理文化、风险管理战略、金融产品创新内控制度、风险管理组织结构、人力资源管理和金融产品创新信息是影响金融产品创新风险管理的关键因素；金融产品创新监管和风险管理文化对商业银行金融产品创新风险管理水平的提升有较高的间接效果,其中风险管理文化主要通过组织结构与制度、人力资源、金融产品创新信息这三个路径进行管理传导；科学制定商业银行金融产品创新风险管理的对策,有效提高金融产品创新风险管理水平。
本文的创新之处主要有以下几个方面：
第一,鉴于金融产品创新的“溢出效应”和商业银行不同竞争策略的现实选择,将市场中的溢出效应和不同竞争策略联系起来,建立了新的重复博弈模型,而且提出了更符合商业银行金融产品创新实际的新溢出效应函数(存在知识外溢的成本函数)在充分考虑商业银行金融产品创新的“溢出效应”所可能导致的风险,全面探讨了市场中存在溢出效应和具有不同竞争策略的情况下商业银行企业的混沌动力学行为,对所建立的金融产品创新重复博弈模型进行混沌控制。
第二,构建金融产品创新风险管理模型,集合影响金融产品创新风险管理的各类因素。开发了商业银行金融产品创新风险管理影响因素量表和金融产品创新风险管理量表,验证了这些量表的可靠性和有效性。构建了商业银行金融产品创新风险管理影响因素与金融产品创新风险管理之间的传导关系的结构方程模型,对结构方程模型进行整体适配度检验和基本适配度检验,对模型进行评价和修正。提出了商业银行金融产品创新风险管理影响因素与金融产品创新风险管理之间的传导关系研究假设,得到了支持研究假设的结果。
第三,构建了商业银行金融产品创新风险管理的模式：从组织结构、风险管理流程和相应的配套机制等三方面构建了内部风险管理模式；有别于现行的机构监管模式,构建了以中国人民银行作为伞式监管人的外部功能监管模式。
The bankruptcy of mortgage-backed lending institutions, collapse of investment banks, major fluctuations in stock markets and a series of events triggered by the U.S. subprime mortgage crisis, not only runs the developed countries dominating in the world's financial industry pattern into difficulties one by another, but also makes the developing countries whose financial products market is relatively backward aware of the huge risk hidden behind the financial innovation. The financial derivative product innovation of Chinese commercial banks has come into the early stage. Some useful attempts has also been carried out and initial results has been achieved in asset securitization. However, innovation in financial products not only has greatly promoted the economic development, but also brought greater financial risks. Therefore, it has become an indispensable part of the commercial bank financial innovation process to further strengthen the identification of financial products innovation risk and its risk management factors, and establish effective risk management and risk prevention system.
Beginning from the basic theory and related literature study of the financial innovation and its risk management, this article systematically analyzes the connotation of commercial banks'financial product innovation, and the motives of financial innovation. Based on the relevant theoretical basis, we have created a new repeated game model of financial product innovation which has spillover effects, different competitive strategies, and risk constraint. Determining the Nash equilibrium of the model and discuss the stability conditions of the equilibrium point, we analyze the financial product innovation's complexity from the perspective of chaotic dynamics, make repeated game model recover from a chaotic state to a new state of the Nash equilibrium chaos through linear chaotic control method; and analyze the risks faced by financial product innovation. The article discusses chain transmission mechanism of financial product innovation on the basis of the analysis of risk characteristics of financial product innovation; proposes a new model of internal risk management and external supervision of Chinese commercial bank financial product innovation on the basis of learning the successful experience of financial product innovation risk management; identifies the key factors influencing risk management level of financial product innovation on the basis of relevant theoretical foundation. Based on these, above six latent variables'theoretical models are established, including financial product innovation governance, risk management culture, organizational structure and systems, human resources, financial product innovation information, and financial risk management. Combined with relevant theoretical and empirical findings, we put forward the underlying assumptions and scale design, conduce the questionnaire surveys, refine the scale options through the confirmatory factor analysis of sample data, test the reliability and validity of the relevant scale, use structural equation to model theoretical model fitting, hypothesis testing and path analysis of risk management's effects; finally propose corresponding countermeasures and suggestions on how to improve the risk management level of commercial banks' product innovation.
Research shows that the competitive strategy of commercial bank's financial innovation product and the spillover effects of financial innovation have a significant influence on market competition complexity. Using linear feedback control method can make the repeated game model recover from chaos state to a new Nash equilibrium state, which promotes the commercial banks to guard against business risks and market risk effectively. In order to prevent the innovation risk of commercial banks's financial product, there must be an independent risk organizational structure, appropriate risk management processes and perfect risk management support mechanisms; functional regulatory approach should be taken to supervise commercial banks'financial products innovation. Supervision of financial products innovation, commercial banks' risk management culture, risk management strategies, financial product innovation internal control system, risk management organizational structure, human resources management and financial product innovation and the financial product information are the key factors affecting innovation risk management. Supervision of financial product innovation and risk management culture have much more indirect effects on increasing the level of innovation risk management to commercial banks' financial product. Among these factors, risk management culture is mainly managed and transmitted through the following three paths:organizational structure and information system, human resources, financial product innovation. It is necessary to scientifically establish countermeasures for innovation risk management of commercial banks' financial product, and to effectively improve the innovation risk management level of financial product.
The innovation of this paper can be summarized as the following respects:
Firstly, this paper creatively links spillover effect in market to different competitive strategies, establishes a new repeated game model, proposes new function of spillover effect which is more consistent with the innovation practice of commercial banks' financial product. After the full consideration of potential risk which the spillover effect of the commercial banks's financial product innovation may lead to, this article comprehensively discusses commercial banks'enterprises chaotic dynamical behavior in the case of market having spillover effect and different competitive strategies, and carry out the chaotic dynamics analysis and chaos control to the established spillovers and different competitive strategies of financial product innovation's repeated game model.
Secondly, this paper builds a new model of financial product's innovation risk management, collects various factors affecting financial product innovation, and explores the mechanism of the key influencing factors to the innovation management level of commercial banks'financial product. It also develops the influence factors scale of commercial banks'financial product innovation risk management, and uses the testing, confirmatory factor analysis of reliability and validity to verify the scale's reliability and validity; builds the transmission relationship's structural equation model between the influence factors of commercial banks financial products' innovation risk management and the level of financial products' innovation risk management, tests the overall adaptation degree and the basic adaptation degree of the structural equation model, and evaluate and revise the model; proposes transmission relationship's research hypothesis between the influence factors of commercial banks financial products'innovation risk management and the level of financial products' innovation risk management, tests the significance and analyze the acting path, and then gets the results to support the research hypothesis.
Thirdly, this paper constructs the model of financial products'innovation risk management with Chinese characteristics:builds the risk management model based on internal control from three aspects of the organizational structure, risk management processes and the corresponding supporting mechanisms; establishes functional regulatory model with the People's Bank of China being the umbrella supervisor, which is different from the current institutional regulation mode.
引文
[1]Susan Walsh Sanderson. Cost Models for Evaluation Virtual Design Strategies in Multicycle Product Families[J] Journal of Engineering and Technology Management,1991(8):339-358.
[2]Philip D. Metz, Integrating Technology Planning with Business Planning[J]. Research & Technology Management,1996(3):125-136.
[3]Robert G Cooper. Developing New production in Time[J]. Technology Management Research. 1995,38(5).
[4]Lynn W. Ellis, Carey C. Curtis. Speedy R&D:How Beneficial? [J]. Technology Management Research.1995,38(4).
[5]Stefan Thomke, Donald Reinertsen. Agile product Development:Managing Development Flexibility in Uncertain Environments[J]. California Management Review.1998,41(1):8-29.
[6]Murray R. Millson, S.P Rajand David Wilemon. A Survey of Major Approaches for Accelerating New Product Development[J]. JPIM.1992(9):53-69.
[7]B.J.Zirger, Janet L.Hartley. The effect of Acceleration Techniques on Product Development Time[J].IEEE Transactions on Engineering Management.1996,43(2):143-152.
[8]Farid Aitsahlia, Eric Johnson, Peter Will. Is Concurrent Engineering Always a Sensible Proposition[J]. IEEE Transactions on Engineering Management.1995,42(2):166-170.
[9]Manzini, E; Vezzoli, C. A strategic design approach to develop sustainable product service systems:examples taken from the 'environmentally friendly innovation' Italian prize[J]. Journal of Cleaner Production.2003,11(8):851-857
[10]Bart, Chris; Pujari, Ashish. The performance impact of content and process in product innovation charters[J]. Journal Of Product Innovation Management.2007,24(1):3-19
[11]Cooper, Robert G. Edgett, Scott J. Developing a product innovation and technology strategy for your business[J]. Research-Technology Management,2010,6:33-40
[12]R.G.Cooper,E.J. Kleinschmidt. Determinnants of Timelines in Product Development[J]. JPIM, 1994, 11(3):381-396.
[13]R.G.Cooper. Overhauling the New Product Process[J]. Industrial Marketing management. 1996,25:465-482.
[14]R.Balachandra, John H.Friar, Factors for Success in R&D Projects and New product Engineering Innovation:A Contextual Framework[J]. IEEE Transactions Management.1997,44(3).
[15]Gary S. Lyun, Mario Maxxuca, Joseph G Morone, Albert S. Paulson. Learning is the Critical Success Factor in Developing Truly New products[J]. Research Technology Managemetn. 1998(3):45-51.
[16]M. Freel Smith, K. Innovation as a systemic phenomenon:Rethinking the role of policy [J]. Enterprise and Innovation Management Studies,2000,20(1):73-102.
[17]Jean-Marc Callois. The two sides of proximity in industrial clusters:The trade-off between process and product innovation[J]. Journal of Urban Economics.2008,63(1):146-162.
[18]Poper S, Hewitt-Dundas N. Innovation Persistence:Survey and Case-study Evidence[J]. Research Policy,2008,37(1):149-162.
[19]Kok, Robert A. W.; Biemans, Wim G. Creating a market-oriented product innovation process:A contingency approach[J]. Technovation,2009,29(8):517-526
[20]Pasche, Maximilian; Magnusson, Mats. Continuous innovation and improvement of product platforms[J]. International Journal Of Technology Management,2011,56(2):56-271
[21]万君康,胡树华.产品工程学[M]武汉：华中理工大学出版社,1993.
[22]许庆瑞,陈劲.中国技术创新与技术管理展望[J].管理工程学报,1997,(11)：2-9.
[23]胡树华,李志庭,何山.三种产品创新平台模式比较[J].企业技术进步,2006,(7)：27-28.
[24]陈铁军.基于知识整合能力的自主新产品创新模式研究—以万向系统有限公司为例[J].科技管理研究,2007(7)：20-23.
[25]柯常忠等.基于用户评价两种改进汽车产品的方法[J].专用汽车,1996,(2)：31-34.
[26]赵林海,林俊国.中小企业产品创新绩效测度指标体系研究[J].科技与管理,2005,(5)：21-23.
[27]张婧,段艳玲.市场导向均衡对制造业企业产品创新绩效影响的实证研究[J].管理世界,2010,(12)：119-130
[28]薛镭,杨艳,朱恒源.战略导向对我国企业产品创新绩效的影响[J].科研管理,2011,(12)：1-8
[29]彭新敏,吴丽娟,王琳.权变视角下企业网络位置与产品创新绩效关系研究[J].科研管理,2012,(8)：137-145
[30]李大明.浅谈“一体化产品开发工作法”[J].管理现代化,1996,(5)：46-48.
[31]陈国权,陈世敏.新产品开发中组织、加速方法和环境因素的系统研究[J].清华大学学报(哲学社会科学版),1998,2：37-46.
[32]钟廷修.快速响应工程和快速产品设计策略[J].机械设计与研究,1999,(1)：9-12.
[33]范晓屏.隐性需要：产品创新重要的信息源[J].科技进步与对策,2003,(19)：23-25.
[34]朱少英,徐渝,何正文,冯锋.基于产品创新的科研人员组合激励研究[J].科学学与科学技术管理,2004,(5)：105-108.
[35]侯仁勇.多层次产品创新平台的构建[J].武汉理工大学学报(信息与管理工程版),2004,(2)：47-50.
[36]欧光军,欧阳明德.面向产品的集成创新管理工具[J].科学学与科学技术管理,2004,(5)：138-141.
[37]徐凯,高山行.技术资源管理对社会资本和产品创新中介作用研究[J].管理科学,2008,(12)：2-8
[38]胡赛全,詹正茂等.什么决定企业产品创新：外部环境还是核心能力?[J].科学学研究,2012,30(12)：1891-1899.
[39]Urban Jermann and Vincenzo Quadrini. Financial Innovations and Macroeconomic Volatility[R]. CEPR Discussion Paper No.5727, June 2006.
[40]Tufano, P. Financial Innovation, in Handbook of the Economics of Finance, edited by George Constantinides[R], Milt Harris and Rene Stulz, North Holland, Chapter 6,2002.
[41]BIS. Financial System:Shock Absorber or Amplifier[R]. Working paper, No.257, July 2008.
[42]生柳荣.当代金融创新[M].北京：中国经济出版社,1998.
[43]艾敬仓,孙班军,朱燕空.金融行业治理模式探析[J].特区经济,2006,(4)：102-103.
[44]赵志宏.商业银行综合金融服务产品创新流程体系研究[J].管理世界,2009,(7)：165-166
[45]庄永南,马晓琳.对我国商业银行金融创新的现实思考[J].商业研究,2002,(11)：115-116.
[46]尤圣君,张建华.我国商业银行金融产品创新问题研究[J].武汉金融高等专科学校学报,2006,(6)：12-18.
[47]黄少安,刘达,郭冬梅.我国金融产品创新的机制选择和政策建议[J].理论学刊,2011,(1)：29-32
[48]Kaufman, George G. Too Big to Fail in Banking:What Remains? [J].The Quarterly Review of Economics and Finance,2002,42:423-432.
[49]ECB. Financial Stability Review[J]. December,2009.
[50]Diamond, D.W., P.H Dybvig. Bank Runs, Deposit Insurance, and Liquidity[J]. Journal of Political Economy,1983,3:401-419.
[51]Minsky, Hynan P. The Financial Instability Hypothesis [R]. NBER Working Paper No.74,1992.
[52]Goldstein, Morris and Philip Turner. Banking Crises In Emerging Economies:Origins and Policy Options[D].BIS Economic Papers,1996,10:46.
[53]Kaminsky, G. L. Leading Indicators of Currency Crises[D].IMF Working Papers,1997.
[54]Huang, X., H. Zhou and H. Zhu. Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks During the Recent Financial Crisis[D]. BIS Working Papers,2010,1.
[55]Acharya, V, Pedersen, L., Philippe, T., and Richardson, M..Measuring Systemic Risk[R]. Technical Report, Department of Finance, NYU,2010.
[56]马君潞,范小云,曹元涛.中国银行间市场双边传染的风险估测及其系统性特征分析[J].经济研究,2007,(1)：68-78.
[57]龚明华,宋彤.关于系统性风险识别方法的研究[J].国际经济研究,2010,(5)：90-96.
[58]高志勇.系统性风险与宏观审慎监管—基于美国银行业的实证研究[J].财经理论与实践,2010,(5)：12-18.
[59]郭晨,宋清华.宏观经济变量冲击与我国银行间市场风险传染[J].湖北经济学院学报,2010,(3)：36-44.
[60]杨霞.中美银行业系统性风险比较研究[J].中南财经政法大学学报,2012,(6)：61-66.
[61]高国华,潘英丽.基于动态相关性的我国银行系统性风险度量研究[J].管理评论,2013,(1)：9-14.
[62]Morgan J P. Morgan Risk Metrics:Technical Document:4th ed[M]. J P Morgan and Company, New York,1997.
[63]McKinsey Company. CreditPortfolio view, approach documentation and user's documentation [R]. Switzerland:Mckinsey and Company Zurich,1998.
[64]Rosenberg J B, Schuermann T. Agenernal approach to integrated risk management with skewed, fat-tailed risk[J]. Journal of Financial Economics,2006,3:569-614.
[65]Chi, Bo-Wen; Hsu, Chiun-Chieh. A hybrid approach to integrate genetic algorithm into dual scoring model in enhancing the performance of credit scoring model[J]. Expert Systems With Applications,2012,39(3):2650-2661
[66]Morgan JP.Measuring the risk in Value at Risk[R].Financial Analysis Journal, Nov./Dec. 1996,47-55.
[67]Campell R, Huisman R, Koedijk K. Optimal portfolio selection in a Value-at-risk framework[J]. Journal of Banking & Finance,2001,25:1789-1804.
[68]Marten M. Forecasting daily exchange rate volatility using intraday returns[J]. Journal of International Money and Finance,2001,20:1-23.
[69]Consigli, G Tail estimation and Mean-VaR portfolio selection in markets subject to financial instability[J]. Journal of Banking and Finance,2002,26:1355-1382.
[70]Yiu, Ka-Fai Cedric; Liu, Jingzhen; Siu, Tak Kuen. Optimal portfolios with regime switching and value-at-risk constraint[J]. Automatica,2010,46(6):979-989
[71]Duncan W. Operational value at risk[J]. Risk,1995,12:1-12.
[72]Alexander J M. Estimating the tails of severity distributions using extreme value theory[M]. Astin Bulletin.1997,117-137.
[73]Crouhy M, Galai Dan, Mark R. A comparative analysis of current credit risk models[J]. Journal of Banking and Finance,2000,24:59-117.
[74]Jorion P. Value at Risk:The New Benchmark for Measuring Financial Risk[M]. New York:The McGraw-Hill Companies, Inc,2000:97-106.
[75]Kuhn R, Neu P. Functional correlation approach to the operational risk in banking organizations[J]. Physical Statistical Mechanics and its Applications,2003,322:650-666.
[76]Fontnouvelle P, Rosengren E, Jordan J. Implications of alternative operational risk modeling techniques[M]. Federal Reserve Bank of Boston Articles/Publications,2004,6:30-45.
[77]Hubner G, Peters J, Plunus S. Measuring operational risk in financial institutions:contribution of credit risk modeling[Z]. March 2005. URL:http://papers.ssrn.com
[78]Brooks C, Clare A D, Molle Dalle J W, Persand G A comparison of extreme value theory approaches for determining value at risk[J]. Journal of Empirical Finance,2005,12:339-352.
[79]Zolotareva, Ekaterina. Operational Risk In Retail Banking:Modeling Extreme Losses[J]. Economic Computation And Economic Cybernetics Studies And Research,2010,44(3):205-227
[80]Embrechts, P., Alexander, M., and Daniel, S.. Correlation and Dependence in Risk Management: Properties and Pitfalls, In D. M.A.H..Cambridge[M]. Risk Management:Value at Risk and Beyond UK:Cambridge University Press,2002,177-233.
[81]Dimakos, X. K., and Aas, K.. Integrated Risk Modelling[J]. Statistical Modelling,2004,4: 265-277.
[82]CROs, F. C.. Insights from the Joint IFRI/CRO Forum Survey on Economic Capital Practice and Applications[A]. Chief Risk Officer Forum (CRO Forum) and the Institute of the Chief Risk Officers(CROs).2006.
[83]Elsinger, H., and Lehar, A.. Risk Assessment for Banking Systems[J]. Management Science, 2007,9:1301-1314.
[84]Ward, L.. and Lee, D.. Practical Application of Risk-adjusted Return on Capital Framework. CAS Forum Summer 2002[D]. Dynamic Financial Analysis Discussion Paper,2002.
[85]Alexander, C. and Pezier, J.. On the Aggregation of Market and Credit Risks[A]. In ISMA Centre Discussion Papers in Finance,2003,13.
[86]Schlottmann, F., Mitschelel, A., and Seese, D.. A Multiobjective Approach to Integrated Risk Management[J]. Evolutionary Multicriterion Optimization,2005,692-706.
[87]Rosenberg, J., and Schuermann, T.. A General Approach to Integrated Risk Management with Skewed. Fat-tailed Risks[J]. Journal of Financial Economics,2006,79:569-614.
[88]Dimakos, X. K. and Aas, K.. Risk Capital Aggregation[J]. Risk Management,2007,9:82-107.
[89]Mitschelel, A., Schlottmann, F., and Seese, D.. Integrated Risk Management:Risk Aggregation and Allocation Using Intelligent Systems[J]. Computational Methods in Financial Engineering, 2008,317-342.
[90]谢云山.信用风险与利率风险的相关性分析[J].国际金融研究,2004,(10)：17-20.
[91]吴庆晓,刘海龙.商业银行集成风险管理研究[J].上海金融,2008,(1)：49-52.
[92]侯成琪,王频.基于连接函数的整合风险度量研究[J].统计研究,2008,(11)：72-79.
[93]童中文,何建敏.基于copula风险中性校准的违约相关性研究[J].中国管理科学,2008,(5)：22-27.
[94]叶五一,缪柏其.基于copula变点检测的美国次级债金融危机传染分析[J].中国管理科学,2009,(3)：1-7.
[95]刘春航,陈璐.银行集团的风险并表：风险计量及评估方法[J].国际金融研究,2009,(2)：88-96.
[96]李建平,丰吉闯,宋浩,蔡晨.风险相关性下的信用风险、市场风险和操作风险集成度量[J].中国管理科学,2010,(1)：18-25.
[97]汪冬华,黄康,龚朴.我国商业银行整体风险度量及其敏感性分析[J].系统工程理论与实践,2013,(2)：284-295.
[98]Anette Mikes. Enterprise risk management in action [R]. The London School of Economics and Political Science, Working Paper,2005.
[99]Bank of Japan. Advancing Integrated Risk Management[R].Bank of Japan,2005.
[100]宛璐.国外现代商业银行风险管理及其启示[J].学术交流,2005,(3)：128-131.
[101]刘天旭.对国有商业银行实行全面风险管理的思考[J].商业研究,2005,(9)：14-16.
[102]李少华.对完善我国商业银行风险管理的思考—基于“多维度风险度量模型”的分析[J].金融理论与实践,2007,(11)：19-21.
[103]邹玲.风险管理模式下确定外汇做市商报价点差的策略分析[J].金融研究,2010,(2)：188-194.
[104]陈忠阳,郭三野,刘吕科.我国银行小企业信贷模式与风险管理研究—基于银行问卷调研的分析[J].金融研究,2009(5)：169-186.
[105]潘再见,陈振.商业银行操作风险管理—亚太经验及其对中国的启示[J].国际金融研究,2010(4)：66-73.
[106]叶定金,胡小龙等.商业银行业务运行风险集中监控模式分析[J].金融论坛,2010(5)：69-75.
[107]陈游.巴克莱银行风险管理实践及其启示[J].财经科学,2011,(12)：37-44.
[108]Tufano, P. Financial Innovation, in Handbook of the Economics of Finance, edited by George Constantinides Milt Harris and Rene Stulz[M], North Holland, Chapter 6,2002.
[109]Reinhart Caimen and Kennerth S.Rogoff. Is the 2007 Subprine Financial Crisis So Different [Z]. An International Hiostorical Comparison, Feb 2008.
[110]吴宗金.构建金融创新的风险防范机制探析[J].企业经济,2005,(5)：165-167.
[111]张莉.浅论金融创新的风险及防范[J].特区经济,2007,(7)：76-77.
[112]胡珀,孙建华.试论金融创新与金融创新风险防范[J].金融与经济,2008,(4)：70-71.
[113]雍灏,陈劲,郑才林.金融产品创新绩效之风险作用路径的结构方程模型分析[J].研究与发展管理,2008,(4)：16-22
[114]索彦峰,陈继明.银行可持续发展：寻求金融创新与风险管理的适度平衡[J].南方金融,2009,(11)：11-13.
[115]姚良.次贷危机下我国商业银行金融产品创新风险防范[J].上海经济研究,2009,(10)：26-31.
[116]张雄,万迪防.全球化背景下的金融产品创新及其风险防范问题探讨—基于不完全契约理论视角[J].外国经济与管理,2009,(10)：8-15.
[117]贾清显,陈妍.商业银行金融创新与金融风险内部控制—基于雷曼的案例分析[J].生产力研究,2010,(3)：85-87.
[118]陈航.后危机时代金融创新与风险管理的协调发展[J].金融论坛,2011,(12)：106-112.
[119]阮银兰.银行业金融创新效应分析及其风险防范[J].上海金融,2012,(4)：112-114.
[120]宋立新等.监管约束及其创新：金融监管绩效的实证分析[J].金融研究,2002,(11)：107-116.
[121]尹龙.金融创新理论的发展与金融监管体制演进[J].金融研究,2005,(3)：7-15.
[122]郑丽.金融创新与金融监管的动态博弈—兼论对我国金融监管的启示[J].财经论丛,2006,(7)：55-61.
[123]刘曙光,张慧.金融创新风险与防范研究[J].改革与战略,2007,(2)：68-70.
[124]余斌.从美国次贷危机看金融创新的风险问题[J].经济纵横,2008,(12)：25-27.
[125]秦建文,梁珍.全球金融危机对中国金融创新发展的启示[J].金融论坛,2009,(7)：66-72
[126]廖国民.监管松弛、过度创新与资产泡沫—对美国金融危机的一个分析逻辑[J].国际经贸 探索,2009,(8)：42-46.
[127]张梅.后金融危机时期的金融创新策略与风险监管[J].上海金融,2010,(2)：44-47.
[128]于梦尧,宋玮.中国金融创新：美国次贷危机背景下的选择[J].商业研究,2010,(8)：180-183.
[129]贺绍奇.金融创新的滥用与金融机构社会责任的完善[J].财经问题研究,2010,(6)：54-61.
[130]汪杰东.系统重要性金融机构监管改革对银行业的影响[J].金融论坛,2012,(7)：40-44.
[131]Jixiang Zhang,Qingli Da,Yanhua Wang.Analysis of nonlinear duopoly game with heterogeneous players[J]. Economic Modelling,2007,24:138-148.
[132]Goldman Sachs & SBC Warburg. The Practice of Risk Management [M]. Gardners Books,1998
[133]王小阳.现代商业银行核心竞争力研究[J].武汉金融,2008,(10)：19-21.
[134]王延增,曹雅玮.基于核心竞争力的商业银行企业文化研究[J].金融论坛,2008,(4)：54-57.
[135]郑新广,刘义成.金融危机下的商业银行风险管理[J].新金融,2009,(2)：25-29.
[136]Smithson, W. Managing Financial Risk:A Guide to Derivative Products, Financial Engineering, and Value Maximization [M]. The McGraw Companies,1998
[137]Robert, M. Can you patent that? Are patents on computer programs and business methods good for the new economy [J]. Business Review, Federal Reserve Bank of Philadelphia,2002, 1(1):5-15
[138]刘晓勇.商业银行风险控制机制研究[J].金融研究,2006,(7)：78-85.
[139]朱勤丰.构建商业银行内部控制的动态运行机制研究[J].财会研究,2010,(4)：64-66.
[140]张淑艳.中国金融风险管理制度的问题及对策[J].金融与经济,2010,(4)：21-22.
[141]杜伟.浅议我国金融风险管理制度的建立与完善[J].金融与经济,2010,(1)：32-33.
[142]Chiesa, V.& Manzini, R. Organizing for technological collaborations:a managerial perspective [J]. R&D Management,1998,28(3):199-212
[143]Blazevic, V.& Lievens, A. Learning during the new financial service innovation process: antecedents and performance effects [J]. Journal of Business Research,2004,57(2):56-82
[144]Harrison, T. Financial Services Marketing [M]. Pearson Education Limited,2000
[145]Doerig, H. Operational risks in financial services [M]. Credit Suisse Group,2003
[2]Philip D. Metz, Integrating Technology Planning with Business Planning[J]. Research & Technology Management,1996(3):125-136.
[3]Robert G Cooper. Developing New production in Time[J]. Technology Management Research. 1995,38(5).
[4]Lynn W. Ellis, Carey C. Curtis. Speedy R&D:How Beneficial? [J]. Technology Management Research.1995,38(4).
[5]Stefan Thomke, Donald Reinertsen. Agile product Development:Managing Development Flexibility in Uncertain Environments[J]. California Management Review.1998,41(1):8-29.
[6]Murray R. Millson, S.P Rajand David Wilemon. A Survey of Major Approaches for Accelerating New Product Development[J]. JPIM.1992(9):53-69.
[7]B.J.Zirger, Janet L.Hartley. The effect of Acceleration Techniques on Product Development Time[J].IEEE Transactions on Engineering Management.1996,43(2):143-152.
[8]Farid Aitsahlia, Eric Johnson, Peter Will. Is Concurrent Engineering Always a Sensible Proposition[J]. IEEE Transactions on Engineering Management.1995,42(2):166-170.
[9]Manzini, E; Vezzoli, C. A strategic design approach to develop sustainable product service systems:examples taken from the 'environmentally friendly innovation' Italian prize[J]. Journal of Cleaner Production.2003,11(8):851-857
[10]Bart, Chris; Pujari, Ashish. The performance impact of content and process in product innovation charters[J]. Journal Of Product Innovation Management.2007,24(1):3-19
[11]Cooper, Robert G. Edgett, Scott J. Developing a product innovation and technology strategy for your business[J]. Research-Technology Management,2010,6:33-40
[12]R.G.Cooper,E.J. Kleinschmidt. Determinnants of Timelines in Product Development[J]. JPIM, 1994, 11(3):381-396.
[13]R.G.Cooper. Overhauling the New Product Process[J]. Industrial Marketing management. 1996,25:465-482.
[14]R.Balachandra, John H.Friar, Factors for Success in R&D Projects and New product Engineering Innovation:A Contextual Framework[J]. IEEE Transactions Management.1997,44(3).
[15]Gary S. Lyun, Mario Maxxuca, Joseph G Morone, Albert S. Paulson. Learning is the Critical Success Factor in Developing Truly New products[J]. Research Technology Managemetn. 1998(3):45-51.
[16]M. Freel Smith, K. Innovation as a systemic phenomenon:Rethinking the role of policy [J]. Enterprise and Innovation Management Studies,2000,20(1):73-102.
[17]Jean-Marc Callois. The two sides of proximity in industrial clusters:The trade-off between process and product innovation[J]. Journal of Urban Economics.2008,63(1):146-162.
[18]Poper S, Hewitt-Dundas N. Innovation Persistence:Survey and Case-study Evidence[J]. Research Policy,2008,37(1):149-162.
[19]Kok, Robert A. W.; Biemans, Wim G. Creating a market-oriented product innovation process:A contingency approach[J]. Technovation,2009,29(8):517-526
[20]Pasche, Maximilian; Magnusson, Mats. Continuous innovation and improvement of product platforms[J]. International Journal Of Technology Management,2011,56(2):56-271
[21]万君康,胡树华.产品工程学[M]武汉：华中理工大学出版社,1993.
[22]许庆瑞,陈劲.中国技术创新与技术管理展望[J].管理工程学报,1997,(11)：2-9.
[23]胡树华,李志庭,何山.三种产品创新平台模式比较[J].企业技术进步,2006,(7)：27-28.
[24]陈铁军.基于知识整合能力的自主新产品创新模式研究—以万向系统有限公司为例[J].科技管理研究,2007(7)：20-23.
[25]柯常忠等.基于用户评价两种改进汽车产品的方法[J].专用汽车,1996,(2)：31-34.
[26]赵林海,林俊国.中小企业产品创新绩效测度指标体系研究[J].科技与管理,2005,(5)：21-23.
[27]张婧,段艳玲.市场导向均衡对制造业企业产品创新绩效影响的实证研究[J].管理世界,2010,(12)：119-130
[28]薛镭,杨艳,朱恒源.战略导向对我国企业产品创新绩效的影响[J].科研管理,2011,(12)：1-8
[29]彭新敏,吴丽娟,王琳.权变视角下企业网络位置与产品创新绩效关系研究[J].科研管理,2012,(8)：137-145
[30]李大明.浅谈“一体化产品开发工作法”[J].管理现代化,1996,(5)：46-48.
[31]陈国权,陈世敏.新产品开发中组织、加速方法和环境因素的系统研究[J].清华大学学报(哲学社会科学版),1998,2：37-46.
[32]钟廷修.快速响应工程和快速产品设计策略[J].机械设计与研究,1999,(1)：9-12.
[33]范晓屏.隐性需要：产品创新重要的信息源[J].科技进步与对策,2003,(19)：23-25.
[34]朱少英,徐渝,何正文,冯锋.基于产品创新的科研人员组合激励研究[J].科学学与科学技术管理,2004,(5)：105-108.
[35]侯仁勇.多层次产品创新平台的构建[J].武汉理工大学学报(信息与管理工程版),2004,(2)：47-50.
[36]欧光军,欧阳明德.面向产品的集成创新管理工具[J].科学学与科学技术管理,2004,(5)：138-141.
[37]徐凯,高山行.技术资源管理对社会资本和产品创新中介作用研究[J].管理科学,2008,(12)：2-8
[38]胡赛全,詹正茂等.什么决定企业产品创新：外部环境还是核心能力?[J].科学学研究,2012,30(12)：1891-1899.
[39]Urban Jermann and Vincenzo Quadrini. Financial Innovations and Macroeconomic Volatility[R]. CEPR Discussion Paper No.5727, June 2006.
[40]Tufano, P. Financial Innovation, in Handbook of the Economics of Finance, edited by George Constantinides[R], Milt Harris and Rene Stulz, North Holland, Chapter 6,2002.
[41]BIS. Financial System:Shock Absorber or Amplifier[R]. Working paper, No.257, July 2008.
[42]生柳荣.当代金融创新[M].北京：中国经济出版社,1998.
[43]艾敬仓,孙班军,朱燕空.金融行业治理模式探析[J].特区经济,2006,(4)：102-103.
[44]赵志宏.商业银行综合金融服务产品创新流程体系研究[J].管理世界,2009,(7)：165-166
[45]庄永南,马晓琳.对我国商业银行金融创新的现实思考[J].商业研究,2002,(11)：115-116.
[46]尤圣君,张建华.我国商业银行金融产品创新问题研究[J].武汉金融高等专科学校学报,2006,(6)：12-18.
[47]黄少安,刘达,郭冬梅.我国金融产品创新的机制选择和政策建议[J].理论学刊,2011,(1)：29-32
[48]Kaufman, George G. Too Big to Fail in Banking:What Remains? [J].The Quarterly Review of Economics and Finance,2002,42:423-432.
[49]ECB. Financial Stability Review[J]. December,2009.
[50]Diamond, D.W., P.H Dybvig. Bank Runs, Deposit Insurance, and Liquidity[J]. Journal of Political Economy,1983,3:401-419.
[51]Minsky, Hynan P. The Financial Instability Hypothesis [R]. NBER Working Paper No.74,1992.
[52]Goldstein, Morris and Philip Turner. Banking Crises In Emerging Economies:Origins and Policy Options[D].BIS Economic Papers,1996,10:46.
[53]Kaminsky, G. L. Leading Indicators of Currency Crises[D].IMF Working Papers,1997.
[54]Huang, X., H. Zhou and H. Zhu. Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks During the Recent Financial Crisis[D]. BIS Working Papers,2010,1.
[55]Acharya, V, Pedersen, L., Philippe, T., and Richardson, M..Measuring Systemic Risk[R]. Technical Report, Department of Finance, NYU,2010.
[56]马君潞,范小云,曹元涛.中国银行间市场双边传染的风险估测及其系统性特征分析[J].经济研究,2007,(1)：68-78.
[57]龚明华,宋彤.关于系统性风险识别方法的研究[J].国际经济研究,2010,(5)：90-96.
[58]高志勇.系统性风险与宏观审慎监管—基于美国银行业的实证研究[J].财经理论与实践,2010,(5)：12-18.
[59]郭晨,宋清华.宏观经济变量冲击与我国银行间市场风险传染[J].湖北经济学院学报,2010,(3)：36-44.
[60]杨霞.中美银行业系统性风险比较研究[J].中南财经政法大学学报,2012,(6)：61-66.
[61]高国华,潘英丽.基于动态相关性的我国银行系统性风险度量研究[J].管理评论,2013,(1)：9-14.
[62]Morgan J P. Morgan Risk Metrics:Technical Document:4th ed[M]. J P Morgan and Company, New York,1997.
[63]McKinsey Company. CreditPortfolio view, approach documentation and user's documentation [R]. Switzerland:Mckinsey and Company Zurich,1998.
[64]Rosenberg J B, Schuermann T. Agenernal approach to integrated risk management with skewed, fat-tailed risk[J]. Journal of Financial Economics,2006,3:569-614.
[65]Chi, Bo-Wen; Hsu, Chiun-Chieh. A hybrid approach to integrate genetic algorithm into dual scoring model in enhancing the performance of credit scoring model[J]. Expert Systems With Applications,2012,39(3):2650-2661
[66]Morgan JP.Measuring the risk in Value at Risk[R].Financial Analysis Journal, Nov./Dec. 1996,47-55.
[67]Campell R, Huisman R, Koedijk K. Optimal portfolio selection in a Value-at-risk framework[J]. Journal of Banking & Finance,2001,25:1789-1804.
[68]Marten M. Forecasting daily exchange rate volatility using intraday returns[J]. Journal of International Money and Finance,2001,20:1-23.
[69]Consigli, G Tail estimation and Mean-VaR portfolio selection in markets subject to financial instability[J]. Journal of Banking and Finance,2002,26:1355-1382.
[70]Yiu, Ka-Fai Cedric; Liu, Jingzhen; Siu, Tak Kuen. Optimal portfolios with regime switching and value-at-risk constraint[J]. Automatica,2010,46(6):979-989
[71]Duncan W. Operational value at risk[J]. Risk,1995,12:1-12.
[72]Alexander J M. Estimating the tails of severity distributions using extreme value theory[M]. Astin Bulletin.1997,117-137.
[73]Crouhy M, Galai Dan, Mark R. A comparative analysis of current credit risk models[J]. Journal of Banking and Finance,2000,24:59-117.
[74]Jorion P. Value at Risk:The New Benchmark for Measuring Financial Risk[M]. New York:The McGraw-Hill Companies, Inc,2000:97-106.
[75]Kuhn R, Neu P. Functional correlation approach to the operational risk in banking organizations[J]. Physical Statistical Mechanics and its Applications,2003,322:650-666.
[76]Fontnouvelle P, Rosengren E, Jordan J. Implications of alternative operational risk modeling techniques[M]. Federal Reserve Bank of Boston Articles/Publications,2004,6:30-45.
[77]Hubner G, Peters J, Plunus S. Measuring operational risk in financial institutions:contribution of credit risk modeling[Z]. March 2005. URL:http://papers.ssrn.com
[78]Brooks C, Clare A D, Molle Dalle J W, Persand G A comparison of extreme value theory approaches for determining value at risk[J]. Journal of Empirical Finance,2005,12:339-352.
[79]Zolotareva, Ekaterina. Operational Risk In Retail Banking:Modeling Extreme Losses[J]. Economic Computation And Economic Cybernetics Studies And Research,2010,44(3):205-227
[80]Embrechts, P., Alexander, M., and Daniel, S.. Correlation and Dependence in Risk Management: Properties and Pitfalls, In D. M.A.H..Cambridge[M]. Risk Management:Value at Risk and Beyond UK:Cambridge University Press,2002,177-233.
[81]Dimakos, X. K., and Aas, K.. Integrated Risk Modelling[J]. Statistical Modelling,2004,4: 265-277.
[82]CROs, F. C.. Insights from the Joint IFRI/CRO Forum Survey on Economic Capital Practice and Applications[A]. Chief Risk Officer Forum (CRO Forum) and the Institute of the Chief Risk Officers(CROs).2006.
[83]Elsinger, H., and Lehar, A.. Risk Assessment for Banking Systems[J]. Management Science, 2007,9:1301-1314.
[84]Ward, L.. and Lee, D.. Practical Application of Risk-adjusted Return on Capital Framework. CAS Forum Summer 2002[D]. Dynamic Financial Analysis Discussion Paper,2002.
[85]Alexander, C. and Pezier, J.. On the Aggregation of Market and Credit Risks[A]. In ISMA Centre Discussion Papers in Finance,2003,13.
[86]Schlottmann, F., Mitschelel, A., and Seese, D.. A Multiobjective Approach to Integrated Risk Management[J]. Evolutionary Multicriterion Optimization,2005,692-706.
[87]Rosenberg, J., and Schuermann, T.. A General Approach to Integrated Risk Management with Skewed. Fat-tailed Risks[J]. Journal of Financial Economics,2006,79:569-614.
[88]Dimakos, X. K. and Aas, K.. Risk Capital Aggregation[J]. Risk Management,2007,9:82-107.
[89]Mitschelel, A., Schlottmann, F., and Seese, D.. Integrated Risk Management:Risk Aggregation and Allocation Using Intelligent Systems[J]. Computational Methods in Financial Engineering, 2008,317-342.
[90]谢云山.信用风险与利率风险的相关性分析[J].国际金融研究,2004,(10)：17-20.
[91]吴庆晓,刘海龙.商业银行集成风险管理研究[J].上海金融,2008,(1)：49-52.
[92]侯成琪,王频.基于连接函数的整合风险度量研究[J].统计研究,2008,(11)：72-79.
[93]童中文,何建敏.基于copula风险中性校准的违约相关性研究[J].中国管理科学,2008,(5)：22-27.
[94]叶五一,缪柏其.基于copula变点检测的美国次级债金融危机传染分析[J].中国管理科学,2009,(3)：1-7.
[95]刘春航,陈璐.银行集团的风险并表：风险计量及评估方法[J].国际金融研究,2009,(2)：88-96.
[96]李建平,丰吉闯,宋浩,蔡晨.风险相关性下的信用风险、市场风险和操作风险集成度量[J].中国管理科学,2010,(1)：18-25.
[97]汪冬华,黄康,龚朴.我国商业银行整体风险度量及其敏感性分析[J].系统工程理论与实践,2013,(2)：284-295.
[98]Anette Mikes. Enterprise risk management in action [R]. The London School of Economics and Political Science, Working Paper,2005.
[99]Bank of Japan. Advancing Integrated Risk Management[R].Bank of Japan,2005.
[100]宛璐.国外现代商业银行风险管理及其启示[J].学术交流,2005,(3)：128-131.
[101]刘天旭.对国有商业银行实行全面风险管理的思考[J].商业研究,2005,(9)：14-16.
[102]李少华.对完善我国商业银行风险管理的思考—基于“多维度风险度量模型”的分析[J].金融理论与实践,2007,(11)：19-21.
[103]邹玲.风险管理模式下确定外汇做市商报价点差的策略分析[J].金融研究,2010,(2)：188-194.
[104]陈忠阳,郭三野,刘吕科.我国银行小企业信贷模式与风险管理研究—基于银行问卷调研的分析[J].金融研究,2009(5)：169-186.
[105]潘再见,陈振.商业银行操作风险管理—亚太经验及其对中国的启示[J].国际金融研究,2010(4)：66-73.
[106]叶定金,胡小龙等.商业银行业务运行风险集中监控模式分析[J].金融论坛,2010(5)：69-75.
[107]陈游.巴克莱银行风险管理实践及其启示[J].财经科学,2011,(12)：37-44.
[108]Tufano, P. Financial Innovation, in Handbook of the Economics of Finance, edited by George Constantinides Milt Harris and Rene Stulz[M], North Holland, Chapter 6,2002.
[109]Reinhart Caimen and Kennerth S.Rogoff. Is the 2007 Subprine Financial Crisis So Different [Z]. An International Hiostorical Comparison, Feb 2008.
[110]吴宗金.构建金融创新的风险防范机制探析[J].企业经济,2005,(5)：165-167.
[111]张莉.浅论金融创新的风险及防范[J].特区经济,2007,(7)：76-77.
[112]胡珀,孙建华.试论金融创新与金融创新风险防范[J].金融与经济,2008,(4)：70-71.
[113]雍灏,陈劲,郑才林.金融产品创新绩效之风险作用路径的结构方程模型分析[J].研究与发展管理,2008,(4)：16-22
[114]索彦峰,陈继明.银行可持续发展：寻求金融创新与风险管理的适度平衡[J].南方金融,2009,(11)：11-13.
[115]姚良.次贷危机下我国商业银行金融产品创新风险防范[J].上海经济研究,2009,(10)：26-31.
[116]张雄,万迪防.全球化背景下的金融产品创新及其风险防范问题探讨—基于不完全契约理论视角[J].外国经济与管理,2009,(10)：8-15.
[117]贾清显,陈妍.商业银行金融创新与金融风险内部控制—基于雷曼的案例分析[J].生产力研究,2010,(3)：85-87.
[118]陈航.后危机时代金融创新与风险管理的协调发展[J].金融论坛,2011,(12)：106-112.
[119]阮银兰.银行业金融创新效应分析及其风险防范[J].上海金融,2012,(4)：112-114.
[120]宋立新等.监管约束及其创新：金融监管绩效的实证分析[J].金融研究,2002,(11)：107-116.
[121]尹龙.金融创新理论的发展与金融监管体制演进[J].金融研究,2005,(3)：7-15.
[122]郑丽.金融创新与金融监管的动态博弈—兼论对我国金融监管的启示[J].财经论丛,2006,(7)：55-61.
[123]刘曙光,张慧.金融创新风险与防范研究[J].改革与战略,2007,(2)：68-70.
[124]余斌.从美国次贷危机看金融创新的风险问题[J].经济纵横,2008,(12)：25-27.
[125]秦建文,梁珍.全球金融危机对中国金融创新发展的启示[J].金融论坛,2009,(7)：66-72
[126]廖国民.监管松弛、过度创新与资产泡沫—对美国金融危机的一个分析逻辑[J].国际经贸 探索,2009,(8)：42-46.
[127]张梅.后金融危机时期的金融创新策略与风险监管[J].上海金融,2010,(2)：44-47.
[128]于梦尧,宋玮.中国金融创新：美国次贷危机背景下的选择[J].商业研究,2010,(8)：180-183.
[129]贺绍奇.金融创新的滥用与金融机构社会责任的完善[J].财经问题研究,2010,(6)：54-61.
[130]汪杰东.系统重要性金融机构监管改革对银行业的影响[J].金融论坛,2012,(7)：40-44.
[131]Jixiang Zhang,Qingli Da,Yanhua Wang.Analysis of nonlinear duopoly game with heterogeneous players[J]. Economic Modelling,2007,24:138-148.
[132]Goldman Sachs & SBC Warburg. The Practice of Risk Management [M]. Gardners Books,1998
[133]王小阳.现代商业银行核心竞争力研究[J].武汉金融,2008,(10)：19-21.
[134]王延增,曹雅玮.基于核心竞争力的商业银行企业文化研究[J].金融论坛,2008,(4)：54-57.
[135]郑新广,刘义成.金融危机下的商业银行风险管理[J].新金融,2009,(2)：25-29.
[136]Smithson, W. Managing Financial Risk:A Guide to Derivative Products, Financial Engineering, and Value Maximization [M]. The McGraw Companies,1998
[137]Robert, M. Can you patent that? Are patents on computer programs and business methods good for the new economy [J]. Business Review, Federal Reserve Bank of Philadelphia,2002, 1(1):5-15
[138]刘晓勇.商业银行风险控制机制研究[J].金融研究,2006,(7)：78-85.
[139]朱勤丰.构建商业银行内部控制的动态运行机制研究[J].财会研究,2010,(4)：64-66.
[140]张淑艳.中国金融风险管理制度的问题及对策[J].金融与经济,2010,(4)：21-22.
[141]杜伟.浅议我国金融风险管理制度的建立与完善[J].金融与经济,2010,(1)：32-33.
[142]Chiesa, V.& Manzini, R. Organizing for technological collaborations:a managerial perspective [J]. R&D Management,1998,28(3):199-212
[143]Blazevic, V.& Lievens, A. Learning during the new financial service innovation process: antecedents and performance effects [J]. Journal of Business Research,2004,57(2):56-82
[144]Harrison, T. Financial Services Marketing [M]. Pearson Education Limited,2000
[145]Doerig, H. Operational risks in financial services [M]. Credit Suisse Group,2003