证券业创新的风险及其防范思路——基于美国证券工具创新的教训

摘要

The problems produced out of the American financial crisis sweeping across the globe suggests that there is a huge risk contained in the securities innovation. The securities innovation has dual effects, both the positive and negative effect, on the financial development and stability. The negative effect of the securities innovation is highlighted in the A-merican financial crisis. Based on the analysis of the role played by the security tool in the American financial crisis, the article has unveiled the formation mechanism of the American financial crisis. And then, it proposes ideas and counter-measures to prevent securities innovation risks based on lessons from the US, and in combination with domestic condi-tions in the aspects containing the opening-up of the capital market, coordination of macro policies, financial supervi-sion, real economy, governing structure, liquidity risk, early warning, contingency mechanisms, etc.%席卷全球的美国金融危机暴露出来的问题说明证券业创新蕴含着巨大的风险.证券业创新对金融发展与稳定具有正面与负面双重效应,美国金融危机凸显出证券业创新的负面效应.通过对美国金融危机中证券工具创新所扮演的角色分析,揭示出了美国金融危机的生成机理.进而,基于美国的教训并结合中国国情,从资本市场的开放、宏微观政策的协调、金融监管、实体经济、治理结构、流动性风险、预警和应急机制等方面提出了防范证券业创新风险的思路与对策.