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200888:100026788(2008)0820159212:1,2,1,1,1,1(11,300072;21,300222):20002007,,,.:1),;2),,,,,;3)22,2,22.:;;;;:F83012;F83019:ATheinnovationoffinancialserviceindustryinChina:AnoverviewatthebeginningofthenewcenturyZHANGWei1,2,YUYing1,ZHANGYong2jie1,XIONGXiong1,ZHAOShuai2te1(11SchoolofManagement,TianjinUniversity,Tianjin300072,China;21TianjinUniversityofFinanceandEconomics,Tianjin300222,China)Abstract:ThispapermakesasystematicstudyoninnovationsoffinancialserviceindustryinChinabetween2000and2007.WeanalyzemacroeffectsoffinancialinnovationsuponChinesefinancedevelopmentlevel.Andthen,throughinvestigatingthefrequencyoftheauthoritiesissuingrules,weresearchprimarydynamiccharacteristicsandevolutionrouteofinnovationsonfinancialinstitutioninthreesub2sectorsoffinance.Moreoverweclassifynewfinancialinstrumentsandmakeacomparisonwiththeinnovationsininternationalfinance.Theresultsshow:1)financialinnovationsdominatedbystatehaveconsiderableeffectsonChinesefinancedevelopmentlevel,financialbehavebecomesmoreandmoreactive;2)aboutinnovationsonfinancialinstitution,bothbankingandinsurancehavecomparativelyclearevolutionrouteswiththedifferenceinthesequenceofinnovationsoninstrumentsandriskmanagement,whiletherehasnoobviousrouteinsecuritieswithatrendinstrengtheningriskmanagementandcompanygoverns;3)mostofnewfinancialinstrumentsinChinaareliquidity2enhancinginnovationsandcredit2generatinginnovations,inmoneymarketandforeignexchangemarketprice2risk2transferringinnovationsstarttoattractattention,whilethereareinurgentdevelopmentofcredit2risk2transferringinnovationsinbankingandprice2risk2transferringinsecurities.Keywords:financialinnovation;financialservice;financialdevelopmentlevel;innovationonfinancialinstitution;newfinancialinstrument:2007203201:(1958-),,,,,,:;(1980-),,,,:;(1979-),,,,:;(1972-),,,,:;(1981-),,,,:.121,,.,,,.,,,.Miller[1],,.Tufano[2],,()().,,.,BIS[3],,.,:Silber[4];Kane[5,6];VanHome[7];Miller[1];Meton[8]MadanSoubra[9],.,.,.Tufano[2],,,,,,.(,,[10]).,(,[11];[12]),,(,,[13];,[14]),(,,[15];,,[16]).,,[17,18]2002,,.,,.,.,,,,,.,,.20002007,,,.:2,;3,,;4,,,;5,.06120088()[9],.()[9],P69.2.Merton[19],,.,,.,,,.,,.2002,,.,,,.,,.Levine[20]2000,:=Ln()=Ln()=(PGDP)={015(M(t)PPe(t)+M(t-1)PPe(t-1))}P(GDP(t)PPe(t))={015(F(t-1)PPe(t-1))}P(GDP(t)PPe(t)),M(t)F(t)Pe(t)t,Pe(t)t.,,Levine[20],Levine[20],,,.,.120002006200020012002200320042005200699371.1112314.7131293.9158996.2178197.8194690.4225285.3GDP99214.6109655.2120332.7135822.8159878.3183084.820940748090.943522.238329.1342457.7137055.5732430.2889403.916087.5214463.1612484.5513178.5211688.6410630.5125003.6460826.6638305.1827990.4632115.2842333.9731663.1690468.91-0.5166-1.0872-1.4456-1.3765-1.2763-1.7361-0.8368-1.8466-2.0612-2.2530-2.2672-2.5633-2.8275-2.1228:20002006,20002006,:http:PP),1,1.,GDP,2003,GDP.GDP,20002005,.2005,,GDP.,2000,3:20002002,1618:Allen,QianQian[21],,.120002006220002006GDP;20022004,,,2004;20042006,,3,200411688164200510630151200625003164,200442333197200531663116200690468191.,20042005,.20042003,,.,,,,,.2.,2000,Levine[20],.2aaaaa(1999)b(2000)c-3.27-4.57-0.94-2.99-3.49-2.193-2.27744.4223.8455.0384.564.271-1.237-1.1822:aAllen,[22]Levine[20];bAllen,[22],2000,1999;c2.32090,.LaPortaLopez2de2SilanesShleiferVishny[23]BeckLevine[24],,,.,(Black[25]),,(Cheffins[26]),(BerkowitzPistorRichard[27]).,(Pistor,RaiserGelfer[28]),26120088,,,.,,2000,,.311,2000112007630.,,.2003428,,2000112003428,,,.,,.,,,,.,,,.,,,.,,.,3.320002007585954413521474471581528:,200011,2007630,90,;,,1,;,,,90,.,,90,.,,:,,,;,;,;,.,,.312(3),:2003;20032006,,2004;2006,.,.,,:20002001,20023618:(20008,)(200011)(200312).;2003,2004;2005,2006.,,,2006,.34,,.,,,,.,,,,,.,(5),.(5),:20002004,,;2005,.,,2005.,,,,.,.,,.,,,.,,4612008856,,,,,.,,.,,10,,,.,.,.,,,22.,..,.,.,,,,.,,,.,.5618:,,,.,,2005322.,,,,.,:.7(7),,.,,.82000,,.,2001,,50%,,2.,2P3,,,.,,,.2004,.,,.,,,,:.,,.,20%,.,,.66120088,,.,.4(BIS[3]),,,,,.,.4.4222()2220002007,.,,20012006[17,18],.520002007ABCDE(ETF)(LOF)918815ABCDE22222.7618:,,,.,,2,.,2000.,,,,,P22.,,,,,2.20002007,,,:,2005,,.P.,222,22.,2,.,,,,2..,,22;,2,2;,2,2,,,,2,,.5.,,:,;,,;,.,22,2,22.,,,,,.,,,,.86120088,,.(,,,2003.7).[17].:[1]MillerM.Financialinnovation:Thelasttwentyyearsandthenext[J].JournalofFinancialandQuantitativeAnalysis,1986,21:459-471.[2]TufanoP.Financialinnovation:Thelast20yearsandthenext[C]PPConstantinidesG,HarrisM,StulzR.HandbookoftheEconomicsofFinance:Vol.I.Amsterdam:NorthHolland,2003:325-368.[3]BIS(BankofInternationalSettlements).RecentInnovationsinInternationalBanking[R].CGFSPublicationsNo.1,1986.[4]SilberW.Theprocessoffinancialinnovation[J].AmericanEconomicReview,1983,73(2):89-94.[5]KaneE.GettingalongwithoutregulationQ:Testingthestandardviewofdeposit2ratecompetitionduringtheWilde2cardexperience[J].JournalofFinance,1978,33:921-932.[6]KaneE.Acceleratinginflation,technologicalinnovation,andthedecreasingeffectivenessofbankingregulation[J].JournalofFinance,1981,36:355-367.[7]MertonR.Ontheapplicationofthecontinuoustimetheoryoffinancetofinancialintermediationandinsurance[J].GenevaPapersonRiskandInsu