Current Situation of China39;s financial innovation and development of Path Analysis.doc
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1、 Current Situation of Chinas financial innovation and development of Path Analysis Abstract financial innovation is the driving force of financial development, but also the deepening of Chinas financial reform, the inevitable choice. This paper analyzes the status quo of Chinas financial innovation
2、and features, in-depth exploration of the path of financial innovation and development that should be in the organizational system, management system, financial markets, financial products and regulatory aspects of innovation, to further promote Chinas financial innovation has important theoretical
3、significance and practical significance. Keywords: financial innovation; the status quo; Development Path First, the meaning and role of financial innovation Financial innovation lies in “innovation,” appears in the financial sector as long as new things, new phenomena, new activities can be conside
4、red a financial innovation. Financial innovation has broad and narrow sense. The narrow sense refers only to financial instruments, financial innovation, innovation. Broader financial innovations include financial instruments, financial markets, financial services, financial system, financial instit
5、utions, financial instruments, including the entire financial system innovation. The emergence of financial innovation is not by chance, in essence, it is the objective requirements of economic development is the development of financial markets to a certain stage of the product. Finance is the core
6、 of modern economy, rapid economic development of the existing financial system makes it difficult to adapt to new needs, so innovation was put on the agenda. Of the last century 60s wave of innovation in Western countries is the rapid economic development, the financial sector increasingly competit
7、ive and the rapid progress of science and technology against the backdrop of the. From the development process of financial innovation, we can see that financial innovation occurs mainly due to: First, in order to avoid risks and enhance security. The world economy, integration and complexity, allow
8、ing commercial banks raised funds gradually increase the safety risk factors, credit risk, interest rate risk, exchange rate risk and inflation risk, policy risk, and many other factors make it volatile asset prices, which prompted banks and other tried every means to financial institutions, through
9、 innovation, developing new financial products and financial services to avoid risks, and strive to fund security. Second, in order to meet the clients and their needs, to enhance liquidity. For the financial industry faces a variety of customers, their demand for funds and financial instruments, th
10、ere is a big difference, and this requires development of many innovative financial products and financial liquidity of different financial tools in providing customers with a profit the same time, but also liquidity to meet customer needs. Thirdly, in order to adapt to competition, and enhance prof
11、itability. Financial institutions operating cross-increasingly evident, increasingly fierce competition. In order to win the competition, all financial firms must pay attention to cost savings, improve service quality, competition for the market. In this environment, in order to achieve profitable g
12、rowth, financial institutions, financial innovation must be carried out in order to achieve the goal of profit maximization. Fourth, in order to escape controls, increased flexibility. In the financial control and financial conditions, legal constraints, the financial sector operation is constrained
13、, earnings are affected, in order to bail out the financial industry through innovative services and innovative tools to evade controls, forcing authorities to deregulation. Fifth, computer and communication technologies driving advances in new technology and new products. The 20th century era of ra
14、pid scientific and technological development in 80,90, in particular, is based on computer and communications technology as the core of the rapid development of information technology for the financial sector development and financial innovation has provided technical support. Technological progress
15、 makes the operation of the financial industry into the paperless electronic age, so as to finance the re-combination of elements provides more space for the promotion of innovation implementation. Of financial innovation as an important driver of financial development for the entire financial indus
16、try and even the operation of the whole economy has produced an extensive and far-reaching impact. On the one hand, financial innovation to promote competition in the financial industry and financial system efficiency. Financial innovation has allowed a variety of financial institutions, businesses
17、break the traditional limitations of growing mutual penetration, thereby promoting competition in the financial industry. At the same time, financial innovation created a multi-function, diversified and efficient financial products and financial services to meet the different categories of consumers
18、 at different levels need to expand sources of funding and the use of the scale, an increase of profit opportunities. The use of modern science and technology to reduce transaction costs and improve work efficiency and strengthen financial institutions, the vitality and competitiveness, thus promoti
19、ng the development of the entire financial industry. On the other hand, finance is the core of modern economy, financial innovation, the development of the entire national economy also play a catalytic role. Through financial innovation to diversify financing channels, flexible forms of financing in
20、 order to better meet the fund raiser to financing the different requirements for economic development to provide more adequate financial support. Meanwhile, the financial sector through financial innovation and enhanced ability to resist risks, in order to create favorable conditions for financial
21、stability. The financial stability is an important guarantee for the healthy development of national economy and the premise for the stable flow of financial intermediation and monetary environment, in order to have the coordination of the entire economy, sustained and stable development. 2, Analysi
22、s of Financial Innovation in China Chinas financial innovation from Chinas reform and opening up gradually after the start, after 20 years, has made remarkable achievements, mainly reflected in: The organizational system, the establishment of a unified central bank system, completed the line of the
23、Central Bank region of institution-building framework, and formed a four state-owned commercial banks and more than 10 joint-stock commercial banks as the mainstay of the banking system, the restructuring of urban credit cooperatives for urban commercial banks, securities companies established nearl
24、y a hundred bodies, a number of insurance agencies and other non-bank financial institutions, initially forming a multi-ownership structure, the coexistence of a variety of financial institutions, financial enterprises system. Meanwhile, the relaxation of foreign bank branches and insurance market a
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