论金融创新与金融危机：兼评Turner评论

Financial Innovation and Financial Crisis: A Close Look into the Turner Review

摘要: 在2008年金融危机爆发后，Tuner对金融危机出现的原因以及如何有效应对的问题进行了系统的讨论，本文将在评析Tuner观点的基础上，聚焦金融创新，认为在放松监管的环境下，对金融创新产品的滥用是造成金融危机的主要原因。随着以证券化为特征的金融创新产品的推广，金融市场出现了信息不对称、高杠杆率、强关联性、系统性风险等现象，这些都是导致金融市场崩溃的强大推手。但在后危机时代，对于金融创新产品应当持辩证的态度，肯定其在市场竞争中发挥的作用，同时防范其被不正当利用。对此需要构建一个有利于市场正常运作的法律监管框架，在深入剖析新产品、新市场、新流程的基础上，寻求适当的监管途径。

Abstract: After the outbreak of the financial crisis in 2008, Tuner conducted a systematic discussion on the causes of the financial crisis and how to deal with it effectively. Based on the Turner review, this article is going to focus on financial innovation and holds the view that the abuse of financial innovation products is the main cause of the financial crisis, especially in the deregulated environment. With the promotion of financial innovation products characterized by securitization, phenomena such as information asymmetry, high leverage ratios, strong correlations, and systematic risks have emerged in the financial market, all of which are powerful drivers leading to the collapse of financial markets. However, in the postcrisis era, we should take a dialectical attitude towards financial innovation products, affirm their role in market competition, and prevent them from being improperly used. In this regard, it is necessary to build a legal regulatory framework that is conducive to the normal operation of the market, and seek appropriate regulatory approaches based on an indepth analysis of new products, new markets, and new processes.