论金融工程发展对金融效率的影响
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摘要
顺应经济全球化、经济金融化的趋势，面对加入WTO后金融业的国际竞争，我国金融业的增长方式必须从数量扩张转变为金融效率的提高。研究金融效率提高的实现途径是现实而又迫切的。近代出现的金融创新、以及由此诞生的现代金融工程的发展极大的促进了西方国家金融效率的提高。本文从借鉴国外金融业发展的经验、分析我国金融效率的现状出发，通过全面分析金融工程的发展对金融微观效率、中观效率、宏观效率的影响，论证了发展金融工程是提高我国金融效率的根本途径。
全文的结构思路为：第一部分提出研究问题并界定概念；第二部分论述金融工程和金融效率理论及其评述；第三部分研究金融工程与金融微观效率；第四部分研究金融工程与金融市场效率；第五部分研究金融工程与金融宏观效率；第六部分探讨我国发展金融工程提高金融效率的基本思路。
发展金融工程提高金融效率的研究仅仅停留在理论上是远远不够的。金融工程已不仅是一个技术性的概念，更是一种全新的金融效率观和改革理念，它提供了一整套的原理、方法和工具，着重对现有金融问题进行创造性的解决。无论是从宏观经济运行外部环境的改善、从微观金融主体的市场化还是金融市场的市场化来看，金融工程都可根据出现问题的层次性，提出层次不同的解决方案。因而发展金融工程是我国当前提高金融效率手段中最具有市场基础并且能够将微观利益与宏观目标相协调的方法，是提高金融效率的根本途径。
Economy globalization and economy financing becomes irreversible trend. After our China being the number of WTO, financial industry's international competition is about to more and more fierce. The method of increasing financial industry must change from the quantity expanded to the financial efficiency improved. Researching the way of improving financial efficiency is practical and urgent. In 1980's, the western financial innovation came into being and it promoted financial engineering, which is the most important reason that promoted the high financial
efficiency. This text is base on the experience of the abroad financial industry developing and the financial efficiency condition of our China presently. The thesis analyses the influence of developing financial engineering towards the financial microcosmic efficiency and the financial macrocosmic efficiency and the financial marketing efficiency completely. The thesis drew a conclusion that the financial engineering of development is the basic path that increases the financial efficiency of our country.
The structure of the thesis is as follow: the first part is the research purpose and definition of the concept; the second part is the statement of the theories of financial engineering and financial efficiency; the third part discusses the influence of financial engineering on the financial microcosmic efficiency; the fourth part discusses the influence of financial engineering on the financial marketing efficiency; the fifth part state the influence of financial engineering on the financial macrocosmic efficiency; the last part discusses the basic way that our country develop the financial engineering to increasing the financial efficiency.
It is not enough that the research of the financial engineering and the financial efficiency just lingers on the stage of theory research. The financial engineering is not only the technique concept, and is also the new view of financial efficiency. It provide the principle, the method and the whole set of tools, and work out the current financial problem in a creative way. Whether from the improvement of the exterior environment of the macrocosmic efficiency, or the microcosmic or the marketing economic, the financial engineering can bring up the different solution of level of structure according to the level of structure of the emergence problem. Therefore the development of financial engineering is the considerable way of increasing the financial efficiency.
全文的结构思路为：第一部分提出研究问题并界定概念；第二部分论述金融工程和金融效率理论及其评述；第三部分研究金融工程与金融微观效率；第四部分研究金融工程与金融市场效率；第五部分研究金融工程与金融宏观效率；第六部分探讨我国发展金融工程提高金融效率的基本思路。
发展金融工程提高金融效率的研究仅仅停留在理论上是远远不够的。金融工程已不仅是一个技术性的概念，更是一种全新的金融效率观和改革理念，它提供了一整套的原理、方法和工具，着重对现有金融问题进行创造性的解决。无论是从宏观经济运行外部环境的改善、从微观金融主体的市场化还是金融市场的市场化来看，金融工程都可根据出现问题的层次性，提出层次不同的解决方案。因而发展金融工程是我国当前提高金融效率手段中最具有市场基础并且能够将微观利益与宏观目标相协调的方法，是提高金融效率的根本途径。
Economy globalization and economy financing becomes irreversible trend. After our China being the number of WTO, financial industry's international competition is about to more and more fierce. The method of increasing financial industry must change from the quantity expanded to the financial efficiency improved. Researching the way of improving financial efficiency is practical and urgent. In 1980's, the western financial innovation came into being and it promoted financial engineering, which is the most important reason that promoted the high financial
efficiency. This text is base on the experience of the abroad financial industry developing and the financial efficiency condition of our China presently. The thesis analyses the influence of developing financial engineering towards the financial microcosmic efficiency and the financial macrocosmic efficiency and the financial marketing efficiency completely. The thesis drew a conclusion that the financial engineering of development is the basic path that increases the financial efficiency of our country.
The structure of the thesis is as follow: the first part is the research purpose and definition of the concept; the second part is the statement of the theories of financial engineering and financial efficiency; the third part discusses the influence of financial engineering on the financial microcosmic efficiency; the fourth part discusses the influence of financial engineering on the financial marketing efficiency; the fifth part state the influence of financial engineering on the financial macrocosmic efficiency; the last part discusses the basic way that our country develop the financial engineering to increasing the financial efficiency.
It is not enough that the research of the financial engineering and the financial efficiency just lingers on the stage of theory research. The financial engineering is not only the technique concept, and is also the new view of financial efficiency. It provide the principle, the method and the whole set of tools, and work out the current financial problem in a creative way. Whether from the improvement of the exterior environment of the macrocosmic efficiency, or the microcosmic or the marketing economic, the financial engineering can bring up the different solution of level of structure according to the level of structure of the emergence problem. Therefore the development of financial engineering is the considerable way of increasing the financial efficiency.
引文
[1]周升业，《对外开放下的金融运行》中国金融出版社 1994年版
[2]刘鸿儒，《金融调控论》中国金融出版社 1991年版
[3]赵海宽，《货币银行论》经济科学出版社 1998年版
[4]江其务等，《市场经济与金融改革研究》陕西人民出版社 1994年版
[5]唐旭等，《金融理论前沿课题》中国金融出版社 1999年版
[6]生柳荣，《当代金融创新》中国发展出版社 1998年版
[7]王广谦、李健，《当代西方金融理论》中国广播电视大学出版社 1990年版
[8]张杰，《中国国有金融体制变迁分析》经济科学出版社 1998年版
[9]谢平，《中国的金融深化与金融改革》天津出版社 1992年版
[10](英)洛伦兹唐旭译，《金融工程学》经济科学出版社 1998年版
[11]李扬、何德旭，《经济转型中的中国金融市场》经济科学出版社 1999年版
[12]人行研究所，《中国金融热点问题研究报告》社会科学出版社 1998年版
[13]人行研究局，《金融热点问题(2)》社会科学出版社 1999年版
[14]钱小安，《金融创新因果》中国金融出版社 1999年版
[15]孟龙，《金融监管国际化》中国金融出版社1999年版
[16]萧灼基主编，《2000年金融市场分析与预测》经济科学出版社 2000年版
[17](美)雷蒙德·W·戈德史密斯，《金融结构与金融发展》上海三联出版社 1990年中译本
[18]刘亚，《90年代以来西方商业银行的变迁》，《国际金融研究》1996(7)
[19]李元旭，《中国非国有商业银行与外资银行竞争力比较分析》，《国际金融研究》2000(3)
[20]张晓惠，《加入WTO后中国银行业面临挑战的研究视角的思考》，《金融研究》2000(2)
[21]王元龙，《加入WTO后的中国银行发展战略研究》，《金融研究》2000(3)
[22]张鸣，《论市场经济条件下我国银行组织体制模式选择》，《经济体制改革》1999年(3)
[23]李敬湖，《我国同业拆借市场的资金流动及其效率分析》，《上海金融》1999(2)
[24]王玮，《银行间债券回购：货币市场深化发展的重要工具》，《上海投资》1999(5)
[25]金兰芬，《金融有序竞争与有效防范化解金融风险》，《城市金融论坛》1999(2)
[26]刘钧，《银行重组：中国商业银行迎接入世的积极策略》，《上海金融》2000(2)
[27] 傅胜华，《我国商业银行主要财务指标比较》，《上海金融》1999(9)
[28] 傅斌，《WTO与中国金融业》，《资本市场杂志》2000(2)
[29] 白钦先，《建立面向21世纪的金融可持续发展观》，《城市金融论坛》1998(8)
[30] 刘海虹，《金融工程与金融效率相关问题研究》，《财贸经济》1999(9)
[31] 刘海虹，《国有企业融资效率与银行危机相关问题研究》，《财经问题研究》2000(3)
[32] 《金融时报》1997～2000年各期
[33] John Tarsh: "Financial Services Marketing",1999 Bank Marketing Association "Building a Financial Services Marketing Plan"1999
[34] Aliber Robert Z. 1976 "Toward a Theory of International Banking" Federal Reserve Bank of San Francisco Economic Review, Spring,pp,5-8
[35] Broadman,Harry G.,1995:Meeting the Challenge of Chinese Enterprise Reform (World Bank Discussion Paper, April,1995)
[36] Cho Yoon Je, 1986 "Inefficiencies from Financial Liberalization in the Absence of Well-Functioning Equity Markets" Journal of Money, Credit and Banking,Vol.18,No.2
[37] Cho Yoon Je, 1988 "The effects of Financial Liberalization on the Efficiency of Credit Allocation" Journal of Development Economics,Vol29.pp. 101-110
[38] Jayarjah Carl &William Branson,Structural and Sectional Adjustment World Bank Experience 1980-1992 (World Bank 1995)
[39] Vicente Galbis, International Financial and Economic Growth in less-developed Countries: A Theoretical Approach Journal of Development Studies, vol. 13,No.2,1997
[40] Barkere, Pavid, etc. The Causes of Bank Failures in the 1980s. Federal Reserve Bank of New York, Research Paper, August 1993
[41] S.I.Greenbaum & G.F. Haywood Secular Change in the Financial Services Industry. Journal of Money Credit and Banking, May 1971
[42] W.A.Silber Toward a Theory of Financial Innovation in W.A Siberl(ed) Financial Innovation, Lexing Book, 1975
[43] L.E.Davios&D.North Institutional Change and American Economic Growth, Cambridge University, 1971
[44] Miller, Merton. H. Financial innovation: the Last twenty Years and the Next, Journal of Financial and Quantutive Analysis,Dec. 1986
[2]刘鸿儒，《金融调控论》中国金融出版社 1991年版
[3]赵海宽，《货币银行论》经济科学出版社 1998年版
[4]江其务等，《市场经济与金融改革研究》陕西人民出版社 1994年版
[5]唐旭等，《金融理论前沿课题》中国金融出版社 1999年版
[6]生柳荣，《当代金融创新》中国发展出版社 1998年版
[7]王广谦、李健，《当代西方金融理论》中国广播电视大学出版社 1990年版
[8]张杰，《中国国有金融体制变迁分析》经济科学出版社 1998年版
[9]谢平，《中国的金融深化与金融改革》天津出版社 1992年版
[10](英)洛伦兹唐旭译，《金融工程学》经济科学出版社 1998年版
[11]李扬、何德旭，《经济转型中的中国金融市场》经济科学出版社 1999年版
[12]人行研究所，《中国金融热点问题研究报告》社会科学出版社 1998年版
[13]人行研究局，《金融热点问题(2)》社会科学出版社 1999年版
[14]钱小安，《金融创新因果》中国金融出版社 1999年版
[15]孟龙，《金融监管国际化》中国金融出版社1999年版
[16]萧灼基主编，《2000年金融市场分析与预测》经济科学出版社 2000年版
[17](美)雷蒙德·W·戈德史密斯，《金融结构与金融发展》上海三联出版社 1990年中译本
[18]刘亚，《90年代以来西方商业银行的变迁》，《国际金融研究》1996(7)
[19]李元旭，《中国非国有商业银行与外资银行竞争力比较分析》，《国际金融研究》2000(3)
[20]张晓惠，《加入WTO后中国银行业面临挑战的研究视角的思考》，《金融研究》2000(2)
[21]王元龙，《加入WTO后的中国银行发展战略研究》，《金融研究》2000(3)
[22]张鸣，《论市场经济条件下我国银行组织体制模式选择》，《经济体制改革》1999年(3)
[23]李敬湖，《我国同业拆借市场的资金流动及其效率分析》，《上海金融》1999(2)
[24]王玮，《银行间债券回购：货币市场深化发展的重要工具》，《上海投资》1999(5)
[25]金兰芬，《金融有序竞争与有效防范化解金融风险》，《城市金融论坛》1999(2)
[26]刘钧，《银行重组：中国商业银行迎接入世的积极策略》，《上海金融》2000(2)
[27] 傅胜华，《我国商业银行主要财务指标比较》，《上海金融》1999(9)
[28] 傅斌，《WTO与中国金融业》，《资本市场杂志》2000(2)
[29] 白钦先，《建立面向21世纪的金融可持续发展观》，《城市金融论坛》1998(8)
[30] 刘海虹，《金融工程与金融效率相关问题研究》，《财贸经济》1999(9)
[31] 刘海虹，《国有企业融资效率与银行危机相关问题研究》，《财经问题研究》2000(3)
[32] 《金融时报》1997～2000年各期
[33] John Tarsh: "Financial Services Marketing",1999 Bank Marketing Association "Building a Financial Services Marketing Plan"1999
[34] Aliber Robert Z. 1976 "Toward a Theory of International Banking" Federal Reserve Bank of San Francisco Economic Review, Spring,pp,5-8
[35] Broadman,Harry G.,1995:Meeting the Challenge of Chinese Enterprise Reform (World Bank Discussion Paper, April,1995)
[36] Cho Yoon Je, 1986 "Inefficiencies from Financial Liberalization in the Absence of Well-Functioning Equity Markets" Journal of Money, Credit and Banking,Vol.18,No.2
[37] Cho Yoon Je, 1988 "The effects of Financial Liberalization on the Efficiency of Credit Allocation" Journal of Development Economics,Vol29.pp. 101-110
[38] Jayarjah Carl &William Branson,Structural and Sectional Adjustment World Bank Experience 1980-1992 (World Bank 1995)
[39] Vicente Galbis, International Financial and Economic Growth in less-developed Countries: A Theoretical Approach Journal of Development Studies, vol. 13,No.2,1997
[40] Barkere, Pavid, etc. The Causes of Bank Failures in the 1980s. Federal Reserve Bank of New York, Research Paper, August 1993
[41] S.I.Greenbaum & G.F. Haywood Secular Change in the Financial Services Industry. Journal of Money Credit and Banking, May 1971
[42] W.A.Silber Toward a Theory of Financial Innovation in W.A Siberl(ed) Financial Innovation, Lexing Book, 1975
[43] L.E.Davios&D.North Institutional Change and American Economic Growth, Cambridge University, 1971
[44] Miller, Merton. H. Financial innovation: the Last twenty Years and the Next, Journal of Financial and Quantutive Analysis,Dec. 1986
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