Risk Of Financial Innovations Regulatory Mode And Mechanism Studies

Financial innovation promotes financial development and economic growth. Since the 60's of the 20th century, the financial deepening promotes financial liberalization, innovation of financial products and the rapid development of the financial economy. However, the financial innovation of financial products in the promotion of rapid economic development, has brought the accumulation of financial risks, and even induced financial crisis or the economic crisis. In the background of the deepening of financial globalization and economic globalization, a financial crisis and economic crisis arising from the financial risk in the country, often turn into the global financial crisis and the economic crisis, and cause great economic development in the world negative impact. 2007 U.S. subprime mortgage crisis and 2008 global financial crisis is caused by the risk of the financial innovations products.The crisis reinforced the risk of financial innovations profound understanding of the negative impact, also shows the lack of theoretical development of financial regulation and the defect of Practice regulation mechanism. Therefore, prevention of market failure and regulatory failure, two perspectives to explore the regulation deepening theory analysis framework of financial innovation product risk, and to explore the risk of financial innovations adaptive regulatory mechanisms to prevent financial innovations as the risk of prevention of financial crises so as to promote innovation of financial products and financial economic development. This has a positive meaning for the theory of financial regulation, and has positive practical significance for financial product innovation and financial market development. How the risk of financial innovations and mechanisms of regulation point to guard against financial risks and financial crisis is the main starting point for this study. The main contents are as follows:First, the author made discussion about the theory of regulatory framework of theoretical analysis. Based on the relevant literature review, the author analyzed the theory development of financial innovation, summed up the main risk characteristics of financial innovation products, and explored the theoretical analysis framework of financial innovations products risk for deepening regulatory.Then,from the financial regulation mode and mechanism of financial innovations products risk, the author put forward the adaptive regulatory mechanism of financial innovations products risk, and financial risk early warning indicators of innovative products.Second, the author made the empirical Study of risk of financial innovations product. The risk of MBS, CDO and CDS led to the U.S. subprime mortgage crisis in 2007 and the global financial crisis in 2008. Based on the data of U.S. mortgage-backed securities products, the author explored the risk factors model of financial innovation product. And through the use of SPSS17.0 with the empirical data of United States mortgage-backed securities products, the model analysis revealed the impact mechanism of the financial innovation product risk, provided the targeted theoretical basis and practical reference for deepening financial regulation, particularly for the design and perfect of adaptive regulatory mechanism of financial innovation product.Third, the author made the comparative study of the financial regulation mechanism reform between some countries. Based on the the compararive study about the United States represented by separate regulation models and mechanisms and the United Kingdom represented by the unity regulation models and mechanisms before the global financial crisis in 2008, and the financial regulation models and mechanisms reform of the U.S., UK, EU and international financial regulatory organizations since 2008, the author analyzed the global financial regulatory reform trends, and provided the reference for the adaptive regulatory mechanism construction of financial innovation product.Fourth, the author explored the early warning indicators model of the risk of the financial innovation product.Timely intervention as appropriate regulation is the key to adaptive regulatory mechanism.So, based on the literature analysis of the financial risk prediction, the author explored to built a risk early warning indicators system and the basic model of risk early warning indicators of the financial innovation products.Then, with the empirical data of United States mortgage-backed securities products,the author explored how to construct the MBS, CDO, CDS specific risk warning indicators system and model.At last, basing on the former theory analysis and the empirical study, the author analyzed the regulation lack of the China's financial innovative risk, combined with the global financial regulation reform, and provided some suggestion on the construction of adaptive regulation mechanism of the China's financial innovative products.