Abstract
Since the reform and opening up in 1978, China has basically established a financial system that has adapted to the requirements of the market economy after several stages of financial innovation. Based on financial innovation events in China from 1979 to 2015, this paper compiles the structural index of China's financial innovation, and analyses the evolution trends and influencing factors of China's financial innovation structure. The index reflects the increasingly complexity and maturity of the overall structure of financial innovation since the reform and opening up, while the cumulative contribution of the six innovative forms to the changes in innovation structure has become more consistent and stable. The empirical analysis shows that the exploration of financial innovation is the continuous driving force to promote the change of financial innovation structure in China. What’s more, major reform decisions, opening to the outside world, as well as scientific and technological progress promote the structural change of China's financial innovation, while the financial crisis inhibits the structural change of China's financial innovation. The policy implication of this paper is that China needs to deepen reform, create a more suitable environment for endogenous financial innovation, carry out more original financial innovation, focus on promoting system, management and technology innovation, and pay attention to the selection of opportunity and window period of innovation.
Highlights
Financial innovation is the primary force to lead the financial development, and a continuous driving force for changing the financial structure
Because the financial innovation structure affects the structural change of the financial system, and affects the function, efficiency and stability of the financial system [2], this paper researches on China's financial innovation from the perspective of structure in order to find out the evolution law of China's financial innovation structure, identify the influencing factors of financial innovation structure and explore the optimal path of financial innovation structure
The paper is organized as follows: The second part is literature review; In the second part, the index measurement of China's financial innovation structure reflects the structural characteristics and trends of financial innovation; The theoretical analysis of the factors affecting the change of financial innovation structure is the fourth part; The fifth part is about the empirical analysis of the influencing factors of financial innovation structure change; At last, the main conclusions and policy recommendations is in the sixth part
Summary
Financial innovation is the primary force to lead the financial development, and a continuous driving force for changing the financial structure. This paper draws on this analytical idea to exponentially measure the structure of China's financial innovation since the reform and opening up, describe the structural change of financial innovation and empirically analyze the influencing factors of the financial innovation structure change. The paper is organized as follows: The second part is literature review; In the second part, the index measurement of China's financial innovation structure reflects the structural characteristics and trends of financial innovation; The theoretical analysis of the factors affecting the change of financial innovation structure is the fourth part; The fifth part is about the empirical analysis of the influencing factors of financial innovation structure change; At last, the main conclusions and policy recommendations is in the sixth part
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