基于演化博弈的金融创新与激励型监管关系研究  

Study on the Relationship between Financial Innovation and Incentive Supervision Based on Evolutionary Game

作　　者：彭红枫[1] 杨柳明[2] 王黎雪[2] 

机构地区：[1]武汉大学经济与管理学院 [2]武汉大学经济与管理学院金融系

出　　处：《中央财经大学学报》2016年第9期92-100,共9页Journal of Central University of Finance & Economics

基　　金：教育部哲学社会科学研究重大攻关项目(项目编号:12JZD029);武汉大学“70后学术学者计划”项目;武汉大学自主科研项目(人文社会科学);中央高校基本科研业务费专项资金

摘　　要：金融创新与金融监管相互演进的关系一直以来是金融领域研究的一个热点问题。近年来,金融监管体制改革也成为我国改革进程的一个核心议题:监管机构如何有效防范违规创新并且正确鼓励、引导合规创新。基于演化博弈理论,笔者将监管机构对合规创新的激励机制纳入分析框架,研究金融创新与激励型监管在相互博弈中的策略选择问题,并且借助理论建模和数值模拟两种方法来分析二者的"演化稳定策略"。研究结果表明,金融机构和监管机构的博弈结果,在一种情形下不存在演化稳定策略;在三种情形下存在演化稳定策略,其中的一种情形是最优的演化稳定策略:金融机构合规创新,监管机构进行监管。研究认为,激励型监管可以引导金融机构策略演化为"合规创新"。在此基础上,通过设计合理的机制,例如完善处罚机制和舆论监督机制,建立对合规创新的激励机制,可影响金融机构和监管机构策略的选择,使双方的博弈向"合规创新,监管"的策略演化,从而有效地鼓励、引导合规创新。The relationship between financial innovation and regulation has always been a hot topic. In recent years,the reform of financial supervision system has also become a core issue in the process of China＇s reform： how to prevent illegal innovation and encourage the innovation of compliance. Based on evolutionary game theory,we incorporate incentive mechanism of regulatory agencies for compliance innovation into the analysis framework,and study the ＂evolutionary stable strategy＂between financial innovation and incentive regulation through theoretical modeling and numerical simulation analysis. The research results show that there is one evolutionary in stable strategy and three evolutionary stable strategies,one of which is the optimal stable strategy. Research shows that incentive regulation can guide financial institutions to the ＂compliance innovation＂. Based on what mentioned above,we can design reasonable mechanism to affect adjustment speed of strategy selection between financial institutions and regulators,for example,improving the punishment mechanism and press supervision mechanism,establishing the incentive mechanism of regulatory agencies for compliance innovation,the game will turn to strategy evolutions of compliance innovation and regulation,so as to effectively prevent illegal innovation and encourage the innovation of compliance.

关 键 词：金融创新 激励型监管 激励机制 演化博弈 演化稳定策略 

分 类 号：F224.3[经济管理—国民经济]