Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure

Li Jian; Lin Wenhao

doi:doi:10.11648/j.ijefm.20190704.13

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Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure

Li Jian, Lin Wenhao

Published in International Journal of Economics, Finance and Management Sciences (Volume 7, Issue 4)

Received: 29 September 2018 Accepted: 27 August 2019 Published: 9 September 2019

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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.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 7, Issue 4)
DOI	10.11648/j.ijefm.20190704.13
Page(s)	107-124
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2019. Published by Science Publishing Group

Keywords

Financial Innovation, Event Study Method, Structural Index of Financial Innovation, Influencing Factors of Innovation Structure

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APA Style

Li Jian, Lin Wenhao. (2019). Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure. International Journal of Economics, Finance and Management Sciences, 7(4), 107-124. https://doi.org/10.11648/j.ijefm.20190704.13

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ACS Style

Li Jian; Lin Wenhao. Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure. Int. J. Econ. Finance Manag. Sci. 2019, 7(4), 107-124. doi: 10.11648/j.ijefm.20190704.13

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AMA Style

Li Jian, Lin Wenhao. Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure. Int J Econ Finance Manag Sci. 2019;7(4):107-124. doi: 10.11648/j.ijefm.20190704.13

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@article{10.11648/j.ijefm.20190704.13,
  author = {Li Jian and Lin Wenhao},
  title = {Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {7},
  number = {4},
  pages = {107-124},
  doi = {10.11648/j.ijefm.20190704.13},
  url = {https://doi.org/10.11648/j.ijefm.20190704.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20190704.13},
  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.},
 year = {2019}
}

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TY  - JOUR
T1  - Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure
AU  - Li Jian
AU  - Lin Wenhao
Y1  - 2019/09/09
PY  - 2019
N1  - https://doi.org/10.11648/j.ijefm.20190704.13
DO  - 10.11648/j.ijefm.20190704.13
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 107
EP  - 124
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20190704.13
AB  - 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.
VL  - 7
IS  - 4
ER  -

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Author Information

Li Jian

The School of Finance, Central University of Finance and Economics, Beijing, P. R. China
Lin Wenhao

The School of Finance, Tianjin University of Finance and Economics, Tianjin, P. R. China

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Plain Text BibTeX RIS

APA Style

Li Jian, Lin Wenhao. (2019). Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure. International Journal of Economics, Finance and Management Sciences, 7(4), 107-124. https://doi.org/10.11648/j.ijefm.20190704.13

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ACS Style

Li Jian; Lin Wenhao. Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure. Int. J. Econ. Finance Manag. Sci. 2019, 7(4), 107-124. doi: 10.11648/j.ijefm.20190704.13

Copy | Download

AMA Style

Li Jian, Lin Wenhao. Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure. Int J Econ Finance Manag Sci. 2019;7(4):107-124. doi: 10.11648/j.ijefm.20190704.13

Copy | Download

@article{10.11648/j.ijefm.20190704.13,
  author = {Li Jian and Lin Wenhao},
  title = {Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {7},
  number = {4},
  pages = {107-124},
  doi = {10.11648/j.ijefm.20190704.13},
  url = {https://doi.org/10.11648/j.ijefm.20190704.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20190704.13},
  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.},
 year = {2019}
}

Copy | Download

TY  - JOUR
T1  - Index Measurement and Influencing Factor Analysis of China's Financial Innovation Structure
AU  - Li Jian
AU  - Lin Wenhao
Y1  - 2019/09/09
PY  - 2019
N1  - https://doi.org/10.11648/j.ijefm.20190704.13
DO  - 10.11648/j.ijefm.20190704.13
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 107
EP  - 124
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20190704.13
AB  - 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.
VL  - 7
IS  - 4
ER  -

Copy | Download