| In course of finance globalization and liberation, the speed of financial innovation is fabulous. There may be financial risk or financial crises following the financial innovation. It always makes the economy growth uncountable destruction. At the time when we develop the positive functions of financial innovation, whether or not regulates the financial innovation and how to regulate is both a topics in theory field and a problem in practice field.The passage tries to discuss the content, cause, type and economical result of financial risk on the base of financial innovation. With the average supervision economics theory, namely financial innovation results in externality, uncompleted information, imperfect competition in the finance market and supervision as public goods may result in the market disposing of recourses inefficiently, and then we testify the supervision necessary to financial innovation from the theory and reality. In the view of game theory, we analysis the financial innovation and supervision from two aspects which is perfect information dynamic game and imperfect information dynamic game, then, we reveal the information transparent is most important on financial innovation supervision. And then we search an effective operation mechanism on financial innovation supervision. Finally, starting from the fact of financial innovation risk supervision in our country, it makes out the policy suggestions of perfect the supervision system to our financial innovation risk. There are many steps to arrive to the intention. Firstly, reconstruct the financial supervision organization system. Secondly, build and construct the financial common supervision legal system. Thirdly, strengthen the supervision cooperation on the international aspect, and cooperate and coordinate with the other financial supervision institution well, then improve the supervision. Perfect the laws and supervisions system of financial supervision; reform and perfect our financial supervision mechanism.
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