Financial Innovation In The Perspective Of Game Theory

As the core of modern market economy,finance plays a key role in the national economy.The financial innovation with great,penetrative and propelled effect prevailing day by day in the international financial markets has become an important factor and leading power of economic development,which also brings some unstable factors in reducing transaction costs and improving financing efficiency.With the ever-increasing process of financial liberalization,the fast development of information technology and the growing up of new markets,financial globalization shows an unconvertible trend for both the developed and the developing countries,and international financial innovation comes forth constantly.Facing the large-scale and comprehensive activities of innovation in the domain of finance,the systematically study about financial innovation in theoretical and practical becomes more and more important.Therefore,many scholars home and abroad are attracted on it.The Western scholars,applying Joseph Schumpeter's conception and viewpoint of innovation,put forward the concept of financial,and they have made much analysis about the reasons,effects and countermeasures for financial innovation,and brought up their own views.In our country,researches about financial innovation was begun in the 1980s,and the research mainly consists of the introduction of and comment on the western financial innovation theories,financial derivatives,financial market and the innovation of financial organization.The study about financial innovation both home and abroad are all talking about the reason for financial innovation and the financial innovation process analysis according to static framework,but neglect the influence on the decision action by the financial innovation main body,and the operation efficiency and resources arrangement efficiency during financial innovation,which are effected by the dyanmic situation where innovation main bodies is,the strategies and competition activities among innovation main bodies and the information externality.This paper attempts to clearly analyze the interaction relationship among those innovation main bodies during financial innovation and the perfect equilibrium from the perspective of game theory. according to the results of game effect analyaes between market actors and innovation main bodies,advices and enlightenments according to the each main body during the financial innovation process in our country.The paper is designed to six chapters:The first chapter puts forward the main problem and generally introduces the main content,background,literature review,method,purpose and structure of the research in this paper.The second chapter introduces the main content about the history of financial innovation,and gives comment on the exact meaning,characteristics,classification and the historical development of financial innovation ,this part is historical fact for the research.The third chapter introduces the main content and models about game theory,and analysis the research about financial innovation therory in the world and the limitation,puts forward the dynamic character during financial innovation and the necessity for the dynamic analysis in the financial innovation process,this part is theoretical basis for the research.The forth chapter,by using dynamic game theory models,analyzes the competition equilibrium of micro financial innovation main bodies and dynamic game between governments and financial innovation associations.The fifth chapter discusses the financial innovation of our country,through reviewing the history of financial innovation,gives summarizes the characteristics and the main problems of financial innovation,and put forward countermeasures,advices and enlightenments according to the each main body during the financial innovation process in our country.Finally the sixth chapter is summarized in the paper.