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Ⅰ人—机—环境系统工程在金融创新及中央银行转型中的应用研究
黄胤英 胡志浩
本文运用人—机—环境系统工程研究框架解析金融创新及中央银行转型。主要研究目标和结论是：中央银行（“人”）需要顺应金融市场化（“环境”）的长远发展趋势，改变原有的临时、被动应对危机的事后机制，应持续、主动进行货币政策工具（“机”）创新，疏通政策传导机制（“机—环境关系”），积极打破传统职能范围，创建新型“人—机—环境系统”关系，才能达到有效控制金融风险，实现“安全、高效、经济”的目标。
人—机—环境系统工程是运用系统科学理论和系统工程方法，正确处理人、机、环境三大要素的关系，深入研究人—机—环境系统最优组合的一门科学。通常，人—机—环境系统可分为三大类：简单人—机—环境系统、复杂人—机—环境系统和广义人—机—环境系统。人—机—环境系统工程不仅在自然科学领域有广泛应用，在社会科学领域亦有很强的理论与实践指导意义。本文将货币市场定义为一个广义的人—机—环境系统，并试图以人—机—环境系统工程的研究方法对现代金融创新及中央银行货币政策体系转型进行论述，探讨人—机—环境系统工程在中央银行货币政策研究中的应用。
2008年国际金融危机以来，美联储创建的各类新型操作工具，已经远远超越了中央银行只能向商业银行提供资金支持的传统职能。美联储开始通过创建定期存款便利（TDF）等新工具（新“机”）来弥补联邦基金利率等传统政策工具（旧“机”）的失效，向金融市场直接注入流动性。在其货币政策报告中也已多次重申“国际金融危机以来，以传统公开市场操作手段调节准备金规模来控制联邦基金利率的宏观调控手段已逐渐失效，联邦基金利率对准备金调节的敏感度已经降至历史最低”。由此，中央银行宏观调控的基础（“环境”）变化引发的货币政策操作工具（“机”）、传统机制（“机—环境”关系）的变化，反映出美联储当前主要调控机制已经转变为直接调控市场流动性的新范式（新“人—机—环境系统”）。
本研究结合“人—机—环境系统工程”理论，论证了：在金融体系市场化进程中，在宏观调控的“环境”（即金融市场）将不断变化的背景下，中央银行需要顺应市场化的长远发展趋势，改变原有的临时、被动应对危机的事后机制，应力求持续、主动进行货币政策工具的创新（即“机”的创新），疏通政策传导机制（即转变“机—环境关系”），并敢于积极主动打破传统职能范围，才能达到有效调控市场的预期，并有效地控制金融风险，防范金融危机，即达到人—机—环境系统中的“安全、高效、经济”的最终目标。
Application of Man-Machine-Environment Systems Engineering in Financial Innovation and the Transition of Central Banks
Yinying Huang and Zhihao Hu
To analyze the financial innovation and the transition of central bank, the re-search framework of man-machine-environment system engineering（MMESE）on this field is proposed in this paper. The main conclusions are：central banks（“man”）needs to comply with the long-term trend of marketization of financial market（“environment”），to change its temporary and passive crisis aid system af-terwards into active continuous innovation of monetary policy tools（“machine”）and policy transmission mechanism（“machine-environment relationship”）.With breakthrough in its traditional function, the central bank can create a new“man-machine-environment system”to control financial risk and ultimately achieve its“safety, efficiency and economy”objectives.
Man-Machine-Environment System Engineering is a science employing system-atic scientific theory and engineering approaches, dealing with the relationship be-tween three factors, namely man, machine and environment and doing further re-search on the optimal combination of man-machine-environment system. In general, man-machine-environment can be divided into three categories：simple man-ma-chine-environment system, complicated man-machine-environment system and generalized man-machine-environment system.Man-Machine-Environment System Engineering can be widely used not only in the field of natural science, but also has a strong theoretical and practical guiding significance in the field of social science.This article defines financial system as a generalized man-machine-environment sys-tem and attempts to state modern financial innovation and transition of monetary policy system of central banks by the research method of Man-Machine-Environment System Engineering and discusses the application of MME in research of monetary policy of Central Bank.
Since global financial crisis in 2008，various kinds of operation tools created by the Federal Reserve has gone far beyond the traditional functions that central banks can only provided financial support to commercial banks. The Federal Reserve has begun to compensate for the limitation of effect of traditional policy tools including federal funds rate（traditional“machine”）by creating new tools such as term de-posit facility to fill in the liquidity directly to financial market.Its monetary policy re-ports have also restated for several times，“Since international financial crisis, mac-ro-control means by adjusting scale of reserve funds to control interest rate of federal rate through traditional open market operation has failed gradually and degrees of sensitivity from federal funds rate on adjustment of reserve funds has fallen to the lowest level in history.”Thus, change of monetary policy tools（“machine”）and that of traditional mechanism（“machine-environment”relationship）provoked by ；change of base of central banks'macro-control reflects that the current regulatory mechanism of the Federal Reserve has been transmitted to the new paradigm of regu-lating market liquidity directly（new“machine-environment”relationship）.
With the Man-Machine-Environment theory, the conclusion of this analysis could be as follows：In the marketization process of financial system, under the background of continuous change of macro-control“environment”（as financial mar-ket），central banks are required to comply with the long-term development trend of marketization, to change its temporary and passive crisis aid system afterwards into active continuous innovation of monetary policy tools（“machine”）and policy transmission mechanism（“machine-environment relationship”）. With proactive breakthrough in its traditional functions, expected efficient control of financial risks can be reached.Central banks are also required to control financial risks efficiently and keep the financial crisis away, which means to achieve the final objectives of“Safety, efficiency and economy”in man-machine-environment system.