中文摘要：

本文吸收组织生态学、组织学习理论和演化理论中关于年龄依赖性的观点,探究了组织年龄对金融创新的影响;更进一步地,以国家制度文化的视角,考察组织年龄在不同国家情境下的作用形态。本文的实证分析基于全球100多家期货交易所2000~2010年间的面板数据。结果表明,组织年龄与金融创新呈现U型关系;这种非线性关系在低经济管制、高不确定性规避的国家中更为显著。基于研究结果,本文提出促进我国金融机构发展,完善金融监管体系的建议。

英文摘要：

This paper draws on the age dependence arguments from organizational ecology, organizational learning and evolution- ary theory, and explores the influence of organizational age upon financial innovation. Furthermore, this paper adopts the nation- al, institutional and cultural perspectives and looks into how the age effect varies across national contexts. Our empirical analysis is based upon the panel data of more than 100 futures exchanges in the world between 2000 and 2010. The results show a U - shaped relationship between organizational age and financial innovation; such a nonlinear relationship is more pronounced in na- tions with low economic regulation and high uncertainty avoidance. Our research findings provide important implications for the development of financial institutions and the improvements of the financial regulatory system in China.