中文摘要：

文章以个体跨期最优化行为为基础,从居民异质性风险偏好和市场摩擦视角考察了我国自贸区金融创新的消费、储蓄与投资效应,得出如下的结论：首先,中国自贸区的金融创新将引发境内外居民和投资者的储蓄和投资跨境“局部转移”或“全部转移”,其转移的规模和方向取决于内外资金融企业及市场的绝对和相对投融资效率.其次,自贸区的金融创新将有效提高社会中退休群体的消费水平,对年轻群体消费、储蓄和投资的影响则取决于代表性个体的异质性风险偏好：如果代表性个体是风险厌恶、风险中性和风险偏好的,则金融创新将使年轻群体的消费量增加、不变和减少,储蓄量和投资量减少、不变和增加,储蓄转化为资本积累的规模减少、不变和增加.最后,政府应依据内外资金融企业和市场的相对投融资效率来确定金融创新的速度、深度和时序,以减小金融创新的“转移效应”对实体经济和社会稳定的强烈冲击。

英文摘要：

Based on individual overlapping maximization behavior, this paper explores the consumption, savings and investment effects of financial innovation in China＇s FTA from the perspectives of residents; heterogeneous risk preferences and market friction. It shows the following main results; firstly, the financial innovation in China＇s FTA gives rise to the part （or full） savings-investment-switching effects and the scales and direction of these switching effects depend on the absolute and comparative investment and financing efficiency between Chinese and foreign financial firms and markets; secondly, the financial innovation in China＇s FTA effectively increases the consumption of the old and retired , but its consumption-savings-investment effects on the young groups are determined by in- dividual heterogeneous risk preferences, namely if the representative individual is a risk-a- verse, risk-neutral or risk-seeking consumer, the financial innovation in China＇s FTA leads to the increase, no change, and decrease in his consumption respectively, the decrease, no change, and increase in his savings and investment respectively, and the decrease, no change, and increase in the savings-investment-switching scale. Finally, governments should control the speed, depth and timing of financial innovation according to the compar- ative investment and financing efficiency between Chinese and foreign financial firms, to reduce the powerful shocks of the part （or full） savings-investment-switching effects to the real economy and society stability.