中文摘要：

以金融监管为视角，从银监会政策发布到各商业银行设计理财产品产生收益，其政策效应过程是有衔接分阶段性的。本文运用两阶段的数据包络分析（Data Envelopment Analysis，DEA）方法，将监管环境下银行理财产品的运营过程分为创新产品设计与创新产品市场表现两个阶段，得到了2004年至2014年间我国银行业的创新效率，结果显示第一阶段的银行业产品创新效率和第二阶段的理财产品市场表现效率基本上呈现出正相关的关系，且金融监管对商业银行产品创新的影响效果有一定的滞后性。此外，通过计算出历年银行业创新效率投入指标的改进值，找出了效率非有效的年份与最佳效率的年份在投入产出上的差距，并从监管者的角度和银行操作层面为针对银行产品创新的监管改进提供了政策建议。

英文摘要：

As far as financial supervision is considered, since the China Banking Regulatory Commission issued a policy to design financial products of commercial banks to generate revenue, the policy effect has been a stage of convergence. In this study, the operating process of banking financial products under the supervision environment is divided into two stages（innovative product design and innovative product market performance）, and then two-stage DEA （Data Envelopment Analysis） model is used to obtain the inno- vative efficiency of Chinese banking industry from 2004 to 2014. Results show that the innovative efficien- cy of banking products in the first stage and the market performance efficiency of financial products in the second stage basically showed a positive correlation. Also, there is a certain lag effect in the impact of fi- nancial supervision on the innovation of products from commercial banks. In addition, by calculating the improved input indexes of innovative efficiency over the years in the banking industry, it is found that the difference between the efficient year and the inefficient year. On this basis, some suggestions about the innovation supervision of banking products are offered from the perspective of regulators as well as the operating level of hanks. Studies in the future can start vestigate the different performance of innovative with the angle of classification supervision to further inefficiency by comparing supervision policy of different types of banks made by the China Banking Regulatory Commission.