20世纪后半叶，伴随着全球经济金融一体化、自由化进程的加快，以及国际金融市场的拓展和深化，金融创新在西方发达国家空前涌现。但同时，世界经济的发展并非一帆风顺，金融危机时有发生，从1987年美国股灾，到日本经济泡沫崩溃和亚洲金融危机等危机的接踵而来，人类经济发展似乎已经患上了金融危机的顽疾。2007年，缘于美国次贷危机的全球金融海啸，对世界经济再次造成重创。追溯历史，几乎每次危机爆发后经济学家都会对其成因、传导等问题进行深入分析，探寻治理举措，期望将损失降至最小。但事实上，多数时候学术界都难以形成一致认识，甚至产生激烈争论。鉴于此，本文力图以次贷危机为研究背景，以危机成因、危机传导为切入点，运用经典经济理论，深入分析金融创新、会计计量标准变革与金融稳定的关系，以及创新、变革与金融危机的传导机制问题。需强调，本文无意介入次贷危机成因的全面研究，只是将次贷危机成因作为研究背景和线索，重点以金融创新和会计计量标准变革两大因素为突破口，借助于理论模型和计量技术，探讨二因素与金融稳定的关系。论文由五章组成。第一章是绪论。阐述选题背景、研究意义、论文框架、研究方法、预计的创新和局限。第二章是金融创新与金融稳定关系分析。一是金融创新与金融稳定关系研究综述，包括狭义金融创新、广义金融创新与金融稳定两方面内容；二是总结提出金融创新与金融稳定关系的两部门和三部门一般均衡分析框架，两部门框架假设中介完全竞争，总利润为零，将中介简化掉；三部门框架认为企业完全竞争，利润几乎全部由中介占有，强调中介的重要性；三是关于金融创新与金融稳定关系的实证检验，检验结论显示金融创新减小了金融危机发生的概率，但由于金融风险的不断累积，危机一旦爆发，其破坏力会比此前多数危机都要大；四是对金融创新的实际考察，包括金融创新发展实践、金融创新与风险转移以及风险转移与金融稳定分析。第三章是会计计量标准变革与金融稳定关系理论分析。首先是文献综述，包括公允价值与历史成本的比较、按市价调整对金融系统稳定性的影响；其次，基于美国次级债市场分析会计计量标准变革对房价与债券价格间反馈机制的强化效应，涉及不动产价格与债券价格的决定机制、不同会计计量标准下杠杆化与去杠杆效应比较，以及从资产负债表衰退视角分析次贷危机中资产泡沫崩溃的去杠杆化；最后，将会计计量标准变革引入金融创新的三部门框架，分析了会计计量标准差异对危机的影响。第四章是金融市场的创新、变革与金融危机传导机制分析。主要依托国内传导和国际传导两大视角，总结提炼出单个银行挤兑、银行间直接传导、银行间间接传导、银行与其他部门（保险）间传导等国内传导机制，以及财富效应、投资者信息处理能力、国际金融市场传播等国际传导机制。第五章是金融创新的负面经济效应及其妥善应对。负效应部分除一般性分析外，还探讨了华尔街“发起-销售”模式对金融稳定的影响，论文基于负效应从次贷危机视角提出了加强金融稳定的具体应对措施。

Since the latter part of twenty century, with the speeding of global economy and finance integration and liberalization process, as well as the expansion of the deepening and breadth of international financial markets, financial innovations have been emerging in the Western developed countries unprecedented. Nevertheless, the development of world economy has not always been calm, the financial crisis happened when there is, from 1987 U.S. stock market crash to the collapse of the bubble economy in Japan and the Asian financial crisis, the economy development of humanity seems to have been suffering from the financial crisis diseases. In 2007, U.S. subprime crisis has caused great losses of world economy again. Tracing the history, almost after every economy crisis, economists thought about its causes and transmission mechanism to explore governance initiatives, hoping to minimize the losses. But in fact, crisis causes and transmission mechanism were hard to form a consistent understanding on academic communities. In view of this, we get ready to take subprime crisis as background, taking the causes of the crisis and crisis transduction as the breakthrough point, using classical economic theory, learning the relationship between innovations and financial stability, as well as financial innovation and financial risks conduction mechanism. To be stressed that this paper does not deeply intend to study the causes of subprime crisis, but to take the causes of the subprime crisis as backgrounds and clues, focusing on financial innovations and accounting measurement standards for innovation and breakthrough in the two major factors, through the use of theoretical models and measurement techniques to explore the relationship between the two factors and financial stability. The paper consists of six chapters.Chapter one is the preface. We elaborate the background, the significance of the causes of the crisis literature review, framework, research methods, expected innovation and limitations, and so on. Chapter two is the analysis of the relationship between financial innovations and the financial stability. Firstly, it is a financial innovations and the financial stability review, focused on the effect of financial innovations in a narrow sense and in a broad sense on the financial stability. The second is a summary on the general equilibrium analytical framework of the relationship of the financial innovations and the financial stability. The intermediaries are perfect competitive in the two departments framework, and the total profit is zero, so the intermediaries are swiped. However, the enterprises are perfect competitive in the three departments framework, the profit is possessed by the intermediaries, we think the intermediaries are important. The third is the numerical simulation on the relationship of financial innovations and the financial stability. The fourth is the study on U.S. financial innovations and the financial stability. Chapter three analyze the relationship between accounting rules and the financial stability. The first is literature review, including the comparison on the fair value to the historical cost, the effect of mark-to-market on the stability of the financial system; The second, based on U.S. subprime market, we analyze the strenghthening mechanism imposing by fair value rule to the feedback between real estate prices and bond prices. The third, we learn the recession of balance sheet based U.S. subprime crisis. In the Final, this paper takes into account the differences of accounting measurement standards, studying the relationship between financial innovations and the financial stability. Chapter four, we analyze the innovation, change and the transmission mechanism of the financial crisis. The domestic transmission mechanism includes of bank run, the direct transmission and indirect transmission of bank crisis. The international transmission includes of the wealth effect, the investors’ capacity of dealing with information, the transmission in the worldwide market. Chapter five is the study of the negative economic effects and the dealing methods of the negative economic effects of financial innovations. We also analyze the effect of the "originate and distribute" model of Wall Street on the financial stability besides the general analysis. Moreover, We think the authorities should take some measure to strengthen the financial stability in the view of U.S. subprime crisis based on the studying basis of the negative economic effects of financial innovations.