在发达国家和新兴市场经济国家中金融风险频频发生,且每发生一次,就会造成整个经济的波动振荡。当前中国的金融市场不仅具有发达市场经济国家所具有的一般风险,而且还具有经济体制转轨时期的制度性风险。文章用新制度经济学的制度变迁理论对这种制度性风险进行了分析,以探究原因,寻求解决的途径。 In developed countries and emerging market economies, financial risks occur frequently, and each time they occur, it will cause the entire economy to fluctuate. At present, China’s financial market not only possesses the general risks possessed by developed market economy countries, but also possesses institutional risks during the transitional period of the economic system. This article analyzes the institutional risk with institutional change theory of new institutional economics in order to explore the causes and seek solutions.