In view of the important role that monetary policy plays in the national macroeconomic regulation , it is quite realistic to study the financial innovation " s influence on the effectiveness of monetary policy . this article , firstly , proposes the concept of financial innovation , and analyses its generation mechanism , then , this article obtains its conclusion with the method of analyzing in great detail how the financial innovation plays its role in the monetary market through its influence on the money supply and demand 論文首先對(duì)本文所要研究的核心概念? ?金融創(chuàng)新的內(nèi)涵及生成機(jī)理進(jìn)行了深入的剖析,在此基礎(chǔ)上詳細(xì)分析了金融創(chuàng)新如何通過(guò)影響貨幣供需在貨幣市場(chǎng)上發(fā)生作用的過(guò)程,得出了本文的結(jié)論:金融創(chuàng)新削弱了貨幣政策有效性,但對(duì)法定準(zhǔn)備金率和貼現(xiàn)率的影響程度大于對(duì)公開市場(chǎng)業(yè)務(wù)的影響,即法定準(zhǔn)備金率和貼現(xiàn)率相對(duì)于公開市場(chǎng)業(yè)務(wù)來(lái)說(shuō)更加無(wú)效。