后危机时代“太大而不能倒”金融机构监管法律问题研究  

Legal Issues of Regulating the “Too Big to Fall” Financial Institutions in the Post-Crisis Period

作　　者：黎四奇[1] 

机构地区：[1]湖南大学法学院

出　　处：《中国法学》2012年第5期87-102,共16页China Legal Science

基　　金：国家社会科学基金项目"后危机时代问题金融机构处置法律制度完善研究"(项目批准号:11BFX051)的阶段性成果

摘　　要："太大而不能倒"不仅扰乱了正常的市场竞争秩序,而且其收益私人化与损失社会化的反差也助长和放大了道德风险,并为系统性金融风险的不定期性爆发埋下了伏笔。后危机时代,将"太大而不能倒"类机构纳入严格监管的范畴,确保金融体系的安全可期已成为宏观审慎监管中一个不可或缺的节点。虽然规模、关联性、可替代性已成为"太大而不能倒"机构识别的共识性标准,但是如何有效评估并配备相适的监管规则却仍是任重而道远。创新素来具有两面性,在制度取得突破的同时,如何防止公权膨胀对私权的进一步侵蚀与挤压也是当下不能不深察的大问题。The ＂Two Big to Fall＂ does not only disturb the fair market competition order, but also fosters and enlarges moral risk with the contrast between its profits personalization and losses socialization, which is likely to bring about occasional break of systemic financial risk. The ＂Too Big to Fall＂ alike financial institu-tions should be included in the domain of strict regulation in the post - crisis period to ensure that the expected safety of financial system has become an indispensable part in cautious macro regulation. Although scale, rele- vance and irreplaceability have become the common recognized standards for identifying the ＂Too Big to Fall＂ institutions, there is a long way to go to effectively appraise and prepare the appropriate regulatory rules. Inno-vation always has two folds, that is, how to prevent public power enlargement from eroding and invading pri-vate right is still a current significant issue needing to be discussed hotly when the system makes a break- through.

关 键 词：金融危机 太大而不能倒 监管创新 

分 类 号：D912.28[政治法律—民商法学]