宏观审慎监管视角的金融监管目标实现程度的实证分析  

Empirical Analysis on the Goal Achievement of Financial Regulation from the Macro-prudential Perspective

作　　者：李成[1] 李玉良[1] 王婷[1] 

机构地区：[1]西安交通大学经济与金融学院金融系

出　　处：《国际金融研究》2013年第1期38-51,共14页Studies of International Finance

基　　金：国家社科基金重点项目(2009ZD020)的资助

摘　　要：本文选择反映金融监管的经济变量解析宏观审慎监管的效应,运用定量方法对中、美、日、英四国的数据实证分析金融监管的有效性。研究结论显示,我国宏观审慎落实程度和金融监管目标实现程度均比较低,主要原因是,中央银行在金融稳定中的地位不够显著,金融监管存在顺周期性导致对系统性金融风险不够敏感;金融监管中的行政干预超越了金融法律制度影响,一定程度上影响了金融系统的内在运行机制。因此,实现我国宏观审慎监管需要提高中央银行在宏观金融稳定中的地位,完善金融法律制度和强化执法效率,构建宏观审慎监管与宏观经济稳定的政策协调机制。This paper collects some economic fundamentals which can reflect the effectiveness of financial supervision as the explanatory variables to explain the effects of macro prudential supervision, and conducts the empirical analysis creatively based on the data of China, America, Japan and Britain. The result shows that the goal achievement of China＇s macro-prudential financial regulation is not satisfactory. The main reason is that the role of the central bank in maintaining financial stability is not significant. Furthermore, financial regulation is not sensitive to the systemic risk due to its pro- cyclicality. Moreover, the administrative intervention is beyond the legal system, which affects the inherent organic nature of the financial system to a certain degree. Thus, this paper points out that it is necessary to enhance the role of the People/s Bank of China in the field of maintaining financial stability and regulation, and it is crucial to push forward the process of improving the legal system and to construct a coordination mechanism which connects macro-prudential supervision with macroeconomic stabilization policy in order to realize the macro-prudential supervision in China.

关 键 词：宏观审慎 金融监管 金融稳定 宏观经济 

分 类 号：F831[经济管理—金融学]