美国投资银行监管制度演变的政治经济分析  

Evolution of Investment Bank Regulation in the US:A Political and Economic Perspective

作　　者：应展宇[1] 

机构地区：[1]中央财经大学金融学院

出　　处：《国际经济评论》2015年第5期111-131,7,共21页International Economic Review

基　　金：中央财经大学重大科研课题培育项目"金融发展中的结构变迁研究"的支持

摘　　要：投资银行一直被视为美国市场主导型金融模式最为典型的象征。美国投资银行历史上曾长期处于监管缺失的状态,其背后的逻辑一方面是因为投资银行充当了法外产权机构的角色,其存在本应高度依赖自身的信誉,另一方面则和美国特有的平民主义和联邦主义等导致的金融分散化政治环境高度相关。罗斯福新政构建的全新证券监管架构尽管对投资银行施加了众多制度约束,但却为投资银行重掌证券发行主导权提供了契机。此后70余年,随着内外部环境的变化,美国证券交易委员会(SEC)针对大型投资银行的监管呈现自由化态势,其背后既有全球竞争的因素,更为重要的和投资银行的功能定位变化密不可分。2008年全球金融危机爆发之后,美国五大投资银行的整体沉沦使其原有的以SEC为主导的投资银行监管架构不复存在。危机引致的现有美国投资银行监管框架远未达到完善的程度,仍然存在争议。Investment banks have long been taken as the symbol of the US' market-based financial system.However,there had been limited federal regulation of investment banks before the eruption of the Great Depression in 1929,because as extra-legal property right institutions,investment banks should rest their ability to enforce implicit contracts in the information marketplace on its reputation for balancing conflicting interests while its activities had historically been deemed too speculative to provide any sort of federal guarantee.It is also because of the diversified financial ecosystem featuring populism and federalism.The Roosevelt New Deal drastically altered the business environment for investment banks.In fact,the Deal cleared the way for investment banks to re-gain control of the securities market.Since 1930 s,The US Congress and the SEC have created a regulatory structure for investment banks that parallels the FRB' s oversight of commercial banks due to the change of environment and the functional position of investment banks.After the outbreak of the global financial crisis in 2008,the regulatory model of the 'bulge-bracket' investment banks dominated by the SEC had become obsolete.Nowadays,there have been heated debates on the selection of investment bank regulatory model.

关 键 词：美国投资银行 金融监管 市场主导型金融模式 

分 类 号：F837.12[经济管理—金融学]