金融监管有效性及国际比较  

Effectiveness and International Comparison of Financial Regulation

作　　者：王勋[1,2] 黄益平[1,2] 陶坤玉 Wang Xun;Huang Yiping;Tao Kunyu

机构地区：[1]北京大学国家发展研究院 [2]北京大学数字金融研究中心 [3]中央财经大学金融学院

出　　处：《国际经济评论》2020年第1期59-74,6,共17页International Economic Review

基　　金：国家社会科学基金重大项目（项目编号：71833003）;国家自然科学基金项目（项目编号：71703186）的资助

摘　　要：中国现行的金融监管体系为维持金融体系长期稳定和支持实体经济增长发挥了积极作用。然而,随着金融科技的快速发展和金融创新的不断出现,金融综合经营以及数字科技与金融活动进一步融合,已成为目前金融发展的基本趋势,这导致现行的分业监管模式针对混业综合经营的金融机构的监管难度不断增加。本文构建了可用于国际比较的金融监管有效性指标,结果发现:第一,2008年全球金融危机后,尤其是2012年以来,中国金融监管有效性开始下降;第二,中国实体经济波动相对较低而金融波动较大,金融消费者保护能力有待提高;第三,国际比较看,重视审慎监管和行为监管("双峰"监管)的模式表现出更好的监管有效性。因此,建议中国的金融监管模式由分业监管转向功能监管,加强审慎监管和行为监管并注重二者之间的相对独立性,有效利用监管科技、更多依靠市场机制提高金融监管的有效性。China’s current financial regulatory system has played a positive role in maintaining the long-term stability of the financial system and supporting the growth of the real economy.However,with the rapid development of financial technology and financial innovation,integrate dfinancial operations and the integration of digital technology and financial activities having become the trend of financial development,it has brought challenges to the current separatere gulation over mixed operation of financial institutions.This article constructs the financial regulatory effectiveness indicators which can be used for international comparison.We findthat,first,after the global financial crisis in 2008,especially since 2012,the effectiveness of China’s financial regulation has begun to decline.Second,China’s real economy volatility isrelatively low while the financial volatility is high,and the protection of financial consumers needs to be improved.Third,through international comparisons,regulation modes emphasizing prudential regulation and behavioral regulation("twin-peak"regulation)show better regulatory effectiveness.Therefore,we suggest that China’s financial regulation system should be transferred to functional regulation by differentiating regulatory objects in accordance with the nature of business operations;in the process,prudential regulation and behavior regulation should be strengthened,and the protection of the legal rights of financial consumers should be strengthened on the basis of market mechanism and self-responsibility.

关 键 词：监管模式 监管有效性 综合经营 审慎监管 行为监管 

分 类 号：F832.1[经济管理—金融学]