监管科技的运用与制度完善——基于信息型操纵视角  

Application of Regulatory Technology and System Improvement——Based on the Information-Based Manipulation Perspective

作　　者：郭艳芳[1,2] Guo Yanfang

机构地区：[1]贵州师范大学求是学院,贵州贵阳550014 [2]厦门大学法学院,福建厦门361005

出　　处：《西南金融》2020年第3期49-58,共10页Southwest Finance

基　　金：厦门大学田野调查基金项目“上市公司敌意收购的多元化纠纷解决机制研究”(2018GF021);国家社会科学基金项目“新发展理念下中国金融机构社会责任立法问题研究”(编号:17BFX009)阶段性成果。

摘　　要：信息型操纵是证券市场潜在风险的引爆点,行为要件认定难、监管方式滞后、法律规则不完善是造成信息型操纵监管的困境。而监管科技作为一种有效的监管工具,在提供技术条件、指明监管方式创新方向、转变传统监管思维等方面具有应对信息型操纵的优势。虽然通过信息识别、账户识别、行为识别等手段,能够有效应对信息型操纵新型行为,但是技术性、操作性、安全性等风险也会随之凸显。鉴于此,必须将“调适性”与“科技驱动型”两种新型监管理念相结合,出台应对信息型操纵的监管科技指引或者自律规则,构建风险防控体系,为监管科技法制化早日落地提供制度准备。Information-based manipulation is the tipping point of potential risks in the securities market.Diffi culty in identifying behavioral elements,lagging supervision methods,and incomplete legal rules are dilemmas that lead to information-based manipulation supervision.As an effective regulatory tool,regulatory technology possesses the advantage of responding to information manipulation in terms of providing technical conditions,indicating the in novation direction of regulatory methods,and changing traditional regulatory thinking.Although information identifi cation,account identification,behavior identification,and other means can effectively respond to new types of infor mation-based manipulation,they will be followed by risks such as technicality,operability,and security.In view of this,it is necessary to combine the two new regulatory concepts of“adaptability”and“technology-driven”,issue reg ulatory technology guidelines or self-discipline rules for information-based manipulation,and build a risk preven tion and control system to provide institutional preparation for the early application of the legalization of regulatory science and technology.

关 键 词：监管科技 信息型操纵 市场操纵 内幕交易 大数据 人工智能 数据分析 信息披露 技术风险 操作风险 安全性风险 投资者保护 资本市场监管 

分 类 号：F830.99[经济管理—金融学] F832.0