中国金融科技监管沙盒机制设计研究  

A Research on the Design of China’s Fintech Regulatory Sandbox Mechanism

作　　者：沈艳[1,2] 龚强[1,3] SHEN Yan;GONG Qiang

机构地区：[1]北京大学数字金融研究中心 [2]北京大学国家发展研究院,北京100871 [3]中南财经政法大学文澜学院

出　　处：《金融论坛》2021年第1期3-13,共11页Finance Forum

基　　金：国家社会科学基金重大项目“数字普惠金融的创新、风险与监管”(18ZDA091);国家自然科学基金面上项目“金融科技创新与监管的机制设计研究”(72073146);国家自然科学基金面上项目“创新驱动发展的财政金融激励机制研究——基于产业风险与信息特性的视角”(71773143);中央高校基本科研业务费专项资金资助(2722019PY002);北京市新经济研究计划(7310100202)。

摘　　要：本文旨在从设立中国金融科技监管沙盒的必要性、可行性分析、机制设计等角度,探讨如何识别有价值的创新、缩短金融科技企业的创新周期并及早发现和化解潜在风险等问题。本文发现,金融科技新业态更具有颠覆性创新特征,采用传统金融监管框架可能会抑制创新,而金融科技监管沙盒是帮助平衡金融科技创新与风险的有效手段。建议参考中国香港的沙盒模式,设立由国务院金融稳定发展委员会牵头、人民银行负责,协调银保监会与证监会具体执行的分业沙盒监管框架。From the perspectives of the necessity, feasibility analysis, and mechanism design of establishing China’s fintech regulatory sandbox, this research aims to discuss how to identify valuable innovations, shorten the innovation cycle of fintech firms, find and resolve potential risks. It’s found that the new fintech business has the characteristics of disruptive innovation, and the adoption of traditional financial regulatory framework may inhibit the innovation, while the fintech regulatory sandbox is an effective method to help balance fintech innovation and risk. It is recommended to refer to the sandbox model of Hong Kong, China, and establish a separate sandbox regulatory framework led by the Financial Stability and Development Committee of the State Council, charged by the People’s Bank of China, and coordinatedly implemented by the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission.

关 键 词：金融科技 金融科技创新 监管沙盒 创新周期 

分 类 号：G18[文化科学]