全球数字金融监管异化的软法治理归正  

The Modification of Soft Law Governance for the Regulatory Alienation of Global Digital Finance

作　　者：王兰[1] WANG Lan(Law School of Xiamen University,Xiamen 361005)

机构地区：[1]厦门大学法学院,厦门361005

出　　处：《现代法学》2021年第3期109-122,共14页Modern Law Science

基　　金：福建省社科一般项目“公私权共治下的互联网金融协同治理研究”(FJ2018B004)。

摘　　要：金融科技催生的数字金融运营方式,因其跨国监管套利与金融通道媒介效应,极易冲击全球金融市场的稳定。传统的数字金融治理进路通常采用双边监管协作以遏制监管套利,但成本过度投入却未能获得更佳监管成效,造成监管资源耗散下的错配;而数字金融的通道效应则易诱发强势国家的监管标准单极化输出,出现长臂管辖或替代合规,诱致监管技术的固化。对此,须借法律多元主义支持下的软法治理路径,采用基于吸引而非强制的监管技术标准,通过监管科技共享和监管参与激励,以消弭数字金融监管异化问题。同时,嵌入具有义务性内容、程序性保障和梯次强制执行力的硬法,能有效充实参与能力不足造成的软法正当性欠缺,遏制成员国选择性的软法治理投机行为,进而在多边主义下促成一种去霸权主义的协同治理模式,助力以中国为代表的新经济体对数字金融全球治理的话语权提升,落实区域监管相容与全球金融稳定的平衡。Because of its cross-border regulatory arbitrage and financial channel media effect,the digital financial operation mode is easy to impact the stability of the global financial market.Traditional global governance approaches usually adopt bilateral regulatory cooperation to curb regulatory arbitrage,but the excessive investment of regulatory cost fails to achieve better results,resulting in the mismatch of regulatory resources.Moreover,the channel effect of digital finance would induce the uni-polar output of regulatory standards in strong countries,leading to long arm jurisdiction or alternative compliance,which will easily lead to the consolidation of regulatory technology.In this regard,we should take the soft law governance path supported by legal pluralism,adopt the regulatory technical standards based on attraction rather than coercion,and eliminate the alienation dilemma of digital financial regulation through the sharing of regulatory technology and incentive of regulatory participation.At the same time,embedding hard law with compulsory content,procedural guarantee and echelon enforcement can effectively enrich the lack of legitimacy of soft law,and curb the member states’selective speculation,so as to promote a collaborative governance model of de-hegemony under multilateralism.Meanwhile,the new economies represented by China should strengthen their voice in the global governance of digital finance,and implement the balance between regional regulatory compatibility and digital financial stability.

关 键 词：全球数字金融 监管异化 数字金融软法 治理归正 

分 类 号：DF96[政治法律—国际法学]