德国金融科技巨头Wirecard监管失败教训及对我国的启示  

Lessons from the Supervision Failure of the German Fintech Giant Wirecard and Its Enlightenment to China

作　　者：钟震[1] 郭立 熊庆丽[1] Zhong Zhen;Guo Li;Xiong Qingli

机构地区：[1]中国人民银行金融研究所,北京100032 [2]中国社科院新闻与传播研究所,北京100021

出　　处：《西南金融》2021年第9期3-14,共12页Southwest Finance

基　　金：国家社会科学基金项目“金融‘双峰’监管体系的理论构建、国际实践与中国抉择研究”(19CJY064);国家社科基金重大项目“‘双循环’背景下中国经济安全风险预警与防控机制研究”(21ZDA115);国家社科基金重大项目“中国建设现代中央银行调控制度研究”(21ZDA044)。

摘　　要：2020年,德国乃至欧洲金融科技巨头Wirecard公司爆发财务欺诈丑闻,德国联邦金融监管局主席及其助手因此引咎卸任。究其原因,德国金融监管没有跟上金融科技发展的步伐,在支持创新与防范风险之间失去了平衡。与其他财务欺诈案甚至是美国安然丑闻相比,德国Wirecard丑闻实质上是披着“层层伪装”的监管规避案。此案教训深刻,注定成为国际金融监管史上标志性事件,其意义甚至超过美国安然丑闻。反观中国,如果类似事件发生,现有监管体系是否能够应对?引发监管失败的七个深层次原因是否同样存在?是否能够识别和揭穿此类金融科技巨头的三层“伪装外衣”?Wirecard监管失败教训惨痛,值得我们警惕。对此,我国宜尽快补足监管短板,将金融科技创新引入规范发展的道路。In 2020,a financial fraud scandal broke out in Germany and even the European Fintech giant Wirecard,and the chairman of the German Federal Financial Supervisory Authority and his assistants took the blame and stepped down.The reason is that German financial supervision has not kept up with the pace of Fintech development,and has lost the balance between supporting innovation and preventing risks.Compared with other financial fraud cases and even the US Enron scandal,the German Wirecard scandal is essentially a regulatory evasion case with"layers of disguise".This case has a profound lesson and is destined to become a landmark event in the history of international financial supervision,and its significance even exceeds the US Enron scandal.On the other hand,if similar incidents occur in China,can the existing regulatory system be able to deal with it?Do the seven deep-rooted reasons for regulatory failure also exist?Is it possible to identify and expose the three-layer"disguise coat"of such Fintech giants?The lessons of Wirecard's supervision failure are painful and worthy of our vigilance.In this regard,China should make up for the shortcomings of supervision as soon as possible and lead Fintech innovation into the path of standardized development.

关 键 词：金融科技公司 财务欺诈 监管套利 公司治理 财务信息披露 反垄断 金融创新 金融监管 金融稳定 

分 类 号：F830[经济管理—金融学] F832