“金融创新”监管抑制的市场表现及其法律改进  

The Market Reflection and Legal Improvement on the Regulation Repression to the Financial Innovation

作　　者：郑彧 ZHENG Yu

机构地区：[1]华东政法大学国际金融法律学院

出　　处：《经贸法律评论》2023年第6期69-85,共17页Business and Economic Law Review

基　　金：国家社会科学基金项目“兼顾公司法与证券法特点的上市公司董事法律责任研究”(项目批准号:22BFX093)。

摘　　要：“金融抑制”往往是发展中国家在赶超发达国家过程中所采用的金融政策和金融战略。过往40余年改革开放的过程中,我国在集中力量办大事的跨越式发展中同样呈现出金融抑制的特点,其在监管方面的表现就是金融创新的需求以强监管的方式被人为压制,进而呈现出以政府为主导的强制性变迁路径特点,金融创新总体上呈现数量型而非质量型的增长。由于金融创新需求本身强大的内生动力,以表内资产转出、混业经营、通道业务等为目的的所谓金融创新又层出不穷,并由此不断挑战金融监管的界限与尺度。在此背景下,既不能把金融创新的效果予以神化,也不要把金融创新的后果予以妖魔化。对于金融创新的监管必须在尊重市场、尊重规律的前提下回归到信用风险控制为本质的适度监管,金融创新的监管不是如何创设更多的监管,而是需要更好的法律应对方法。The strategy of “financial repression” has always been chosen by the developing countries including China when they are trying to chase developed countries.Under such background,it is also obvious in China that there is a mandatory system of government-led changes in the development of financial market rather than a market-orientated model even after an over-forty years' economic reform.The demands of financial innovation have been strictly restricted by the financial regulators in the name of macro-regulation.Then the outcome of such strong regulation is to make the financial innovation products rapidly grow in quantities rather in qualities.However,due to the internal power of innovation demand in the financial market,it still causes so many innovations designed by the market participants to challenge the existing financial regulation rules.Thus,for the purpose of reducing the conflict between financial regulation and financial innovation,what we suggest is that the financial regulators should take a proper and fair treatment on the financial innovation and all of the actions taken in the financial regulation should be based on the purpose of controlling credit risk rising in the financial innovation under a common sense on the basic principles of financial market.Actually,for the purpose of improving regulations on the financial innovation,what we should do is not to make more regulations but should do better regulation in future.

关 键 词：金融创新 监管抑制 监管中性 法律应对 

分 类 号：D912.28[政治法律—民商法学]