金融监管的纵向授权模式——基于多重负外部性的视角  

Vertical Authorization Models of Financial Regulation:From the Perspective of Multiple Negative Externalities

作　　者：厉启晗 杨瑞龙[1] LI Qihan;YANG Ruilong(Renmin University of China,100872)

机构地区：[1]中国人民大学经济学院,100872

出　　处：《财贸经济》2024年第6期105-124,共20页Finance & Trade Economics

摘　　要：在中央政府和地方政府间分配金融监管职责需综合权衡可能产生的溢出效应、成本收益等因素。在不完全契约理论的框架下,本文设计了定金融发展目标、定金融政策投入的两阶段模型来配置金融监管权,分为中央控制、中央定目标、中央定政策投入、地方控制四种授权模式。在此基础上,分析授权可能产生的中央统一评价决策和地方发展差异间的治理冲突,中央全局最优目标和地方政府区域最优目标间的目标冲突,地方政府政策投入选择中合作共赢和损人利己行为间的成本收益冲突,即治理、目标、努力三种外部性,从而选取最优的授权模式。研究发现,在可能出现政策投入双向消极溢出的情境下,中央定政策投入可以消除所有负外部性,是最优的授权模式;在区域金融改革等可能出现政策投入单向积极溢出的情境下,应尽可能减少目标负外部性,使改革试点成为较优的授权模式。Finance is a fundamental aspect of a country's competitiveness.A science-based modern financial governance system is important for modernizing the systems and capacity of state governance.To this end,the support of effective financial regulation is necessary.In 2023,the Central Financial Commission was formally established,thereby reinforcing the centralized and unified leadership of the Party Central Committee on financial matters at the central level.At the same time,the new financial regulatory structure that emerged in the institutional reform of the State Council has initially completed the horizontal division of power among central government departments.These are all conducive to the improvement in China's financial governance system.Nevertheless,it is necessary to determine the optimal relationship between the central government and local governments in financial regulation.Additionally,the long-standing issue of"death in the case of excess control while chaos in the case of relaxed control"in local finance must be addressed.A further question that arises is that of the optimal means of authorizing or temporarily transferring power to local governments in a special situation.From the practice of financial regulation,this paper observes that financial responsibilities can be subdivided into two categories:the right to set development goals and the right to set policy inputs.There are various ways by which these two rights may be granted,which can result in different policy outcomes and inefficiencies.It is important to determine the allocation of these responsibilities between the central government and local governments in advance.This paper outlines the impact mechanism of vertical financial authorization as a two-stage process based on incomplete contract theory.Four authorization models are identified:central control,goals setting by the central government,policy inputs setting by the central government,and local control.During the derivation of the model,there exist both negative twoway spillovers and

关 键 词：金融监管 授权 负外部性 不完全契约 

分 类 号：F832.0[经济管理—金融学] F202