论属地监管原则在粤港澳大湾区金融衔接规则适用——基于竞争监管之风险与创新收益平衡  

On the Application of Territorial Supervision Principle in GuangdongHong Kong-Macao Greater Bay Area's Financial Convergence Rules:The Balance Between Risk and Innovation Income Based on Competitive Supervision

作　　者：陈雪儿 CHEN Xueer(Guangzhou Business School,Guangzhou 510700,China)

机构地区：[1]广州商学院,广东广州510700

出　　处：《商业观察》2025年第6期45-48,52,共5页BUSINESS OBSERVATION

摘　　要：近年,粤港澳大湾区的金融市场及业务在多部政策出台后,相互不断加强合作并呈现一体化的发展趋势,但是三地在金融监管制度与观念上存在巨大差异。这些差异成为了各自金融市场融合的阻力之一,解决区域冲突可适用“冲突法”“示范法”以及“协同立法”方案,文章认为在金融监管领域适合“冲突法”方案。通过引入监管竞争理论分析,该理论认为监管制度差异会产生相应收益与成本。结合粤港澳大湾区金融市场,文章认为属地监管原则的规范衔接有利于充分发挥三地金融制度的优势,同时克服因制度差异带来的成本损失。该成本损失不应当关注在金融监管套利上而应当关注系统性风险,同时需要秉持“风险”在某种程度上满足金融市场创新的理念。In recent years,the financial market and business in the Guangdong-Hong Kong-Macao Greater Bay Area have continuously strengthened cooperation and shown the integratiom development trend after the introduction of multiple policies.However,there are huge differences in the financial regulatory concepts and systems in three places.As one of the obstacles to the integration of their respective financial markets,the"conflict law","model law"and"collaborative legislation"solutions can be applied to resolve regional conflicts.The paper believes that the"conflict law"solution is suitable in the field of financial supervision.The paper introduces the analysis of regulatory competition theory,which believes that differences in regulatory systems will produce corresponding benefits and costs.Combined with the financial market of the Guangdong-Hong Kong-Macao Greater Bay Area,this paper believes that the normative docking of the territorial regulatory principle is conducive to giving full play to the advantages of the financial systems of three places,while overcoming the cost losses due to institutional differences.It should not focus on financial regulatory arbitrage,but on systemic risks,and at the same time,we need to uphold the concept that"risk"meets the innovation of the financial market to a certain extent.

关 键 词：监管套利 规则衔接 属地监管原则 粤港澳大湾区 

分 类 号：F832.1[经济管理—金融学]