数字金融时代下行为选择、市场风险与行为监管  

Behavioral Choices,Market Risks,and Conduct Regulation in the Era of Digital Finance

作　　者：宗计川[1] 朱鑫鑫[2] Zong Jichuan;Zhu Xinxin

机构地区：[1]东北财经大学金融学院、东北财经大学实验经济学实验室、金融行为监管研究团队,辽宁省大连市116025 [2]东北财经大学金融学院,辽宁省大连市116025

出　　处：《南方经济》2025年第4期30-42,共13页South China Journal of Economics

基　　金：国家社会科学基金重大项目“基于多模态大数据和人工智能的金融风险防控研究”(24&ZD089)资助。

摘　　要：中央金融工作会议指出,做好数字金融是推动经济高质量发展的应有之义。数字金融通过技术赋能,有效提升了金融服务的广度、深度和精度,为推进普惠金融、服务实体经济高质量发展开辟了广阔空间。然而,数字技术为创新发展注入新动能的同时,也改变了投资者与金融市场之间的交互方式。数字金融正在以一种全新的逻辑重塑投资决策的微观基础,使得金融系统内生性风险呈现出非线性传导、去中心化扩散和混业交织的新特点,给风险防控提出了新要求。基于已有文献研究成果,文章系统梳理了数字金融时代下投资者所面临的信息环境、数字环境和交易环境三个维度的深刻变革,指出了数字金融时代下新的不确定性决策环境正在重塑投资者的认知框架和行为选择,分析了投资者行为模式的新变迁及其与金融系统内生性风险演化的传导机理。面对上述变化,以合规性为导向、偏重事前审慎和事后处置的传统监管模式难以有效应对,监管部门需要转变监管理念,充分发挥行为监管在平衡数字金融创新和风险防控中的关键作用。对此,未来研究应进一步深入探究数字技术对投资者行为的影响机理、数字金融创新的外部性评估以及行为监管的政策效应,为构建数字金融创新与风险防控的协同治理框架提供学术支持。The Central Financial Work Conference emphasized that developing digital finance is essential for promoting highquality economic development.Through technological empowerment,digital finance has effectively enhanced the breadth,depth,and precision of financial services,creating vast opportunities for advancing inclusive finance and serving the highquality development of the real economy.However,while digital technology injects new momentum into innovative development,it also fundamentally transforms the interaction between investors and financial markets,introducing complex challenges for market stability and regulatory oversight.Digital finance is reshaping the microfoundations of investment decision-making with a novel logic,causing endogenous risks in the financial system to exhibit new characteristics of non-linear transmission,decentralized diffusion,and crosssector intertwining.These emergent risk patterns differ significantly from traditional financial risks,as they originate from the system itself rather than from external shocks,making them particularly challenging to identify and mitigate through conventional regulatory approaches.Based on existing literature,this paper systematically examines the profound changes in three dimensions of investors'decision-making environment in the digital finance era.First,in the information environment,digital technology has exponentially increased the volume of financial information available to investors while simultaneously changing information transmission dynamics and externalities.Second,in the digital environment,algorithm-driven decision-making introduces new uncertainties stemming from the"black box"nature of complex algorithms and widening digital divides among different investor groups.Third,in the trading environment,the expansion of trading channels,the rise of high-frequency trading,and the advent of novel trading mechanisms collectively transform market microstructure and competitive dynamics.The paper demonstrates how these new uncertain decision-making

关 键 词：数字金融 行为选择 内生性风险 行为监管 

分 类 号：F832[经济管理—金融学]