普惠金融体系构建进程中的监管目标和监管原则探讨
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摘要
金融监管机构必将成为普惠金融体系构建的重要推动者,为了达成多重监管目标,机构应贯彻市场化、相称性和开放包容等原则。对于按照商业原则进行的金融资源配置活动,机构应尽力避免干预,这是市场化原则的基本要求;相称性原则本质上就是基于风险的监管原则,根据金融服务提供者、金融活动、产品等特定风险进行相应的监管,以保证由监管所带来的成本与所产生的收益相对称;开放包容原则为金融创新提供了监管空间和政策激励。
Financial regulators will become the significant promoter in the process of establishing inclusive financial system. This paper argues that the regulators should insists on three principles, namely, principle of market orientation, principle of proportionality and principle of openness and inclusiveness for fulfilling multitargets of financial regulation. Principle of market orientation sets the guideline for regulators not to intervene on the decisions about financial resources allocation in accordance with business principles by financial institutions.Principle of Proportionality means that the supervisions and regulations are implemented according to the risks of financial providers, financial activities and financial products, and ensures that the regulatory benefit is proportional to the costs incurred by the supervisions and regulations. Principle of openness and inclusiveness offers the regulatory space and incentive for financial innovation.
Financial regulators will become the significant promoter in the process of establishing inclusive financial system. This paper argues that the regulators should insists on three principles, namely, principle of market orientation, principle of proportionality and principle of openness and inclusiveness for fulfilling multitargets of financial regulation. Principle of market orientation sets the guideline for regulators not to intervene on the decisions about financial resources allocation in accordance with business principles by financial institutions.Principle of Proportionality means that the supervisions and regulations are implemented according to the risks of financial providers, financial activities and financial products, and ensures that the regulatory benefit is proportional to the costs incurred by the supervisions and regulations. Principle of openness and inclusiveness offers the regulatory space and incentive for financial innovation.
引文
[1]巴曙松.将小微金融发展作为下一步金融改革的重点[J].西南金融, 2012(06):4-6
[2]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究,2001(01):10-18,53
[3]刘畅,刘冲,马光荣.中小金融机构与中小企业贷款[J].经济研究,2017(08):65-76
[4]苏冬蔚,陈纯纯,许振国,李斌.商业银行社会网络与微型金融可持续发展[J].经济研究,2017(02):140-154
[5]王晓.国际组织对数字普惠金融监管的探索综述[J].上海金融,2016(10):75-77
[6]王修华,何梦,关键.金融包容理论与实践研究进展[J].经济学动态,2014(11):115-129
[7]王英,刘波,黄颂文.构建权责明晰的双层金融监管体系[J].中国金融,2013(20):76-78
[8]Torre, A.D.L.&J.C. Gozzi,&S.L. Schmukler. Innovative Experiences in Access to Finance:Market-Friendly Roles for the Visible Hand?[M]. International Bank for Reconstruction and Development/the World Bank, 2017.
[9]BCBS. Range of Practice in the Regulation and Supervision of Institutions Relevant to Financial Inclusion[R]. Basel Committee on Banking Supervision, 2015.
[10]CGAP. Global Standard-Setting Bodies and Financial Inclusion for the Poor:Toward Proportionate Standards and Guidance[R]. A White Paper Prepared by CGAP on Behalf of the G-20’s Global Partnership for Financial Inclusion,2011.
[11]World Bank. A Guide to Regulation and Supervision of Microfinance-Consensus Guidelines, Microfinance Consensus Guidelines[R].Washington, DC:World Bank, 2012.
[12]CGAP, The Role of Governments in Microfinance[EB/OL], Donor Brief No. 19, 2004.
[13]Ferrand, D. Chapter 19:Building Inclusive Financial Markets, in The New Microfinance Handbook:A Financial Market System Perspective[C]. edited by Ledgerwood, J.&J. Earne&C. Nelson, International Bank for Reconstruction and Development/the World Bank, 2013.
[14]Porteous, D. The Regulator’s Dilemma[R]. FinMark Trust, Johannesburg, 2006.
[15]ESCAP, Financial Regulatory Issues for Financial Inclusion[R]. 2017.
[16]Jenik, I.&K.Lauer, Regulatory Sandboxed and Financial Inclusion[R].CGAO Working Paper, 2017.
[17]Lauer, K.&S. Staschen, Chapter 17:Regulation, in The New Microfinance Handbook:A Financial Market System Perspective[C].edited by Ledgerwood, J.&J. Earne&C. Nelson International Bank for Reconstruction and Development/the World Bank, 2013.
[18]Naoyuki, N.&P. Morgan, Overview of Financial Inclusion, Regulation and Education[R]. ADBI Working Paper Series No.591, 2016.
[19]Staschen, S. Regulatory Impact Assessment in Microfinance:A Theoretical Framework and Its Application to Uganda[D].The London School of Economics and Political Science, 2010.
1林毅夫和李永军(2001)认为大型金融机构天生不适合为中小企业服务,提出了中小金融机构能更好地满足中小企业的融资需求假设,刘畅等(2017)利用2006-2011年全国县级层面大样本数据,证实了林毅夫和李永军(2001)的假设,由此他们认为为了加强金融支持中小企业的发展,需要进一步鼓励中小型金融机构的发展。
2金融稳定学院(Financial Stability Institute-FSI)于2003年首次召集各国监管当局讨论小微金融问题,金融稳定学院成立于1999年,是由国际清算银行和巴塞尔银行监管委员会共同发起设立,其根本目的在于通过国际监管规则的培训、研讨和经验交流,推动国际监管规则的统一实施,促进各国金融体系的稳健运行。2006年FSI和世界银行举行了首次“推动普惠金融体系建设”的国际会议,巴塞尔银行监管委员会较早将普惠金融纳入监管视野,是较早开始探讨相称性原则的国际机构。
3巴塞尔委员会主席、联合国秘书长特使和普惠金融全球合作伙伴组织(GPFI)的资助者于2011年召集国际标准制定机构就普惠金融问题召开了首次高层会议,2012年国际标准制定机构召开了第二次高层会议。
[2]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究,2001(01):10-18,53
[3]刘畅,刘冲,马光荣.中小金融机构与中小企业贷款[J].经济研究,2017(08):65-76
[4]苏冬蔚,陈纯纯,许振国,李斌.商业银行社会网络与微型金融可持续发展[J].经济研究,2017(02):140-154
[5]王晓.国际组织对数字普惠金融监管的探索综述[J].上海金融,2016(10):75-77
[6]王修华,何梦,关键.金融包容理论与实践研究进展[J].经济学动态,2014(11):115-129
[7]王英,刘波,黄颂文.构建权责明晰的双层金融监管体系[J].中国金融,2013(20):76-78
[8]Torre, A.D.L.&J.C. Gozzi,&S.L. Schmukler. Innovative Experiences in Access to Finance:Market-Friendly Roles for the Visible Hand?[M]. International Bank for Reconstruction and Development/the World Bank, 2017.
[9]BCBS. Range of Practice in the Regulation and Supervision of Institutions Relevant to Financial Inclusion[R]. Basel Committee on Banking Supervision, 2015.
[10]CGAP. Global Standard-Setting Bodies and Financial Inclusion for the Poor:Toward Proportionate Standards and Guidance[R]. A White Paper Prepared by CGAP on Behalf of the G-20’s Global Partnership for Financial Inclusion,2011.
[11]World Bank. A Guide to Regulation and Supervision of Microfinance-Consensus Guidelines, Microfinance Consensus Guidelines[R].Washington, DC:World Bank, 2012.
[12]CGAP, The Role of Governments in Microfinance[EB/OL], Donor Brief No. 19, 2004.
[13]Ferrand, D. Chapter 19:Building Inclusive Financial Markets, in The New Microfinance Handbook:A Financial Market System Perspective[C]. edited by Ledgerwood, J.&J. Earne&C. Nelson, International Bank for Reconstruction and Development/the World Bank, 2013.
[14]Porteous, D. The Regulator’s Dilemma[R]. FinMark Trust, Johannesburg, 2006.
[15]ESCAP, Financial Regulatory Issues for Financial Inclusion[R]. 2017.
[16]Jenik, I.&K.Lauer, Regulatory Sandboxed and Financial Inclusion[R].CGAO Working Paper, 2017.
[17]Lauer, K.&S. Staschen, Chapter 17:Regulation, in The New Microfinance Handbook:A Financial Market System Perspective[C].edited by Ledgerwood, J.&J. Earne&C. Nelson International Bank for Reconstruction and Development/the World Bank, 2013.
[18]Naoyuki, N.&P. Morgan, Overview of Financial Inclusion, Regulation and Education[R]. ADBI Working Paper Series No.591, 2016.
[19]Staschen, S. Regulatory Impact Assessment in Microfinance:A Theoretical Framework and Its Application to Uganda[D].The London School of Economics and Political Science, 2010.
1林毅夫和李永军(2001)认为大型金融机构天生不适合为中小企业服务,提出了中小金融机构能更好地满足中小企业的融资需求假设,刘畅等(2017)利用2006-2011年全国县级层面大样本数据,证实了林毅夫和李永军(2001)的假设,由此他们认为为了加强金融支持中小企业的发展,需要进一步鼓励中小型金融机构的发展。
2金融稳定学院(Financial Stability Institute-FSI)于2003年首次召集各国监管当局讨论小微金融问题,金融稳定学院成立于1999年,是由国际清算银行和巴塞尔银行监管委员会共同发起设立,其根本目的在于通过国际监管规则的培训、研讨和经验交流,推动国际监管规则的统一实施,促进各国金融体系的稳健运行。2006年FSI和世界银行举行了首次“推动普惠金融体系建设”的国际会议,巴塞尔银行监管委员会较早将普惠金融纳入监管视野,是较早开始探讨相称性原则的国际机构。
3巴塞尔委员会主席、联合国秘书长特使和普惠金融全球合作伙伴组织(GPFI)的资助者于2011年召集国际标准制定机构就普惠金融问题召开了首次高层会议,2012年国际标准制定机构召开了第二次高层会议。