影子银行监管的法制理念与完善策略——以影子银行监管法制比较研究为依据
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摘要
金融演进的历史就是一部不断创新的历史。影子银行是金融创新的产物,是金融服务发展到一定阶段的成果。脱离公共安全网的影子银行易于引发金融领域的系统性风险,因而包括美国、英国、新加坡在内的许多国家,都通过健全监管法制来努力地确定影子银行的实体和活动,以对其金融活动进行有效监管。本文认为,对影子银行的监管措施应当具有前瞻性和可调整性,既要关注凸显的风险,又要能够根据市场金融形势的变化进行调整。本文参考国际社会影子银行的监管法制经验,建议我国应当树立监管法治化和动态化并重、宏观审慎与微观审慎并重、运营透明性和分离性并重以及金融管制与金融创新并重的理念,并在此基础上完善我国的影子银行监管法律制度。
The history of financial evolution is a history of continuous innovation. Shadow banking is the product of financial innovation and the result of the development of financial services to a certain stage. As the shadow banks that break away from the public safety network are prone to trigger systemic risks in the financial field, many countries, including the United States, the United Kingdom and Singapore, have worked hard to specify the shadow banking entities through sound regulatory and legal systems to effectively supervise their financial activities. This paper holds that regulatory measures should be forward-looking and adjustable, which should not only focus on the highlighted risks, but also be able to adjust according to changes in the market situation. With reference to the legal experience of regulating shadow banks in international society, the paper suggests that our country should set up the concept of equal emphasis on the rule of law and regulation, the concept of equal emphasis on both macro-prudence and micro-prudence, the concept of equal emphasis on operational transparency and separation, and the concept of equal emphasis on financial regulation and financial innovation, thus improving China's shadow banking regulatory legal system.
The history of financial evolution is a history of continuous innovation. Shadow banking is the product of financial innovation and the result of the development of financial services to a certain stage. As the shadow banks that break away from the public safety network are prone to trigger systemic risks in the financial field, many countries, including the United States, the United Kingdom and Singapore, have worked hard to specify the shadow banking entities through sound regulatory and legal systems to effectively supervise their financial activities. This paper holds that regulatory measures should be forward-looking and adjustable, which should not only focus on the highlighted risks, but also be able to adjust according to changes in the market situation. With reference to the legal experience of regulating shadow banks in international society, the paper suggests that our country should set up the concept of equal emphasis on the rule of law and regulation, the concept of equal emphasis on both macro-prudence and micro-prudence, the concept of equal emphasis on operational transparency and separation, and the concept of equal emphasis on financial regulation and financial innovation, thus improving China's shadow banking regulatory legal system.
引文
[1]Cetorelli,N.,S.Peristiani.The Role of Banks in Asset Securitization[J].Federal Reserve Bank of New York Economic Policy Review,2012,18(2).
[2]Stijn.Claessens,Lev Ratnovski.What is shadow banking?[EB/OL].International Monetary Fund(IMF)working paper.http://www.imf.org/external/pubs/ft/wp/2014/wp1425.pdf,2017-11-13.
[3]Acharya,V.,H.Khandwala,T.S.觟ncü.The Growth of a Shadow Banking System in Emerging Markets:Evidence from India[J].forthcoming Journal of International Money and Finance,2013,39.
[4]沈伟.中国的影子银行风险及规制工具选择[J].中国法学,2014,(4).
[5]周莉萍.影子银行体系:自由银行业的回归[M].北京:社会科学文献出版社,2013.
[6]Luo Dan.Shadow Banking and Its Development in China:The Development of the Chinese Financial System and Reform of Chinese Commercial Banks[M].London:The Nottingham China Policy Institute Series.Palgrave Macmillan,2016.
[7]Financial Stability Board.Global Shadow Banking Monitoring Report 2016[EB/OL].http://www.fsb.org/wp-content/uploads/global-shadow-banking-monitoring-report-2016.pdf,2017-12-23.
[8]沈联涛,黄祖顺.影子银行阳光化:中国金融改革的新机遇[M].上海:上海远东出版社,2016.
[9]张承惠.英国金融监管改革的举措及借鉴国务院发展研究中心“我国金融监管架构重构研究”课题[EB/OL].http://www.dss.gov.cn/News_wenzhang.asp?Article ID=390657,2017-12-30.
[10]Christian Hofmann.Shadow bank in sigapore[J].Singapore Journal of Legal Studies,2017,(3).
[11]全先根.金融危机的法治思考[J].新金融,2009,(10).
[12]马翠莲.央行发布《中国区域金融运行报告(2017)》[N].上海金融报,2017-08-08.
[13]李烁,虞力.中国银行业产业结构变动研究———基于利率市场化程度与影子银行规模的思考[J].企业经济,2016,(4).
(1)所谓alphabet soup,是指一堆字母的组合,即在网络时代人们不管愿意不愿意都会碰到许多字母的缩写组合。许多影子银行的投资模式都是以字母缩写组合的形式体现的,如SIV、SPV等。
(2)指令权是指就特定宏观审慎工具作出的决策要求审慎监管局和金融行为监管局予以执行;建议权是指就金融监管行为向审慎监管局和金融行为监管局提出建议,如果其不执行则需要作出解释。
(3)非存款负债的投资期限不超过2年,投资组合的平均期限不超过12个月。
(4)法律与金融的理论认为法律和金融是彼此独立的领域,法律为金融市场建立了游戏规则和保护机制,理论上将影子银行作为金融创新的成果,其根本上是因为将法律作为金融的外部因素。金融的法律理论认为金融市场并不独立于私法规范和公法规制之外,法律是金融市场运行的前提和条件,也是其不稳定的源泉,对金融现象进行法律考察,必须把民商事立法和司法纳入法律的范畴。详见楼建波:《法院判决对中国影子银行业务的间接激励》,《清华法学》2017年第6期,第52-60页。
[2]Stijn.Claessens,Lev Ratnovski.What is shadow banking?[EB/OL].International Monetary Fund(IMF)working paper.http://www.imf.org/external/pubs/ft/wp/2014/wp1425.pdf,2017-11-13.
[3]Acharya,V.,H.Khandwala,T.S.觟ncü.The Growth of a Shadow Banking System in Emerging Markets:Evidence from India[J].forthcoming Journal of International Money and Finance,2013,39.
[4]沈伟.中国的影子银行风险及规制工具选择[J].中国法学,2014,(4).
[5]周莉萍.影子银行体系:自由银行业的回归[M].北京:社会科学文献出版社,2013.
[6]Luo Dan.Shadow Banking and Its Development in China:The Development of the Chinese Financial System and Reform of Chinese Commercial Banks[M].London:The Nottingham China Policy Institute Series.Palgrave Macmillan,2016.
[7]Financial Stability Board.Global Shadow Banking Monitoring Report 2016[EB/OL].http://www.fsb.org/wp-content/uploads/global-shadow-banking-monitoring-report-2016.pdf,2017-12-23.
[8]沈联涛,黄祖顺.影子银行阳光化:中国金融改革的新机遇[M].上海:上海远东出版社,2016.
[9]张承惠.英国金融监管改革的举措及借鉴国务院发展研究中心“我国金融监管架构重构研究”课题[EB/OL].http://www.dss.gov.cn/News_wenzhang.asp?Article ID=390657,2017-12-30.
[10]Christian Hofmann.Shadow bank in sigapore[J].Singapore Journal of Legal Studies,2017,(3).
[11]全先根.金融危机的法治思考[J].新金融,2009,(10).
[12]马翠莲.央行发布《中国区域金融运行报告(2017)》[N].上海金融报,2017-08-08.
[13]李烁,虞力.中国银行业产业结构变动研究———基于利率市场化程度与影子银行规模的思考[J].企业经济,2016,(4).
(1)所谓alphabet soup,是指一堆字母的组合,即在网络时代人们不管愿意不愿意都会碰到许多字母的缩写组合。许多影子银行的投资模式都是以字母缩写组合的形式体现的,如SIV、SPV等。
(2)指令权是指就特定宏观审慎工具作出的决策要求审慎监管局和金融行为监管局予以执行;建议权是指就金融监管行为向审慎监管局和金融行为监管局提出建议,如果其不执行则需要作出解释。
(3)非存款负债的投资期限不超过2年,投资组合的平均期限不超过12个月。
(4)法律与金融的理论认为法律和金融是彼此独立的领域,法律为金融市场建立了游戏规则和保护机制,理论上将影子银行作为金融创新的成果,其根本上是因为将法律作为金融的外部因素。金融的法律理论认为金融市场并不独立于私法规范和公法规制之外,法律是金融市场运行的前提和条件,也是其不稳定的源泉,对金融现象进行法律考察,必须把民商事立法和司法纳入法律的范畴。详见楼建波:《法院判决对中国影子银行业务的间接激励》,《清华法学》2017年第6期,第52-60页。