后危机时代的金融监管变革之道
|
摘要
本文以金融监管模式为研究对象,结合金融业发展的方向,比较各国金融监管模式的现状,反思次贷危机中的监管问题,从而找到金融监管改革的趋势和进路,以期为我国金融监管模式的变革提供法学的观点和论据。本文试图证明的是:一者,金融混业经营的发展让许多国家本着提高监管效率,降低监管成本的理念,把以往由多个金融监管机构行使的监管权集中起来,以应对混业经营带来的风险,这已是大势所趋;二者,应对混业经营采用的监管模式有多种,机构的整合集中、功能的整合集中、目标的整合集中,因此从监管模式的外观上,各个国家的监管制度不尽相同,但是总可以提炼出一些共性的内容,那就是各国面临的监管目标基本一致;三者,次贷危机是绝好的检验各国监管模式完备性的试金石,我们看到一些国家出现了严重监管重叠和监管缺失问题,而一些国家则表现相对良好,这说明监管模式存在一定的优劣差异;四者,中国的监管模式根植于国内的金融环境,域外的视角提供了经验和教训,需要加上本土的智慧来消化和吸收。改革可以大胆提出,但怎么改需要小心论证。本文认为,中国金融监管模式可以参考澳大利亚的双峰监管模式,改革可以分层级分步骤的渐进式推进,从立法层面开始,先统一监管法律,再推进监管机构的整合。
Since the seventies of last century, the financial liberalization theory of the financial sector was spawned the Neo-liberalism, deregulation has become the main keynote of financial regulation. But 40 years have passed by, de-regulation not only failed to play down the financial regulation, but more countries pay more attention to this economic intervention.
In most countries, the financial industry has undergone some major changes, Financial freedom and deregulation have given great impetus to financial innovation. A variety of financial intermediaries can provide a wealth of financial products and services, traditional banking, securities and insurance, mutual penetration between three ones, the line becomes increasingly blurred between the business in Banking, securities and insurance and financial products .The financial conglomerate has been too big to fail, the financial crisis will come at any time, the level of financial regulation force the trepidation arises spontaneously. In the process of financial globalization, How to control the regulation of the financial industry, not only the scale, carefully grasp of financial risks, in order to achieve financial stability, but also to provide better financial services and protect consumer interests, in order to achieve the financial industry interests. This has not only set out to stay in the past piles of regulatory standards and review of tools at the operational level issues, but developed into a philosophical proposition in global financial system and financial institution in each country.
The reform of financial supervision model include two-tier content, one tier is the transform of supervision model from regulation by sector to consolidated regulatory approach. The essence of the transform is the business that been regulated, not the regulation structure. The transform contains two parts, the first one is to turn financial institutions supervision to functional regulation, From the perspective of supervision of financial institutions on the same monitor to different financial institutions to monitor the same business. The second one is to turn functional regulation to Regulation by objective, regulatory perspective from the same business at the operational level of regulation to supervision on the business results, and pay more attention to macro-systemic risk and financial service quality. The other tier is that the financial worldwide regulators have developed the regulatory rules from the regulatory system towards a unified trend. Custody of the financial originally under the sovereignty of a country's administrative functions, but in the process of financial globalization, financial industry, not only cross-mixed operation, while cross-border mixed operation, which gives a country its own monitoring financial risk increases the difficulty of increasing the regulatory costs. This change also at the national level, states generate a demand for regulatory cooperation, States in the regulation of the financial industry, a similar pattern and rules or uniform type of convergence of circumstances gradually appears.
As these changes occur, the financial industry to control the power of the executive alone may not be safe, the market self-regulation, litigation similarly constrained financial risk in a positive manner. However, in this paper what we concern about is the modern financial supervision should be concerned, those related to the lifeline of the core financial system, Such as systemic risk, market behavior and other aspects of crisis response, and these core issues by market discipline and judicial remedies to solve is not the reality. Therefore, how to reform regulatory regimes to enhance regulatory efficiency and reduce regulatory costs, both to ensure effective supervision of financial resources without over-consuming, is one of the objectives of this research. As a response to financial market realities, Europe countries, the United States and some developed countries in East Asia began to explore patterns on the reform of financial supervision since the end of the century, and also have passed a major stability to protect the financial system, made comprehensive regulation of financial markets regulation legislation. In this paper, in the background of the financial crisis, based on the integrated financial regulatory analysis and reform of national regulatory approach, using comprehensive comparative analysis, historical analysis, empirical analysis and economic analysis of law approach, Sum up the experience regulatory reform, found that implementation of the regulatory problems encountered in the integration process, analyze the advantages and disadvantages, as our existing financial regulatory reform to provide useful reference. Meanwhile, rethinking pattern of China's financial regulatory problems, find out a set of regulatory reforms for the future operable ideas and models.
Chapter 1 is the basic study on the theory of financial regulation and supervision practice patterns, which is the foundation and logical starting point in this paper. In order to improve the effectiveness of supervision, more and more countries began to adopt consolidated supervisory mode, or through the establishment of responsibilities cover all areas of unified financial regulatory agencies, or merger of the two major regulatory bodies, such as progressively unified the banks and securities. Represented by the United States, some countries, while maintaining traditional institutions at all levels of the same regulatory premise, make appropriate adjustments to the regulatory approach. In respect of the huge and complex financial institutions, while providing them with financial services beyond national boundaries to address changes in the financial sector and development, the measures adopted to strengthen supervision of international regulatory bodies also give positive attention to financial regulation. Some international organizations have try to make a resolution to too big to fail of the financial conglomerate, There are two basic approaches to consolidation. The first and simpler approach is to combine two or more sectors of the financial services industry under a consolidated regulatory body, such as the British Financial Services Authority. Alternatively, existing agencies can be reconstituted into new and specialized organizational units designed to advance specific regulatory objectives, like ensuring the fairness and transparency of interactions between financial firms and their customers (sometimes called market conduct) or safeguarding the safety and soundness of financial institutions (often denominated prudential supervision). This second approach is often labeled a“twin-peak”or“multi-peaked”model, depending on how many different regulatory objectives are specified and assigned to separate agencies.
Chapter 2 is the study on financial regulation mode which based on the background of the financial crisis. This crisis originated in the U.S., so this section focuses on the U.S. financial regulatory system. Relaxed the rule of law and lack of regulation create this crisis and cause the spread in the whole world. The traditional umbrella regulatory mode was the main reason to the supervision fail. The U.S. financial regulatory mode has been severely criticized after this crisis. The failure of U.S. financial regulators from the U.S. financial regulatory reform over the years has always lagged behind the development of the financial industry, the existing regulators are not keen to grasp the trend of regulatory reform. Although the aim of the old regulatory approach is enhance the existing regulation sectors overseeing competition and reduce the erode possibility, however, this arrangement has caused the power competition between the regulators. The existing system such as Executive compensation, the mystery for the limited liability protective of too big to fail for financial conglomerate, force the bankers Pursuit for interests without care for investors. In thought of the crises, the U.S. began the financial regulatory reform, integration of existing regulatory bodies, establish the objective-based regulatory approach, concerned about the macro-systemic risk, non-bank financial institutions and prudential regulation to protect the financial interests of consumers, and become the reform of financial supervision direction. Although these proposals have not yet finally adopted, but the experience of reform from the United States, we can still get some useful lessons.
Chapter 3 is the study based on model of objective-based regulation. With the good performance of Australian regulators in the financial crisis, and the United States in the crisis made reference to the Australian regulatory model with the reconstruction of the country's financial reform program, more and more countries concerned about the Twin-Peaks model. From the financial crisis lessons learned point of view, the power of a single regulatory great, have sufficient permissions to deal day to day supervision. But the failure is the lack of communication between regulatory sectors. Objective-based regulation are not limited to specific regulatory rules, from the entire financial system to begin to realize the risk of full coverage, while the regulatory framework accompanied by two peaks, out of sub-sector regulation and supervision of mixed business debate, there was no overlap because the regulatory objectives The duplication of monitoring the situation. Therefore, the Twin-Peaks model is the article for future reference for the Reform of financial supervision goals. The world model using mainly bimodal regulation in Australia and the Netherlands, this part of the blueprint of the Australian regulatory practice, investigation of their mode of construction and the specific effectiveness of supervision. Therefore, this article aims to draw such a regulatory approach, demonstrate how to begin the regulatory reform in theory on the basis of current regulatory practice.
Chapter 4 is a reflection of China's financial supervision mode and study on the future of financial supervision and mode selection. As a transitional period of the country, our economic restructuring and regulation in transition there are still big problems left by history, one of which is executive-led government in the financial regulatory approach holds an important position, while the lack of other regulatory means and methods. This paper argues that the specific mode of China's financial regulators can learn from Australian Twin-Peaks model, from a practical point of view, a consolidated regulatory body, such as the United Kingdom, Japan, this regulatory approach is not suitable for China's national conditions. The reform of financial regulation can be divided into two steps, in the short term through the strengthening of coordination among regulators to deal with mixed operation of financial institutions supervision, in the medium and long term financial legal system to achieve consolidated regulatory approach and integration of regulatory agencies.
Since the seventies of last century, the financial liberalization theory of the financial sector was spawned the Neo-liberalism, deregulation has become the main keynote of financial regulation. But 40 years have passed by, de-regulation not only failed to play down the financial regulation, but more countries pay more attention to this economic intervention.
In most countries, the financial industry has undergone some major changes, Financial freedom and deregulation have given great impetus to financial innovation. A variety of financial intermediaries can provide a wealth of financial products and services, traditional banking, securities and insurance, mutual penetration between three ones, the line becomes increasingly blurred between the business in Banking, securities and insurance and financial products .The financial conglomerate has been too big to fail, the financial crisis will come at any time, the level of financial regulation force the trepidation arises spontaneously. In the process of financial globalization, How to control the regulation of the financial industry, not only the scale, carefully grasp of financial risks, in order to achieve financial stability, but also to provide better financial services and protect consumer interests, in order to achieve the financial industry interests. This has not only set out to stay in the past piles of regulatory standards and review of tools at the operational level issues, but developed into a philosophical proposition in global financial system and financial institution in each country.
The reform of financial supervision model include two-tier content, one tier is the transform of supervision model from regulation by sector to consolidated regulatory approach. The essence of the transform is the business that been regulated, not the regulation structure. The transform contains two parts, the first one is to turn financial institutions supervision to functional regulation, From the perspective of supervision of financial institutions on the same monitor to different financial institutions to monitor the same business. The second one is to turn functional regulation to Regulation by objective, regulatory perspective from the same business at the operational level of regulation to supervision on the business results, and pay more attention to macro-systemic risk and financial service quality. The other tier is that the financial worldwide regulators have developed the regulatory rules from the regulatory system towards a unified trend. Custody of the financial originally under the sovereignty of a country's administrative functions, but in the process of financial globalization, financial industry, not only cross-mixed operation, while cross-border mixed operation, which gives a country its own monitoring financial risk increases the difficulty of increasing the regulatory costs. This change also at the national level, states generate a demand for regulatory cooperation, States in the regulation of the financial industry, a similar pattern and rules or uniform type of convergence of circumstances gradually appears.
As these changes occur, the financial industry to control the power of the executive alone may not be safe, the market self-regulation, litigation similarly constrained financial risk in a positive manner. However, in this paper what we concern about is the modern financial supervision should be concerned, those related to the lifeline of the core financial system, Such as systemic risk, market behavior and other aspects of crisis response, and these core issues by market discipline and judicial remedies to solve is not the reality. Therefore, how to reform regulatory regimes to enhance regulatory efficiency and reduce regulatory costs, both to ensure effective supervision of financial resources without over-consuming, is one of the objectives of this research. As a response to financial market realities, Europe countries, the United States and some developed countries in East Asia began to explore patterns on the reform of financial supervision since the end of the century, and also have passed a major stability to protect the financial system, made comprehensive regulation of financial markets regulation legislation. In this paper, in the background of the financial crisis, based on the integrated financial regulatory analysis and reform of national regulatory approach, using comprehensive comparative analysis, historical analysis, empirical analysis and economic analysis of law approach, Sum up the experience regulatory reform, found that implementation of the regulatory problems encountered in the integration process, analyze the advantages and disadvantages, as our existing financial regulatory reform to provide useful reference. Meanwhile, rethinking pattern of China's financial regulatory problems, find out a set of regulatory reforms for the future operable ideas and models.
Chapter 1 is the basic study on the theory of financial regulation and supervision practice patterns, which is the foundation and logical starting point in this paper. In order to improve the effectiveness of supervision, more and more countries began to adopt consolidated supervisory mode, or through the establishment of responsibilities cover all areas of unified financial regulatory agencies, or merger of the two major regulatory bodies, such as progressively unified the banks and securities. Represented by the United States, some countries, while maintaining traditional institutions at all levels of the same regulatory premise, make appropriate adjustments to the regulatory approach. In respect of the huge and complex financial institutions, while providing them with financial services beyond national boundaries to address changes in the financial sector and development, the measures adopted to strengthen supervision of international regulatory bodies also give positive attention to financial regulation. Some international organizations have try to make a resolution to too big to fail of the financial conglomerate, There are two basic approaches to consolidation. The first and simpler approach is to combine two or more sectors of the financial services industry under a consolidated regulatory body, such as the British Financial Services Authority. Alternatively, existing agencies can be reconstituted into new and specialized organizational units designed to advance specific regulatory objectives, like ensuring the fairness and transparency of interactions between financial firms and their customers (sometimes called market conduct) or safeguarding the safety and soundness of financial institutions (often denominated prudential supervision). This second approach is often labeled a“twin-peak”or“multi-peaked”model, depending on how many different regulatory objectives are specified and assigned to separate agencies.
Chapter 2 is the study on financial regulation mode which based on the background of the financial crisis. This crisis originated in the U.S., so this section focuses on the U.S. financial regulatory system. Relaxed the rule of law and lack of regulation create this crisis and cause the spread in the whole world. The traditional umbrella regulatory mode was the main reason to the supervision fail. The U.S. financial regulatory mode has been severely criticized after this crisis. The failure of U.S. financial regulators from the U.S. financial regulatory reform over the years has always lagged behind the development of the financial industry, the existing regulators are not keen to grasp the trend of regulatory reform. Although the aim of the old regulatory approach is enhance the existing regulation sectors overseeing competition and reduce the erode possibility, however, this arrangement has caused the power competition between the regulators. The existing system such as Executive compensation, the mystery for the limited liability protective of too big to fail for financial conglomerate, force the bankers Pursuit for interests without care for investors. In thought of the crises, the U.S. began the financial regulatory reform, integration of existing regulatory bodies, establish the objective-based regulatory approach, concerned about the macro-systemic risk, non-bank financial institutions and prudential regulation to protect the financial interests of consumers, and become the reform of financial supervision direction. Although these proposals have not yet finally adopted, but the experience of reform from the United States, we can still get some useful lessons.
Chapter 3 is the study based on model of objective-based regulation. With the good performance of Australian regulators in the financial crisis, and the United States in the crisis made reference to the Australian regulatory model with the reconstruction of the country's financial reform program, more and more countries concerned about the Twin-Peaks model. From the financial crisis lessons learned point of view, the power of a single regulatory great, have sufficient permissions to deal day to day supervision. But the failure is the lack of communication between regulatory sectors. Objective-based regulation are not limited to specific regulatory rules, from the entire financial system to begin to realize the risk of full coverage, while the regulatory framework accompanied by two peaks, out of sub-sector regulation and supervision of mixed business debate, there was no overlap because the regulatory objectives The duplication of monitoring the situation. Therefore, the Twin-Peaks model is the article for future reference for the Reform of financial supervision goals. The world model using mainly bimodal regulation in Australia and the Netherlands, this part of the blueprint of the Australian regulatory practice, investigation of their mode of construction and the specific effectiveness of supervision. Therefore, this article aims to draw such a regulatory approach, demonstrate how to begin the regulatory reform in theory on the basis of current regulatory practice.
Chapter 4 is a reflection of China's financial supervision mode and study on the future of financial supervision and mode selection. As a transitional period of the country, our economic restructuring and regulation in transition there are still big problems left by history, one of which is executive-led government in the financial regulatory approach holds an important position, while the lack of other regulatory means and methods. This paper argues that the specific mode of China's financial regulators can learn from Australian Twin-Peaks model, from a practical point of view, a consolidated regulatory body, such as the United Kingdom, Japan, this regulatory approach is not suitable for China's national conditions. The reform of financial regulation can be divided into two steps, in the short term through the strengthening of coordination among regulators to deal with mixed operation of financial institutions supervision, in the medium and long term financial legal system to achieve consolidated regulatory approach and integration of regulatory agencies.
引文
[1]吴敬琏.呼唤法制的市场经济[M].上海:生活、读书、新知三联书店,2007.
[2]吴敬琏.改革:我们正在过大关[M].上海:生活、读书、新知三联书店,2001.
[3]厉以宁.资本主义的起源:比较经济史研究[M].北京:商务印书馆,2003.
[4]厉以宁.经济学理论问题[M].上海:生活、读书、新知三联书店,1999.
[5]张维迎.信息、信任与法律[M].上海:生活、读书、新知三联书店,2006.
[6]张维迎.产权、激励与公司治理[M].北京:经济科学出版社,2005.
[7]周其仁.产权与制度变迁:中国改革的经验研究[M].北京:北京大学出版社,2004.
[8]梁定邦.中国资本市场前瞻[M].北京:北京大学出版社,2001.
[9]吴志攀.金融法的“四色定理”[M].北京:法律出版社,2003.
[10]王保树.商法总论[M].北京:清华大学出版社,2007.
[11]王保树.商法的改革与变动的经济法[M].北京:法律出版社,2004.
[12]滨田道代,吴志攀.公司治理与资本市场监管:比较与借鉴[M].北京:北京大学出版社,2003.
[13]吴志攀,白建军.金融法路径[M].北京:北京大学出版社,2004.
[14]郭峰.中国资本市场若干重大法律问题研究[M].北京:法律出版社,2008.
[15]郭峰.证券法律评论(第四卷)[M].北京:法律出版社,2005.
[16]郭峰.虚假陈述证券侵权赔偿[M].北京:法律出版社,2003.
[17]傅穹.重思公司资本制原理[M].北京:法律出版社,2004.
[18]刘俊海.中国资本市场法治评论(第一、二卷)[M].北京:法律出版社,2009.
[19]沈四宝,丁丁.公司法与证券法论丛(第一、二卷)[M].北京:对外经济贸易大学出版社,2006.
[20]顾功耘.金融衍生工具的法律规制[M].北京:北京大学出版社,2007.
[21]游劝荣.金融法比较研究[M].北京:人民法院出版社,2008.
[22]赵万一.证券交易中的民事责任制度研究[M].北京:法律出版社,2008.
[23]谢平.突围2009:中国金融四十人纵论金融危机[M].北京:中国经济出版社,2009.
[24]谢平.金融控股公司的发展与监管[M].北京:中信出版社,2004.
[25]谢伏瞻.金融监管与金融改革[M].北京:中国发展出版社,2002.
[26]曹凤岐,贾春新.金融市场与金融机构[M].北京:北京大学出版社,2002.
[27]曹凤岐.经济发展与资本市场管理[M].北京:北京大学出版社,2003.
[28]罗培新.公司法的合同解释[M].北京:北京大学出版社,2004.
[29]罗培新.公司法的法律经济学研究[M].北京:北京大学出版社,2008.
[30]郭雳.中国银行业创新与发展的法律思考[M].北京:北京大学出版社,2006.
[31]郭雳.美国证券私募发行法律问题研究[M].北京:北京大学出版社,2004.
[32]于绪刚.交易所非互助化及其对自律的影响[M].北京:北京大学出版社,2001.
[33]彭冰.资产证券化的法律解释[M].北京:北京大学出版社,2001.
[34]中国证监会.中国证券监督管理委员会年报(2007)[M].北京:中国财政经济出版社,2008.
[35]中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008.
[36]梁上上.论股东表决权——以公司控制权争夺为中心展开[M].北京:法律出版社,2005.
[37]朱伟一.美国证券法判例解析[M].北京:中国法制出版社,2006.
[38]朱伟一.一剑霜寒?证券法的两种实践[M].北京:中国法制出版社,2003.
[39]赖英照.股市游戏规则:最新证券交易法解析[M].北京:中国政法大学出版社,2006.
[40]王文宇.新金融法[M].北京:中国政法大学出版社,2003.
[41]王文宇.控股公司与金融控股公司法[M].北京:中国政法大学出版社,2003.
[42]王文宇.公司法论[M].北京:中国政法大学出版社,2004.
[43]廖大颖.证券市场与股份制度论[M].北京:中国政法大学出版社,2002.
[44]王红一.银行公司治理研究——中国国有银行改革的法律路径[M].北京:法律出版社,2008.
[45]邵东亚.金融业的分与合:金融演进与中国实践[M].北京:北京大学出版社,2003.
[46]黄毅.银行监管法律研究[M].北京:法律出版社,2009.
[47]张忠军.金融业务融合与监管制度创新[M].北京:北京大学出版社,2007.
[48]曾筱清.金融全球化与金融监管立法研究[M].北京:北京大学出版社,2005.
[49]周子衡.金融管制的确立及其变革[M].上海:上海三联书店,2005.
[50]李东方.证券监管法律制度研究[M].北京:北京大学出版社,2002.
[51]陈岱松.证券上市监管——法律制度国际比较研究[M].北京:法律出版社,2009.
[52]马其家.美国证券法案例选评[M].北京:对外经济贸易大学出版社,2007.
[53]于莹.证券法中的民事责任[M].北京:中国法制出版社,2004.
[54]刘俊,金震华.2008年次贷萧条应对与中国金融法制变革[M].北京:法律出版社,2009.
[55]杨峰.证券民事责任制度比较研究[M].北京:法律出版社,2006.
[56]金泽刚.证券市场监管与司法介入[M].济南:山东人民出版社,2004.
[57]宋晓燕.证券法律制度的经济分析[M].北京:法律出版社,2009.
[58]黎四奇.金融监管法律问题研究[M].北京:法律出版社,2007.
[59]黎四奇.金融企业集团法律监管研究[M].武汉:武汉大学出版社,2005.
[60]杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004.
[61]凌涛,张红梅.金融控股公司监管模式国际比较研究[M].上海:上海三联书店,2008.
[62]胡启忠,高晋康.金融领域法律规制新视域[M].北京:法律出版社,2008.
[63]卢劲松.金融法热点问题研究[M].北京:知识产权出版社,2008.
[64]王林清.证券法理论与司法适用[M].北京:法律出版社,2008.
[65]洪艳蓉.资产证券化法律问题研究[M].北京:北京大学出版社,2004.
[66]郑顺炎.证券内幕交易规制的本土化研究[M].北京:北京大学出版社,2002.
[67]杨亮.内幕交易论[M].北京:北京大学出版社,2001.
[68]井涛.内幕交易规制论[M].北京:北京大学出版社,2007.
[69]彭金隆.金融控股公司:法治监理与经营策略[M].北京:中国人民大学出版社,2005.
[70]史纪良.银行监管比较研究[M].北京:中国金融出版社,2005.
[71]江曙霞.银行监督管理与资本充足性管制[M].北京:中国发展出版社,1994.
[72]周道许.现代金融监管体制研究[M].北京:中国金融出版社,2000.
[73]张春子.金融控股集团的组建与运营[M].北京:机械工业出版社,2005.
[74]贺小勇.金融全球化趋势下金融监管法律问题[M].北京:法律出版社,2002.
[75]齐斌.证券市场信息披露法律监管[M].北京:法律出版社,2000.
[76]夏斌,等.金融控股公司研究[M].北京:中国金融出版社,2001.
[77]叶辅靖.全能银行比较研究[M].北京:中国金融出版社2001.
[78]薛林.权证风险控制与监管法律问题研究[M].北京:法律出版社,2008.
[79]任自力.证券集团诉讼:国际经验与中国道路[M].北京:法律出版社,2008.
[80]范愉.集团诉讼问题研究[M].北京:北京大学出版社,2005.
[81]王京,滕必焱.证券法比较研究[M].北京:中国人民公安大学出版社,2004.
[1]温家宝.全面深化金融改革促进金融业持续健康安全发展[J].求是,2007(5).
[2]吴志攀.华尔街金融危机中的法律问题[J].法学,2008(12).
[3]吴志攀.金融法制十年[J].中国金融,2005(13).
[4]方流芳.独立董事在中国:假定与现实[J].政法论坛,2008(5).
[5]方流芳.从法律视角看中国事业单位改革——事业单位“法人化”批判[J].比较法研究,2007(3).
[6]方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007(1).
[7]王保树.金融法二元规范结构的协调与发展趋势——完善金融法体系的一个视点[J].广东社会科学,2009(1).
[8]傅穹,于永宁.金融监管的变局与路径:以金融危机为背景的法律观察[J].社会科学研究,2009(6).
[9]傅穹,于永宁.高管薪酬的法律迷思[J].载《法律科学》(西北政法大学学报),2009(6).
[10]郭峰,等.中国应建立统一的大金融监管体制——-中国证券法学研究会代表团访日考察报告[N].中国证券报,2009-04-21.
[11]罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3).
[12]罗培新.政治、法律与现实之逻辑断裂——美国金融风暴之反思[J].华东政法大学学报,2009
[13]罗培新.科学化与非政治化:美国公司治理规则研究述评——以对《萨班尼斯-奥克斯莱法案》的反思为视角[J].中国社会科学,2008(6).
[14]巴曙松.次贷危机中的中国宏观金融政策选择[J].武汉金融,2009(1).
[15]彭冰.证券交易所监管功能研究——从企业组织的视角[J].中国法学,2005.
[16]董炯,彭冰.公法视野下的中国证券管制体制的演进[G]//罗豪才.行政法论丛.北京:法律出版社,2002(5).
[17]吴晓灵.金融混业经营和监管现实[G]//吴敬琏.比较.北京:中信出版社,2004(11).
[18]廖凡.竞争、冲突与协调——金融混业经营监管模式的选择[J].北京大学学报(哲学社会科学版),2008(3).
[19]张宪初.近期西方证券监管理念论争及对中国的一些启示[G]//刘俊海.中国资本市场法制评论.北京:法律出版社,2008.
[20]王文宇.论金融机构跨业经营模式——以台湾金控公司法制为例[G] //刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009.
[21]周小川.危机后全球经济的调整和政策应对[G]//吴敬琏.比较.北京:中信出版社,2009.
[22]杨东.论金融法制的横向规制趋势[J].法学家,2009(2).
[23]黄辉.金融监管现代化:英美法系的经验与教训[J].广东社会科学,2009(1).
[24]黄辉.金融监管体制改革:国际比较与分析[G]//王保树.商事法论集.北京:法律出版社,2006(6).
[25]黄辉.《巴塞尔协议》的演变:银行监管的新问题与新对策[J].环球法律评论,2006(1).
[26]黄辉.大型金融和市场机构中的中国墙制度——英美法系的经验与教训[J].清华法学,2007(1).
[27]韩龙.规制与监管:美国金融改革方案对金融法品行的再证明——解读美国金融改革方案之法学理念与基础[J].河北法学,2009(11).
[28]韩良.金融衍生品交易市场的制度设计和监管[J].政法论坛,2008(4).
[29]朱伟一.高管薪酬问题的美国经验[J].决策探索,2009(5).
[30]李金泽,梅明华.美国政府应对金融危机的监管改革方案及其启示[J].河北法学,2009(11).
[31]彭冰.商业银行的定义[J].北京大学学报(哲社版),2007(1).
[32]宋晓燕.论美国金融消费者保护的联邦化及其改革[J].河北法学,2009(11).
[33]刘轶.金融监管模式的新发展及其启示——从规则到原则[J].法商研究,2009(2).
[34]叶林,郭丹.中国证券法的未来方向——关于金融消费者的法律保护问题[J].河北学刊,2008(6).
[35]周友苏,廖笑非.金融危机背景下中国金融监管模式的选择与完善[J].清华法学,2009(2).
[36]孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2).
[37]白万钢.从AIG派红事件谈高管薪酬管理[J].董事会,2009(3).
[38]汤欣.私人诉讼与证券执法[J].清华法学,2007(3).
[39]洪艳蓉.美国证券交易委员会行政执法机制研究:“独立”、“高效”与“负责”[J].比较法研究,2009(1).
[40]李建伟.马明哲天价年薪事件的法律命题:公司高管薪酬市场与法律的有限干预[G]//刘俊海.中国资本市场法制评论,北京:法律出版社,2008.
[41]黄明.全球金融危机的启示与应对[G]//吴敬琏.比较.北京:中信出版社,2008(39).
[42]焦津洪.德国稳定金融市场的立法及启示[G]//吴敬琏.比较.北京:中信出版社,2008(39).
[43]廖珉.全球金融监管热点问题与思考[G]//吴敬琏.比较.北京:中信出版社,2008(37).
[44]中国银行伦敦分行.现代金融混业监管的最新模式——英国的金融监管实行重大改革[J].国际金融研究,2002(1).
[45]李文泓.国际金融监管理念与监管方式的转变及其对我国的启示[J].国际金融研究,2001(6).
[46]宋海鹰.《金融服务与市场法》对英国金融监管的变革[J].环球金融,2001(5).
[47]许多奇.从“分业”到“混业”:日本金融业的法律转变及其借鉴[J].法学评论,2003(4).
[48]沈联涛.这场危机的本质[J].财经,2008(26).
[49]齐美东.关于中国金融监管大部制的构想[C].中国管理学2008年会论文集.
[50]李若谷.当前应重视对金融控股公司立法问题的研究[J].经济导刊,2004(9).
[51]谢平.金融控股公司的风险、监管与前景[J].经济导刊,2003(10).
[52]夏斌,等.以金融创新推动金融业发展[G]//吴敬琏.比较.北京:中信出版社,2005(17).
[53]许成钢.解释金融危机的新框架和中国的应对建议[G]//吴敬琏.比较.北京:中信出版社,2008.
[54]李建伟.金融控股公司的法律规制:台湾地区样本分析[J].求索,2005(12).
[55]张红梅.美英金融控股公司监管比较及对我国的启示[J].中国金融,2008(7).
[56]田田.中国金融控股公司立法体例选择的探讨[J].法学论坛,2004(4).
[57]王一萱,王晓津.日本《金融商品交易法》实施后的证券市场——野村综合研究所大崎贞和讲座观点综述[J].深交所,2009(4).
[58]庄玉友.日本金融商品交易法述评[J].证券市场导报,2008(5).
[59]顾功耘.金融衍生工具与法律规制的创新[J].法学,2006(3).
[60]葛敏,郑人玮.金融衍生品市场统一监管法律制度的构建[J].环球法律评论,2005(6).
[61]葛敏,席月民.我国金融衍生品市场统一监管模式选择[J].法学杂志,2005(2).
[62]姜立文,刘长才.美国金融衍生品的异化与监管[J].河南金融管理干部学院学报,2009(1).
[63]于永宁.澳大利亚金融监管法律述评及其借鉴[J].法制与社会,2010(2).
[64]李文龙.美国金融监管改革述评[J].银行家,2008(9).
[65]赵静梅.美国金融监管结构的转型及对我国的启示[J].国际金融研究,2007(12).
[66]陈雨露,马勇.金融业组织形式变迁与金融监管体系选择:全球视角与比较分析[J].货币金融评论,2008(6).
[67]周卫江.美国金融监管改革计划的原因分析及其影响[J].财经理论与实践,2008(6).
[68]毛玲玲.麦道夫欺诈案对完善金融监管制度的启示[J].南方金融,2009(3).
[69]李晗.法经济学视野下的金融监管法正义性分析[J].法制与社会发展,2006(5).
[70]孙工声.进一步完善金融监管协调机制[J].中国金融,2009(6).
[71]彭虹.综合金融监管更优越辨析——以各国金融综合监管评述为视角[J].现代经济探讨,2009(1).
[72]贺红兵.金融监管协调机制或建立:银证保“三会合并”一场虚惊[N].华夏时报,2007-12-31(2).
[73]刘燕.股票期权激励的约束路径:法律与会计的互动-伊利股权激励事件的启示[C] //中国法学会证券法协会.第一届会议论文集论文.北京:[出版者不详],2009.
[74]项卫星,王刚,李宏瑾.金融全球化:目标、途径以及发展中国家的政策选择[J].国际金融研究.2003(2).
[75]项卫星,李宏谨.当前各国金融监管体制安排及其变革[J].世界经济,2004(9).
[76]李骏罡,朱晓琳.欧盟各成员国金融监管一体化趋势分析[J].南方金融,2008(2).
[77]蓝庆新,金刚杰.韩国金融监管体制改革及对我国的启示[J].上海金融,2003(2).
[1]王立.我国金融监管模式研究[D].北京:对外经济贸易大学,2007.
[2]魏倩.中国金融管制的历史变革[D].上海:复旦大学,2007.
[3]吴焰.转型期的中国金融监管[D].北京:中国社会科学院研究生院,2002.
[4]臧慧萍.美国金融监管制度的历史演进[D].长春:吉林大学,2007.
[5]纪琼骁.中国金融监管制度的变迁[D].武汉:武汉大学,2005.
[6]王忠生.我国金融监管制度变迁研究[D].长沙:湖南大学,2008.
[7]许水源.金融控股公司之监察制度[D].北京:中国政法大学,2006.
[8]姜立文.金融控股公司法律问题研究[D].上海:华东政法学院,2005.
[9]刘东平.金融控股公司法律制度研究[D].重庆:西南政法大学,2006.
[10]杜启尧.中国金融控股公司立法研究[D].北京:中国政法大学,2004.
[11]王旸.衍生金融工具法律问题研究[D].北京:中国政法大学,2006.
[12]熊玉莲.金融衍生工具法律监管问题研究[D].上海:华东政法学院,2006.
[13]阙波.国际金融衍生产品法律制度研究[D].上海:华东政法学院,2000.
[14]曹毅.金融控股公司的整合研究[D].上海:复旦大学,2005.
[15]田光伟.金融监管中的市场约束研究[D].北京:中央民族大学,2005.
[16]段银弟.中国金融制度变迁的路径分析[D].武汉:华中科技大学,2004.
[17]郭纹延.转轨时期中国金融监管体制变迁与金融效率研究[D].西安:西北大学,2006.
[18]王石.中国金融衍生品研究与中国期货市场实践[D].长春:吉林大学,2006.
[19]郑君豪.金融混业与金融监管[D].苏州:苏州大学,2006.
[20]李晗.论我国金融控股公司风险防范法律制度[D].长沙:湖南大学,2007.
[21]房震.金融集团:制度创新与监管研究[D].上海:上海社会科学院,2006.
[22]张亚博.金融控股公司发展论[D].北京:中共中央党校,2008.
[23]盖艳梅.金融控股公司模式论[D].北京:中共中央党校,2005.
[24]王青锋.中国金融业综合经营模式研究[D].杨凌:西北农林科技大学,2006.
[25]满海红.金融监管理论研究[D].沈阳:辽宁大学,2008.
[1] [英]霍华德·戴维斯,大卫·格林.全球金融监管[M].中国银行监督管理委员会国际部,译.北京:中国金融出版社,2009.
[2] [美]蒂尔曼.金融进化论[M].刘寅龙,译.北京:机械工业出版社,2009.
[3] [美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009.
[4] [美]保罗·克鲁格曼.克鲁格曼的预言-美国经济迷失的背后[M].张碧琼,译.北京:机械工业出版社,2008.
[5] [美]保罗·克鲁格曼.美国怎么了?一个自由主义者的良知[M].刘波,译.北京:中信出版社,2008.
[6] [美]R·科斯,A·阿尔钦,D·诺斯.财产权利与制度变迁[M].陈昕,等,译.上海:上海三联书店,1994.
[7] [美]哈威尔·E·杰克逊,小爱德华·L·西蒙斯.金融监管[M].吴志攀,等,译.北京:中国政法大学出版社,2003.
[8] [美]路易斯·罗思,乔尔·赛里格曼.美国证券监管法基础(第五版)[M].张路,等,译.北京:法律出版社,2008.
[9] [美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.何美欢,审校.北京:法律出版社,2006.
[10] [美]托马斯·李·哈森.证券法[M].张学安,等,译.北京:中国政法大学出版社,2003.
[11] [美]布莱恩·柴芬斯.公司法:理论,结构与运作[M].林希伟,魏旻,译.北京:法律出版社,2001.
[12] [美]塔玛·弗兰科.证券化:美国结构融资的法律制度[M].潘攀,译.北京:法律出版社,2009.
[13] [美]乔尔·赛里格曼.华尔街变迁史——证券交易委员会及现代公司融资制度的演化进程[M].田风辉,译.北京:经济科学出版社,2006.
[14] [美]莱纳·克拉克曼等.公司法剖析:比较与功能的视角[M].刘俊海,等,译.北京:北京大学出版社,2007.
[15]美国《联邦存款保险法》、《银行控股公司法》[M].邱海洋,刘萍,译.北京:中国政法大学出版社,2005.
[16]理查德·比特纳.贪婪、欺诈和无知:美国次贷危机真相[M].扬眉覃,丁颖颖,译.北京:中信出版社,2008.
[17] [美]美国法律研究院.公司治理原则:分析与建议(上下卷)[M].楼建波,等,译.北京:法律出版社,2006.
[18] [美]蒂米奇·威塔斯.金融规管——变化中的游戏规则[M].曹国琪,译.上海:上海财经大学出版社,2000.
[19] [美]德沃特里庞,泰勒尔.银行监管[M].石磊,王永钦,译.上海:复旦大学出版社,2002.
[20] [英]理查德·德尔.全球证券市场风险与监管[M].王建梅,等,译.北京:科文出版有限公司,1999.
[21] [日]鹿野嘉昭.日本的金融制度[M].余熳宁,译.北京:中国金融出版社,2003.
[22] [日]奥村洋彦.日本的“泡沫经济”与金融改革[M].余熳宁,译.北京:中国金融出版社,2000.
[1] [美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009(40).
[2] [美]富兰克林?艾伦,等.欧盟25国的金融体系[G]//吴敬琏.比较.北京:中信出版社,2006(43).
[3] [美]小约翰·科菲.美欧公司丑闻差异的股权解释[G]//吴敬琏.比较.北京:中信出版社,2005(21).
[4] [荷]努特·韦林克.金融监管安排:危机中的教训[J].中国金融,2009(5).
[5] [美]弗雷德里克·米什金.金融全球化真的有益吗?[G]//吴敬琏.比较.北京:中信出版社,2006(27).
[6] [英]I·巴特雷,等.监管国家:英德金融监管体制比较[G]//吴敬琏.比较.北京:中信出版社,2004(19).
[7] [英]安德鲁?霍尔丹.反思金融网络[G]//吴敬琏.比较.北京:中信出版社,2009(42).
[8] [英]霍华德·戴维斯.中国的金融改革[G]//吴敬琏.比较.北京:中信出版社,2005(17).
[9] [英]保罗·威尔曼,等.监管关系的演进:私有化行业中的监管制度与公司行为[G]//吴敬琏.比较.北京:中信出版社,2003(8).
[10] [美]卡塔琳娜·皮斯托,[英]许成钢.不完备的法律(上、下)——一种概念性分析框架及其在在金融市场监管发展中的应用[G]//吴敬琏.比较.北京:中信出版社,2002(3)(4).
[11] [英]许成钢.金融危机的新框架阐释与中国的政策建议[G]//吴敬琏.比较.北京:中信出版社,2008(39).
[12] [英]许成钢.用中国体制破解“中国之谜”[G]//吴敬琏.比较.北京:中信出版社,2008(36).
[13] [美]斯蒂芬·莫里斯,申铉松.立足于整个金融体系的金融监管[G]//吴敬琏.比较.北京:中信出版社,2009.
[14] [美]卡塔琳娜·皮斯托,[英]许成钢.执法之外的机制:中俄金融市场的治理[G]//吴敬琏.比较.北京:中信出版社,2003(6).
[15] [美]卡塔琳娜·皮斯托,[英]许成钢.转轨经济中证券市场的治理:来自中国的经验[G]//吴敬琏.比较.北京:中信出版社,2005(19).
[16] [美]安德烈·施莱弗.理解监管[G]//吴敬琏.比较.北京:中信出版社,2005(16).
[17] [英]迪特尔?赫尔姆.监管改革、监管俘获与监管负担[G]//吴敬琏.比较.北京:中信出版社,2007(35).
[18] [美]安德烈·施莱弗.证券法中什么在起作用[G]//吴敬琏.比较.北京:中信出版社,2006(23).
[19] [美]马克·罗.法律起源与现代证券市场[G]//吴敬琏.比较.北京:中信出版社,2007(29).
[20] [美]R·吉尔森,C·米约普.监管改革的选择:以日本公司治理为例[G]//吴敬琏.比较.北京:中信出版社,2005(16).
[21] [美]迪特尔·赫尔姆.监管改革、监管俘获和监管负担[G]//吴敬琏.比较.北京:中信出版社,2008(35).
[22] [美]斯蒂芬·崔.法律、金融和路径依赖:发展强大的证券市场[G]//吴敬琏.比较.北京:中信出版社,2003(8).
[23] [美]赫威尔·E·杰克逊.论金融控股公司的监管[J].蔡奕,译.证券市场导报,2003(5).
[24] [美]Saul Levmove.金融衍生品和其他金融创新的作用及其对规制的挑战[G] //刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009.
[25] [日]松尾直彦,冈田大,尾崎辉宏.金融商品交易法制解说——金融商品交易法制概要[G]//刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009.
[26] [日]滨田道代.日本上市公司的监察[G] //刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2008.
[1] Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M]. London, NewYork :Routledge.1998.
[2] Richard Katz. Japanese Phoenix: The Long Road to Economic Revival[M]. M.E. Sharpe. Inc,2003.
[3] Evan Gilreath. The Entrance of Banks into Subprime Lending: First Union and the Money Store[M].3 N.C. Banking Inst., 1999.
[4] Peter Newman, ed al. The New Palgrave Dictionary of Money and Finance[M]. 3rd ed. Published by the Macmillan Press Limited, 1992.
[5] Howell E. Jackson. The Impact of Enforcement: A Reflection[J]. University of Pennsylvania Law Review, 2008.
[6] Howell E. Jackson. Variation in the Intensity of Financial Regulation: Preliminary Evidence and Potential Implications[J].Yale Journal on Regulation, 2007.
[7] Howell E. Jackson. Regulatory Competition in International Securities Markets: Evidence From Europe In 1999-Part I[J]. Business Lawyer, 2001.
[8] Howell E. Jackson. Regulation in a Multi-Sectored Financial Services Industry: An Exploratory Essay [J]. Harvard Law School. Discussion papers 8/99, 1999.
[9] Howell E. Jackson. Regulatory Competition in International Securities Markets: Evidence From Europe -Part II[J]. Virginia Law & Business Review, 2008.
[10] Howell E. Jackson. Centralization, Competition, and Privatization in Financial Regulation, Theoretical Inquiries in Law[J]. Theoretical Inq, 2001.
[11] Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States [J]. Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-19, 2009: A-3[2009-12-07]. http://ssrn.com/abstract=1300431.
[12] John C. Coffee Jr.. Law and the Market: The Impact of Enforcement[J]. University of Pennsylvania Law Review, 2007.
[13] John C. Coffee Jr.. Racing Towards The Top?: The Impact of Cross-Listings and Stock Market Competition on International Corporate Governance[J]. Columbia Law Review November, 2002.
[14] Julia Patterson Forrester. Fannie Mae/ Freddie Mac Uniform Mortgage Instruments: The Forgotten Benefit to Homeowners[J]. Missouri Law Review, Fall , 2007.
[15] John C. Coffee Jr.. Accountability and Competition in Securities Class Actions: Why“Exit”Works Better Than“Voice”[J]. Cardozo Law Review, 2008.
[16] John C. Coffee Jr.. SOX Section 404 and Auditing Standard No. 2: The New Disclosure Landscape[J]. American Law Institute -American Bar Association Continuing Legal Education ALI-ABA's Third Annual Advanced, 2004
[17] Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458.
[18] Kenneth C. Johnston, James B. Greer, Julie K.Biermacher, Joseph Hummel. The Subprime Morass: Past, Present, and Future[J]. North Carolina Banking Institute, 2008.
[19] OECD. Supervision of Financial Services in the OECD Area[EB/OL].2002[2009-11-12], http://www.oecd.org/dataoecd/29/27/1939320.pdf.
[20] Howell E. Jackson, Learning from Eddy: A Meditation Upon Organizational Reform of Financial Supervision in Europe[J/OL], Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-17, at http://ssrn.com/abstract=1325510.
[21] Sir David Alan Walker. A Review of Corporate Governance in UK Banks and Other Financial Industry Entities: Final Recommendations[EB/OL]. (2009-11-26) [2009-12-10].http://www.hm-treasury.gov.uk/d/walker_review_261109.pdf.
[22] Eilis Ferran. Do Financial Supermarkets Need Super Regulators? Examining The United Kingdom's Experience in Adopting The Single Financial Regulator Model[J]. 28 Brooklyn J. Int'l L. 257, 2003.
[23] Cassandra Jones Havard.“Goin’Round in Circles”and Letting the Bad Loans Win: When Subprime Lending Fails Borrowers: The Need for Uniform Broker Regulation[J]. Nebraska Law Review, 2008.
[24] Cynthia Crawford Lichtenstein. The Fed's New Model of Supervision for "Large Complex Banking Organizations": Coordinated Risk-Based Supervision of Financial Multinationals for International Financial Stability[J]. Transnat'l Law, 2005
[25] Julia Black. Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation Authority[J]. Law & Policy, January 2006.
[26] Clive Briault, Building a Single Financial Regulator[C]. Paper prepared for the Conference on“Challenges for Unified Financial Supervision”, July 2001, Tallinn, Estonia.
[27] Brendan Bailey. Report of the Royal Commission into HIH Insurance[J]. Research Note, 2002.
[28] APRA. Discussion Paper. Supervision of Conglomerate Groups[EB/OL]. [2010-03-29]. http://www.apra.gov.au/Policy/upload/Discussion-paper-Supervision-of-conglo- merate-groups-March-2010.pdf.
[29] APRA. The prudential supervision framework[EB/OL]. 2009:2, [2010-01-12]. http://www.apra.gov.au/AboutAPRA/upload/AR_2009_CH3_SUPERVISIONFRAMEWORK.pdf.
[30] Caner Bakir. Who Needs a Review of the Financial System in Australia? TheCase of the Wallis Inquiry[C]. Refereed Paper Presented to Jubilee Conference of the Australian Political Studies Association, Australian National University, 2002.
[31] Roberta S. Kalmel. Regulation by Exemption: the Changing Definition of an Accredited Investor[J]. 39 Rut. L. Rev, 2008.
[32] Giorgio Di Giorgio, Carmine Di Noia. Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal [J]. Financial Institutions Center, The Wharton School, University of Pennsylvania, 2001.
[33] Louis Kaplow. Rules v Standards: An Economic Analysis[J], 42 Duke L.J. 557, 1992.
[34] Linda J. Barris. The Overcompensation Problem: A Collective Approach to Controlling Executive Pay[J]. Indian Law Review 68 ,1982.
[35] George Sami. A Comparative Analysis of Hedge Fund Regulation in the United States and Europe[J]. Northwestern Journal of International Law& Business, 2009.
[36] Roert C. Merton. A Functional Perspective of Financial Intermediation[J]. 1995, 24 FIN. MGMT. 23.
[37] Jonathan R. Macey, Geoffrey P. Miller. Non-deposit Deposits and the Future of Bank Regulation[J]. Michigan Law Review, 1992.
[38] Julia Black. Making a Success of Principles-based Regulation [J]. Law and Financial Markets Review, 2007.
[39] Joseph J. Norton. A Perceived Trend in Modern International Financial Regulation: Increasing Reliance on a Public-Private Partnership [J], The International Lawyer, 2003, Vol. 37
[40] Michael Taylor.“Twin peaks”: A Regulatory Structure of the New Century [J]. Centre of the Study of Financial Innovation, 1995.
[41] Kevin J. Murphy. Executive Compensation, in 3B Handbook of Labor Economics, Orley Ashenfelter & David Card eds[M]. published by Elsevier. 1999.
[42] John C. Coffee Jr.. Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms[J]. Boston University Law Review, 2004.
[43] John C. Coffee Jr.. What Caused Enron? A Capsule Social and Economic Historyof The 1990s[J]. Cornell Law Review , 2004.
[44] Eddy Wymeersch. The Structure of Financial Supervision in Europe About Single, Twin Peaks and Multiple Financial Supervisors[J/OL]. 2006: 2-3 [2009-10-19]. http://ssrn.com/abstract=946695.
[45] John C. Coffee, Jr.. Privatization and Corporate Governance: The Lessons from Securities Market Failure[J]. The Journal of Corporation Law, 1999.
[46] Mark J. Roe. Legal Origins, Politics, And Modern Stock Markets[J]. Harvard Law Review, 2006.
[47] Lucian A. Bebchuk, Jesse M. Fried. Pay without Performance: Overview of the Issues [J]. The Journal of Corporation Law, 30 Iowa J. Corp. L. 647, 2005.
[48] Randall S. Kroszner. Legislative Proposals on Reforming Mortgage Practices[J/OL].[2010-01-02], http://www.bis.org/review/r071025f.pdf.
[49] Nicholas Bagley. Crashing the Subprime Party. How the Feds Stopped the States from Averting the Lending Mess[J/OL].[2009-11-11], http://www.slate.com/id/2182709/.
[50] Andrew Cuomo. No Rhyme or Reason: The heads I Win, Tails You Lose, Bank Bonus Culture[EB/OL]. (2009-07-30)[2009-08-11]. http://cnnac360.files.wordpress.com/2009/10/bonus-report-final-7-30-09.pdf.
[51] Mark J. Roe. Delaware's Politics[J]. Harvard Law Review, 2005.
[52] Mark J. Roe. German Codetermination and German Securities Markets[J]. Columbia Journal of European Law, 1999.
[53] Joel Seligman. Cautious Evolution or Perennial Irresolution: Stock Market Self-regulation During The First Seventy Years of The Securities and Exchange Commission[J]. Business Lawyer, 2004.
[54] Joel Seligman. Rethinking Securities Markets: The sec Advisory Committee on Market Information and the Future of The National Market System[J]. Business Lawyer, 2002.
[55] Joel Seligman. Litigation Reform Since the PSLRA: A Ten-Year Retrospective Foreword[J]. Columbia Law Review, 2006.
[56] Joel Seligman. The Changing Nature of Federal Regulation[J]. Washington University Journal of Law and Policy, 2001.
[57] Katharina Pistor. Who Tolls the Bells for Firms? Tales from TransitionEconomies[J]. Columbia Journal of Transnational Law, 2008.
[58] Katharina Pistor. Mixed Reception: Culture, International Norms, And Legal Change In East Asia: Comment: The Law And The Non-Law[J]. Michigan Journal of International Law, 2006.
[59] Katharina Pistor, Chenggang Xu. Governing Stock Market in Transition Economies : Lesson From China[J]. American Law and Economic Review, 2005.
[60] Katharina Pistor, Chenggang Xu. Incomplete Law[J]. New York University Journal of International Law and Politics, 2003.
[61] Katharina Pistor. The Standardization of Law and Its Effect on Developing Economies[J]. The American Journal of Comparative Law, 2002.
[62] Katharina Pistor, Yoram Keinan, Jan Kleinheisterkamp & Mark D.West. The Evolution of Corporate Law: A Cross-Country Comparison[J]. University of Pennsylvania Journal of International Economic Law, 2002.
[63] Ronald J. Gilson, Charles K. Whitehead. Deconstructing Equity: Public Ownership, Agency Costs, and Complete Capital Markets[J]. Columbia Law Review, 2008.
[64] Ronald J. Gilson, Curtis J. Milhaupt. Choice as Regulatory Reform: The Case of Japanese Corporate Governance[J]. American Journal of Comparative Law, 2005.
[65] Ronald J. Gilson, Curtis J. Milhaupt. Sovereign Wealth Funds and Corporate Governance: A Minimalist Response to The New Mercantilism[J]. Stanford Law Review, 2008.
[66] Ronald J. Gilson, Jeffrey N. Gordon. Controlling Controlling Shareholders[J]. University of Pennsylvania Law Review, 2003.
[67] Stephen H. Haber, F. Scott Kieff, Troy A. Paredes. On the Importance to Economic Success of Property Rights in Finance and Innovation[J]. Washington University Journal of Law and Policy, 2008.
[68] Troy A. Paredes. The Importance of Corporate Law: Some Thoughts on Developing Equity Markets in Developing Economies[J]. Pacific McGeorge Global Business & Development Law Journal, 2007.
[69] Troy A. Paredes. Insights from the Sec's Decision to Regulate Hedge Funds[J]. Administrative and Regulatory Law News, 2006.
[70] James D. Cox, Edward F. Greene. Financial Regulation in A Global Market Place:Report of The Duke Global Capital Markets Roundtable[J]. Duke Journal of Comparative & International Law, 2007.
[71] James A. Fanto. The Role of Financial Regulation in Private Financial Firms: Risk Management and the Limitations of The Market Model[J]. Brooklyn Journal of Corporate, Financial & Commerical Law, 2008.
[72] John H. Walsh. Institution-Based Financial Regulation: A Third Paradigm[J]. Harvard International Law Journal, 2008.
[73] Stavros Gadinis. The Politics of Competition in International Financial Regulation[J]. Harvard International Law Journa, 2008.
[74] Stanislav Dolgopolov. Insider Trading, Chinese Walls, and Brokerage Commissions: The Origins of Modern Regulation of Information Flows in Securities Markets[J]. Journal of Law, Economics & Policy, 2008.
[75] Donald C. Langevoort. U.S. Securities Regulation and Global Competition[J]. Virginia Law & Business Review, 2008.
[76] Dania S. Becker. Less Can Be More: Recent Examples of Cooperation Between The United States And European Union On Securities Regulation[J]. Washington University Global Studies Law Review, 2009.
[77] Rolf H. Weber, Douglas W. Arner. Toward A New Design for International Financial Regulation[J]. University of Pennsylvania Journal of International Law, 2007.
[78] Cristie L. Ford. New Governance, Compliance, and Principles-Based Securities Regulation[J]. American Business Law Journal, 2008.
[79] Steven M. Davidoff. Paradigm Shift: Federal Securities Regulation in The New Millennium[J]. Brooklyn Journal of Corporate, Financial & Commercial Law, 2008.
[80] Joseph Silvia. Efficiency and Effectiveness in Securities Regulation: Comparative Analysis of The United States's Competitive Regulatory Structure and The United Kingdom's Single-Regulator Model[J]. DePaul Business & Commercial Law Journal, 2008.
[81] Erik F. Gerding. Laws Against Bubbles: An Experimental-Asset-Market Approach to Analyzing Financial Regulation[J]. Board of Regents of the University of Wisconsin System Wisconsin Law Review, 2007.
[82] Edward Sherwin. The Cost-Benefit Analysis of Financial Regulation: Lessons from the SEC's Stalled Mutual Fund Reform Effort[J]. The Board of Trustees of the Leland Stanford Junior University Stanford Journal of Law, Business & Finance, 2006.
[83] Caroline Bradley. Information Society Challenges to Financial Regulation[J]. The University of Toledo Law Review, 2006.
[84] W. Ronald Gard. George Bailey In The Twenty-First Century: Are We Moving To The Postmodern Era in International Financial Regulation With Basel II ? [J]. The Clayton Center for Entrepreneurial Law, Transactions: The Tennessee Journal of Business Law, 2006.
[85] Rosa M. Lastra. The Governance Structure for Financial Regulation and Supervision in Europe[J]. The Parker School of Foreign and Comparative Law, Columbia University Columbia Journal of European Law, 2003.
[86] Georg Witschel. Completing the Work of the Preparatory Commission: Financial Regulations And Rules of The Court[J]. Fordham International Law Journal, 2002.
[87] Paul Craig. Part II: The European Commission: A New Framework for EU Administration: The Financial Regulation 2002[J]. Law and Contemporary Problem, 2004.
①[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:31.
①R. A. Posner. Theories of Economic Regulation[J], Bell Journal of Economics and Management Science,1974,Volume 5: 335-358.
②江曙霞.银行监督管理与资本充足性管制[M].北京:中国发展出版社,1994:9.
③G. J. Stigler. The Theory of Economic Regulation[J], Bell Journal of Economics and Management Science, 1974,Volume 5: 3-21.
④R. A. Posner. Theories of Economic Regulation[J], Bell Journal of Economics and Management Science,1974,Volume 5: 335-358.
①周道许.现代金融监管体制研究[M].中国金融出版社,2000,78-79.
①[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:64-67.
①[美]阿尼尔·卡什亚普,拉古拉迈·拉詹,杰里米·斯泰因.反思资本监管[G]//吴敬琏.比较.北京:中信出版社,2009:71.
②罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3):91-105.
①[美]查理斯·金德尔伯格.经济过热、经济恐慌及经济崩溃——金融危机史[M].朱隽,叶翔,译.北京:北京大学出版社,2000.
①Eddy Wymeersch. The Structure of Financial Supervision in Europe About Single, Twin Peaks and Multiple Financial Supervisors[J/OL]. 2006: 2-3 [2009-10-19]. http://ssrn.com/abstract=946695.
②韩龙.规制与监管:美国金融改革方案对金融法品行的再证明——解读美国金融改革方案之法学理念与基础[J].河北法学,2009(11):15.
①周子衡.金融管制的确立及其变革[M].上海:上海三联书店,2005:1.
①[美]富兰克林·艾伦,等.欧盟25国的金融体系[G]//吴敬琏.比较.北京:中信出版社,2006:43.
②如英国至1979年才形成正式的金融监管体系,而在此之前,英格兰银行主要是采取“道义劝说”的方式指导金融机构的行为。See Goodhart, Schoenmaker. The Skill Profile of Central Bankers and Supervisors[J/OL].2001[2009-11-12], http://ssrn.com/abstract=275971.
①郑君豪.金融混业与金融监管——兼析台湾金融混业与监管的变迁[D].苏州:苏州大学,2005:53.
①FSA. Principles-based Regulation[EB/OL]. 2007-04-01[2009-06-09]. http:// www.fsa.gov.uk/pubs/other/principles.pdf.
①满海红.金融监管理论研究——金融结构变迁下的金融监管[D].辽宁:辽宁大学,2008:47.
②Peter Newman, ed al. The New Palgrave Dictionary of Money and Finance[M]. 3rd ed. Published by the Macmillan Press Limited, 1992:7.
①罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3):97-98.
①许成钢.解释金融危机的新框架和中国的应对建议[G] //吴敬琏.比较.北京:中信出版社,2008:3.
②杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004:32.
①[美]哈威尔·E·杰克逊,小爱德华·L·西蒙斯.金融监管[M].吴志攀,等,译.北京:中国政法大学出版社,2003:7.
②[美]哈威尔·E·杰克逊,小爱德华·L·西蒙斯.金融监管[M].吴志攀,等,译.北京:中国政法大学出版社,2003:5.
③王保树.金融法二元规范结构的协调与发展趋势——完善金融法体系的一个视点[J].广东社会科学,2009(1):177-178.
④[美]安德烈·施莱弗.证券法中什么在起作用[G]//吴敬琏.比较.北京:中信出版社,2006(23):137-143.
①[美]卡塔琳娜·皮斯托,许成钢.不完备的法律(上)——一种概念性分析框架及其在金融市场监管发展中的应用[G]//吴敬琏.比较.北京:中信出版社,2002(3):128.
①Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M], London, NewYork :Routledge.1998: 156.
①Merton R. C., Bodie Z. Deposit Insurance Reform: A Functional Approach[C], Carnegie-Rochester Conference Series on public Policy, 1993(38):1-34.
②Howell Jackson. Regulation in a Multi-Sectored Financial Services Industry: An Exploratory Essay [J]. HarvardLaw School. Discussion papers 8/99, 1999:193.
①Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M], London, NewYork :Routledge.1998:150.
②OECD. Supervision of Financial Services in the OECD Area[EB/OL].2002[2009-11-12], http://www.oecd.org/dataoecd/29/27/1939320.pdf.
③Giorgio Di Giorgio, Carmine Di Noia. Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal [J]. Financial Institutions Center, The Wharton School, University of Pennsylvania.2001: 105
①Howell Jackson. Regulation in a Multi-Sectored Financial Services Industry: An Exploratory Essay [J]. Harvard Law School. Discussion papers 8/99, 1999:193.
②Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M], London, NewYork :Routledge.1998:156.
③Michael Taylor.“Twin peaks”: A Regulatory Structure of the New Century [J]. Centre of the Study of Financial Innovation, 1995:4.
①Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States [J]. Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-19,2009: A-3[2009-12-07], http://ssrn.com/abstract=1300431.
②Howell E. Jackson. The Trilateral Dilemma in Financial Regulation[J]. Harvard Public Law Working Paper, No.08-58, 2008:4[2009-12-07], http://ssrn.com/abstract=1300419
①苏君豪.金融混业与金融监管[D],苏州:苏州大学,2006:71-72.
①刘轶.金融监管模式的新发展及其启示——从规则到原则[J].法商研究,2009(2):153.
②Louis Kaplow. Rules v Standards: An Economic Analysis[J], 42 Duke L.J. 557, 1992: 559-560.
③James D. Cox, There are Plaintiffs and…There are Plaintiffs:An Empirical Analysis of Securities Class Action Settlements [J].2008, 61Vand.L.Rev.355: 357-358.
①Julia Black. Making a Success of Principles-based Regulation [J]. Law and Financial Markets Review, 2007, Vol. 3, Iss. 4: 192.
①Joseph J. Norton. A Perceived Trend in Modern International Financial Regulation: Increasing Reliance on a Public-Private Partnership [J], The International Lawyer, 2003, Vol. 37: 43-59.
②[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009(40):51-52.
①Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458.
①资料来源,Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision,http://ssrn.com/abstract= id636458
①Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458
①Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States [J], Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-19,2009: A-3[2009-12-07], http://ssrn.com/abstract=1300431.
①Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458.
①[英]迪特尔·赫尔姆.监管改革、监管俘获与监管负担[G]//吴敬琏.比较.北京:中信出版社,2007:128.
②但这种现象主要还是存在于监管整合的早期阶段,在监管机构稳定运行多年后,统一监管机构仍然可以吸引很多从业者向监管机构流动。See Clive Briault, Building a Single Financial Regulator[C], Paper prepared for the Conference on“Challenges for Unified Financial Supervision”, 2-3 July 2001, Tallinn, Estonia.
①沈联涛.这场危机的本质[J].财经,2008(26):86.
②罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3):94.
①[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.北京:法律出版社,2006:29.
②法案允许银行控股公司、证券公司、保险公司和其他金融机构可以加入共同所有权形式而形成的金融控股公司。金融控股公司可以为客户提供银行、证券、保险等金融业务和附属业务。如果把这种金融控股公司的监管框架看作伞形监管的话,那么居于伞顶的为美联储,居于伞骨的则为包括银行主监管人在内的功能监管者。参见张红梅.英美金融控股公司监管比较及对我国的启示[J].中国金融,2008(7):70.
①黄辉.金融监管现代化:英美法系的经验与教训[J].广东社会科学,2009(1):182.
①王忠生.我国金融监管制度变迁研究[D].长沙:湖南大学,2008:43.
①刘轶.金融监管模式的新发展及其启示——从规则到原则[J].法商研究,2009(2):154.
①黄辉.金融监管现代化:英美法系的经验与教训[J].广东社会科学,2009(1):183.
①杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004:48.
②郭雳.中国银行业创新与发展的法律思考[M].北京:北京大学出版社,2006:39.
①张忠军.金融业务融合与监管制度创新[M].北京:北京大学出版社,2007:49.
②Richard Katz. Japanese Phoenix: The Long Road to Economic Revival[M]. M.E. Sharpe. Inc,2003: 212.
③[日]松尾直彦,冈田大,尾崎辉宏.金融商品交易法制解说——金融商品交易法制概要[G] / /杨东,译.刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009:36.
①郑君豪.金融混业与金融监管——兼析台湾金融混业与监管的变迁[D].苏州:苏州大学,2005:62.
②陈雨露,马勇.金融业组织形式变迁与金融监管体系选择:全球视角与比较分析[J].货币金融评论,2008(6):11.
①曾筱清.金融全球化与金融监管立法研究[M].北京:北京大学出版社,2005:99.
①Eddy Wymeersch. The Structure of Financial Supervision in Europe About Single, Twin Peaks and Multiple Financial Supervisors[J/OL]. 2006, 10 [2009-10-19]. http://ssrn.com/abstract=946695.
②[英]安德鲁·霍尔丹.反思金融网络[G]//吴敬琏.比较.北京:中信出版社,2009:16.
①项卫星,王刚,李宏瑾.金融全球化:目标、途径以及发展中国家的政策选择[J].国际金融研究.2003(2):12-13.
②澳大利亚在金融监管改革前,很多银行和保险公司都遭受过严重的损失;1991年和1995年,英国的国际商业信贷银行(BCCI)和巴林银行先后倒闭;日本和韩国则是在1997年东亚金融危机的推动下,对金融监管体制进行了重大的改革。
③英国金融改革之前有段小插曲,英格兰银行一开始并不愿意放弃银行监管的权力,而等到1997年英国工党政府上台后不久,英国兰银行又积极进行金融监管体制的改革。而原英格兰副行长Howard Davies在FSA成立后便去当了首任主席,而他本人则是工党成员。参见项卫星,李宏谨.当前各国金融监管体制安排及其变革[J].世界经济,2004(9):70.
①2008年被认为是华尔街投行时代的终结:从3月份开始,华尔街五大投行中,第五大投行贝尔斯登被摩根大通收购,第四大投资银行雷曼兄弟申请破产保护,第三大投行美林被美国银行收购,第一大投行高盛和第二大投行摩根士丹利转型为银行控股公司。至此,五大“投行”已不再具备法律上的意义,而这些投行一度是美国金融模式的象征。参见吴志攀.华尔街金融危机中的法律问题[J].法学,2008(12):29.
②Judy Woodruff. The Financial Crisis: An Interview with George Soros[N/OL], (2008-05-13) [2009-10-19], http://www.nybooks.com/articles/21352#fnr1
③[美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009:156.
①吴志攀.华尔街金融危机中的法律问题[J].法学,2008(12):30.
②[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.何美欢,审校.北京:法律出版社,2006:304.
③Kenneth C. Johnston, James B. Greer, Julie K.Biermacher, Joseph Hummel. The Subprime Morass: Past, Present, and Future[J], North Carolina Banking Institute, 2008, Vol. 12: 125.
④Evan Gilreath. The Entrance of Banks into Subprime Lending: First Union and the Money Store[M].3 N.C. Banking Inst., 1999: 149.
①Julia Patterson Forrester. Fannie Mae/ Freddie Mac Uniform Mortgage Instruments: The Forgotten Benefit to Homeowners[J], Missouri Law Review, Fall , 2007, Vol. 72: 1082– 1083.
②梁福涛.警惕美国次级房贷危机传染全球金融市场[N].上海证券报,2007-03-21(A07).
①Cassandra Jones Havard.“Goin’Round in Circles”and Letting the Bad Loans Win: When Subprime Lending Fails Borrowers: The Need for Uniform Broker Regulation[J], Nebraska Law Review, 2008,Vol. 86: 757.
①曾筱清.金融全球化与金融监管立法研究[M].北京:北京大学出版社,2005:5.
①罗培新.政治、法律与现实之逻辑断裂——美国金融风暴之反思[J].华东政法大学学报,2009(2):113.
①Federal Reserve Bank of Boston. Depository Institutions Deregulation and Monetary Control Act of 1980 [EB//OL].[2009-12-11]. http://www.bos.frb.org/about/pubs/deposito.pdf.
②A. Gene Nelson, Alice Mills Morrow. Understanding the Tax Reform Act of 1986[M], Oregon State University, Extension Service, 1986: 39.
①[美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009:153.
②孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2):135.
①孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2):135.
①美国《联邦存款保险法》、《银行控股公司法》[M].邱海洋,刘萍,译.北京:中国政法大学出版社,2005:284-285.
②美国《联邦存款保险法》、《银行控股公司法》[M].邱海洋,刘萍,译.北京:中国政法大学出版社,2005:248-250.
①[美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009:153.
②Roberta S. Kalmel. Regulation by Exemption: the Changing Definition of an Accredited Investor[J], 39 Rut. L. Rev, 2008: 681.
①George Sami. A Comparative Analysis of Hedge Fund Regulation in the United States and Europe[J], Northwestern Journal of International Law& Business, 2009: 305.
②Presidents’Working Group on Financial Markets, Agreement among PWG and U. S. Agency Principals on Principles and Guidelines Regarding Private Pools of Capital[EB/OL],[2009-11-12], http://www.treas.gov/press/releases/reports/hp272_principles.pdf.
①[美]理查德·比特纳.贪婪、欺诈和无知:美国次贷危机真相[M].扬眉覃,丁颖颖,译.北京:中信出版社,2008:70.
②Randall S. Kroszner. Legislative Proposals on Reforming Mortgage Practices[J/OL].[2010-01-02], http://www.bis.org/review/r071025f.pdf.
①See The Department of The Treasury. Blueprint For A Modernized Financial Regulatory Structure, p139.
②[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:36.
①See the Gramm-Leach-Bliley Act: Sec 738.
②杨惠.机构监管与功能监管的交错:美国GLB法案的经验[J].财经科学,2007(5):13.
①沈联涛.这场危机的本质[J].财经,2008(26):83.
②Rule 15c-1 Net Capital Requirements For Brokers And Dealers [EB/OL]. [2009-11-10]. http://www.law.uc.edu/CCL/34ActRls/rule15c3-1.html
③廖凡.论欧盟对金融集团的监管——以《金融集团指令》为中心”[J/OL].[2009-11-10].http://www.iolaw.org.cn/showarticle.asp?id=2391
①根据《金融服务现代化法案》,除参加联邦存款保险的银行和储蓄贷款协会外,金融机构对监管部门有一定选择权,投资银行控股公司可以按自己意愿选择是否接受SEC的监管。
②[美]小约翰·科菲、希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:46.
③OCC Advisory Letter AL. [EB/OL].(2007-02)[2009-09-09].http://www.occ.treas.gov/ftp/advisory/2003-2.pdf
④Nicholas Bagley. Crashing the Subprime Party. How the Feds Stopped the States from Averting the Lending Mess[J/OL].[2009-11-11], http://www.slate.com/id/2182709/
①[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.北京:法律出版社,2006:310.
①上海荣正咨询.薪酬局-中国上市公司激励机制状况调查[J].新财富,2009(6):99.
②Andrew Cuomo. No Rhyme or Reason: The heads I Win, Tails You Lose, Bank Bonus Culture[EB/OL]. (2009-07-30)[2009-08-11]. http://cnnac360.files.wordpress.com/2009/10/bonus-report-final-7-30-09.pdf
③叶伟强,张环宇.“AIG火药桶”[J].财经,http://magazine.caijing.com.cn/2009-03-27/110129391.html
①白万钢.从AIG派红事件谈高管薪酬管理[J].董事会,2009(3):72.
①有关马明哲薪酬事件的详尽剖析,可参见李建伟.马明哲天价年薪事件的法律命题:公司高管薪酬市场与法律的有限干预[G]//刘俊海.中国资本市场法制评论,北京:法律出版社,2008:70-91.
②平安常务副总梁家驹2007年税前薪酬为4813万元,2008年薪酬骤降至793万;执行董事、总经理张子欣2007年税前薪酬为4770万元,2008年薪酬骤降至955万。数据来自中国平安2007、2008年报,参见巨潮资讯网,http://www.cninfo.com.cn/finalpage/2009-04-09/51105215.PDF
③[美]小约翰·科菲.美欧公司丑闻差异的股权解释[G]//吴敬琏.比较.北京:中信出版社,2005: 125.
①Internal Revenue Code sec 162(m) [J/OL]. http://www.irs.gov/pub/irs-irbs/irb08-10.pdf.
②Kevin J. Murphy. Executive Compensation, in 3B Handbook of Labor Economics, Orley Ashenfelter & David Card eds[M]. published by Elsevier. 1999: 2490.
③参见Brian J. Hall. Six Challenges in Designing Equity-Based Pay. 15 J. Applied Corp. Fin. 21, 23 fig.1 2003.转引自[美]小约翰·科菲.美欧公司丑闻差异的股权解释[G]//吴敬琏.比较.北京:中信出版社,2005,122.
④査晓磊.50万美元上限封顶?拷问奥巴马金融高管薪酬“新政”[N].21世纪经济报道,2009-2-11(16).
⑤朱伟一.次贷风暴眼中的高管薪酬[N].法制日报,2008-9-28(14).
①Lucian A. Bebchuk, Jesse M. Fried. Pay without Performance: Overview of the Issues [J]. The Journal of Corporation Law, 30 Iowa J. Corp. L. 647, 2005: 653.
②卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:128.
③SEC, Report Pursuant to Section 704 of the Sarbanes-Oxley Act of 2002(2003) [EB/OL]. http://www.sec.gov/news/studies/sox704report.pdf
①刘燕.股票期权激励的约束路径:法律与会计的互动-伊利股权激励事件的启示[C]//中国法学会证券法协会.第一届会议论文集论文.北京:[出版者不详],2009.
①方流芳先生对中国特色的独立董事制度的研究表明,独立董事的实际效用与预期效用相去甚远。与其说外部董事增加了上市公司的公信力,莫不如说独立董事给内部人士提供了一道对抗诉讼的防火墙。参见方流芳.独立董事在中国:假定与现实[J].政法论坛,2008(5):114-115.因此,企盼利涉其间的独立董事对高管薪酬作出“独立”判断,在中国恐怕仅仅是一个远离现实的假想。
②NYSE Listed Company Manual Rule 303A[EB/OL]. [2009-08-09]. http://www.nyse.com/pdfs/section303Afaqs.pdf ; NASD Rule 4350[EB/OL].[2009-08-09]. http://www.sec.gov/rules/sro/34-47516.htm
③关于“高管薪酬公平交易论”的详尽剖析,请参见卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:11-46.
④査晓磊.50万美元上限封顶?拷问奥巴马金融高管薪酬“新政”[N].21世纪经济报道,2009-2-11(16).
①朱伟一.高管薪酬问题的美国经验[J].决策探索,2009(5):68.
②Linda J. Barris. The Overcompensation Problem: A Collective Approach to Controlling Executive Pay[J]. Indian Law Review 68 ,1982: 82.
①惠晓霜.专家担心华尔街钻限薪空子[EB/OL].(2009-06-19)[2009-08-16]. http://news.xinhuanet.com/world/2009-02/06/content_10771823.htm
①卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:60.
②卢怀谦.美强化上市公司高管薪酬披露[N].中国证券报,2006-1-20(A05).
③Brain Hall, Kevin J. Murphy. The Trouble with Stock Options[J/OL].[2009-08-10]. http://www-rcf.usc.edu/~kjmurphy/HMTrouble.pdf
④关于公司高管薪酬掩饰的方法有很多,如延期支付、高管借贷、退休金等,可参见卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:90-97.
①卢怀谦.美强化上市公司高管薪酬披露[N].中国证券报,2006-1-20(A05).
②“SEC同意就受援上市公司高管薪酬提出新规”,载《华尔街日报》中文网路版,(2009-07-02)[2009-07-03], http://chinese.wsj.com/gb/20090702/bus073851.asp?source=whatnews3
①Brain Hall, Kevin J. Murphy, The Trouble with Stock Options[J/OL].[2009-08-10]. http://www-rcf.usc.edu/~kjmurphy/HMTrouble.pdf
②卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:174.
③《特拉华州普通公司法》第141条,《美国示范公司法》第8.11条,中国的《公司法》第47条都是如此规定。
①卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:179-180.
②John C. Coffee, Jr. Law and the Market: The Impact of Enforcement[J]. University of Pennsylvania Law Review December, 2007,156 U. Pa. L. Rev. 229: 297.
③布莱恩·柴芬斯.公司法:理论,结构与运作[M].北京:法律出版社,2001:715.
④朱伟一.高管薪酬问题的美国经验[J].决策探索.2009(5):69.
①上海荣正咨询.薪酬局-中国上市公司激励机制状况调查[J].新财富,2009(6):98.
①See The Department of The Treasury, Blueprint For A Modernized Financial Regulatory Structure. pp75-83.
②See The Department of The Treasury, Blueprint For A Modernized Financial Regulatory Structure,pp89-137.
①李金泽,梅明华.美国政府应对金融危机的监管改革方案及其启示[J].河北法学,2009(11):26.
①See The Department of The Treasury, Blueprint For A Modernized Financial Regulatory Structure, pp63-70.
①宋晓燕.论美国金融消费者保护的联邦化及其改革[J].河北法学,2009(11):37.
①黄毅.银行监管法律研究[M].北京:法律出版社,2009:38.
②杨惠.机构监管与功能监管的交错:美国GLB法案的经验[J].财经科学,2007(5):15.
①Jonathan R. Macey, Geoffrey P. Miller. Non-deposit Deposits and the Future of Bank Regulation[J]. Michigan Law Review, 1992, Vol. 91, No. 2: 237-238.
②Roert C. Merton. A Functional Perspective of Financial Intermediation[J]. 24 FIN. MGMT. 1995, (2): 23-41.
①Giorgio Di Giorgio, Carmine Di Noia. Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal[J]. University of Pennsylvania, Center for Financial Institutions Working Papers Series, 2001-01-02: 4-10.
①Howell E. Jackson, Learning from Eddy: A Meditation Upon Organizational Reform of Financial Supervision in Europe[J/OL], Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-17, at http://ssrn.com/abstract=1325510.
②罗培新.美国金融监管的法律与政策困局之反思[J].中国法学,2009(3):97.
①Sir David Alan Walker. A Review of Corporate Governance in UK Banks and Other Financial Industry Entities: Final Recommendations[EB/OL]. (2009-11-26)[2009-12-10]. http://www.hm-treasury.gov.uk/d/walker_review_261109.pdf
①祁斌,王欧.国际金融监管体制的演变及发展趋势(上)[N].上海证券报,2007-02-12(C01).
②约瑟夫·诺顿.全球金融改革视角下的单一监管者模式:对FSA经验的评判性重估[J].廖凡,译.北大法律评论,2006(2):542.
③约瑟夫·诺顿.全球金融改革视角下的单一监管者模式:对FSA经验的评判性重估[J].廖凡,译.北大法律评论,2006(2):543.
④Martin Cihak, Richard Podpiera. Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision[J]. Journal of Financial Economics, 2006: 2-3.
①Howell E. Jackson. Learning from Eddy: A Meditation Upon Organizational Reform of Financial Supervision in Europe[J/OL]. Harvard Law School, Public Law & Legal Theory Working Paper Series Paper No. 09-17, at http://ssrn.com/abstract=1325510.
②华尔街日报.欧盟委员会将英国今明两年GDP预期下调至-3.75%和+0.1[N/OL](.2009-05-04)[2009-11-18],http://Chinese.wsj.com/gb//20090504/BEU002069.asp
①Christina Dai.谁是北岩银行的救命稻草[J].英才,2007(11):41.
②ARROW是指高级风险应对操作框架(the Advanced Risk-Responsive Operating Framework),它是英国FSA对个体银行机构及系统性风险进行评估及处置方法,其目的是提高监管有效性,合理配置有限的专业人员等监管资源。监管者通过ARROW系统对风险的评级和评估,分析和判断被监管者发生问题的概率及发生问题后的会造成影响程度,进而计算监管密度和频数,然后在对应的监管及反应体系中推荐适用的监管方式和措施。
③See HM Treasury, The Nationalisation of Northern Rock[EB], National Audit Office, p48.
①See HM Treasury, The Nationalisation of Northern Rock[EB], National Audit Office, p48.
②Eilis Ferran. Do Financial Supermarkets Need Super Regulators? Examining The United Kingdom's Experience in Adopting The Single Financial Regulator Model[J]. 28 Brooklyn J. Int'l L. 257, 2003: 298.
③See Adair Turner, The Turner Review: A Regulatory Response to the Global Banking Crisis[EB], p55.
①See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p13.
②See The Department of the Treasury, Financial Regulatory Reform-A New Foundation: Rebuilding Financial Supervision and Regulation[EB], p7.
③[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:34.
①RBA. Financial Stability Review[EB/OL].(2009-09-09)[2009-10-02], p2, http://www.rba.gov.au/FinancialSystemStability/financial_publications.html
②OECD.上调澳大利亚经济增长预期;下调失业率峰值预期.(2009-11-19)[2009-11-19],http://cn.wsj.com/gb/20091119/BAS004930.asp?source=rss
①Cynthia Crawford Lichtenstein. The Fed's New Model of Supervision for "Large Complex Banking Organizations": Coordinated Risk-Based Supervision of Financial Multinationals for International Financial Stability.18 Transnat'l Law. 283, 2003: 295.
②杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004:204.
①Cynthia Crawford Lichtenstein. The Fed's New Model of Supervision for "Large Complex Banking Organizations": Coordinated Risk-Based Supervision of Financial Multinationals for International Financial Stability.18 Transnat'l Law. 283, 2003: 296.
①周小川.危机后全球经济的调整和政策应对[G]//吴敬琏.比较.北京:中信出版社,2009:1.
②See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p5.
③See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p37.
④Andrew Crockett. Marring the Micro- and Macro- Prudential Dimensions of Financial Stability[J], Bank for International Settlements, Basel. 2000. At http://www.bis.org/review/rr000921b.pdf, p2.
⑤斯蒂芬·莫里斯,申铉松.立足于整个金融体系的金融监管[G]//吴敬琏.比较.北京:中信出版社,2009:68.
⑥沈联涛.宏观审慎监管“中国策”[J].财经,2009(20):78.
①See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p22.
②See Adair Turner, The Turner Review: A Regulatory Response to the Global Banking Crisis[EB], pp68-70.
③See Jacques de Larosière Group, The High-level Group on Financial Supervision in The EU: Report [EB],p44.
①Julia Black. Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation Authority[J]. Law & Policy, January 2006, Vol. 28: 3.
②Brendan Bailey. Report of the Royal Commission into HIH Insurance[J]. Research Note, 2002-03, no.32:2-3.
③Julia Black. Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation Authority[J]. Law & Policy, January 2006, Vol. 28: 6.
④APRA. The prudential supervision framework[EB/OL]. 2009:2, [2010-01-12].http://www.apra.gov.au/AboutAPRA/upload/AR_2009_CH3_SUPERVISIONFRAMEWORK.pdf
①[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.北京:法律出版社,2006:1.
①魏倩.中国金融管制的历史与变革[D].上海:复旦大学,2007:47.
②巫文勇.中国金融业监管制度改革研究[D].武汉:武汉理工大学,2009:79.
①中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:11.
①国务院关于《财政部职能配置、内设机构和人员编制的规定》(国发[1998]5号)。
②国务院关于《国家发展和改革委员会主要职责内设机构和人员编制的规定》(国办发[2008]102号)。
③国务院关于《国家审计署主要职责内设机构和人员编制的规定》(国办发[2008]84号)。
④参见国务院于2008年4月24日发布的《国务院关于机构设置的通知》(国发[2008]11号)。
①《中华人民共和国人民银行法》,第2条。
②《中华人民共和国人民银行法》,第4、23条。
③中国银监会.[2009-10-04],http://www.cbrc.gov.cn/chinese/home/jsp/.
①在中国,许多从事吸储和放贷的金融机构并不采用“银行”的名头,这一方面规避了《商业银行法》的监管规定,另一方面也带来了金融业的混乱与风险。参见彭冰.商业银行的定义[J].北京大学学报(哲社版),2007(1):114-117.
②《中华人民共和国银行业监督管理法》,第18、21条。
①中国保监会,[2009-10-04],http://www.circ.gov.cn/Portal0/default3139.htm.
②中国保监会,[2009-10-04],http://www.circ.gov.cn/Portal0/default3139.htm.
③《中华人民共和国保险法》,第134-140条。
④王国军,徐高林,等.后金融危机时代保险业的风险防范与战略选择[M].北京:法律出版社,2009:288.
⑤邓小平同志针对证券市场指出,“证券、股市,这些东西究竟好不好,有没有危险,是不是资本主义独有的东西,社会主义能不能用?允许看,但要坚决的试。看对了,搞一两年对了,放开;错了,纠正,关了就是了。”参见《邓小平文选》第三卷,北京:人民出版社,1993:373.
⑥中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:35.
①中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:24.
②Fang Liufang. China's Corporatization Experiment[J]. Duke Journal of Comparative and International Law, Spring 1995:149-269.
①[美]塔玛·弗兰科.证券化:美国结构融资的法律制度[M].潘攀,译.北京:法律出版社,2009:65-73.
①周小川.危机后全球经济的调整和政策应当[G]//吴敬琏.比较.北京:中信出版社,2009:2.
①《中华人民共和国人民银行法》,第10条。
②《中华人民共和国人民银行法》,第5条。
③《证券法》起草小组.中华人民共和国证券法条文释义[M].北京:改革出版社,1999:47.
①《中华人民共和国证券法》,第102条。
②方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007(1):65.
③于绪刚.交易所非互助化及其对自律的影响[M].北京:北京大学出版社,2001:191-195.
①中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:7.
②方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007,(1):65.
③美国SEC第二任主席威廉·道格拉斯把这种关系描述为:“证券交易所发挥领导性作用,而政府发挥剩余作用。政府拿着抹好油、上了膛已经拉开栓的枪站在门后,随时准备开枪,但期望永远不开火”。参见于绪刚.交易所非互助化及其对自律的影响[M] .北京:北京大学出版社,2001:166.
④会员大会名义上为证交所的最高权力机关,但是《证券交易所管理办法》,会员大会至多只能选举和任免理事,理事长、副理事长、总经理、副总经理的人事权都在证监会的掌握中。
①该办法是1997年11月30日经国务院批准,1997年12月10日当时的国务院证券委员会发布,后根据《国务院关于修改〈证券交易所管理办法〉的批复》2001年12月12日由证监会修订。
②《中华人民共和国证券法》,第107条。
③《证券交易所管理办法》,第25条。
④《中华人民共和国证券法》,第103条,《证券交易所管理办法》,第9条。
⑤方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007(1):69.
①彭冰.证券交易所监管功能研究——从企业组织的视角[J].中国法学,2005(1):89-90.
②《中华人民共和国中国人民银行法》,第31条。
①廖凡.金融监管中不能承受无央行之轻[N].法制日报,2008-8-24(10).
②廖凡.金融监管中不能承受无央行之轻[N].法制日报,2008-8-24(10).
③《中华人民共和国中国人民银行法》,第9条。
④《中华人民共和国中国人民银行法》,第33条。
⑤国务院关于《中国人民银行主要职责机构设置和人员编制的规定》,国办发[2008]83号。
①廖凡.竞争、冲突与协调——金融混业经营监管模式的选择[J].北京大学学报(哲学社会科学版),2008(3):114.
①Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States[J/OL], Harvard Law School, Public Law & Legal Theory Working Paper Series, 2009, Paper No. 09-19: pA-13, http://ssrn.com/abstract=1300431
[2]吴敬琏.改革:我们正在过大关[M].上海:生活、读书、新知三联书店,2001.
[3]厉以宁.资本主义的起源:比较经济史研究[M].北京:商务印书馆,2003.
[4]厉以宁.经济学理论问题[M].上海:生活、读书、新知三联书店,1999.
[5]张维迎.信息、信任与法律[M].上海:生活、读书、新知三联书店,2006.
[6]张维迎.产权、激励与公司治理[M].北京:经济科学出版社,2005.
[7]周其仁.产权与制度变迁:中国改革的经验研究[M].北京:北京大学出版社,2004.
[8]梁定邦.中国资本市场前瞻[M].北京:北京大学出版社,2001.
[9]吴志攀.金融法的“四色定理”[M].北京:法律出版社,2003.
[10]王保树.商法总论[M].北京:清华大学出版社,2007.
[11]王保树.商法的改革与变动的经济法[M].北京:法律出版社,2004.
[12]滨田道代,吴志攀.公司治理与资本市场监管:比较与借鉴[M].北京:北京大学出版社,2003.
[13]吴志攀,白建军.金融法路径[M].北京:北京大学出版社,2004.
[14]郭峰.中国资本市场若干重大法律问题研究[M].北京:法律出版社,2008.
[15]郭峰.证券法律评论(第四卷)[M].北京:法律出版社,2005.
[16]郭峰.虚假陈述证券侵权赔偿[M].北京:法律出版社,2003.
[17]傅穹.重思公司资本制原理[M].北京:法律出版社,2004.
[18]刘俊海.中国资本市场法治评论(第一、二卷)[M].北京:法律出版社,2009.
[19]沈四宝,丁丁.公司法与证券法论丛(第一、二卷)[M].北京:对外经济贸易大学出版社,2006.
[20]顾功耘.金融衍生工具的法律规制[M].北京:北京大学出版社,2007.
[21]游劝荣.金融法比较研究[M].北京:人民法院出版社,2008.
[22]赵万一.证券交易中的民事责任制度研究[M].北京:法律出版社,2008.
[23]谢平.突围2009:中国金融四十人纵论金融危机[M].北京:中国经济出版社,2009.
[24]谢平.金融控股公司的发展与监管[M].北京:中信出版社,2004.
[25]谢伏瞻.金融监管与金融改革[M].北京:中国发展出版社,2002.
[26]曹凤岐,贾春新.金融市场与金融机构[M].北京:北京大学出版社,2002.
[27]曹凤岐.经济发展与资本市场管理[M].北京:北京大学出版社,2003.
[28]罗培新.公司法的合同解释[M].北京:北京大学出版社,2004.
[29]罗培新.公司法的法律经济学研究[M].北京:北京大学出版社,2008.
[30]郭雳.中国银行业创新与发展的法律思考[M].北京:北京大学出版社,2006.
[31]郭雳.美国证券私募发行法律问题研究[M].北京:北京大学出版社,2004.
[32]于绪刚.交易所非互助化及其对自律的影响[M].北京:北京大学出版社,2001.
[33]彭冰.资产证券化的法律解释[M].北京:北京大学出版社,2001.
[34]中国证监会.中国证券监督管理委员会年报(2007)[M].北京:中国财政经济出版社,2008.
[35]中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008.
[36]梁上上.论股东表决权——以公司控制权争夺为中心展开[M].北京:法律出版社,2005.
[37]朱伟一.美国证券法判例解析[M].北京:中国法制出版社,2006.
[38]朱伟一.一剑霜寒?证券法的两种实践[M].北京:中国法制出版社,2003.
[39]赖英照.股市游戏规则:最新证券交易法解析[M].北京:中国政法大学出版社,2006.
[40]王文宇.新金融法[M].北京:中国政法大学出版社,2003.
[41]王文宇.控股公司与金融控股公司法[M].北京:中国政法大学出版社,2003.
[42]王文宇.公司法论[M].北京:中国政法大学出版社,2004.
[43]廖大颖.证券市场与股份制度论[M].北京:中国政法大学出版社,2002.
[44]王红一.银行公司治理研究——中国国有银行改革的法律路径[M].北京:法律出版社,2008.
[45]邵东亚.金融业的分与合:金融演进与中国实践[M].北京:北京大学出版社,2003.
[46]黄毅.银行监管法律研究[M].北京:法律出版社,2009.
[47]张忠军.金融业务融合与监管制度创新[M].北京:北京大学出版社,2007.
[48]曾筱清.金融全球化与金融监管立法研究[M].北京:北京大学出版社,2005.
[49]周子衡.金融管制的确立及其变革[M].上海:上海三联书店,2005.
[50]李东方.证券监管法律制度研究[M].北京:北京大学出版社,2002.
[51]陈岱松.证券上市监管——法律制度国际比较研究[M].北京:法律出版社,2009.
[52]马其家.美国证券法案例选评[M].北京:对外经济贸易大学出版社,2007.
[53]于莹.证券法中的民事责任[M].北京:中国法制出版社,2004.
[54]刘俊,金震华.2008年次贷萧条应对与中国金融法制变革[M].北京:法律出版社,2009.
[55]杨峰.证券民事责任制度比较研究[M].北京:法律出版社,2006.
[56]金泽刚.证券市场监管与司法介入[M].济南:山东人民出版社,2004.
[57]宋晓燕.证券法律制度的经济分析[M].北京:法律出版社,2009.
[58]黎四奇.金融监管法律问题研究[M].北京:法律出版社,2007.
[59]黎四奇.金融企业集团法律监管研究[M].武汉:武汉大学出版社,2005.
[60]杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004.
[61]凌涛,张红梅.金融控股公司监管模式国际比较研究[M].上海:上海三联书店,2008.
[62]胡启忠,高晋康.金融领域法律规制新视域[M].北京:法律出版社,2008.
[63]卢劲松.金融法热点问题研究[M].北京:知识产权出版社,2008.
[64]王林清.证券法理论与司法适用[M].北京:法律出版社,2008.
[65]洪艳蓉.资产证券化法律问题研究[M].北京:北京大学出版社,2004.
[66]郑顺炎.证券内幕交易规制的本土化研究[M].北京:北京大学出版社,2002.
[67]杨亮.内幕交易论[M].北京:北京大学出版社,2001.
[68]井涛.内幕交易规制论[M].北京:北京大学出版社,2007.
[69]彭金隆.金融控股公司:法治监理与经营策略[M].北京:中国人民大学出版社,2005.
[70]史纪良.银行监管比较研究[M].北京:中国金融出版社,2005.
[71]江曙霞.银行监督管理与资本充足性管制[M].北京:中国发展出版社,1994.
[72]周道许.现代金融监管体制研究[M].北京:中国金融出版社,2000.
[73]张春子.金融控股集团的组建与运营[M].北京:机械工业出版社,2005.
[74]贺小勇.金融全球化趋势下金融监管法律问题[M].北京:法律出版社,2002.
[75]齐斌.证券市场信息披露法律监管[M].北京:法律出版社,2000.
[76]夏斌,等.金融控股公司研究[M].北京:中国金融出版社,2001.
[77]叶辅靖.全能银行比较研究[M].北京:中国金融出版社2001.
[78]薛林.权证风险控制与监管法律问题研究[M].北京:法律出版社,2008.
[79]任自力.证券集团诉讼:国际经验与中国道路[M].北京:法律出版社,2008.
[80]范愉.集团诉讼问题研究[M].北京:北京大学出版社,2005.
[81]王京,滕必焱.证券法比较研究[M].北京:中国人民公安大学出版社,2004.
[1]温家宝.全面深化金融改革促进金融业持续健康安全发展[J].求是,2007(5).
[2]吴志攀.华尔街金融危机中的法律问题[J].法学,2008(12).
[3]吴志攀.金融法制十年[J].中国金融,2005(13).
[4]方流芳.独立董事在中国:假定与现实[J].政法论坛,2008(5).
[5]方流芳.从法律视角看中国事业单位改革——事业单位“法人化”批判[J].比较法研究,2007(3).
[6]方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007(1).
[7]王保树.金融法二元规范结构的协调与发展趋势——完善金融法体系的一个视点[J].广东社会科学,2009(1).
[8]傅穹,于永宁.金融监管的变局与路径:以金融危机为背景的法律观察[J].社会科学研究,2009(6).
[9]傅穹,于永宁.高管薪酬的法律迷思[J].载《法律科学》(西北政法大学学报),2009(6).
[10]郭峰,等.中国应建立统一的大金融监管体制——-中国证券法学研究会代表团访日考察报告[N].中国证券报,2009-04-21.
[11]罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3).
[12]罗培新.政治、法律与现实之逻辑断裂——美国金融风暴之反思[J].华东政法大学学报,2009
[13]罗培新.科学化与非政治化:美国公司治理规则研究述评——以对《萨班尼斯-奥克斯莱法案》的反思为视角[J].中国社会科学,2008(6).
[14]巴曙松.次贷危机中的中国宏观金融政策选择[J].武汉金融,2009(1).
[15]彭冰.证券交易所监管功能研究——从企业组织的视角[J].中国法学,2005.
[16]董炯,彭冰.公法视野下的中国证券管制体制的演进[G]//罗豪才.行政法论丛.北京:法律出版社,2002(5).
[17]吴晓灵.金融混业经营和监管现实[G]//吴敬琏.比较.北京:中信出版社,2004(11).
[18]廖凡.竞争、冲突与协调——金融混业经营监管模式的选择[J].北京大学学报(哲学社会科学版),2008(3).
[19]张宪初.近期西方证券监管理念论争及对中国的一些启示[G]//刘俊海.中国资本市场法制评论.北京:法律出版社,2008.
[20]王文宇.论金融机构跨业经营模式——以台湾金控公司法制为例[G] //刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009.
[21]周小川.危机后全球经济的调整和政策应对[G]//吴敬琏.比较.北京:中信出版社,2009.
[22]杨东.论金融法制的横向规制趋势[J].法学家,2009(2).
[23]黄辉.金融监管现代化:英美法系的经验与教训[J].广东社会科学,2009(1).
[24]黄辉.金融监管体制改革:国际比较与分析[G]//王保树.商事法论集.北京:法律出版社,2006(6).
[25]黄辉.《巴塞尔协议》的演变:银行监管的新问题与新对策[J].环球法律评论,2006(1).
[26]黄辉.大型金融和市场机构中的中国墙制度——英美法系的经验与教训[J].清华法学,2007(1).
[27]韩龙.规制与监管:美国金融改革方案对金融法品行的再证明——解读美国金融改革方案之法学理念与基础[J].河北法学,2009(11).
[28]韩良.金融衍生品交易市场的制度设计和监管[J].政法论坛,2008(4).
[29]朱伟一.高管薪酬问题的美国经验[J].决策探索,2009(5).
[30]李金泽,梅明华.美国政府应对金融危机的监管改革方案及其启示[J].河北法学,2009(11).
[31]彭冰.商业银行的定义[J].北京大学学报(哲社版),2007(1).
[32]宋晓燕.论美国金融消费者保护的联邦化及其改革[J].河北法学,2009(11).
[33]刘轶.金融监管模式的新发展及其启示——从规则到原则[J].法商研究,2009(2).
[34]叶林,郭丹.中国证券法的未来方向——关于金融消费者的法律保护问题[J].河北学刊,2008(6).
[35]周友苏,廖笑非.金融危机背景下中国金融监管模式的选择与完善[J].清华法学,2009(2).
[36]孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2).
[37]白万钢.从AIG派红事件谈高管薪酬管理[J].董事会,2009(3).
[38]汤欣.私人诉讼与证券执法[J].清华法学,2007(3).
[39]洪艳蓉.美国证券交易委员会行政执法机制研究:“独立”、“高效”与“负责”[J].比较法研究,2009(1).
[40]李建伟.马明哲天价年薪事件的法律命题:公司高管薪酬市场与法律的有限干预[G]//刘俊海.中国资本市场法制评论,北京:法律出版社,2008.
[41]黄明.全球金融危机的启示与应对[G]//吴敬琏.比较.北京:中信出版社,2008(39).
[42]焦津洪.德国稳定金融市场的立法及启示[G]//吴敬琏.比较.北京:中信出版社,2008(39).
[43]廖珉.全球金融监管热点问题与思考[G]//吴敬琏.比较.北京:中信出版社,2008(37).
[44]中国银行伦敦分行.现代金融混业监管的最新模式——英国的金融监管实行重大改革[J].国际金融研究,2002(1).
[45]李文泓.国际金融监管理念与监管方式的转变及其对我国的启示[J].国际金融研究,2001(6).
[46]宋海鹰.《金融服务与市场法》对英国金融监管的变革[J].环球金融,2001(5).
[47]许多奇.从“分业”到“混业”:日本金融业的法律转变及其借鉴[J].法学评论,2003(4).
[48]沈联涛.这场危机的本质[J].财经,2008(26).
[49]齐美东.关于中国金融监管大部制的构想[C].中国管理学2008年会论文集.
[50]李若谷.当前应重视对金融控股公司立法问题的研究[J].经济导刊,2004(9).
[51]谢平.金融控股公司的风险、监管与前景[J].经济导刊,2003(10).
[52]夏斌,等.以金融创新推动金融业发展[G]//吴敬琏.比较.北京:中信出版社,2005(17).
[53]许成钢.解释金融危机的新框架和中国的应对建议[G]//吴敬琏.比较.北京:中信出版社,2008.
[54]李建伟.金融控股公司的法律规制:台湾地区样本分析[J].求索,2005(12).
[55]张红梅.美英金融控股公司监管比较及对我国的启示[J].中国金融,2008(7).
[56]田田.中国金融控股公司立法体例选择的探讨[J].法学论坛,2004(4).
[57]王一萱,王晓津.日本《金融商品交易法》实施后的证券市场——野村综合研究所大崎贞和讲座观点综述[J].深交所,2009(4).
[58]庄玉友.日本金融商品交易法述评[J].证券市场导报,2008(5).
[59]顾功耘.金融衍生工具与法律规制的创新[J].法学,2006(3).
[60]葛敏,郑人玮.金融衍生品市场统一监管法律制度的构建[J].环球法律评论,2005(6).
[61]葛敏,席月民.我国金融衍生品市场统一监管模式选择[J].法学杂志,2005(2).
[62]姜立文,刘长才.美国金融衍生品的异化与监管[J].河南金融管理干部学院学报,2009(1).
[63]于永宁.澳大利亚金融监管法律述评及其借鉴[J].法制与社会,2010(2).
[64]李文龙.美国金融监管改革述评[J].银行家,2008(9).
[65]赵静梅.美国金融监管结构的转型及对我国的启示[J].国际金融研究,2007(12).
[66]陈雨露,马勇.金融业组织形式变迁与金融监管体系选择:全球视角与比较分析[J].货币金融评论,2008(6).
[67]周卫江.美国金融监管改革计划的原因分析及其影响[J].财经理论与实践,2008(6).
[68]毛玲玲.麦道夫欺诈案对完善金融监管制度的启示[J].南方金融,2009(3).
[69]李晗.法经济学视野下的金融监管法正义性分析[J].法制与社会发展,2006(5).
[70]孙工声.进一步完善金融监管协调机制[J].中国金融,2009(6).
[71]彭虹.综合金融监管更优越辨析——以各国金融综合监管评述为视角[J].现代经济探讨,2009(1).
[72]贺红兵.金融监管协调机制或建立:银证保“三会合并”一场虚惊[N].华夏时报,2007-12-31(2).
[73]刘燕.股票期权激励的约束路径:法律与会计的互动-伊利股权激励事件的启示[C] //中国法学会证券法协会.第一届会议论文集论文.北京:[出版者不详],2009.
[74]项卫星,王刚,李宏瑾.金融全球化:目标、途径以及发展中国家的政策选择[J].国际金融研究.2003(2).
[75]项卫星,李宏谨.当前各国金融监管体制安排及其变革[J].世界经济,2004(9).
[76]李骏罡,朱晓琳.欧盟各成员国金融监管一体化趋势分析[J].南方金融,2008(2).
[77]蓝庆新,金刚杰.韩国金融监管体制改革及对我国的启示[J].上海金融,2003(2).
[1]王立.我国金融监管模式研究[D].北京:对外经济贸易大学,2007.
[2]魏倩.中国金融管制的历史变革[D].上海:复旦大学,2007.
[3]吴焰.转型期的中国金融监管[D].北京:中国社会科学院研究生院,2002.
[4]臧慧萍.美国金融监管制度的历史演进[D].长春:吉林大学,2007.
[5]纪琼骁.中国金融监管制度的变迁[D].武汉:武汉大学,2005.
[6]王忠生.我国金融监管制度变迁研究[D].长沙:湖南大学,2008.
[7]许水源.金融控股公司之监察制度[D].北京:中国政法大学,2006.
[8]姜立文.金融控股公司法律问题研究[D].上海:华东政法学院,2005.
[9]刘东平.金融控股公司法律制度研究[D].重庆:西南政法大学,2006.
[10]杜启尧.中国金融控股公司立法研究[D].北京:中国政法大学,2004.
[11]王旸.衍生金融工具法律问题研究[D].北京:中国政法大学,2006.
[12]熊玉莲.金融衍生工具法律监管问题研究[D].上海:华东政法学院,2006.
[13]阙波.国际金融衍生产品法律制度研究[D].上海:华东政法学院,2000.
[14]曹毅.金融控股公司的整合研究[D].上海:复旦大学,2005.
[15]田光伟.金融监管中的市场约束研究[D].北京:中央民族大学,2005.
[16]段银弟.中国金融制度变迁的路径分析[D].武汉:华中科技大学,2004.
[17]郭纹延.转轨时期中国金融监管体制变迁与金融效率研究[D].西安:西北大学,2006.
[18]王石.中国金融衍生品研究与中国期货市场实践[D].长春:吉林大学,2006.
[19]郑君豪.金融混业与金融监管[D].苏州:苏州大学,2006.
[20]李晗.论我国金融控股公司风险防范法律制度[D].长沙:湖南大学,2007.
[21]房震.金融集团:制度创新与监管研究[D].上海:上海社会科学院,2006.
[22]张亚博.金融控股公司发展论[D].北京:中共中央党校,2008.
[23]盖艳梅.金融控股公司模式论[D].北京:中共中央党校,2005.
[24]王青锋.中国金融业综合经营模式研究[D].杨凌:西北农林科技大学,2006.
[25]满海红.金融监管理论研究[D].沈阳:辽宁大学,2008.
[1] [英]霍华德·戴维斯,大卫·格林.全球金融监管[M].中国银行监督管理委员会国际部,译.北京:中国金融出版社,2009.
[2] [美]蒂尔曼.金融进化论[M].刘寅龙,译.北京:机械工业出版社,2009.
[3] [美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009.
[4] [美]保罗·克鲁格曼.克鲁格曼的预言-美国经济迷失的背后[M].张碧琼,译.北京:机械工业出版社,2008.
[5] [美]保罗·克鲁格曼.美国怎么了?一个自由主义者的良知[M].刘波,译.北京:中信出版社,2008.
[6] [美]R·科斯,A·阿尔钦,D·诺斯.财产权利与制度变迁[M].陈昕,等,译.上海:上海三联书店,1994.
[7] [美]哈威尔·E·杰克逊,小爱德华·L·西蒙斯.金融监管[M].吴志攀,等,译.北京:中国政法大学出版社,2003.
[8] [美]路易斯·罗思,乔尔·赛里格曼.美国证券监管法基础(第五版)[M].张路,等,译.北京:法律出版社,2008.
[9] [美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.何美欢,审校.北京:法律出版社,2006.
[10] [美]托马斯·李·哈森.证券法[M].张学安,等,译.北京:中国政法大学出版社,2003.
[11] [美]布莱恩·柴芬斯.公司法:理论,结构与运作[M].林希伟,魏旻,译.北京:法律出版社,2001.
[12] [美]塔玛·弗兰科.证券化:美国结构融资的法律制度[M].潘攀,译.北京:法律出版社,2009.
[13] [美]乔尔·赛里格曼.华尔街变迁史——证券交易委员会及现代公司融资制度的演化进程[M].田风辉,译.北京:经济科学出版社,2006.
[14] [美]莱纳·克拉克曼等.公司法剖析:比较与功能的视角[M].刘俊海,等,译.北京:北京大学出版社,2007.
[15]美国《联邦存款保险法》、《银行控股公司法》[M].邱海洋,刘萍,译.北京:中国政法大学出版社,2005.
[16]理查德·比特纳.贪婪、欺诈和无知:美国次贷危机真相[M].扬眉覃,丁颖颖,译.北京:中信出版社,2008.
[17] [美]美国法律研究院.公司治理原则:分析与建议(上下卷)[M].楼建波,等,译.北京:法律出版社,2006.
[18] [美]蒂米奇·威塔斯.金融规管——变化中的游戏规则[M].曹国琪,译.上海:上海财经大学出版社,2000.
[19] [美]德沃特里庞,泰勒尔.银行监管[M].石磊,王永钦,译.上海:复旦大学出版社,2002.
[20] [英]理查德·德尔.全球证券市场风险与监管[M].王建梅,等,译.北京:科文出版有限公司,1999.
[21] [日]鹿野嘉昭.日本的金融制度[M].余熳宁,译.北京:中国金融出版社,2003.
[22] [日]奥村洋彦.日本的“泡沫经济”与金融改革[M].余熳宁,译.北京:中国金融出版社,2000.
[1] [美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009(40).
[2] [美]富兰克林?艾伦,等.欧盟25国的金融体系[G]//吴敬琏.比较.北京:中信出版社,2006(43).
[3] [美]小约翰·科菲.美欧公司丑闻差异的股权解释[G]//吴敬琏.比较.北京:中信出版社,2005(21).
[4] [荷]努特·韦林克.金融监管安排:危机中的教训[J].中国金融,2009(5).
[5] [美]弗雷德里克·米什金.金融全球化真的有益吗?[G]//吴敬琏.比较.北京:中信出版社,2006(27).
[6] [英]I·巴特雷,等.监管国家:英德金融监管体制比较[G]//吴敬琏.比较.北京:中信出版社,2004(19).
[7] [英]安德鲁?霍尔丹.反思金融网络[G]//吴敬琏.比较.北京:中信出版社,2009(42).
[8] [英]霍华德·戴维斯.中国的金融改革[G]//吴敬琏.比较.北京:中信出版社,2005(17).
[9] [英]保罗·威尔曼,等.监管关系的演进:私有化行业中的监管制度与公司行为[G]//吴敬琏.比较.北京:中信出版社,2003(8).
[10] [美]卡塔琳娜·皮斯托,[英]许成钢.不完备的法律(上、下)——一种概念性分析框架及其在在金融市场监管发展中的应用[G]//吴敬琏.比较.北京:中信出版社,2002(3)(4).
[11] [英]许成钢.金融危机的新框架阐释与中国的政策建议[G]//吴敬琏.比较.北京:中信出版社,2008(39).
[12] [英]许成钢.用中国体制破解“中国之谜”[G]//吴敬琏.比较.北京:中信出版社,2008(36).
[13] [美]斯蒂芬·莫里斯,申铉松.立足于整个金融体系的金融监管[G]//吴敬琏.比较.北京:中信出版社,2009.
[14] [美]卡塔琳娜·皮斯托,[英]许成钢.执法之外的机制:中俄金融市场的治理[G]//吴敬琏.比较.北京:中信出版社,2003(6).
[15] [美]卡塔琳娜·皮斯托,[英]许成钢.转轨经济中证券市场的治理:来自中国的经验[G]//吴敬琏.比较.北京:中信出版社,2005(19).
[16] [美]安德烈·施莱弗.理解监管[G]//吴敬琏.比较.北京:中信出版社,2005(16).
[17] [英]迪特尔?赫尔姆.监管改革、监管俘获与监管负担[G]//吴敬琏.比较.北京:中信出版社,2007(35).
[18] [美]安德烈·施莱弗.证券法中什么在起作用[G]//吴敬琏.比较.北京:中信出版社,2006(23).
[19] [美]马克·罗.法律起源与现代证券市场[G]//吴敬琏.比较.北京:中信出版社,2007(29).
[20] [美]R·吉尔森,C·米约普.监管改革的选择:以日本公司治理为例[G]//吴敬琏.比较.北京:中信出版社,2005(16).
[21] [美]迪特尔·赫尔姆.监管改革、监管俘获和监管负担[G]//吴敬琏.比较.北京:中信出版社,2008(35).
[22] [美]斯蒂芬·崔.法律、金融和路径依赖:发展强大的证券市场[G]//吴敬琏.比较.北京:中信出版社,2003(8).
[23] [美]赫威尔·E·杰克逊.论金融控股公司的监管[J].蔡奕,译.证券市场导报,2003(5).
[24] [美]Saul Levmove.金融衍生品和其他金融创新的作用及其对规制的挑战[G] //刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009.
[25] [日]松尾直彦,冈田大,尾崎辉宏.金融商品交易法制解说——金融商品交易法制概要[G]//刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009.
[26] [日]滨田道代.日本上市公司的监察[G] //刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2008.
[1] Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M]. London, NewYork :Routledge.1998.
[2] Richard Katz. Japanese Phoenix: The Long Road to Economic Revival[M]. M.E. Sharpe. Inc,2003.
[3] Evan Gilreath. The Entrance of Banks into Subprime Lending: First Union and the Money Store[M].3 N.C. Banking Inst., 1999.
[4] Peter Newman, ed al. The New Palgrave Dictionary of Money and Finance[M]. 3rd ed. Published by the Macmillan Press Limited, 1992.
[5] Howell E. Jackson. The Impact of Enforcement: A Reflection[J]. University of Pennsylvania Law Review, 2008.
[6] Howell E. Jackson. Variation in the Intensity of Financial Regulation: Preliminary Evidence and Potential Implications[J].Yale Journal on Regulation, 2007.
[7] Howell E. Jackson. Regulatory Competition in International Securities Markets: Evidence From Europe In 1999-Part I[J]. Business Lawyer, 2001.
[8] Howell E. Jackson. Regulation in a Multi-Sectored Financial Services Industry: An Exploratory Essay [J]. Harvard Law School. Discussion papers 8/99, 1999.
[9] Howell E. Jackson. Regulatory Competition in International Securities Markets: Evidence From Europe -Part II[J]. Virginia Law & Business Review, 2008.
[10] Howell E. Jackson. Centralization, Competition, and Privatization in Financial Regulation, Theoretical Inquiries in Law[J]. Theoretical Inq, 2001.
[11] Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States [J]. Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-19, 2009: A-3[2009-12-07]. http://ssrn.com/abstract=1300431.
[12] John C. Coffee Jr.. Law and the Market: The Impact of Enforcement[J]. University of Pennsylvania Law Review, 2007.
[13] John C. Coffee Jr.. Racing Towards The Top?: The Impact of Cross-Listings and Stock Market Competition on International Corporate Governance[J]. Columbia Law Review November, 2002.
[14] Julia Patterson Forrester. Fannie Mae/ Freddie Mac Uniform Mortgage Instruments: The Forgotten Benefit to Homeowners[J]. Missouri Law Review, Fall , 2007.
[15] John C. Coffee Jr.. Accountability and Competition in Securities Class Actions: Why“Exit”Works Better Than“Voice”[J]. Cardozo Law Review, 2008.
[16] John C. Coffee Jr.. SOX Section 404 and Auditing Standard No. 2: The New Disclosure Landscape[J]. American Law Institute -American Bar Association Continuing Legal Education ALI-ABA's Third Annual Advanced, 2004
[17] Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458.
[18] Kenneth C. Johnston, James B. Greer, Julie K.Biermacher, Joseph Hummel. The Subprime Morass: Past, Present, and Future[J]. North Carolina Banking Institute, 2008.
[19] OECD. Supervision of Financial Services in the OECD Area[EB/OL].2002[2009-11-12], http://www.oecd.org/dataoecd/29/27/1939320.pdf.
[20] Howell E. Jackson, Learning from Eddy: A Meditation Upon Organizational Reform of Financial Supervision in Europe[J/OL], Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-17, at http://ssrn.com/abstract=1325510.
[21] Sir David Alan Walker. A Review of Corporate Governance in UK Banks and Other Financial Industry Entities: Final Recommendations[EB/OL]. (2009-11-26) [2009-12-10].http://www.hm-treasury.gov.uk/d/walker_review_261109.pdf.
[22] Eilis Ferran. Do Financial Supermarkets Need Super Regulators? Examining The United Kingdom's Experience in Adopting The Single Financial Regulator Model[J]. 28 Brooklyn J. Int'l L. 257, 2003.
[23] Cassandra Jones Havard.“Goin’Round in Circles”and Letting the Bad Loans Win: When Subprime Lending Fails Borrowers: The Need for Uniform Broker Regulation[J]. Nebraska Law Review, 2008.
[24] Cynthia Crawford Lichtenstein. The Fed's New Model of Supervision for "Large Complex Banking Organizations": Coordinated Risk-Based Supervision of Financial Multinationals for International Financial Stability[J]. Transnat'l Law, 2005
[25] Julia Black. Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation Authority[J]. Law & Policy, January 2006.
[26] Clive Briault, Building a Single Financial Regulator[C]. Paper prepared for the Conference on“Challenges for Unified Financial Supervision”, July 2001, Tallinn, Estonia.
[27] Brendan Bailey. Report of the Royal Commission into HIH Insurance[J]. Research Note, 2002.
[28] APRA. Discussion Paper. Supervision of Conglomerate Groups[EB/OL]. [2010-03-29]. http://www.apra.gov.au/Policy/upload/Discussion-paper-Supervision-of-conglo- merate-groups-March-2010.pdf.
[29] APRA. The prudential supervision framework[EB/OL]. 2009:2, [2010-01-12]. http://www.apra.gov.au/AboutAPRA/upload/AR_2009_CH3_SUPERVISIONFRAMEWORK.pdf.
[30] Caner Bakir. Who Needs a Review of the Financial System in Australia? TheCase of the Wallis Inquiry[C]. Refereed Paper Presented to Jubilee Conference of the Australian Political Studies Association, Australian National University, 2002.
[31] Roberta S. Kalmel. Regulation by Exemption: the Changing Definition of an Accredited Investor[J]. 39 Rut. L. Rev, 2008.
[32] Giorgio Di Giorgio, Carmine Di Noia. Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal [J]. Financial Institutions Center, The Wharton School, University of Pennsylvania, 2001.
[33] Louis Kaplow. Rules v Standards: An Economic Analysis[J], 42 Duke L.J. 557, 1992.
[34] Linda J. Barris. The Overcompensation Problem: A Collective Approach to Controlling Executive Pay[J]. Indian Law Review 68 ,1982.
[35] George Sami. A Comparative Analysis of Hedge Fund Regulation in the United States and Europe[J]. Northwestern Journal of International Law& Business, 2009.
[36] Roert C. Merton. A Functional Perspective of Financial Intermediation[J]. 1995, 24 FIN. MGMT. 23.
[37] Jonathan R. Macey, Geoffrey P. Miller. Non-deposit Deposits and the Future of Bank Regulation[J]. Michigan Law Review, 1992.
[38] Julia Black. Making a Success of Principles-based Regulation [J]. Law and Financial Markets Review, 2007.
[39] Joseph J. Norton. A Perceived Trend in Modern International Financial Regulation: Increasing Reliance on a Public-Private Partnership [J], The International Lawyer, 2003, Vol. 37
[40] Michael Taylor.“Twin peaks”: A Regulatory Structure of the New Century [J]. Centre of the Study of Financial Innovation, 1995.
[41] Kevin J. Murphy. Executive Compensation, in 3B Handbook of Labor Economics, Orley Ashenfelter & David Card eds[M]. published by Elsevier. 1999.
[42] John C. Coffee Jr.. Gatekeeper Failure and Reform: The Challenge of Fashioning Relevant Reforms[J]. Boston University Law Review, 2004.
[43] John C. Coffee Jr.. What Caused Enron? A Capsule Social and Economic Historyof The 1990s[J]. Cornell Law Review , 2004.
[44] Eddy Wymeersch. The Structure of Financial Supervision in Europe About Single, Twin Peaks and Multiple Financial Supervisors[J/OL]. 2006: 2-3 [2009-10-19]. http://ssrn.com/abstract=946695.
[45] John C. Coffee, Jr.. Privatization and Corporate Governance: The Lessons from Securities Market Failure[J]. The Journal of Corporation Law, 1999.
[46] Mark J. Roe. Legal Origins, Politics, And Modern Stock Markets[J]. Harvard Law Review, 2006.
[47] Lucian A. Bebchuk, Jesse M. Fried. Pay without Performance: Overview of the Issues [J]. The Journal of Corporation Law, 30 Iowa J. Corp. L. 647, 2005.
[48] Randall S. Kroszner. Legislative Proposals on Reforming Mortgage Practices[J/OL].[2010-01-02], http://www.bis.org/review/r071025f.pdf.
[49] Nicholas Bagley. Crashing the Subprime Party. How the Feds Stopped the States from Averting the Lending Mess[J/OL].[2009-11-11], http://www.slate.com/id/2182709/.
[50] Andrew Cuomo. No Rhyme or Reason: The heads I Win, Tails You Lose, Bank Bonus Culture[EB/OL]. (2009-07-30)[2009-08-11]. http://cnnac360.files.wordpress.com/2009/10/bonus-report-final-7-30-09.pdf.
[51] Mark J. Roe. Delaware's Politics[J]. Harvard Law Review, 2005.
[52] Mark J. Roe. German Codetermination and German Securities Markets[J]. Columbia Journal of European Law, 1999.
[53] Joel Seligman. Cautious Evolution or Perennial Irresolution: Stock Market Self-regulation During The First Seventy Years of The Securities and Exchange Commission[J]. Business Lawyer, 2004.
[54] Joel Seligman. Rethinking Securities Markets: The sec Advisory Committee on Market Information and the Future of The National Market System[J]. Business Lawyer, 2002.
[55] Joel Seligman. Litigation Reform Since the PSLRA: A Ten-Year Retrospective Foreword[J]. Columbia Law Review, 2006.
[56] Joel Seligman. The Changing Nature of Federal Regulation[J]. Washington University Journal of Law and Policy, 2001.
[57] Katharina Pistor. Who Tolls the Bells for Firms? Tales from TransitionEconomies[J]. Columbia Journal of Transnational Law, 2008.
[58] Katharina Pistor. Mixed Reception: Culture, International Norms, And Legal Change In East Asia: Comment: The Law And The Non-Law[J]. Michigan Journal of International Law, 2006.
[59] Katharina Pistor, Chenggang Xu. Governing Stock Market in Transition Economies : Lesson From China[J]. American Law and Economic Review, 2005.
[60] Katharina Pistor, Chenggang Xu. Incomplete Law[J]. New York University Journal of International Law and Politics, 2003.
[61] Katharina Pistor. The Standardization of Law and Its Effect on Developing Economies[J]. The American Journal of Comparative Law, 2002.
[62] Katharina Pistor, Yoram Keinan, Jan Kleinheisterkamp & Mark D.West. The Evolution of Corporate Law: A Cross-Country Comparison[J]. University of Pennsylvania Journal of International Economic Law, 2002.
[63] Ronald J. Gilson, Charles K. Whitehead. Deconstructing Equity: Public Ownership, Agency Costs, and Complete Capital Markets[J]. Columbia Law Review, 2008.
[64] Ronald J. Gilson, Curtis J. Milhaupt. Choice as Regulatory Reform: The Case of Japanese Corporate Governance[J]. American Journal of Comparative Law, 2005.
[65] Ronald J. Gilson, Curtis J. Milhaupt. Sovereign Wealth Funds and Corporate Governance: A Minimalist Response to The New Mercantilism[J]. Stanford Law Review, 2008.
[66] Ronald J. Gilson, Jeffrey N. Gordon. Controlling Controlling Shareholders[J]. University of Pennsylvania Law Review, 2003.
[67] Stephen H. Haber, F. Scott Kieff, Troy A. Paredes. On the Importance to Economic Success of Property Rights in Finance and Innovation[J]. Washington University Journal of Law and Policy, 2008.
[68] Troy A. Paredes. The Importance of Corporate Law: Some Thoughts on Developing Equity Markets in Developing Economies[J]. Pacific McGeorge Global Business & Development Law Journal, 2007.
[69] Troy A. Paredes. Insights from the Sec's Decision to Regulate Hedge Funds[J]. Administrative and Regulatory Law News, 2006.
[70] James D. Cox, Edward F. Greene. Financial Regulation in A Global Market Place:Report of The Duke Global Capital Markets Roundtable[J]. Duke Journal of Comparative & International Law, 2007.
[71] James A. Fanto. The Role of Financial Regulation in Private Financial Firms: Risk Management and the Limitations of The Market Model[J]. Brooklyn Journal of Corporate, Financial & Commerical Law, 2008.
[72] John H. Walsh. Institution-Based Financial Regulation: A Third Paradigm[J]. Harvard International Law Journal, 2008.
[73] Stavros Gadinis. The Politics of Competition in International Financial Regulation[J]. Harvard International Law Journa, 2008.
[74] Stanislav Dolgopolov. Insider Trading, Chinese Walls, and Brokerage Commissions: The Origins of Modern Regulation of Information Flows in Securities Markets[J]. Journal of Law, Economics & Policy, 2008.
[75] Donald C. Langevoort. U.S. Securities Regulation and Global Competition[J]. Virginia Law & Business Review, 2008.
[76] Dania S. Becker. Less Can Be More: Recent Examples of Cooperation Between The United States And European Union On Securities Regulation[J]. Washington University Global Studies Law Review, 2009.
[77] Rolf H. Weber, Douglas W. Arner. Toward A New Design for International Financial Regulation[J]. University of Pennsylvania Journal of International Law, 2007.
[78] Cristie L. Ford. New Governance, Compliance, and Principles-Based Securities Regulation[J]. American Business Law Journal, 2008.
[79] Steven M. Davidoff. Paradigm Shift: Federal Securities Regulation in The New Millennium[J]. Brooklyn Journal of Corporate, Financial & Commercial Law, 2008.
[80] Joseph Silvia. Efficiency and Effectiveness in Securities Regulation: Comparative Analysis of The United States's Competitive Regulatory Structure and The United Kingdom's Single-Regulator Model[J]. DePaul Business & Commercial Law Journal, 2008.
[81] Erik F. Gerding. Laws Against Bubbles: An Experimental-Asset-Market Approach to Analyzing Financial Regulation[J]. Board of Regents of the University of Wisconsin System Wisconsin Law Review, 2007.
[82] Edward Sherwin. The Cost-Benefit Analysis of Financial Regulation: Lessons from the SEC's Stalled Mutual Fund Reform Effort[J]. The Board of Trustees of the Leland Stanford Junior University Stanford Journal of Law, Business & Finance, 2006.
[83] Caroline Bradley. Information Society Challenges to Financial Regulation[J]. The University of Toledo Law Review, 2006.
[84] W. Ronald Gard. George Bailey In The Twenty-First Century: Are We Moving To The Postmodern Era in International Financial Regulation With Basel II ? [J]. The Clayton Center for Entrepreneurial Law, Transactions: The Tennessee Journal of Business Law, 2006.
[85] Rosa M. Lastra. The Governance Structure for Financial Regulation and Supervision in Europe[J]. The Parker School of Foreign and Comparative Law, Columbia University Columbia Journal of European Law, 2003.
[86] Georg Witschel. Completing the Work of the Preparatory Commission: Financial Regulations And Rules of The Court[J]. Fordham International Law Journal, 2002.
[87] Paul Craig. Part II: The European Commission: A New Framework for EU Administration: The Financial Regulation 2002[J]. Law and Contemporary Problem, 2004.
①[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:31.
①R. A. Posner. Theories of Economic Regulation[J], Bell Journal of Economics and Management Science,1974,Volume 5: 335-358.
②江曙霞.银行监督管理与资本充足性管制[M].北京:中国发展出版社,1994:9.
③G. J. Stigler. The Theory of Economic Regulation[J], Bell Journal of Economics and Management Science, 1974,Volume 5: 3-21.
④R. A. Posner. Theories of Economic Regulation[J], Bell Journal of Economics and Management Science,1974,Volume 5: 335-358.
①周道许.现代金融监管体制研究[M].中国金融出版社,2000,78-79.
①[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:64-67.
①[美]阿尼尔·卡什亚普,拉古拉迈·拉詹,杰里米·斯泰因.反思资本监管[G]//吴敬琏.比较.北京:中信出版社,2009:71.
②罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3):91-105.
①[美]查理斯·金德尔伯格.经济过热、经济恐慌及经济崩溃——金融危机史[M].朱隽,叶翔,译.北京:北京大学出版社,2000.
①Eddy Wymeersch. The Structure of Financial Supervision in Europe About Single, Twin Peaks and Multiple Financial Supervisors[J/OL]. 2006: 2-3 [2009-10-19]. http://ssrn.com/abstract=946695.
②韩龙.规制与监管:美国金融改革方案对金融法品行的再证明——解读美国金融改革方案之法学理念与基础[J].河北法学,2009(11):15.
①周子衡.金融管制的确立及其变革[M].上海:上海三联书店,2005:1.
①[美]富兰克林·艾伦,等.欧盟25国的金融体系[G]//吴敬琏.比较.北京:中信出版社,2006:43.
②如英国至1979年才形成正式的金融监管体系,而在此之前,英格兰银行主要是采取“道义劝说”的方式指导金融机构的行为。See Goodhart, Schoenmaker. The Skill Profile of Central Bankers and Supervisors[J/OL].2001[2009-11-12], http://ssrn.com/abstract=275971.
①郑君豪.金融混业与金融监管——兼析台湾金融混业与监管的变迁[D].苏州:苏州大学,2005:53.
①FSA. Principles-based Regulation[EB/OL]. 2007-04-01[2009-06-09]. http:// www.fsa.gov.uk/pubs/other/principles.pdf.
①满海红.金融监管理论研究——金融结构变迁下的金融监管[D].辽宁:辽宁大学,2008:47.
②Peter Newman, ed al. The New Palgrave Dictionary of Money and Finance[M]. 3rd ed. Published by the Macmillan Press Limited, 1992:7.
①罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3):97-98.
①许成钢.解释金融危机的新框架和中国的应对建议[G] //吴敬琏.比较.北京:中信出版社,2008:3.
②杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004:32.
①[美]哈威尔·E·杰克逊,小爱德华·L·西蒙斯.金融监管[M].吴志攀,等,译.北京:中国政法大学出版社,2003:7.
②[美]哈威尔·E·杰克逊,小爱德华·L·西蒙斯.金融监管[M].吴志攀,等,译.北京:中国政法大学出版社,2003:5.
③王保树.金融法二元规范结构的协调与发展趋势——完善金融法体系的一个视点[J].广东社会科学,2009(1):177-178.
④[美]安德烈·施莱弗.证券法中什么在起作用[G]//吴敬琏.比较.北京:中信出版社,2006(23):137-143.
①[美]卡塔琳娜·皮斯托,许成钢.不完备的法律(上)——一种概念性分析框架及其在金融市场监管发展中的应用[G]//吴敬琏.比较.北京:中信出版社,2002(3):128.
①Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M], London, NewYork :Routledge.1998: 156.
①Merton R. C., Bodie Z. Deposit Insurance Reform: A Functional Approach[C], Carnegie-Rochester Conference Series on public Policy, 1993(38):1-34.
②Howell Jackson. Regulation in a Multi-Sectored Financial Services Industry: An Exploratory Essay [J]. HarvardLaw School. Discussion papers 8/99, 1999:193.
①Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M], London, NewYork :Routledge.1998:150.
②OECD. Supervision of Financial Services in the OECD Area[EB/OL].2002[2009-11-12], http://www.oecd.org/dataoecd/29/27/1939320.pdf.
③Giorgio Di Giorgio, Carmine Di Noia. Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal [J]. Financial Institutions Center, The Wharton School, University of Pennsylvania.2001: 105
①Howell Jackson. Regulation in a Multi-Sectored Financial Services Industry: An Exploratory Essay [J]. Harvard Law School. Discussion papers 8/99, 1999:193.
②Charles Goodhart, Philipp Hartmann, David T. Llewellyn, Liliana Rojas-Suarez, Steven Weisbrod. Financial Regulation: Why, How and Where Now?[M], London, NewYork :Routledge.1998:156.
③Michael Taylor.“Twin peaks”: A Regulatory Structure of the New Century [J]. Centre of the Study of Financial Innovation, 1995:4.
①Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States [J]. Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-19,2009: A-3[2009-12-07], http://ssrn.com/abstract=1300431.
②Howell E. Jackson. The Trilateral Dilemma in Financial Regulation[J]. Harvard Public Law Working Paper, No.08-58, 2008:4[2009-12-07], http://ssrn.com/abstract=1300419
①苏君豪.金融混业与金融监管[D],苏州:苏州大学,2006:71-72.
①刘轶.金融监管模式的新发展及其启示——从规则到原则[J].法商研究,2009(2):153.
②Louis Kaplow. Rules v Standards: An Economic Analysis[J], 42 Duke L.J. 557, 1992: 559-560.
③James D. Cox, There are Plaintiffs and…There are Plaintiffs:An Empirical Analysis of Securities Class Action Settlements [J].2008, 61Vand.L.Rev.355: 357-358.
①Julia Black. Making a Success of Principles-based Regulation [J]. Law and Financial Markets Review, 2007, Vol. 3, Iss. 4: 192.
①Joseph J. Norton. A Perceived Trend in Modern International Financial Regulation: Increasing Reliance on a Public-Private Partnership [J], The International Lawyer, 2003, Vol. 37: 43-59.
②[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009(40):51-52.
①Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458.
①资料来源,Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision,http://ssrn.com/abstract= id636458
①Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458
①Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States [J], Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-19,2009: A-3[2009-12-07], http://ssrn.com/abstract=1300431.
①Joséde Luna Martínez, Thomas A. Rose. International Survey of Integrated Financial Sector Supervision[EB/OL], [2010-02-01], http://papers.ssrn.com/sol3/papers.cfm?abstract_id=636458.
①[英]迪特尔·赫尔姆.监管改革、监管俘获与监管负担[G]//吴敬琏.比较.北京:中信出版社,2007:128.
②但这种现象主要还是存在于监管整合的早期阶段,在监管机构稳定运行多年后,统一监管机构仍然可以吸引很多从业者向监管机构流动。See Clive Briault, Building a Single Financial Regulator[C], Paper prepared for the Conference on“Challenges for Unified Financial Supervision”, 2-3 July 2001, Tallinn, Estonia.
①沈联涛.这场危机的本质[J].财经,2008(26):86.
②罗培新.美国金融监管的法律与政策困居之反思——兼及对我国金融监管之启示[J].中国法学,2009(3):94.
①[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.北京:法律出版社,2006:29.
②法案允许银行控股公司、证券公司、保险公司和其他金融机构可以加入共同所有权形式而形成的金融控股公司。金融控股公司可以为客户提供银行、证券、保险等金融业务和附属业务。如果把这种金融控股公司的监管框架看作伞形监管的话,那么居于伞顶的为美联储,居于伞骨的则为包括银行主监管人在内的功能监管者。参见张红梅.英美金融控股公司监管比较及对我国的启示[J].中国金融,2008(7):70.
①黄辉.金融监管现代化:英美法系的经验与教训[J].广东社会科学,2009(1):182.
①王忠生.我国金融监管制度变迁研究[D].长沙:湖南大学,2008:43.
①刘轶.金融监管模式的新发展及其启示——从规则到原则[J].法商研究,2009(2):154.
①黄辉.金融监管现代化:英美法系的经验与教训[J].广东社会科学,2009(1):183.
①杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004:48.
②郭雳.中国银行业创新与发展的法律思考[M].北京:北京大学出版社,2006:39.
①张忠军.金融业务融合与监管制度创新[M].北京:北京大学出版社,2007:49.
②Richard Katz. Japanese Phoenix: The Long Road to Economic Revival[M]. M.E. Sharpe. Inc,2003: 212.
③[日]松尾直彦,冈田大,尾崎辉宏.金融商品交易法制解说——金融商品交易法制概要[G] / /杨东,译.刘俊海.中国资本市场法制评论(第二卷).北京:法律出版社,2009:36.
①郑君豪.金融混业与金融监管——兼析台湾金融混业与监管的变迁[D].苏州:苏州大学,2005:62.
②陈雨露,马勇.金融业组织形式变迁与金融监管体系选择:全球视角与比较分析[J].货币金融评论,2008(6):11.
①曾筱清.金融全球化与金融监管立法研究[M].北京:北京大学出版社,2005:99.
①Eddy Wymeersch. The Structure of Financial Supervision in Europe About Single, Twin Peaks and Multiple Financial Supervisors[J/OL]. 2006, 10 [2009-10-19]. http://ssrn.com/abstract=946695.
②[英]安德鲁·霍尔丹.反思金融网络[G]//吴敬琏.比较.北京:中信出版社,2009:16.
①项卫星,王刚,李宏瑾.金融全球化:目标、途径以及发展中国家的政策选择[J].国际金融研究.2003(2):12-13.
②澳大利亚在金融监管改革前,很多银行和保险公司都遭受过严重的损失;1991年和1995年,英国的国际商业信贷银行(BCCI)和巴林银行先后倒闭;日本和韩国则是在1997年东亚金融危机的推动下,对金融监管体制进行了重大的改革。
③英国金融改革之前有段小插曲,英格兰银行一开始并不愿意放弃银行监管的权力,而等到1997年英国工党政府上台后不久,英国兰银行又积极进行金融监管体制的改革。而原英格兰副行长Howard Davies在FSA成立后便去当了首任主席,而他本人则是工党成员。参见项卫星,李宏谨.当前各国金融监管体制安排及其变革[J].世界经济,2004(9):70.
①2008年被认为是华尔街投行时代的终结:从3月份开始,华尔街五大投行中,第五大投行贝尔斯登被摩根大通收购,第四大投资银行雷曼兄弟申请破产保护,第三大投行美林被美国银行收购,第一大投行高盛和第二大投行摩根士丹利转型为银行控股公司。至此,五大“投行”已不再具备法律上的意义,而这些投行一度是美国金融模式的象征。参见吴志攀.华尔街金融危机中的法律问题[J].法学,2008(12):29.
②Judy Woodruff. The Financial Crisis: An Interview with George Soros[N/OL], (2008-05-13) [2009-10-19], http://www.nybooks.com/articles/21352#fnr1
③[美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009:156.
①吴志攀.华尔街金融危机中的法律问题[J].法学,2008(12):30.
②[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.何美欢,审校.北京:法律出版社,2006:304.
③Kenneth C. Johnston, James B. Greer, Julie K.Biermacher, Joseph Hummel. The Subprime Morass: Past, Present, and Future[J], North Carolina Banking Institute, 2008, Vol. 12: 125.
④Evan Gilreath. The Entrance of Banks into Subprime Lending: First Union and the Money Store[M].3 N.C. Banking Inst., 1999: 149.
①Julia Patterson Forrester. Fannie Mae/ Freddie Mac Uniform Mortgage Instruments: The Forgotten Benefit to Homeowners[J], Missouri Law Review, Fall , 2007, Vol. 72: 1082– 1083.
②梁福涛.警惕美国次级房贷危机传染全球金融市场[N].上海证券报,2007-03-21(A07).
①Cassandra Jones Havard.“Goin’Round in Circles”and Letting the Bad Loans Win: When Subprime Lending Fails Borrowers: The Need for Uniform Broker Regulation[J], Nebraska Law Review, 2008,Vol. 86: 757.
①曾筱清.金融全球化与金融监管立法研究[M].北京:北京大学出版社,2005:5.
①罗培新.政治、法律与现实之逻辑断裂——美国金融风暴之反思[J].华东政法大学学报,2009(2):113.
①Federal Reserve Bank of Boston. Depository Institutions Deregulation and Monetary Control Act of 1980 [EB//OL].[2009-12-11]. http://www.bos.frb.org/about/pubs/deposito.pdf.
②A. Gene Nelson, Alice Mills Morrow. Understanding the Tax Reform Act of 1986[M], Oregon State University, Extension Service, 1986: 39.
①[美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009:153.
②孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2):135.
①孙天琦,张晓东.美国次贷危机:法律诱因、立法解危及其对我国的启示[J].法商研究,2009(2):135.
①美国《联邦存款保险法》、《银行控股公司法》[M].邱海洋,刘萍,译.北京:中国政法大学出版社,2005:284-285.
②美国《联邦存款保险法》、《银行控股公司法》[M].邱海洋,刘萍,译.北京:中国政法大学出版社,2005:248-250.
①[美]保罗·克鲁格曼.萧条经济学的回归和2008年经济危机[M].刘波,译.北京:中信出版社,2009:153.
②Roberta S. Kalmel. Regulation by Exemption: the Changing Definition of an Accredited Investor[J], 39 Rut. L. Rev, 2008: 681.
①George Sami. A Comparative Analysis of Hedge Fund Regulation in the United States and Europe[J], Northwestern Journal of International Law& Business, 2009: 305.
②Presidents’Working Group on Financial Markets, Agreement among PWG and U. S. Agency Principals on Principles and Guidelines Regarding Private Pools of Capital[EB/OL],[2009-11-12], http://www.treas.gov/press/releases/reports/hp272_principles.pdf.
①[美]理查德·比特纳.贪婪、欺诈和无知:美国次贷危机真相[M].扬眉覃,丁颖颖,译.北京:中信出版社,2008:70.
②Randall S. Kroszner. Legislative Proposals on Reforming Mortgage Practices[J/OL].[2010-01-02], http://www.bis.org/review/r071025f.pdf.
①See The Department of The Treasury. Blueprint For A Modernized Financial Regulatory Structure, p139.
②[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:36.
①See the Gramm-Leach-Bliley Act: Sec 738.
②杨惠.机构监管与功能监管的交错:美国GLB法案的经验[J].财经科学,2007(5):13.
①沈联涛.这场危机的本质[J].财经,2008(26):83.
②Rule 15c-1 Net Capital Requirements For Brokers And Dealers [EB/OL]. [2009-11-10]. http://www.law.uc.edu/CCL/34ActRls/rule15c3-1.html
③廖凡.论欧盟对金融集团的监管——以《金融集团指令》为中心”[J/OL].[2009-11-10].http://www.iolaw.org.cn/showarticle.asp?id=2391
①根据《金融服务现代化法案》,除参加联邦存款保险的银行和储蓄贷款协会外,金融机构对监管部门有一定选择权,投资银行控股公司可以按自己意愿选择是否接受SEC的监管。
②[美]小约翰·科菲、希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:46.
③OCC Advisory Letter AL. [EB/OL].(2007-02)[2009-09-09].http://www.occ.treas.gov/ftp/advisory/2003-2.pdf
④Nicholas Bagley. Crashing the Subprime Party. How the Feds Stopped the States from Averting the Lending Mess[J/OL].[2009-11-11], http://www.slate.com/id/2182709/
①[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.北京:法律出版社,2006:310.
①上海荣正咨询.薪酬局-中国上市公司激励机制状况调查[J].新财富,2009(6):99.
②Andrew Cuomo. No Rhyme or Reason: The heads I Win, Tails You Lose, Bank Bonus Culture[EB/OL]. (2009-07-30)[2009-08-11]. http://cnnac360.files.wordpress.com/2009/10/bonus-report-final-7-30-09.pdf
③叶伟强,张环宇.“AIG火药桶”[J].财经,http://magazine.caijing.com.cn/2009-03-27/110129391.html
①白万钢.从AIG派红事件谈高管薪酬管理[J].董事会,2009(3):72.
①有关马明哲薪酬事件的详尽剖析,可参见李建伟.马明哲天价年薪事件的法律命题:公司高管薪酬市场与法律的有限干预[G]//刘俊海.中国资本市场法制评论,北京:法律出版社,2008:70-91.
②平安常务副总梁家驹2007年税前薪酬为4813万元,2008年薪酬骤降至793万;执行董事、总经理张子欣2007年税前薪酬为4770万元,2008年薪酬骤降至955万。数据来自中国平安2007、2008年报,参见巨潮资讯网,http://www.cninfo.com.cn/finalpage/2009-04-09/51105215.PDF
③[美]小约翰·科菲.美欧公司丑闻差异的股权解释[G]//吴敬琏.比较.北京:中信出版社,2005: 125.
①Internal Revenue Code sec 162(m) [J/OL]. http://www.irs.gov/pub/irs-irbs/irb08-10.pdf.
②Kevin J. Murphy. Executive Compensation, in 3B Handbook of Labor Economics, Orley Ashenfelter & David Card eds[M]. published by Elsevier. 1999: 2490.
③参见Brian J. Hall. Six Challenges in Designing Equity-Based Pay. 15 J. Applied Corp. Fin. 21, 23 fig.1 2003.转引自[美]小约翰·科菲.美欧公司丑闻差异的股权解释[G]//吴敬琏.比较.北京:中信出版社,2005,122.
④査晓磊.50万美元上限封顶?拷问奥巴马金融高管薪酬“新政”[N].21世纪经济报道,2009-2-11(16).
⑤朱伟一.次贷风暴眼中的高管薪酬[N].法制日报,2008-9-28(14).
①Lucian A. Bebchuk, Jesse M. Fried. Pay without Performance: Overview of the Issues [J]. The Journal of Corporation Law, 30 Iowa J. Corp. L. 647, 2005: 653.
②卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:128.
③SEC, Report Pursuant to Section 704 of the Sarbanes-Oxley Act of 2002(2003) [EB/OL]. http://www.sec.gov/news/studies/sox704report.pdf
①刘燕.股票期权激励的约束路径:法律与会计的互动-伊利股权激励事件的启示[C]//中国法学会证券法协会.第一届会议论文集论文.北京:[出版者不详],2009.
①方流芳先生对中国特色的独立董事制度的研究表明,独立董事的实际效用与预期效用相去甚远。与其说外部董事增加了上市公司的公信力,莫不如说独立董事给内部人士提供了一道对抗诉讼的防火墙。参见方流芳.独立董事在中国:假定与现实[J].政法论坛,2008(5):114-115.因此,企盼利涉其间的独立董事对高管薪酬作出“独立”判断,在中国恐怕仅仅是一个远离现实的假想。
②NYSE Listed Company Manual Rule 303A[EB/OL]. [2009-08-09]. http://www.nyse.com/pdfs/section303Afaqs.pdf ; NASD Rule 4350[EB/OL].[2009-08-09]. http://www.sec.gov/rules/sro/34-47516.htm
③关于“高管薪酬公平交易论”的详尽剖析,请参见卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:11-46.
④査晓磊.50万美元上限封顶?拷问奥巴马金融高管薪酬“新政”[N].21世纪经济报道,2009-2-11(16).
①朱伟一.高管薪酬问题的美国经验[J].决策探索,2009(5):68.
②Linda J. Barris. The Overcompensation Problem: A Collective Approach to Controlling Executive Pay[J]. Indian Law Review 68 ,1982: 82.
①惠晓霜.专家担心华尔街钻限薪空子[EB/OL].(2009-06-19)[2009-08-16]. http://news.xinhuanet.com/world/2009-02/06/content_10771823.htm
①卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:60.
②卢怀谦.美强化上市公司高管薪酬披露[N].中国证券报,2006-1-20(A05).
③Brain Hall, Kevin J. Murphy. The Trouble with Stock Options[J/OL].[2009-08-10]. http://www-rcf.usc.edu/~kjmurphy/HMTrouble.pdf
④关于公司高管薪酬掩饰的方法有很多,如延期支付、高管借贷、退休金等,可参见卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:90-97.
①卢怀谦.美强化上市公司高管薪酬披露[N].中国证券报,2006-1-20(A05).
②“SEC同意就受援上市公司高管薪酬提出新规”,载《华尔街日报》中文网路版,(2009-07-02)[2009-07-03], http://chinese.wsj.com/gb/20090702/bus073851.asp?source=whatnews3
①Brain Hall, Kevin J. Murphy, The Trouble with Stock Options[J/OL].[2009-08-10]. http://www-rcf.usc.edu/~kjmurphy/HMTrouble.pdf
②卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:174.
③《特拉华州普通公司法》第141条,《美国示范公司法》第8.11条,中国的《公司法》第47条都是如此规定。
①卢西恩·伯切克,杰西·弗里德.无功受禄:审视美国高管薪酬制度[M].赵立新,等,译.北京:法律出版社,2009:179-180.
②John C. Coffee, Jr. Law and the Market: The Impact of Enforcement[J]. University of Pennsylvania Law Review December, 2007,156 U. Pa. L. Rev. 229: 297.
③布莱恩·柴芬斯.公司法:理论,结构与运作[M].北京:法律出版社,2001:715.
④朱伟一.高管薪酬问题的美国经验[J].决策探索.2009(5):69.
①上海荣正咨询.薪酬局-中国上市公司激励机制状况调查[J].新财富,2009(6):98.
①See The Department of The Treasury, Blueprint For A Modernized Financial Regulatory Structure. pp75-83.
②See The Department of The Treasury, Blueprint For A Modernized Financial Regulatory Structure,pp89-137.
①李金泽,梅明华.美国政府应对金融危机的监管改革方案及其启示[J].河北法学,2009(11):26.
①See The Department of The Treasury, Blueprint For A Modernized Financial Regulatory Structure, pp63-70.
①宋晓燕.论美国金融消费者保护的联邦化及其改革[J].河北法学,2009(11):37.
①黄毅.银行监管法律研究[M].北京:法律出版社,2009:38.
②杨惠.机构监管与功能监管的交错:美国GLB法案的经验[J].财经科学,2007(5):15.
①Jonathan R. Macey, Geoffrey P. Miller. Non-deposit Deposits and the Future of Bank Regulation[J]. Michigan Law Review, 1992, Vol. 91, No. 2: 237-238.
②Roert C. Merton. A Functional Perspective of Financial Intermediation[J]. 24 FIN. MGMT. 1995, (2): 23-41.
①Giorgio Di Giorgio, Carmine Di Noia. Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal[J]. University of Pennsylvania, Center for Financial Institutions Working Papers Series, 2001-01-02: 4-10.
①Howell E. Jackson, Learning from Eddy: A Meditation Upon Organizational Reform of Financial Supervision in Europe[J/OL], Harvard Law School, Public Law & Legal Theory Working Paper Series, Paper No. 09-17, at http://ssrn.com/abstract=1325510.
②罗培新.美国金融监管的法律与政策困局之反思[J].中国法学,2009(3):97.
①Sir David Alan Walker. A Review of Corporate Governance in UK Banks and Other Financial Industry Entities: Final Recommendations[EB/OL]. (2009-11-26)[2009-12-10]. http://www.hm-treasury.gov.uk/d/walker_review_261109.pdf
①祁斌,王欧.国际金融监管体制的演变及发展趋势(上)[N].上海证券报,2007-02-12(C01).
②约瑟夫·诺顿.全球金融改革视角下的单一监管者模式:对FSA经验的评判性重估[J].廖凡,译.北大法律评论,2006(2):542.
③约瑟夫·诺顿.全球金融改革视角下的单一监管者模式:对FSA经验的评判性重估[J].廖凡,译.北大法律评论,2006(2):543.
④Martin Cihak, Richard Podpiera. Is One Watchdog Better Than Three? International Experience with Integrated Financial Sector Supervision[J]. Journal of Financial Economics, 2006: 2-3.
①Howell E. Jackson. Learning from Eddy: A Meditation Upon Organizational Reform of Financial Supervision in Europe[J/OL]. Harvard Law School, Public Law & Legal Theory Working Paper Series Paper No. 09-17, at http://ssrn.com/abstract=1325510.
②华尔街日报.欧盟委员会将英国今明两年GDP预期下调至-3.75%和+0.1[N/OL](.2009-05-04)[2009-11-18],http://Chinese.wsj.com/gb//20090504/BEU002069.asp
①Christina Dai.谁是北岩银行的救命稻草[J].英才,2007(11):41.
②ARROW是指高级风险应对操作框架(the Advanced Risk-Responsive Operating Framework),它是英国FSA对个体银行机构及系统性风险进行评估及处置方法,其目的是提高监管有效性,合理配置有限的专业人员等监管资源。监管者通过ARROW系统对风险的评级和评估,分析和判断被监管者发生问题的概率及发生问题后的会造成影响程度,进而计算监管密度和频数,然后在对应的监管及反应体系中推荐适用的监管方式和措施。
③See HM Treasury, The Nationalisation of Northern Rock[EB], National Audit Office, p48.
①See HM Treasury, The Nationalisation of Northern Rock[EB], National Audit Office, p48.
②Eilis Ferran. Do Financial Supermarkets Need Super Regulators? Examining The United Kingdom's Experience in Adopting The Single Financial Regulator Model[J]. 28 Brooklyn J. Int'l L. 257, 2003: 298.
③See Adair Turner, The Turner Review: A Regulatory Response to the Global Banking Crisis[EB], p55.
①See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p13.
②See The Department of the Treasury, Financial Regulatory Reform-A New Foundation: Rebuilding Financial Supervision and Regulation[EB], p7.
③[美]小约翰·科菲,希拉里·塞尔.重构美国证监会:财政部有更好的主意吗?[G]//吴敬琏.比较.北京:中信出版社,2009:34.
①RBA. Financial Stability Review[EB/OL].(2009-09-09)[2009-10-02], p2, http://www.rba.gov.au/FinancialSystemStability/financial_publications.html
②OECD.上调澳大利亚经济增长预期;下调失业率峰值预期.(2009-11-19)[2009-11-19],http://cn.wsj.com/gb/20091119/BAS004930.asp?source=rss
①Cynthia Crawford Lichtenstein. The Fed's New Model of Supervision for "Large Complex Banking Organizations": Coordinated Risk-Based Supervision of Financial Multinationals for International Financial Stability.18 Transnat'l Law. 283, 2003: 295.
②杨勇.金融集团法律问题研究[M].北京:北京大学出版社,2004:204.
①Cynthia Crawford Lichtenstein. The Fed's New Model of Supervision for "Large Complex Banking Organizations": Coordinated Risk-Based Supervision of Financial Multinationals for International Financial Stability.18 Transnat'l Law. 283, 2003: 296.
①周小川.危机后全球经济的调整和政策应对[G]//吴敬琏.比较.北京:中信出版社,2009:1.
②See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p5.
③See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p37.
④Andrew Crockett. Marring the Micro- and Macro- Prudential Dimensions of Financial Stability[J], Bank for International Settlements, Basel. 2000. At http://www.bis.org/review/rr000921b.pdf, p2.
⑤斯蒂芬·莫里斯,申铉松.立足于整个金融体系的金融监管[G]//吴敬琏.比较.北京:中信出版社,2009:68.
⑥沈联涛.宏观审慎监管“中国策”[J].财经,2009(20):78.
①See The Department of the Treasury, Blueprint for a Modernized Financial Regulatory Structure[EB], p22.
②See Adair Turner, The Turner Review: A Regulatory Response to the Global Banking Crisis[EB], pp68-70.
③See Jacques de Larosière Group, The High-level Group on Financial Supervision in The EU: Report [EB],p44.
①Julia Black. Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation Authority[J]. Law & Policy, January 2006, Vol. 28: 3.
②Brendan Bailey. Report of the Royal Commission into HIH Insurance[J]. Research Note, 2002-03, no.32:2-3.
③Julia Black. Managing Regulatory Risks and Defining the Parameters of Blame: A Focus on the Australian Prudential Regulation Authority[J]. Law & Policy, January 2006, Vol. 28: 6.
④APRA. The prudential supervision framework[EB/OL]. 2009:2, [2010-01-12].http://www.apra.gov.au/AboutAPRA/upload/AR_2009_CH3_SUPERVISIONFRAMEWORK.pdf
①[美]莉莎·布鲁姆,杰里·马卡姆.银行金融服务业务的管制:案例与材料(第二版)[M].李杏杏,等,译.北京:法律出版社,2006:1.
①魏倩.中国金融管制的历史与变革[D].上海:复旦大学,2007:47.
②巫文勇.中国金融业监管制度改革研究[D].武汉:武汉理工大学,2009:79.
①中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:11.
①国务院关于《财政部职能配置、内设机构和人员编制的规定》(国发[1998]5号)。
②国务院关于《国家发展和改革委员会主要职责内设机构和人员编制的规定》(国办发[2008]102号)。
③国务院关于《国家审计署主要职责内设机构和人员编制的规定》(国办发[2008]84号)。
④参见国务院于2008年4月24日发布的《国务院关于机构设置的通知》(国发[2008]11号)。
①《中华人民共和国人民银行法》,第2条。
②《中华人民共和国人民银行法》,第4、23条。
③中国银监会.[2009-10-04],http://www.cbrc.gov.cn/chinese/home/jsp/.
①在中国,许多从事吸储和放贷的金融机构并不采用“银行”的名头,这一方面规避了《商业银行法》的监管规定,另一方面也带来了金融业的混乱与风险。参见彭冰.商业银行的定义[J].北京大学学报(哲社版),2007(1):114-117.
②《中华人民共和国银行业监督管理法》,第18、21条。
①中国保监会,[2009-10-04],http://www.circ.gov.cn/Portal0/default3139.htm.
②中国保监会,[2009-10-04],http://www.circ.gov.cn/Portal0/default3139.htm.
③《中华人民共和国保险法》,第134-140条。
④王国军,徐高林,等.后金融危机时代保险业的风险防范与战略选择[M].北京:法律出版社,2009:288.
⑤邓小平同志针对证券市场指出,“证券、股市,这些东西究竟好不好,有没有危险,是不是资本主义独有的东西,社会主义能不能用?允许看,但要坚决的试。看对了,搞一两年对了,放开;错了,纠正,关了就是了。”参见《邓小平文选》第三卷,北京:人民出版社,1993:373.
⑥中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:35.
①中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:24.
②Fang Liufang. China's Corporatization Experiment[J]. Duke Journal of Comparative and International Law, Spring 1995:149-269.
①[美]塔玛·弗兰科.证券化:美国结构融资的法律制度[M].潘攀,译.北京:法律出版社,2009:65-73.
①周小川.危机后全球经济的调整和政策应当[G]//吴敬琏.比较.北京:中信出版社,2009:2.
①《中华人民共和国人民银行法》,第10条。
②《中华人民共和国人民银行法》,第5条。
③《证券法》起草小组.中华人民共和国证券法条文释义[M].北京:改革出版社,1999:47.
①《中华人民共和国证券法》,第102条。
②方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007(1):65.
③于绪刚.交易所非互助化及其对自律的影响[M].北京:北京大学出版社,2001:191-195.
①中国证监会.中国资本市场发展报告[M].北京:中国金融出版社,2008:7.
②方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007,(1):65.
③美国SEC第二任主席威廉·道格拉斯把这种关系描述为:“证券交易所发挥领导性作用,而政府发挥剩余作用。政府拿着抹好油、上了膛已经拉开栓的枪站在门后,随时准备开枪,但期望永远不开火”。参见于绪刚.交易所非互助化及其对自律的影响[M] .北京:北京大学出版社,2001:166.
④会员大会名义上为证交所的最高权力机关,但是《证券交易所管理办法》,会员大会至多只能选举和任免理事,理事长、副理事长、总经理、副总经理的人事权都在证监会的掌握中。
①该办法是1997年11月30日经国务院批准,1997年12月10日当时的国务院证券委员会发布,后根据《国务院关于修改〈证券交易所管理办法〉的批复》2001年12月12日由证监会修订。
②《中华人民共和国证券法》,第107条。
③《证券交易所管理办法》,第25条。
④《中华人民共和国证券法》,第103条,《证券交易所管理办法》,第9条。
⑤方流芳.证券交易所的法律地位——反思“与国际惯例接轨”[J].政法论坛,2007(1):69.
①彭冰.证券交易所监管功能研究——从企业组织的视角[J].中国法学,2005(1):89-90.
②《中华人民共和国中国人民银行法》,第31条。
①廖凡.金融监管中不能承受无央行之轻[N].法制日报,2008-8-24(10).
②廖凡.金融监管中不能承受无央行之轻[N].法制日报,2008-8-24(10).
③《中华人民共和国中国人民银行法》,第9条。
④《中华人民共和国中国人民银行法》,第33条。
⑤国务院关于《中国人民银行主要职责机构设置和人员编制的规定》,国办发[2008]83号。
①廖凡.竞争、冲突与协调——金融混业经营监管模式的选择[J].北京大学学报(哲学社会科学版),2008(3):114.
①Howell E. Jackson. A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States[J/OL], Harvard Law School, Public Law & Legal Theory Working Paper Series, 2009, Paper No. 09-19: pA-13, http://ssrn.com/abstract=1300431