金融消费者保护理论研究
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摘要
伴随着金融市场的蓬勃发展,金融产品与金融服务的普及无疑成为近几十年来金融业发展的主旋律。消费者除了可以享受传统的银行、保险、证券服务以外,还可以购买银行理财产品、基金定投、储蓄连接保险等等创新型的金融产品与金融衍生品,享受信用卡、互联网金融服务带来的便利,极大地方便了消费者,增加了消费者的选择。可以说,金融产品与金融服务已然渗透到普通消费者生活的各个方面,成为社会生活不可或缺的一部分,整个金融消费领域呈现出一派欣欣向荣的景象。
但是,2007年由美国次贷危机所引发的金融危机,使人们不得不回过头来重新审视这繁荣背后的隐忧。这场自上世纪30年代的大萧条之后,波及范围最广、破坏力最大的全球性危机,给整个世界的金融体系造成巨大的负面冲击,同时也将“金融消费者保护”这一主题推向前台,使之成为目前金融领域受关注度最高的主题。各国金融监管当局纷纷意识到,正是对金融消费者利益的漠视与保护不足,诱发了这次金融危机的爆发。在坚持审慎性监管的同时,突出金融消费者保护目标的重要地位,避免监管缺位,以防止新的危机的发生,已在世界范围内达成共识。
事实上,金融消费者保护并不是次贷危机爆发后才出现的新鲜事物,早在二十世纪六十年代,金融消费者保护便已经随着全球轰轰烈烈的消费者保护运动而进入了人们的视野,成为消费者保护的一个重要组成部分。随后,金融消费者保护逐步被各国金融监管当局纳入本国的金融监管体系,至二十世纪九十年代中后期,随着英国经济学家Michael Taylor(1995)“双峰理论”(Twin Peaks)的提出,金融消费者保护已经成为与审慎性监管并列的金融监管目标之一。世界各主要经济组织和监管机构以及各国金融监管当局相继出台了一系列与保护金融消费者权益相关的法律、法规和监管条例,涵盖银行、证券、保险、非银行金融机构等涉及金融消费的各个行业,应该说,在世界范围内,已然搭建起了一个金融消费者保护的基本框架。
但是无论在传统的消费者保护体系内,还是在金融消费者保护框架之下,都没能使消费者在金融消费领域的权益得到切实的保障,随着金融消费者与金融机构之间的地位平衡不断被打破,金融消费者的权益受到各种掠夺性交易的侵害,严重动摇了消费者对于金融市场的信心,破坏了金融业赖以发展的基础,影响到整个金融体系的稳定性。因此,有必要对金融消费者保护的相关问题进行更加深入细致的研究,必须搞清楚其中一些关键性的问题,包括：金融消费过程中,哪些消费者的权益应该受到特殊的保护?传统的消费者保护以及现有的监管保护为何都没有起到切实保护金融消费者利益的作用?究竟哪些因素导致了金融消费者利益受损?这些潜在威胁到底是如何对金融消费者权益产生影响的?现有的金融消费者保护体系为何没能有效的消除这些潜在威胁?如何构建真正有效的金融消费者保护体系,以及在这过程当中需要避免哪些问题?等等。
本文的出发点正是为了回答这些问题,试图通过对现实中所存在的种种侵害金融消费者的现象进行剖析提炼,归纳出导致金融消费者利益受损的关键性问题,运用更加严谨的经济学工具加以分析,弄清金融消费者利益受损的真正原因以及应对策略,并结合各国现有监管保护体系的缺陷与不足,探讨如何构建可行高效的新的金融消费者保护体系。全文的主要内容如下：
一、国内外研究现状。对国际上现有相关文献从三个维度进行了梳理：以需求一方为研究视角、以供给一方为研究视角以及以监管方为研究视角。同时,本章也介绍了我国在该领域的研究进展,在肯定现有研究贡献的同时,归纳已有理论研究存在的主要问题。
二、归纳提炼出金融消费者保护的理论框架。即：金融机构一方的垄断地位与信息优势使金融机构有能力实施掠夺性的金融交易,从而榨取金融消费者的利益,损害金融消费者的权益。金融机构形成的利益集团可以凭借自身强大的力量影响监管机构的决策,阻碍金融消费者保护政策的订立与执行,使消费者的权益得不到充分保障。而作为金融交易需求一方的消费者,由于自身的专业知识不足与认知偏差,使自身的处境更加不利,有可能被金融机构所利用,并加剧了自身的弱势地位。因此,实施金融消费者保护,构建金融消费者保护体系,应该从打破金融垄断、消除信息不对称、降低利益集团的影响、通过金融教育提高金融消费者专业能力、消除认知偏差以及提供必要的金融救济几个方面入手。
三、金融垄断与金融消费者保护的关系。目前世界各国普遍存在金融垄断。结合前人的研究成果,本文通过测算证明,我国的整体金融垄断状况较之西方发达国家更加明显。金融垄断抑制了市场竞争,使金融机构得以实施垄断高价、不合理收费等市场滥用行为,并给金融消费者维权造成困难。
四、信息与金融消费者保护的关系。阐述了信息不对称问题在消费金融市场的表现、成因。虽然信息披露可以缓解信息不对称,但在金融产品风险较高时,金融机构缺乏信息披露的动力,为了提高自身收益,对金融消费者隐匿产品风险等重要信息。因此,监管部门有必要制定披露规则,强制金融机构披露影响消费者决策的重要信息,对金融消费者进行倾斜性保护。
五、掠夺性金融的产生及其对消费者利益的损害。金融机构依托垄断地位与信息优势来实施掠夺性金融交易,以实现自身利益最大化,但是使金融消费者的权益受损,对整个社会的福利也是一种损害。监管机构可以通过对金融产品的限价以及引入竞争来实现对掠夺性金融的监管,起到保护金融消费者的作用。
六、金融消费者认知偏差对自身利益的影响。分析发现,由于金融消费者专业知识缺乏,容易对金融机构产生依赖,错误的认为金融机构以消费者利益为决策出发点。而由于现有金融产品的盈利模式,导致金融机构有激励利用消费者的盲从心理向消费者推销不适宜产品。即便金融消费者以期望收益最大化的标准来进行理性选择,由于决策之初的错误认识,仍可能被金融机构利用,风险偏好被放大,购买不适合自身抗风险能力的高风险产品,对自身利益构成伤害。因此需要通过金融教育等方式增强消费者的风险意识,扭转消费者的错误认识,降低消费者对金融机构的依赖与盲从,保障金融消费者利益。
七、构建科学高效的金融消费者保护体系。首先对现有金融消费者保护体系存在的弊端进行剖析,进而结合前文的理论分析,从保护目标、构建原则、立法保障、机构设置、机构职能等方面详细阐述了如何有针对性的构建金融消费者保护体系。最后提出了构建以消费者为导向的倾斜性保护体系过程中可能碰到并且力争避免的几大问题。
简要概括本文的脉络,就是从金融消费的现实中提炼问题,通过经济学理论分析解决问题,最后再将分析结果运用到指导完善金融消费者保护的实际工作中去,完成现实到理论再回归现实的升华。
With the prosperous development of the financial market, financial commodities and services have been the cornerstone in the past decades. Except for the traditional banking and securities services, consumers can enjoy convenience through the services of credit cards and internet financial services. We can say that financial commodities and services have penetrated into the daily life of consumers and became an indispensable part, which brings out a promising future.
Unfortunately, the financial crisis originated from America in2007has rung a bell for the artificial prosperity. The crisis, which is thought to be the most devastating and widespread destruction after the Great Depression in the1930s, shakes the international financial market and makes the topic of the financial consumer protection to be the top priority. All financial authorities are aware that the ignorance for the financial consumer protection made it happen. It has been a general consensus that the financial consumer protection plays an important role as well as the discreet guard in the avoidance of financial crisis.
In fact, the notion of financial consumer protection is not unique and it had been a hot topic together with the worldwide campaign of the protection of consumers in the1960s. Afterwards, the protection of financial consumers has been incorporated into the governmental financial authorities. The theory of "Twin Peaks" given by Michael Taylor (1995) puts the financial consumer protection to be one of the objectives together with the prudent supervision. Series of laws and regularities concerning the financial consumer protection have been put forward by the related authorities, which include all financial industries such as the banking, securities, insurance and non-banking systems. It is clear that a basic framework for the financial consumer protection has been built already.
However, no matter the traditional protection of consumers or the specific financial one, both can not provide enough protection for the consumers. It is proved true by the unbalance between the financial consumers and the financial institutions. Many invasive trades have shaken the consumers'belief for the financial markets and destroy the steadiness of the financial systems. So, it is necessary to do some research on the protection of financial consumers and the following questions should be answered:Who should be protected during the financial consumption? Why the traditional and present protections fail in the financial market? What are the factors that harm the financial consumers? What are the potential threats? Why the present financial systems failed in the protection? How to build an effective framework and what should be taken into account?
This dissertation aims to answer these questions and try to find the key answers from the facts, during which, more standard economic analysis will be applied in order to understand its disciplines. At last, I will give some effective suggestions according to the shortcomings of present financial authorities. These main contents are as follows:
1、A literature review. I will summarize the present literature from three parts:the supplier, the demand-side and the authorities together with some articles from Chinese scholars. This part aims to summarize some useful ideas and techniques for the rest of my analysis.
2、The theoretical framework of Financial Consumer Protection. Except for the advantages taken by the financial institutions from the monopolistic status, the powers, the informational and professional resources, some potential threats from the financial consumers also should take responsibility for the problems, such as the professional inadequacy and the cognitive deviations. Therefore, the implementation of the financial consumer protection should aims to break the financial monopoly, eliminate the information asymmetry, reduce the influence of interest groups and improve the professional competence of financial consumers through financial education.
3、Financial monopolies and Financial Consumer Protection. Financial monopoly is widespread nowadays. Combined with previous research results, I proved that China's overall financial monopoly situation is more pronounced than developed countries. Financial monopoly inhibits competition in the market enable financial institutions to carry out monopoly high prices, unreasonable charges and other market abuses. What's more, it causes difficulties for the consumers' right-safeguarding.
4、Information and the financial consumer protection. I analyzed the reflections and reasons of the asymmetric information. The informational disclosure can avoid the problem of information asymmetry, but financial institutions do not have the incentive to disclose it, especially for the high-risk commodities. Hence, the regulatory authorities are responsible to force them to disclose the related information in order to give the biased protection to maximize the social profit.
5、Generation of predatory finance and the damage to the interests of consumers. The predatory financial trade, which is based on the monopolistic status and informational advantage, is the main cause that harms the financial consumers'rights and harms the social welfare. In this circumstance, the regulatory authorities should protect consumer's rights through price regulation and the introduction of competition.
6、The impact of the financial consumer cognitive biases on their own interests. Consumers tend to be over-dependent on the financial institutions because of the inadequate financial knowledge and the marketing, all of which make them be ignorant of the "principle-agent problem". Especially, the present incentive mechanism in financial market induces the institutions to sell over-risky commodities, which makes the consumers exposed to the high risk, although the consumers still rationalize their expected profit. Under such circumstances, the regulatory authorities should enhance the financial education to build up a healthy and professional consumption concept in order to protect the consumers' benefit. What's more, standard regulations should be put forward in order to control financial institutions'behavior.
7、To provide a professional and efficient financial consumption system. Firstly, I pointed out the deficiency of the financial consumer protection system. Then I clarified a new protection system, which includes the objectives, the principles, the related law system, the authorities and its corresponding functions based on the theoretical analysis. At last, some disputing problems about the consumer-biased protection system would be discussed in order to avoid some possible obstacles and keep the protection a healthy environment.
In summary, this dissertation aims to fine the problems from the reality and use economic tools to analyze them in order to give feasible suggestions to guide the financial consumer protection.
但是,2007年由美国次贷危机所引发的金融危机,使人们不得不回过头来重新审视这繁荣背后的隐忧。这场自上世纪30年代的大萧条之后,波及范围最广、破坏力最大的全球性危机,给整个世界的金融体系造成巨大的负面冲击,同时也将“金融消费者保护”这一主题推向前台,使之成为目前金融领域受关注度最高的主题。各国金融监管当局纷纷意识到,正是对金融消费者利益的漠视与保护不足,诱发了这次金融危机的爆发。在坚持审慎性监管的同时,突出金融消费者保护目标的重要地位,避免监管缺位,以防止新的危机的发生,已在世界范围内达成共识。
事实上,金融消费者保护并不是次贷危机爆发后才出现的新鲜事物,早在二十世纪六十年代,金融消费者保护便已经随着全球轰轰烈烈的消费者保护运动而进入了人们的视野,成为消费者保护的一个重要组成部分。随后,金融消费者保护逐步被各国金融监管当局纳入本国的金融监管体系,至二十世纪九十年代中后期,随着英国经济学家Michael Taylor(1995)“双峰理论”(Twin Peaks)的提出,金融消费者保护已经成为与审慎性监管并列的金融监管目标之一。世界各主要经济组织和监管机构以及各国金融监管当局相继出台了一系列与保护金融消费者权益相关的法律、法规和监管条例,涵盖银行、证券、保险、非银行金融机构等涉及金融消费的各个行业,应该说,在世界范围内,已然搭建起了一个金融消费者保护的基本框架。
但是无论在传统的消费者保护体系内,还是在金融消费者保护框架之下,都没能使消费者在金融消费领域的权益得到切实的保障,随着金融消费者与金融机构之间的地位平衡不断被打破,金融消费者的权益受到各种掠夺性交易的侵害,严重动摇了消费者对于金融市场的信心,破坏了金融业赖以发展的基础,影响到整个金融体系的稳定性。因此,有必要对金融消费者保护的相关问题进行更加深入细致的研究,必须搞清楚其中一些关键性的问题,包括：金融消费过程中,哪些消费者的权益应该受到特殊的保护?传统的消费者保护以及现有的监管保护为何都没有起到切实保护金融消费者利益的作用?究竟哪些因素导致了金融消费者利益受损?这些潜在威胁到底是如何对金融消费者权益产生影响的?现有的金融消费者保护体系为何没能有效的消除这些潜在威胁?如何构建真正有效的金融消费者保护体系,以及在这过程当中需要避免哪些问题?等等。
本文的出发点正是为了回答这些问题,试图通过对现实中所存在的种种侵害金融消费者的现象进行剖析提炼,归纳出导致金融消费者利益受损的关键性问题,运用更加严谨的经济学工具加以分析,弄清金融消费者利益受损的真正原因以及应对策略,并结合各国现有监管保护体系的缺陷与不足,探讨如何构建可行高效的新的金融消费者保护体系。全文的主要内容如下：
一、国内外研究现状。对国际上现有相关文献从三个维度进行了梳理：以需求一方为研究视角、以供给一方为研究视角以及以监管方为研究视角。同时,本章也介绍了我国在该领域的研究进展,在肯定现有研究贡献的同时,归纳已有理论研究存在的主要问题。
二、归纳提炼出金融消费者保护的理论框架。即：金融机构一方的垄断地位与信息优势使金融机构有能力实施掠夺性的金融交易,从而榨取金融消费者的利益,损害金融消费者的权益。金融机构形成的利益集团可以凭借自身强大的力量影响监管机构的决策,阻碍金融消费者保护政策的订立与执行,使消费者的权益得不到充分保障。而作为金融交易需求一方的消费者,由于自身的专业知识不足与认知偏差,使自身的处境更加不利,有可能被金融机构所利用,并加剧了自身的弱势地位。因此,实施金融消费者保护,构建金融消费者保护体系,应该从打破金融垄断、消除信息不对称、降低利益集团的影响、通过金融教育提高金融消费者专业能力、消除认知偏差以及提供必要的金融救济几个方面入手。
三、金融垄断与金融消费者保护的关系。目前世界各国普遍存在金融垄断。结合前人的研究成果,本文通过测算证明,我国的整体金融垄断状况较之西方发达国家更加明显。金融垄断抑制了市场竞争,使金融机构得以实施垄断高价、不合理收费等市场滥用行为,并给金融消费者维权造成困难。
四、信息与金融消费者保护的关系。阐述了信息不对称问题在消费金融市场的表现、成因。虽然信息披露可以缓解信息不对称,但在金融产品风险较高时,金融机构缺乏信息披露的动力,为了提高自身收益,对金融消费者隐匿产品风险等重要信息。因此,监管部门有必要制定披露规则,强制金融机构披露影响消费者决策的重要信息,对金融消费者进行倾斜性保护。
五、掠夺性金融的产生及其对消费者利益的损害。金融机构依托垄断地位与信息优势来实施掠夺性金融交易,以实现自身利益最大化,但是使金融消费者的权益受损,对整个社会的福利也是一种损害。监管机构可以通过对金融产品的限价以及引入竞争来实现对掠夺性金融的监管,起到保护金融消费者的作用。
六、金融消费者认知偏差对自身利益的影响。分析发现,由于金融消费者专业知识缺乏,容易对金融机构产生依赖,错误的认为金融机构以消费者利益为决策出发点。而由于现有金融产品的盈利模式,导致金融机构有激励利用消费者的盲从心理向消费者推销不适宜产品。即便金融消费者以期望收益最大化的标准来进行理性选择,由于决策之初的错误认识,仍可能被金融机构利用,风险偏好被放大,购买不适合自身抗风险能力的高风险产品,对自身利益构成伤害。因此需要通过金融教育等方式增强消费者的风险意识,扭转消费者的错误认识,降低消费者对金融机构的依赖与盲从,保障金融消费者利益。
七、构建科学高效的金融消费者保护体系。首先对现有金融消费者保护体系存在的弊端进行剖析,进而结合前文的理论分析,从保护目标、构建原则、立法保障、机构设置、机构职能等方面详细阐述了如何有针对性的构建金融消费者保护体系。最后提出了构建以消费者为导向的倾斜性保护体系过程中可能碰到并且力争避免的几大问题。
简要概括本文的脉络,就是从金融消费的现实中提炼问题,通过经济学理论分析解决问题,最后再将分析结果运用到指导完善金融消费者保护的实际工作中去,完成现实到理论再回归现实的升华。
With the prosperous development of the financial market, financial commodities and services have been the cornerstone in the past decades. Except for the traditional banking and securities services, consumers can enjoy convenience through the services of credit cards and internet financial services. We can say that financial commodities and services have penetrated into the daily life of consumers and became an indispensable part, which brings out a promising future.
Unfortunately, the financial crisis originated from America in2007has rung a bell for the artificial prosperity. The crisis, which is thought to be the most devastating and widespread destruction after the Great Depression in the1930s, shakes the international financial market and makes the topic of the financial consumer protection to be the top priority. All financial authorities are aware that the ignorance for the financial consumer protection made it happen. It has been a general consensus that the financial consumer protection plays an important role as well as the discreet guard in the avoidance of financial crisis.
In fact, the notion of financial consumer protection is not unique and it had been a hot topic together with the worldwide campaign of the protection of consumers in the1960s. Afterwards, the protection of financial consumers has been incorporated into the governmental financial authorities. The theory of "Twin Peaks" given by Michael Taylor (1995) puts the financial consumer protection to be one of the objectives together with the prudent supervision. Series of laws and regularities concerning the financial consumer protection have been put forward by the related authorities, which include all financial industries such as the banking, securities, insurance and non-banking systems. It is clear that a basic framework for the financial consumer protection has been built already.
However, no matter the traditional protection of consumers or the specific financial one, both can not provide enough protection for the consumers. It is proved true by the unbalance between the financial consumers and the financial institutions. Many invasive trades have shaken the consumers'belief for the financial markets and destroy the steadiness of the financial systems. So, it is necessary to do some research on the protection of financial consumers and the following questions should be answered:Who should be protected during the financial consumption? Why the traditional and present protections fail in the financial market? What are the factors that harm the financial consumers? What are the potential threats? Why the present financial systems failed in the protection? How to build an effective framework and what should be taken into account?
This dissertation aims to answer these questions and try to find the key answers from the facts, during which, more standard economic analysis will be applied in order to understand its disciplines. At last, I will give some effective suggestions according to the shortcomings of present financial authorities. These main contents are as follows:
1、A literature review. I will summarize the present literature from three parts:the supplier, the demand-side and the authorities together with some articles from Chinese scholars. This part aims to summarize some useful ideas and techniques for the rest of my analysis.
2、The theoretical framework of Financial Consumer Protection. Except for the advantages taken by the financial institutions from the monopolistic status, the powers, the informational and professional resources, some potential threats from the financial consumers also should take responsibility for the problems, such as the professional inadequacy and the cognitive deviations. Therefore, the implementation of the financial consumer protection should aims to break the financial monopoly, eliminate the information asymmetry, reduce the influence of interest groups and improve the professional competence of financial consumers through financial education.
3、Financial monopolies and Financial Consumer Protection. Financial monopoly is widespread nowadays. Combined with previous research results, I proved that China's overall financial monopoly situation is more pronounced than developed countries. Financial monopoly inhibits competition in the market enable financial institutions to carry out monopoly high prices, unreasonable charges and other market abuses. What's more, it causes difficulties for the consumers' right-safeguarding.
4、Information and the financial consumer protection. I analyzed the reflections and reasons of the asymmetric information. The informational disclosure can avoid the problem of information asymmetry, but financial institutions do not have the incentive to disclose it, especially for the high-risk commodities. Hence, the regulatory authorities are responsible to force them to disclose the related information in order to give the biased protection to maximize the social profit.
5、Generation of predatory finance and the damage to the interests of consumers. The predatory financial trade, which is based on the monopolistic status and informational advantage, is the main cause that harms the financial consumers'rights and harms the social welfare. In this circumstance, the regulatory authorities should protect consumer's rights through price regulation and the introduction of competition.
6、The impact of the financial consumer cognitive biases on their own interests. Consumers tend to be over-dependent on the financial institutions because of the inadequate financial knowledge and the marketing, all of which make them be ignorant of the "principle-agent problem". Especially, the present incentive mechanism in financial market induces the institutions to sell over-risky commodities, which makes the consumers exposed to the high risk, although the consumers still rationalize their expected profit. Under such circumstances, the regulatory authorities should enhance the financial education to build up a healthy and professional consumption concept in order to protect the consumers' benefit. What's more, standard regulations should be put forward in order to control financial institutions'behavior.
7、To provide a professional and efficient financial consumption system. Firstly, I pointed out the deficiency of the financial consumer protection system. Then I clarified a new protection system, which includes the objectives, the principles, the related law system, the authorities and its corresponding functions based on the theoretical analysis. At last, some disputing problems about the consumer-biased protection system would be discussed in order to avoid some possible obstacles and keep the protection a healthy environment.
In summary, this dissertation aims to fine the problems from the reality and use economic tools to analyze them in order to give feasible suggestions to guide the financial consumer protection.
引文
9参见美国金融改革法案《Dodd—Frank Wall Street Reform and Consumer Protection Act》
10参见美国金融改革法案《Dodd—Frank Wall Street Reform and Consumer Protection Act》
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