金融危机后的金融监管问题研究
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摘要
金融是现代经济的核心,由于金融体系存在负效应,金融监管便成为经济监督的重要组成部分。金融体系的负效应主要表现在金融机构、金融市场的内在脆弱性以及资产价格的内在波动性,金融机构经营状况的崩溃演变为金融危机,随后传导到经济中的各方面,从而带来社会经济的全面衰退。随着金融业务之间的界限不断被打破,不同金融机构之间和不同金融工具之间的区别日益模糊,金融全球化不断加深,国际资本流动不断扩张,金融危机发生的频率也不断提高,其产生的影响则更为深远。
发生于2007～2009年的金融危机源于美国的次贷危机,给全球金融以及经济带来了深远影响,从冰岛的濒临破产到由希腊主权债务危机引发的欧洲债务危机,都与其不无关系。当然,金融危机在对金融体系造成不利影响的同时,也引发了对金融危机预警机制与危机后金融机构处置机制的思考,各经济主体也将面临金融监管体系的重塑及改革。因此,加强金融危机后的金融监管问题研究具有十分重要的理论意义与现实意义。
本文的框架结构是：第一部分为引言,简要介绍了本文的研究背景、国内外的研究现状及本文的创新与不足；第二部分阐述了本次金融危机的表现及引发的金融监管反思,如审慎性监管问题、逆周期监管问题、薪酬激励机制问题等;第三部分总结了危机后主要西方国家及经济体,如美国、英国及欧盟的重要金融监管改革措施及其改革特点,并阐述了这些改革措施对完善我国金融监管改革的启示；第四部分根据本次金融危机中金融监管的缺位表现与我国金融监管体制的现状,剖析了我国金融监管体制存在的主要问题：第五部分则借鉴主要西方国家及地区的金融监管改革措施及国际金融监管改革经验,结合我国金融业的发展现状,提出了关于改善我国金融监管体制以促进我国金融业稳健发展的几点建议。
本文的主要观点是：
金融监管需要在以下四个方面发挥作用：一是确保金融体系稳定安全,防范金融风险；二是保护金融消费者权益；三是增进金融体系的效率；四是规范金融机构的行为,促进公平竞争。由于金融危机破坏了金融系统的稳定并使消费者利益受到损失,因此每一次金融危机都会引发对金融监管的争论及探讨,并推动各金融监管当局调整其监管框架,具体包括监管目标、监管对象及监管方法。
由于金融混业经营已成为不可逆转的趋势,我国分业监管的模式暴露了金融监管协调机制不健全的问题。虽然金融创新受到金融监管的限制而在一定程度上降低了因金融活动复杂化带来的潜在风险,但同时也因缺少适当的金融避险工具使金融市场缺乏流动性而不利于金融风险的转移。因此借鉴国际金融监管改革的经验,我国金融监管应在以下几个方面进行完善：第一,制定完善的宏观审慎性金融监管框架,将宏观监管与微观监管相结合,共同促进金融体系的稳定发展；第二,在维持我国分业监管模式的基础上完善金融监管的协调机制,突出功能监管的重要性；第三,完善我国金融监管的法律体系,使金融体系在完善的监管法律框架下稳健运行；第四,处理好金融创新与金融监管之间的关系,利用适度的监管促进金融创新的发展,通过金融创新的发展为金融风险的转移创造条件；最后,在充分发挥我国在国际金融组织中成员国作用的同时致力于提高我国在国际金融监管合作中的话语权,为完善我国金融体系创造良好的国际环境。
Financial regulation refers to the supervision and management of the financial sector by the financial regulatory authority of a country (or a region) according to the national laws and regulations. Finance is the core of modern economy, because of the negative effects of the financial system, financial has become an important part of economic monitoring. The negative effects of the financial system are the inherent instabilities which also refer to the inherent fragility of financial institutions and financial markets and the inherent volatilities of asset prices. When the collapse of financial institutions'operating conditions turn into a financial crisis, these negative effects then transmit to all aspects of the economy, and lead to overall economic downturn. With the boundaries between financial businesses are broken constantly, the distinctions between different financial institutions as well as instruments are blurred increasingly. The deepening of financial internationalization and the expansion of international capital flows make financial crises break out more frequently, thus the impact of these crises become more far-reaching.
The financial crisis happened from 2007 to 2009 originated in the sub-prime debt crisis (or sub prime mortgage crisis) of the U.S. The crisis caused a serious impact to the global financial and economic situation. From the Icelandic implosion to the European debt crisis which is triggered by the Greek sovereign debt crisis, they are all related to the financial crisis. However, the financial crisis also triggered the studies on the warning mechanism and the handling mechanism of the financial institutions despite it shocked the financial systems. The economic entities will face the reconstruction and reform of the financial regulatory system.
There are five parts in this paper:(1)part one briefly introduced the study background, situation and the innovations as well as the shortcomings of this paper, (2)part two elaborated the manifestations and causes of this financial crisis,included the over-derivative financial products, the mistakes of the credit-rating companies and the vacancies of the financial regulatory authorities, (3)part three summarized the important financial regulatory reform of the some countries like the United State, the England and the European Union and the inspirations to our country's financial regulation, (4)part four analyses the imperfections of our country's financial regulation combine with the vacancies of financial regulation in this crisis, (5) part five gave some suggestions to improve our country's financial regulation with using the international financial regulatory experiences for reference.
The main points are:
Financial regulation should has four functions as follows:(1) ensuring financial stability and risk prevention, (2) protecting the interests of financial consumers, (3) improving the efficiency of the financial system and (4) normalizing the conduct of financial institutions and promoting fair competition. Financial crises will destroy the financial system stability and bring great loss of consumers'interests, thus spark off deep discussion of the financial supervision and then promote the regulatory authorities to reconstruct their regulatory frameworks, which includes the aims, the objectives and the techniques of financial regulation.
This paper analyses the defects of financial regulation in this crisis on the basis of the study on its manifestations and causes. Because the mixed-business management of financial businesses has become an irreversible trend, China's decentralized regulatory model has exposed the imperfection of the coordination mechanism which also makes the regulation of financial holding companies and credit rating companies imperfect. Although the restrictions on the financial innovations what reduce the potential risks caused by the complexity of financial activities to some extent, they are also adverse for the transmission of risks because of the lack of financial instruments. For improving our country's financial regulation, we should:(1)lay down a complete macroscopic prudential financial regulatory framework,(2)improve the coordinate mechanism of the financial regulation on the basis of maintaining the separate supervision mode and highlight the importance of the functional regulation,(3)perfect the legal framework of financial supervision, (4)have a good grasp of financial innovation and financial regulation. Furthermore, we should also make effort to create a favorable international environment for improving our country's financial system.
发生于2007～2009年的金融危机源于美国的次贷危机,给全球金融以及经济带来了深远影响,从冰岛的濒临破产到由希腊主权债务危机引发的欧洲债务危机,都与其不无关系。当然,金融危机在对金融体系造成不利影响的同时,也引发了对金融危机预警机制与危机后金融机构处置机制的思考,各经济主体也将面临金融监管体系的重塑及改革。因此,加强金融危机后的金融监管问题研究具有十分重要的理论意义与现实意义。
本文的框架结构是：第一部分为引言,简要介绍了本文的研究背景、国内外的研究现状及本文的创新与不足；第二部分阐述了本次金融危机的表现及引发的金融监管反思,如审慎性监管问题、逆周期监管问题、薪酬激励机制问题等;第三部分总结了危机后主要西方国家及经济体,如美国、英国及欧盟的重要金融监管改革措施及其改革特点,并阐述了这些改革措施对完善我国金融监管改革的启示；第四部分根据本次金融危机中金融监管的缺位表现与我国金融监管体制的现状,剖析了我国金融监管体制存在的主要问题：第五部分则借鉴主要西方国家及地区的金融监管改革措施及国际金融监管改革经验,结合我国金融业的发展现状,提出了关于改善我国金融监管体制以促进我国金融业稳健发展的几点建议。
本文的主要观点是：
金融监管需要在以下四个方面发挥作用：一是确保金融体系稳定安全,防范金融风险；二是保护金融消费者权益；三是增进金融体系的效率；四是规范金融机构的行为,促进公平竞争。由于金融危机破坏了金融系统的稳定并使消费者利益受到损失,因此每一次金融危机都会引发对金融监管的争论及探讨,并推动各金融监管当局调整其监管框架,具体包括监管目标、监管对象及监管方法。
由于金融混业经营已成为不可逆转的趋势,我国分业监管的模式暴露了金融监管协调机制不健全的问题。虽然金融创新受到金融监管的限制而在一定程度上降低了因金融活动复杂化带来的潜在风险,但同时也因缺少适当的金融避险工具使金融市场缺乏流动性而不利于金融风险的转移。因此借鉴国际金融监管改革的经验,我国金融监管应在以下几个方面进行完善：第一,制定完善的宏观审慎性金融监管框架,将宏观监管与微观监管相结合,共同促进金融体系的稳定发展；第二,在维持我国分业监管模式的基础上完善金融监管的协调机制,突出功能监管的重要性；第三,完善我国金融监管的法律体系,使金融体系在完善的监管法律框架下稳健运行；第四,处理好金融创新与金融监管之间的关系,利用适度的监管促进金融创新的发展,通过金融创新的发展为金融风险的转移创造条件；最后,在充分发挥我国在国际金融组织中成员国作用的同时致力于提高我国在国际金融监管合作中的话语权,为完善我国金融体系创造良好的国际环境。
Financial regulation refers to the supervision and management of the financial sector by the financial regulatory authority of a country (or a region) according to the national laws and regulations. Finance is the core of modern economy, because of the negative effects of the financial system, financial has become an important part of economic monitoring. The negative effects of the financial system are the inherent instabilities which also refer to the inherent fragility of financial institutions and financial markets and the inherent volatilities of asset prices. When the collapse of financial institutions'operating conditions turn into a financial crisis, these negative effects then transmit to all aspects of the economy, and lead to overall economic downturn. With the boundaries between financial businesses are broken constantly, the distinctions between different financial institutions as well as instruments are blurred increasingly. The deepening of financial internationalization and the expansion of international capital flows make financial crises break out more frequently, thus the impact of these crises become more far-reaching.
The financial crisis happened from 2007 to 2009 originated in the sub-prime debt crisis (or sub prime mortgage crisis) of the U.S. The crisis caused a serious impact to the global financial and economic situation. From the Icelandic implosion to the European debt crisis which is triggered by the Greek sovereign debt crisis, they are all related to the financial crisis. However, the financial crisis also triggered the studies on the warning mechanism and the handling mechanism of the financial institutions despite it shocked the financial systems. The economic entities will face the reconstruction and reform of the financial regulatory system.
There are five parts in this paper:(1)part one briefly introduced the study background, situation and the innovations as well as the shortcomings of this paper, (2)part two elaborated the manifestations and causes of this financial crisis,included the over-derivative financial products, the mistakes of the credit-rating companies and the vacancies of the financial regulatory authorities, (3)part three summarized the important financial regulatory reform of the some countries like the United State, the England and the European Union and the inspirations to our country's financial regulation, (4)part four analyses the imperfections of our country's financial regulation combine with the vacancies of financial regulation in this crisis, (5) part five gave some suggestions to improve our country's financial regulation with using the international financial regulatory experiences for reference.
The main points are:
Financial regulation should has four functions as follows:(1) ensuring financial stability and risk prevention, (2) protecting the interests of financial consumers, (3) improving the efficiency of the financial system and (4) normalizing the conduct of financial institutions and promoting fair competition. Financial crises will destroy the financial system stability and bring great loss of consumers'interests, thus spark off deep discussion of the financial supervision and then promote the regulatory authorities to reconstruct their regulatory frameworks, which includes the aims, the objectives and the techniques of financial regulation.
This paper analyses the defects of financial regulation in this crisis on the basis of the study on its manifestations and causes. Because the mixed-business management of financial businesses has become an irreversible trend, China's decentralized regulatory model has exposed the imperfection of the coordination mechanism which also makes the regulation of financial holding companies and credit rating companies imperfect. Although the restrictions on the financial innovations what reduce the potential risks caused by the complexity of financial activities to some extent, they are also adverse for the transmission of risks because of the lack of financial instruments. For improving our country's financial regulation, we should:(1)lay down a complete macroscopic prudential financial regulatory framework,(2)improve the coordinate mechanism of the financial regulation on the basis of maintaining the separate supervision mode and highlight the importance of the functional regulation,(3)perfect the legal framework of financial supervision, (4)have a good grasp of financial innovation and financial regulation. Furthermore, we should also make effort to create a favorable international environment for improving our country's financial system.
引文
①见王宇, 《美欧英金融监管改革方案比较》,中国经济时报,2009年9月10日第12版。
①见项莉, 《宏观审慎监管与微观审慎监管的动态平衡研究》, 《华北金融》2010年第6期,第27页。
①见巫文勇,《论中国金融监管法律制度改革与监管机构设置》,《中国证券期货》2010年第8期,第12页。
②见http://10.1.3.83:86/DRCNet.Mirror.Documents.Web/docview.aspx?docid=2310769&leafid =36&chnid
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①见项莉, 《宏观审慎监管与微观审慎监管的动态平衡研究》, 《华北金融》2010年第6期,第27页。
①见巫文勇,《论中国金融监管法律制度改革与监管机构设置》,《中国证券期货》2010年第8期,第12页。
②见http://10.1.3.83:86/DRCNet.Mirror.Documents.Web/docview.aspx?docid=2310769&leafid =36&chnid
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