转型期的中国金融监管

【作者】 吴焰；

【导师】 白仲尧；

【作者基本信息】 中国社会科学院研究生院 ， 金融学， 2002， 博士

【摘要】 上世纪70年代以来，伴随着金融创新和金融业的迅速发展，金融领域处于不断的变化之中，市场的不确定性加深。特别是进入90年代，长期积聚的风险转化为剧烈的金融危机，造成许多国家社会动荡和经济衰退。惨痛的教训迫使我们反省和审视我国金融业的发展现状，关注并认真研究金融监管。近年来，关于金融监管的研究，已使我们加强了对金融监管必要性的认识。然而，如何在经济、金融全球化的大趋势下，结合我国金融改革和发展的实际，超越已有的认识层面，引入新的观念和方法，推动金融监管的深化，是一个更为现实的课题。本文关于转型期的金融监管这一立意，就是试图增强理论研究的针对性以及在实践中的意义。 本文分四个层次：一是关于金融监管的理论和体制问题；二是关于金融监管的性质和功能问题；三是关于金融监管的格局问题；四是关于金融监管的开放和国际合作问题。 分析国外金融监管理论和制度的发展历程，为研究我国金融监管提供了有价值的参考依据。虽然在分析国外金融监管理论和体制中，我们发现各国在监管制度安排上有很大的差异性，但是却可以从中梳理出关于我国金融监管体制改革的思路——取向和步骤。对我国金融监管体系进行整合，建立统一协调、管理高效的金融监管体制，改变监管信息难以集中、监管重叠与监管缺位并存的状态，从机构性监管转变为功能性监管。一是分离人民银行货币政策和金融监管的职能，成立相对独立的银行监管局，增强人民银行在制定货币政策中的独立性；二是针对金融不同行业相互渗透和在一些业务上的趋同性，适时对各监管职能部门进行整合，建立统一、高效的中国金融监管委员会；三是实现机构性监管向功能性监管的转变。 金融监管本身具有内在的服务性，是特殊形态的金融服务，对金融增量和金融资质有着重要的影响。金融业是带有自然垄断性质的行业，政府对金融业的监管代表着广泛的社会利益，是一项重要的公共产品或公共服务产品。按照公共产品与公共选择理论，金融监管具有非竞争性和非排他性。加强金融监管不应带有局部利益的特征，而应创造公平、有序的金融环境，使市场参与者和公共利益得以维护。 本文对行政国家状态下的金融监管的局限性和制度缺陷进行了分析，提出加强金融监管，要走出“行政化国家”的怪圈，避免行政机构的膨胀和行政职能在范围上、效力上的盲目扩张。基于金融监管制度的公共品性质和我国金融改革还处于初始阶段，发挥政府在制度供给方面的作用是必要的。但从现状看，单纯行政化模式，会降低制度供给的针对性和有效性，使金融监管制度处于非均衡状态。金融监管从行政化体制向市场化体制转变的意义在于，形成以市场信息为依据的决策管理模式。 金融监管作为一种特殊的管理行为，不可避免地会面临效益和效率问题。一般而言，金融监管的收益可以通过间接的方式(即无监管所造成的损失)来表现，而成本则由直接成本和间接成本所构成。本文采用经济学的方法，对金融监管的效益进行分析和衡量。然而，仅在此基础上分析金融监管的效能是不够的。本文又进一步从监管制度的导向对资源配置的作用进行了分析，提出通过制定和采取鼓励或限制的制度，完成金融市场中资源的有效配置。促进资源的高效配置，应作为我国金融监管的目标之一。本文还据此提出了当前金融监管在主动配置资源中应关注的内容和重点。 为了对上述问题作更深入的探讨，本文通过对金融服务的国际比较，分析了我国金融服务的现状和发达国家的差距。提出规避监管是金融服务创新的逆境动因，金融服务创新对金融监管的合理冲撞是调整金融监管政策的一个重要市场依据。此外，还通过对金融自由化与金融服务关系的分析，阐述了混业经营的模式以及现阶段在我国面临的制约，提出混业经营是金融自由化的必然选择，应对与其相关的监管制度进行具有前瞻性的研究。 针对我国金融监管格局中主客体关系失衡的现象，提出要调整金融监管的主客体关系。并从内部控制效能的外化这一新的视角阐述了内部控制在加强金融监管中的作用。对内部控制涵盖的范畴、内部控制机制、内部控制要素作了比较充分的阐述。根据现代制度经济学的观点，对我国商业银行内部控制薄弱的体制缺陷进行了分析，提出加强内部控制关键在于切实推动以明晰产权关系，改善治理结构为主要内容的银行制度创新。 市场经济是信用经济。信用是市场经济的基本准则。金融信用是市场经济的耦合剂，市场经济的发展离不开信用制度的完善。本文就现代金融发展的特征、信用失缺的负面影响、信用的维护与制约作了分析和阐述，蝎出要把信用监管作为金融监管的重要内容，在政府主导下，并逐步采取市场化的方式，把建立专责监管部门与发展证信民间管理机构结合起来，从而形成健全的、具有约束力的信用监管体系。本文还通过实证分析，阐述了采取信用评级这一市场化信用监管手段的必要性。 如何在金融开放进一步深化的环境下加强金融监管，是一个不能回避的问题。在我国加入世贸组织后，按照世贸组织的统一规则和制度框架改革我国金融监管制度，势在必行。本文对金融更多还原

【Abstract】 Since l970s, with the financial innovation and the development of financial market, manyconcepts are a1ways in changing and the systemic instability is greater and greateL Especially, in l990s,the accumu1ated risk broke out as the financial crisis that led the social instability and economic depressin many countries. So we have to reflect on our financial system and pay more attention to financialregulation. Recently, the necessary of regUlation was understood deePly But wituh the economic andfinancial globalization, how tO regUlate our own financial system is a nowadays problem. In thisdissertation, the concept of financial regUlation in economic conversion was discussed. The regulatorystructures and practices should be properly aligned with the rationale for regulation.There are four levels in the dissertation. The first is about the theory and system of financialregulation. The second is the basics and function of regulation. The third is regUIation structUre. The lastis the opermess and cooperation of fmancial regUlation.The history of financial regUlation in other countries is a mirror for.us. Based on the history thedirection and apprdach of our financial regUlation structure. can be clear up although the regulationsystems are diversiform in different countries. In China, an integrated and effective regulation systemmust be set up. The regUlatory resources must be allocated where they aremost needed, and the gaPs, duplication and confiicts in regulation must be excused almost. Threesuggestions were given in followings. The first is to separate the functions of the monetary policy ofnationa1 bank and the financial regUlation. The banking regUlation shou1d be set up independently. Andthe monetary policy should be planed by the national bank independently too. The second, the regulationsystem should be adjusted based on the pervasion of different industries. And an integ’rated and effectiveregulation conunittee should be built. The last is strIJctural regulation must be transferred into functionalregulation.Financial regUlation is a special financial service. It heavily affect on the financial increments andasset quality. Finance regulator should work for the public interest. Financial regulation is an importantpublic product or public service. According to the theory of public product and public selection, the tfinancial regulation is non-competitive and non-exclusive. TO strengthen financial regulation should notbases on the local interest. A equal and orderly financial envirorunent should be created to protect allmarket participants. -In the thesis, the limitations and the bugs of the administerial finance regulation were analyzed. Inorder enhance the financial regulation, the irraional exPand of regUlation institution must be avoided.Based on the basics of financial regUlation and the begirming of our financial reform, the governmentshould play’ a necessary role in drawing the regUlation system. But if the administenal finance regulationis the only model, the financial regulation will be asyrnrnetric. The financial regulation must betransformed from administration system to market system. And the decision-making model should comeinto being based on market information.In the thesis, the efficiency and benefit of financial regulation were discussed. In general, thebenefit can be seen indirectly, in another word, the losing without regulation. And the costs are directand inditect. Applying the economic method, the benefit of regulation was analyzed. But the analysisonly based on economy is not enough. In further, the effect of regulation on the allocation of resourceswas discussed. To realization the effective allocation of resources is one of the major functions of lfinancial regulation in China. From the point, some key processes of regulation in allocation of resourceswere suggested.In the dissertation, the financial services in different countries were compared. And the gap betWee更多还原