【摘要】 穿透式监管自提出以来应用范围日渐泛化,甚至从行政监管向司法活动延伸,成为法院判决背后的"匿名者",直接影响了金融合同裁判的基本思路。但究其实质,穿透式监管与金融合同之间并不存在价值判断的逻辑关系,穿透式监管的功能在于发现金融活动背后的投资者与真实业务,其发现的过程多以穿透合同而实现,所以穿透式监管廓清了金融规范的公私法二元结构。穿透式监管嵌入合同治理需明确其"客观穿透"而非"价值判断"的功能定位,在金融合同内部治理上遵循私法自治,对违反规章的行为遵循实质判断原则;在合同群引发系统性风险的防范上,则需穿透金融合同之间的关联关系与群落规模。更多还原

【Abstract】 Since its introduction, penetration supervision has been applied more and more widely, even becoming the "anonymous" force behind the court’s judgment and exerting and impact on the basic ideas of financial contract judgment. However, in essence, there is no logical relationship between value-based supervision and financial contracting. The function of penetration supervision is to discover the investors and real business behind financial activities. The process of discovery is actually through penetration. The contract is realized, so penetration supervision clarifies the dual structure of public and private law of financial norms. According to this, the contract management embedded with penetration supervision needs to clarify its "objective penetration" rather than "value judgment" position, by following the private law autonomy in the internal governance of financial contracts and the principle of substantive judgment in violation of the rules. For the prevention of systemic risks, it is necessary to penetrate the relationship between financial contracts and the size of the community.更多还原