金融监管体制改革论纲——全球主义关照下的国家主义立场
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摘要
国际上金融监管体制存在三种经典模式,即机构监管、功能监管和双峰监管。这些模式是历史的产物,本身无所谓优劣之分,也不是国家干预主义或新自由主义的产物。我国金融业正处于与世界共时性和历时性的共振结构之中,同时中国又是具有特质的国家。在此种宏观视野下,我国金融监管体制改革应当秉持全球主义关照下的国家主义立场,以功能监管为目标导向,吸收机构监管和双峰监管模式的优势,以增量改革为路径,构建金稳委、央行各有侧重的宏观审慎监管与银保会、证监会微观行为监管的双峰二级监管体制。
There are three classic models in the international financial supervision system: the institutional approach; the functional approach; the twins peaks approach. These patterns are the products of history which are indifferent in themselves,and they are not products of state intervention or neo-liberalism. Now China's financial industry is in a structure of resonance with both the synchronic and diachronic nature of the world or the product of neoliberalism,and China is a country with traits. Under such a macroscopic view,the reform of China's financial regulatory system should uphold the nationalist position under the guise of globalism that the path of incremental reform is to construct a twins and double peaks approach with the Financial Stability and Development Committee under the State Council and the Central Bank each focused on macro-prudential supervision and the China Banking Insurance Regulatory Commission and China Securities Regulatory Commission focused on micro-behavior supervision which is aiming at functional supervision,to absorb the advantages of institutional supervision and functional approach.
There are three classic models in the international financial supervision system: the institutional approach; the functional approach; the twins peaks approach. These patterns are the products of history which are indifferent in themselves,and they are not products of state intervention or neo-liberalism. Now China's financial industry is in a structure of resonance with both the synchronic and diachronic nature of the world or the product of neoliberalism,and China is a country with traits. Under such a macroscopic view,the reform of China's financial regulatory system should uphold the nationalist position under the guise of globalism that the path of incremental reform is to construct a twins and double peaks approach with the Financial Stability and Development Committee under the State Council and the Central Bank each focused on macro-prudential supervision and the China Banking Insurance Regulatory Commission and China Securities Regulatory Commission focused on micro-behavior supervision which is aiming at functional supervision,to absorb the advantages of institutional supervision and functional approach.
引文
[1]张雄.财富幻象:金融危机的精神现象学解读[J].中国社会科学,2010,(5):30.
[2]王立芳.八旬老人三陷集资骗局185万元投资血本无归[N].中国商报,2017-08-10;陈颖婷.银行“飞单”谁之过?亿元理财产品血本无归[N].上海法治报,2016-01-18;范跃红,王攀,洪美玲.年40%回报? 300多万血本无归![N].检察日报,2013-05-08.
[3]舒心.新时代我国金融监管体制变革:回顾、反思与展望[J].中国地质大学学报·社会科学版,2019,(1):3.
[4]马克思恩格斯全集·第44卷[M].北京:人民出版社,2001. 8.
[5]Kenneth J. Meier. Regulation:Politics,Bureaucracy,and Economics[J]. New York:St. Martin's Press,1985. 50.
[6]Robert C. A Functional Perspective of Financial Intermediation[J]. Financial Management,1995,(4):23-41.
[7]蓝虹,穆争社.英国金融监管改革新理念、新方法、新趋势[J].南方金融,2016,(9):70.
[8]Michael Taylor. Twin Peaks:A Regulatory Structure for the New Century[J]. London:Center for the Study of Financial Innovation,1995,(12):11.
[9] Michael Taylor. Alex Fleming:Integrated Financial Supervision Lessons of Scandinavian Experience[J].Policy Research Working Paper,1999,(2):30.
[10] Mishkin Frederic S. What Should Central Banks Do? Federal Reserve Bank Of St[J]. Louis Review,2000,(6):1-13.
[11]刘诗瑶.各国股权众筹法律监管逻辑之比较研究[J].河北法学,2018,(7):135.
[12]祁敬宇.金融监管理论与实务[M].北京:首都经济贸易大学出版社,2007. 127.
[13] Goodhart,Charles,Schoenmaker,Dirk. Institutional Separation between Supervisory and Monetary Agencies,The Emerging Framework of Financial Regulation[M]. London:Central Banking Publications,1998. 353-439.
[14] Paul Krugman. The B Word[N]. The New York Times,2008-03-17.
[15][美]大卫·鲍兹.古典自由主义[M].北京:同心出版社,2009. 22.
[16]曾哲,杨庆.大陆法系国家之监察法权立法言说[J].河北法学,2019,(3):7.
[17][美]约翰·泰勒.美联储强行介入经济的危险性[N].华尔街日报,2012-03-28.
[18] John Cassidy. Interview with Gary Becker[N]. The New Yorker,2010-01-14.
[19]李仲林.论我国商业银行综合化经营监管法律制度的完善[J].河北法学,2018,(6):191.
[20]杨静.从西方金融危机看我国政府金融监管[J].中国特色社会主义研究,2015,(4):48-51.
[21]何秉孟.美国金融危机与国际金融垄断资本主义[J].中国社会科学,2010,(2):28,40
[22]史炜,瞿亢,侯振博.英国金融统一监管的经验以及对中国金融监管体制改革的建议[J].国际金融,2016,(7):7-9.
[23]唐亮.监察体制改革与检察机关之归位[J].河北法学,2018,(1):3-4.
[24]吴云,张涛.危机后的金融监管改革:二元结构的“双峰监管”模式[J].华东政法大学学报,2016,(3):198-121.
[25]黄韬.我国金融市场从“机构监管”到“功能监管”的法律路径[J].法学,2011,(7):119.
[26]习近平.习近平谈治国理政·第二卷[M].北京:外文出版社,2018. 62-23,278-279.
[27]莫开伟.银保监会正式挂牌开启金融监管新时代[N].证券时报,2018-04-10(A03).
(1)对于金融监管模式或监管体制的认识,学术界一直存在着诸多分歧。主流的观点认为存在机构监管、功能监管和双峰监管三种模式;也有观点认为存在机构监管模式、功能监管模式和混合监管模式;还有观点认为存在机构监管、功能监管、综合监管和双峰监管;还有学者认为存在分业监管、伞式监管、双峰监管和统一监管的区分,更有观点将其分为机构监管、功能监管、目标监管和单一监管等类型。在本文看来,无论是混合监管,还是综合监管,其至少主要成分体现为功能监管。因此,本文只针对经典的区分方法进行简要介绍。
(1)328 U. S. 293,66 S. Ct. 1100,90 L. Ed. 1244(1946).
(1)所谓“金融大爆炸”是指1986年10月27日伦敦证券交易所采取了一次革命性的改革措施:一是允许本国和外国银行、保险公司以及证券公司申请成为交易所会员,甚至外国公司也可以100%的持有交易所会员公司的股份;二是交易所成员公司也可以充当证券交易商和证券经纪商;三是取消最低固定佣金制,实行自由议定佣金制。
[2]王立芳.八旬老人三陷集资骗局185万元投资血本无归[N].中国商报,2017-08-10;陈颖婷.银行“飞单”谁之过?亿元理财产品血本无归[N].上海法治报,2016-01-18;范跃红,王攀,洪美玲.年40%回报? 300多万血本无归![N].检察日报,2013-05-08.
[3]舒心.新时代我国金融监管体制变革:回顾、反思与展望[J].中国地质大学学报·社会科学版,2019,(1):3.
[4]马克思恩格斯全集·第44卷[M].北京:人民出版社,2001. 8.
[5]Kenneth J. Meier. Regulation:Politics,Bureaucracy,and Economics[J]. New York:St. Martin's Press,1985. 50.
[6]Robert C. A Functional Perspective of Financial Intermediation[J]. Financial Management,1995,(4):23-41.
[7]蓝虹,穆争社.英国金融监管改革新理念、新方法、新趋势[J].南方金融,2016,(9):70.
[8]Michael Taylor. Twin Peaks:A Regulatory Structure for the New Century[J]. London:Center for the Study of Financial Innovation,1995,(12):11.
[9] Michael Taylor. Alex Fleming:Integrated Financial Supervision Lessons of Scandinavian Experience[J].Policy Research Working Paper,1999,(2):30.
[10] Mishkin Frederic S. What Should Central Banks Do? Federal Reserve Bank Of St[J]. Louis Review,2000,(6):1-13.
[11]刘诗瑶.各国股权众筹法律监管逻辑之比较研究[J].河北法学,2018,(7):135.
[12]祁敬宇.金融监管理论与实务[M].北京:首都经济贸易大学出版社,2007. 127.
[13] Goodhart,Charles,Schoenmaker,Dirk. Institutional Separation between Supervisory and Monetary Agencies,The Emerging Framework of Financial Regulation[M]. London:Central Banking Publications,1998. 353-439.
[14] Paul Krugman. The B Word[N]. The New York Times,2008-03-17.
[15][美]大卫·鲍兹.古典自由主义[M].北京:同心出版社,2009. 22.
[16]曾哲,杨庆.大陆法系国家之监察法权立法言说[J].河北法学,2019,(3):7.
[17][美]约翰·泰勒.美联储强行介入经济的危险性[N].华尔街日报,2012-03-28.
[18] John Cassidy. Interview with Gary Becker[N]. The New Yorker,2010-01-14.
[19]李仲林.论我国商业银行综合化经营监管法律制度的完善[J].河北法学,2018,(6):191.
[20]杨静.从西方金融危机看我国政府金融监管[J].中国特色社会主义研究,2015,(4):48-51.
[21]何秉孟.美国金融危机与国际金融垄断资本主义[J].中国社会科学,2010,(2):28,40
[22]史炜,瞿亢,侯振博.英国金融统一监管的经验以及对中国金融监管体制改革的建议[J].国际金融,2016,(7):7-9.
[23]唐亮.监察体制改革与检察机关之归位[J].河北法学,2018,(1):3-4.
[24]吴云,张涛.危机后的金融监管改革:二元结构的“双峰监管”模式[J].华东政法大学学报,2016,(3):198-121.
[25]黄韬.我国金融市场从“机构监管”到“功能监管”的法律路径[J].法学,2011,(7):119.
[26]习近平.习近平谈治国理政·第二卷[M].北京:外文出版社,2018. 62-23,278-279.
[27]莫开伟.银保监会正式挂牌开启金融监管新时代[N].证券时报,2018-04-10(A03).
(1)对于金融监管模式或监管体制的认识,学术界一直存在着诸多分歧。主流的观点认为存在机构监管、功能监管和双峰监管三种模式;也有观点认为存在机构监管模式、功能监管模式和混合监管模式;还有观点认为存在机构监管、功能监管、综合监管和双峰监管;还有学者认为存在分业监管、伞式监管、双峰监管和统一监管的区分,更有观点将其分为机构监管、功能监管、目标监管和单一监管等类型。在本文看来,无论是混合监管,还是综合监管,其至少主要成分体现为功能监管。因此,本文只针对经典的区分方法进行简要介绍。
(1)328 U. S. 293,66 S. Ct. 1100,90 L. Ed. 1244(1946).
(1)所谓“金融大爆炸”是指1986年10月27日伦敦证券交易所采取了一次革命性的改革措施:一是允许本国和外国银行、保险公司以及证券公司申请成为交易所会员,甚至外国公司也可以100%的持有交易所会员公司的股份;二是交易所成员公司也可以充当证券交易商和证券经纪商;三是取消最低固定佣金制,实行自由议定佣金制。