導(dao)語：如何才(cai)能(neng)寫好一篇金融市場監管的(de)(de)重要性，這就需要搜(sou)集整理更(geng)多(duo)的(de)(de)資料(liao)和文獻，歡迎閱讀(du)由公(gong)務員之(zhi)家整理的(de)(de)十篇范文，供你借鑒。

篇1

[關鍵詞]金融市場；問題；對策

[中圖分(fen)類(lei)號]F830[文(wen)獻標(biao)識碼]A[文(wen)章編號]2095-3283（2013）10-0105-02

[作(zuo)者(zhe)簡介]賴黃平（1959-），女，漢族，福建漳州市人，經(jing)濟學(xue)學(xue)士(shi)，經(jing)濟學(xue)副教授(shou)，研究(jiu)方向：金融(rong)學(xue)、世(shi)界經(jing)濟的(de)教學(xue)與研究(jiu)。一(yi)、我國金融(rong)市場發展(zhan)中(zhong)存在的(de)主要問題

1.金融創新水平(ping)不高

與西方(fang)發達(da)國(guo)家相比，我國(guo)金融(rong)業(ye)創(chuang)(chuang)(chuang)(chuang)新(xin)步伐(fa)緩慢且手段落后。具體表現為創(chuang)(chuang)(chuang)(chuang)新(xin)品種單一、創(chuang)(chuang)(chuang)(chuang)新(xin)內容較(jiao)(jiao)膚淺、多注(zhu)重創(chuang)(chuang)(chuang)(chuang)新(xin)數量擴張，忽(hu)視(shi)質(zhi)量提(ti)升，特別是(shi)金融(rong)創(chuang)(chuang)(chuang)(chuang)新(xin)所(suo)依托的軟(ruan)硬件條(tiao)件較(jiao)(jiao)為落后，致使創(chuang)(chuang)(chuang)(chuang)新(xin)水平不高、科(ke)技含量較(jiao)(jiao)低。

2.金融市(shi)場各子市(shi)場的發展不平(ping)衡(heng)且相互(hu)分割(ge)

首先，我(wo)(wo)國金融市(shi)(shi)場(chang)(chang)的(de)直接(jie)融資(zi)在融資(zi)總額中占比較小，而(er)間接(jie)融資(zi)占比則(ze)較大，導(dao)致(zhi)銀(yin)行業金融風險(xian)較大。在直接(jie)融資(zi)中，國有企業占比偏高，民營(ying)企業占比則(ze)偏低(di)，融資(zi)結構失衡(heng)。其次，在資(zi)本市(shi)(shi)場(chang)(chang)中，債(zhai)券市(shi)(shi)場(chang)(chang)的(de)規(gui)模(mo)偏小僅相當于股票市(shi)(shi)場(chang)(chang)規(gui)模(mo)的(de)1/4遠(yuan)遠(yuan)落后(hou)于股票市(shi)(shi)場(chang)(chang)。第三，金融機構的(de)城鄉(xiang)布局(ju)失衡(heng)。這是由(you)于商業銀(yin)行從自身的(de)利益考慮，撤掉(diao)了原來在農村鄉(xiang)鎮的(de)大部分(fen)營(ying)業網點(dian)，導(dao)致(zhi)城鄉(xiang)金融的(de)發展失衡(heng)。第四，金融市(shi)(shi)場(chang)(chang)各子(zi)市(shi)(shi)場(chang)(chang)之間互相分(fen)割，銀(yin)行、證券、保險(xian)業仍處于分(fen)業經(jing)營(ying)狀態(tai)，致(zhi)使(shi)貨幣市(shi)(shi)場(chang)(chang)與資(zi)本市(shi)(shi)場(chang)(chang)也(ye)相互分(fen)割，影響了我(wo)(wo)國金融市(shi)(shi)場(chang)(chang)資(zi)源(yuan)的(de)有效配置。

3.金融市場監管法規缺失

目前(qian)我(wo)國金(jin)融(rong)(rong)(rong)(rong)法(fa)規(gui)建設(she)滯后，在金(jin)融(rong)(rong)(rong)(rong)監管過程中缺乏(fa)法(fa)律法(fa)規(gui)的(de)依據(ju)。雖然現(xian)行的(de)有關金(jin)融(rong)(rong)(rong)(rong)監管法(fa)律法(fa)規(gui)經過多(duo)次的(de)修改(gai)已較(jiao)全面和完(wan)善(shan)，但由(you)于我(wo)國在金(jin)融(rong)(rong)(rong)(rong)市場(chang)建設(she)中缺乏(fa)經驗，金(jin)融(rong)(rong)(rong)(rong)法(fa)規(gui)的(de)覆(fu)蓋面較(jiao)狹窄，導致金(jin)融(rong)(rong)(rong)(rong)監管不到(dao)位、影(ying)響(xiang)(xiang)金(jin)融(rong)(rong)(rong)(rong)市場(chang)的(de)規(gui)范發(fa)展。此外，貨幣(bi)市場(chang)與資本市場(chang)相互(hu)分割，阻(zu)礙了(le)兩個市場(chang)相互(hu)之間(jian)的(de)聯(lian)動，使貨幣(bi)政(zheng)策(ce)的(de)傳導機制受到(dao)一定(ding)的(de)影(ying)響(xiang)(xiang)和阻(zu)礙，貨幣(bi)政(zheng)策(ce)的(de)效力無法(fa)正常發(fa)揮，削(xue)弱(ruo)了(le)金(jin)融(rong)(rong)(rong)(rong)市場(chang)監管獨立(li)性，這(zhe)對金(jin)融(rong)(rong)(rong)(rong)市場(chang)甚至對整個市場(chang)經濟體(ti)系都極為不利。

二、對策建議

1.加快貨幣市場建設步伐

目前我(wo)國(guo)(guo)的(de)貨(huo)幣市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)與資(zi)本市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)相互(hu)分割，導致貨(huo)幣市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)的(de)作用無法得到(dao)充分發(fa)揮，應加(jia)快貨(huo)幣市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)建設步伐(fa)。貨(huo)幣市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)主要(yao)包(bao)括同(tong)(tong)業拆(chai)借(jie)(jie)市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)和商(shang)業票據市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)，應進一(yi)步完善同(tong)(tong)業拆(chai)借(jie)(jie)市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)，特別是(shi)建立(li)健(jian)全同(tong)(tong)業拆(chai)借(jie)(jie)市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)的(de)交(jiao)易網絡系統，為(wei)(wei)同(tong)(tong)業拆(chai)借(jie)(jie)市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)交(jiao)易提供高效(xiao)、便捷的(de)技術服務。此外，要(yao)對同(tong)(tong)業拆(chai)借(jie)(jie)市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)行為(wei)(wei)進行規范，使市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)操作有序化、規范化，促進同(tong)(tong)業拆(chai)借(jie)(jie)市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)健(jian)康、良(liang)性發(fa)展(zhan)。同(tong)(tong)時，還要(yao)重(zhong)視和大力發(fa)展(zhan)票據市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)。通過商(shang)業票據市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)不僅能(neng)解決(jue)工商(shang)企業融資(zi)難問題(ti)，還可為(wei)(wei)商(shang)業銀行提供優(you)化資(zi)產(chan)質量(liang)的(de)途(tu)徑，并為(wei)(wei)中央銀行貨(huo)幣政策的(de)貫徹落實(shi)以(yi)及我(wo)國(guo)(guo)金融市(shi)(shi)(shi)(shi)場(chang)(chang)(chang)(chang)的(de)健(jian)康發(fa)展(zhan)都具有重(zhong)要(yao)意義。

2.大力發展資本(ben)市(shi)場

應擴(kuo)大我(wo)國直接融資(zi)(zi)(zi)的比例(li)和(he)規模，特別鼓(gu)勵非公有(you)經濟與(yu)中小企業進行(xing)(xing)直接融資(zi)(zi)(zi)，積極為其(qi)解決資(zi)(zi)(zi)金問(wen)題。適度擴(kuo)大企業債券(quan)(quan)的發行(xing)(xing)規模，健全和(he)完善資(zi)(zi)(zi)本(ben)市(shi)場，盡(jin)快出(chu)臺相應的法(fa)律法(fa)規，適時對現有(you)法(fa)規進行(xing)(xing)補充和(he)修改，進一步規范證券(quan)(quan)市(shi)場行(xing)(xing)為，為投(tou)資(zi)(zi)(zi)者提供暢(chang)通的投(tou)資(zi)(zi)(zi)渠(qu)道(dao)。同時也要(yao)大力培育和(he)發展(zhan)機構投(tou)資(zi)(zi)(zi)者，以穩定證券(quan)(quan)市(shi)場的運行(xing)(xing)，使我(wo)國的證券(quan)(quan)市(shi)場能更加穩步、健康的發展(zhan)，

3.加強金融市(shi)場(chang)監管

由于金融市場特別是資本市場具有高風險特點，依法對金融市場進行有效監管是市場經濟的內在需要，也是金融市場本身高風險性所決定的。而且隨著市場經濟的不斷發展，金融市場規模的進一步擴大，金融市場監管的重要性也日益(yi)突顯。所以在金(jin)融(rong)市(shi)(shi)場(chang)監(jian)(jian)管方面應加快轉變監(jian)(jian)管職能，創造良好的(de)金(jin)融(rong)發展環境(jing)，為(wei)金(jin)融(rong)市(shi)(shi)場(chang)主(zhu)體(ti)提(ti)供高(gao)效的(de)服(fu)務。應以宏(hong)觀調(diao)控為(wei)主(zhu)，間接監(jian)(jian)管為(wei)輔，比(bi)如(ru)：進(jin)行(xing)(xing)行(xing)(xing)業規(gui)劃、從政策上進(jin)行(xing)(xing)引導、對市(shi)(shi)場(chang)運行(xing)(xing)進(jin)行(xing)(xing)必要(yao)的(de)監(jian)(jian)管、對市(shi)(shi)場(chang)的(de)準入進(jin)行(xing)(xing)規(gui)范(fan)等，最大限度地防范(fan)并化(hua)解金(jin)融(rong)市(shi)(shi)場(chang)風險，使我國的(de)金(jin)融(rong)市(shi)(shi)場(chang)能持續(xu)、健(jian)康、穩定發展。

4.規范(fan)證券市場的(de)主(zhu)體(ti)行為(wei)

證(zheng)(zheng)券(quan)市(shi)(shi)場(chang)(chang)的(de)(de)主體(ti)主要有投(tou)(tou)資(zi)主體(ti)、融資(zi)主體(ti)以(yi)及證(zheng)(zheng)券(quan)公司。對三者在(zai)證(zheng)(zheng)券(quan)市(shi)(shi)場(chang)(chang)上的(de)(de)運作行為應(ying)進行嚴格規范。證(zheng)(zheng)券(quan)市(shi)(shi)場(chang)(chang)上的(de)(de)投(tou)(tou)資(zi)主體(ti)主要是散戶(hu)(hu)和(he)機構(gou)投(tou)(tou)資(zi)者。與國(guo)外相比，我國(guo)證(zheng)(zheng)券(quan)市(shi)(shi)場(chang)(chang)機構(gou)投(tou)(tou)資(zi)者所占的(de)(de)比重仍偏低，投(tou)(tou)資(zi)主體(ti)結構(gou)不(bu)合(he)理，應(ying)積極培育機構(gou)投(tou)(tou)資(zi)者，進一(yi)(yi)步優(you)化證(zheng)(zheng)券(quan)市(shi)(shi)場(chang)(chang)的(de)(de)投(tou)(tou)資(zi)主體(ti)結構(gou)，發展和(he)完善證(zheng)(zheng)券(quan)投(tou)(tou)資(zi)基金(jin)。在(zai)融資(zi)主體(ti)方面，應(ying)降低國(guo)有企業(ye)對間接融資(zi)的(de)(de)依(yi)賴度，鼓勵企業(ye)轉變(bian)經營機制、提高經營管(guan)理水平，并且(qie)要擴大國(guo)有企業(ye)的(de)(de)債券(quan)發行規模(mo)，提高直接融資(zi)的(de)(de)比重，一(yi)(yi)旦條件成熟即(ji)可(ke)上市(shi)(shi)融資(zi)。對于(yu)證(zheng)(zheng)券(quan)公司，應(ying)該從(cong)多(duo)方面入(ru)手，建(jian)立(li)健(jian)全內部控制制度，防(fang)止證(zheng)(zheng)券(quan)公司將(jiang)客戶(hu)(hu)的(de)(de)資(zi)金(jin)挪作它(ta)用。同時，對客戶(hu)(hu)保(bao)證(zheng)(zheng)金(jin)應(ying)建(jian)立(li)一(yi)(yi)定的(de)(de)安全保(bao)管(guan)和(he)受償(chang)制度，保(bao)證(zheng)(zheng)客戶(hu)(hu)投(tou)(tou)資(zi)的(de)(de)安全性(xing)、盈(ying)利性(xing)。

5.深化國有(you)商業(ye)銀(yin)行改革

雖然(ran)四(si)大國(guo)(guo)有商(shang)(shang)業(ye)銀行(xing)(xing)(xing)已成功(gong)地進行(xing)(xing)(xing)了股(gu)份制改革，但仍存在一些與《公(gong)司法》的要(yao)求(qiu)不相適應的問題，特別是在經(jing)營管理模(mo)式(shi)上(shang)仍受傳統模(mo)式(shi)的影響，法人治理結(jie)構(gou)、內控(kong)機(ji)制尚未(wei)健全。所以(yi)，國(guo)(guo)有商(shang)(shang)業(ye)銀行(xing)(xing)(xing)要(yao)建立(li)現(xian)代企業(ye)經(jing)營管理體制，完善法人治理結(jie)構(gou)，按照現(xian)代商(shang)(shang)業(ye)銀行(xing)(xing)(xing)的標準健全內機(ji)制，提高(gao)經(jing)營管理水平和盈利能力，提高(gao)競爭力，從而保(bao)障金融市場的安全與穩定。

總之，隨著市場(chang)經濟(ji)的(de)發(fa)展，我(wo)(wo)國(guo)(guo)金融市場(chang)已初具規模，并且(qie)已經成為(wei)(wei)我(wo)(wo)國(guo)(guo)市場(chang)經濟(ji)體系的(de)重要組成部分(fen)，對(dui)國(guo)(guo)民經濟(ji)和金融業的(de)發(fa)展發(fa)揮(hui)著不可或(huo)缺的(de)作(zuo)用(yong)(yong)。其發(fa)展中存(cun)在的(de)問題也(ye)必須(xu)引起高度重視，并積極(ji)采(cai)取有效地(di)相應的(de)措施加以解決。以確保金融市場(chang)持續、健(jian)康、穩定(ding)發(fa)展，為(wei)(wei)我(wo)(wo)國(guo)(guo)經濟(ji)建設發(fa)揮(hui)更大作(zuo)用(yong)(yong)。

[參考文獻]

[1]李健，貨幣銀行(xing)學[M].當代世界出版社(she)，2002.

[2]盤英俊(jun)，金春寶，孔源.我國金融市場現狀及(ji)發展研究[J].科學論(lun)壇，2007（3）.

篇2

    【關(guan)鍵(jian)詞】金融危機 監管改革

    一、金(jin)融監管改(gai)革提議概述

    在這本名為“金融監(jian)管(guan)改革(ge):新的基(ji)石”的白(bai)皮書中,奧巴馬政府建議在如下方面對現有金融系統進行(xing)改革(ge)。

    1.有效監(jian)(jian)督(du)和(he)管(guan)理金(jin)融企(qi)業。對(dui)市場正(zheng)常(chang)運轉至關重要的金(jin)融機構(gou)將受到強有力的監(jian)(jian)管(guan),再也不允許(xu)可(ke)能對(dui)金(jin)融系統造成了重大系統性風(feng)險的金(jin)融機構(gou)游離于監(jian)(jian)管(guan)之外(wai)。

    2.建立(li)對金(jin)融(rong)(rong)市場的全面監(jian)督,使得主要金(jin)融(rong)(rong)市場強大到足以承受系統性的壓力和一個或多個大型(xing)機構(gou)倒(dao)閉所(suo)造成的沖擊。

    3.建立(li)對(dui)消(xiao)費者(zhe)(zhe)金融(rong)服務和(he)投(tou)資市(shi)(shi)場的(de)強(qiang)有力的(de)監管,以保護消(xiao)費者(zhe)(zhe)和(he)投(tou)資者(zhe)(zhe),使他們(men)免受不當金融(rong)行為的(de)損(sun)害,從而重(zhong)建民眾對(dui)金融(rong)市(shi)(shi)場的(de)信心。

    二、在加強對金(jin)融機構和金(jin)融市場監(jian)管(guan)方面的措(cuo)施(shi)

    1.對(dui)金(jin)融機(ji)構(gou)的監管有漏(lou)洞

    雖然(ran)大(da)多數大(da)型(xing)的(de)(de)金(jin)融(rong)機構受到相應(ying)的(de)(de)聯(lian)邦政府機構的(de)(de)監督和管(guan)理,但事實(shi)證(zheng)明這些監管(guan)是明顯不夠的(de)(de)。

    首先(xian),對資本和流(liu)動(dong)性(xing)的要(yao)(yao)求(qiu)過低。監(jian)管機(ji)構(gou)沒(mei)有(you)要(yao)(yao)求(qiu)金融機(ji)構(gou)預留足夠的資金來支(zhi)付(fu)交易資產,高風險貸款和表外承諾可能帶來的損失,也沒(mei)有(you)要(yao)(yao)求(qiu)他(ta)們在(zai)市場(chang)情(qing)況(kuang)好(hao)的時候留存足夠的資本金,以便為市場(chang)情(qing)況(kuang)變壞做好(hao)準備(bei)。同時,監(jian)管機(ji)構(gou)也沒(mei)有(you)要(yao)(yao)求(qiu)金融公(gong)司為市場(chang)流(liu)動(dong)性(xing)大幅(fu)萎縮的情(qing)況(kuang)作出必要(yao)(yao)準備(bei)。

    第二,監管機(ji)構(gou)沒有考(kao)慮(lv)到的相互緊(jin)密關聯的,進行高杠桿金融業(ye)務的大(da)型機(ji)構(gou)的倒(dao)閉(bi)對整個金融系統和國民經濟可能(neng)造成(cheng)的傷害(hai),更沒有制定相應的預防措施。

    第三,對綜合經營的大型金融公(gong)司的監管(guan)責任(ren)被分割(ge)在不同的聯(lian)邦機(ji)構(gou)中。分割(ge)的監管(guan)責任(ren)和對“銀(yin)行”的法律定(ding)義中的漏洞使得(de)一些金融機(ji)構(gou)可以隨(sui)意選擇由哪個政府(fu)機(ji)構(gou)來(lai)監管(guan)他們(men),從而逃避更嚴格有效的監管(guan)。

    2.一些衍(yan)生金(jin)融市場和(he)創新金(jin)融產(chan)品放大和(he)擴散了風險

    新的(de)金融工具使信(xin)(xin)用風(feng)(feng)險(xian)得(de)到廣泛傳播,使得(de)投(tou)資(zi)者獲得(de)了將(jiang)其投(tou)資(zi)組合多樣(yang)化(hua)的(de)新途徑,也使得(de)銀(yin)行得(de)以將(jiang)很多業務剝離到其資(zi)產(chan)負(fu)債表之外。住(zhu)房抵押貸(dai)款(kuan)通過證券化(hua),和(he)其他貸(dai)款(kuan)混雜在一起(qi),然后被分割為具有不(bu)(bu)同風(feng)(feng)險(xian)特性的(de)部(bu)分,出售(shou)給具有不(bu)(bu)同風(feng)(feng)險(xian)偏(pian)好的(de)投(tou)資(zi)者。通過信(xin)(xin)貸(dai)產(chan)品衍生化(hua)處(chu)理,銀(yin)行不(bu)(bu)需要(yao)把這(zhe)些貸(dai)款(kuan)直接(jie)出售(shou),就可以把大量的(de)信(xin)(xin)用風(feng)(feng)險(xian)轉移給第三方。

    由此可見,過(guo)于復雜(za)的(de)(de)金(jin)融(rong)衍生(sheng)品(pin)和(he)缺乏透明度的(de)(de)場(chang)外交(jiao)(jiao)易(yi)(yi)市(shi)場(chang)導(dao)(dao)致(zhi)市(shi)場(chang)參與者(zhe)無法(fa)充(chong)分理解他們所交(jiao)(jiao)易(yi)(yi)的(de)(de)金(jin)融(rong)產(chan)(chan)品(pin)的(de)(de)風險(xian)特(te)性(xing),從而導(dao)(dao)致(zhi)這些風險(xian)在金(jin)融(rong)衍生(sheng)產(chan)(chan)品(pin)市(shi)場(chang)逐步(bu)累積(ji),最終使場(chang)外交(jiao)(jiao)易(yi)(yi)市(shi)場(chang)變成(cheng)了金(jin)融(rong)危機一個主要發源(yuan)地和(he)重災(zai)區。

    基(ji)于以上分析,奧巴馬(ma)政府提出(chu)了相應的加(jia)強和改善監管的措施,以避免金融危機(ji)周(zhou)期性(xing)地在美(mei)國爆發。其(qi)中,在加(jia)強對(dui)金融機(ji)構的監管方面的舉措如下。

    1.設(she)立金(jin)融(rong)服(fu)務(wu)監(jian)督委員會(hui),改善和加強金(jin)融(rong)監(jian)管部門(men)之間(jian)的(de)溝通和協調。這個委員會(hui)將由財(cai)政部長領銜,成員包(bao)括美(mei)聯儲和證(zheng)券交(jiao)易(yi)委員會(hui)等金(jin)融(rong)監(jian)管部門(men)的(de)主席(xi),以(yi)期為這些政府首腦提供一個常設(she)的(de)交(jiao)流平臺,從而促進各(ge)部門(men)之間(jian)信(xin)息交(jiao)流和協調,及(ji)時甄別(bie)新出現的(de)風險,并為解決各(ge)部門(men)之間(jian)司法(fa)管轄權的(de)爭端提供溝通渠道。

    2.所有(you)管(guan)理(li)資(zi)產超過一定門限值的(de)對沖(chong)基金,私募(mu)股權基金和(he)風(feng)險投資(zi)基金的(de)投資(zi)顧問都必須在證券(quan)交易委員會注冊,同時(shi)他們必須提供有(you)關其所管(guan)理(li)的(de)這些基金的(de)足夠的(de)信息,以便于監管(guan)機構來評估這些基金是(shi)否威(wei)脅了(le)金融穩(wen)定。

    3.加強對(dui)保險行業的監督。美國(guo)(guo)計(ji)劃(hua)在財政部內新設立一個全國(guo)(guo)保險局,以收(shou)集(ji)保險行業內的信息,談判國(guo)(guo)際協定(ding)的制定(ding),并協調對(dui)保險業的監管政策(ce)。

    在加(jia)強(qiang)對金融市場的監管方面(mian),奧(ao)巴(ba)馬政府提出(chu)了如下措施,以(yi)期實現(xian)對金融市場的全面(mian)監管。

    1.加強對資(zi)產(chan)(chan)證(zheng)(zheng)券(quan)化(hua)市場(chang)的管理。美國政府要求資(zi)產(chan)(chan)證(zheng)(zheng)券(quan)化(hua)的創設(she)和發行方必(bi)須(xu)在(zai)這些(xie)資(zi)產(chan)(chan)中(zhong)保留一(yi)部分的份額,從而繼續承擔一(yi)定的風(feng)險(xian)責任(ren)。監(jian)管機構隨后也將頒布(bu)一(yi)些(xie)補充條例,將市場(chang)參與者的薪酬與證(zheng)(zheng)券(quan)化(hua)資(zi)產(chan)(chan)的長期業(ye)績聯系起來,同時,進(jin)一(yi)步(bu)增加資(zi)產(chan)(chan)證(zheng)(zheng)券(quan)化(hua)市場(chang)的透(tou)明度和標準化(hua),提高(gao)信用評級機構的水準。

    2.建立(li)對(dui)所有場外(wai)衍生工具的(de)(de)(de)交(jiao)易(yi)市場的(de)(de)(de)全面監管,以達到預防(fang)這(zhe)些市場中的(de)(de)(de)交(jiao)易(yi)給整個(ge)金融體系帶來危險(xian),促進這(zhe)些市場的(de)(de)(de)效(xiao)率和透明度,防(fang)止市場操縱(zong)和欺詐(zha)等(deng)公共(gong)政(zheng)策目(mu)標。

    3.美聯儲將(jiang)承擔起對那些具有(you)系(xi)統重(zhong)要性的(de)支付(fu),清(qing)算和交割(ge)機(ji)構的(de)監管責任,同(tong)時這些機(ji)構將(jiang)被允許(xu)使用美聯儲的(de)金(jin)融服務和貼現窗口。

    三、簡評

    仔(zi)細研究美國政府(fu)的(de)這(zhe)些金(jin)融(rong)監(jian)管改(gai)革(ge)提議,就可以(yi)發現他(ta)們的(de)在這(zhe)次(ci)僅次(ci)于(yu)大(da)蕭(xiao)條的(de)金(jin)融(rong)危(wei)機(ji)之后對金(jin)融(rong)業的(de)監(jian)管改(gai)革(ge),與上次(ci)大(da)蕭(xiao)條以(yi)后的(de)改(gai)革(ge)的(de)思路有(you)著很(hen)大(da)的(de)不同。

    在1929年(nian)股(gu)市暴跌和大(da)量商業(ye)銀行倒(dao)閉的背(bei)景下,1933年(nian)美國(guo)(guo)國(guo)(guo)會通過了(le)《格(ge)拉斯(si)-斯(si)蒂(di)格(ge)爾法(fa)(fa)》。根據該法(fa)(fa)案(an),商業(ye)銀行不(bu)得(de)從(cong)(cong)事(shi)投資銀行業(ye)務,實行分(fen)業(ye)經營。1956年(nian),美國(guo)(guo)國(guo)(guo)會通過《銀行控(kong)股(gu)公司法(fa)(fa)》,進(jin)一步要(yao)求銀行不(bu)得(de)從(cong)(cong)事(shi)保(bao)險業(ye)務,僅允許銷售保(bao)險產品。這(zhe)些(xie)措施奠定了(le)美國(guo)(guo)金融(rong)業(ye)長達(da)幾十(shi)年(nian)的銀行、證券、保(bao)險分(fen)業(ye)經營的局面(mian)。

    而這次的(de)金融(rong)改(gai)革(ge)提(ti)議繼承了(le)《1999年金融(rong)服務法》的(de)思(si)想,允許混業經(jing)營的(de)金融(rong)控股公(gong)司的(de)繼續存在,進一(yi)步加強了(le)美國聯儲統(tong)一(yi)監(jian)(jian)管(guan)者的(de)職能,即對系(xi)統(tong)性(xing)重要(yao)的(de)所有金融(rong)公(gong)司作(zuo)為一(yi)個集團(tuan)進行(xing)并表監(jian)(jian)管(guan)。同(tong)時,奧巴馬(ma)政府以消除監(jian)(jian)管(guan)空白和(he)增加透(tou)明(ming)度為宗旨,對以前(qian)監(jian)(jian)管(guan)不到位(wei)的(de)對沖基金,保險公(gong)司,評級機構等重要(yao)的(de)市(shi)場(chang)主體(ti)明(ming)確了(le)監(jian)(jian)管(guan)機構,將(jiang)以前(qian)存在于少數(shu)大的(de)投資銀(yin)行(xing)之間(jian)的(de)不受監(jian)(jian)督的(de)場(chang)外交易市(shi)場(chang)也納入了(le)監(jian)(jian)管(guan)體(ti)系(xi)。

    細細品位這(zhe)些(xie)措(cuo)施,可見美(mei)國政府對(dui)這(zhe)次(ci)金(jin)(jin)融改(gai)革的(de)(de)(de)(de)良(liang)苦用(yong)心。他們既(ji)希(xi)望通過這(zhe)次(ci)改(gai)革加強金(jin)(jin)融市場(chang)和金(jin)(jin)融機構的(de)(de)(de)(de)透明度,從而(er)避免(mian)金(jin)(jin)融危機的(de)(de)(de)(de)頻繁(fan)爆(bao)發;也不希(xi)望肢解(jie)現(xian)有(you)的(de)(de)(de)(de)大(da)型金(jin)(jin)融控股公司,以(yi)(yi)免(mian)削弱美(mei)國金(jin)(jin)融業在(zai)全球的(de)(de)(de)(de)競爭力(li)。但是,這(zhe)些(xie)措(cuo)施在(zai)給監(jian)管者帶來了更多權力(li)的(de)(de)(de)(de)同時,也給他們帶來了比以(yi)(yi)往(wang)更大(da)的(de)(de)(de)(de)挑戰。一下子增加了如此(ci)多的(de)(de)(de)(de)監(jian)管對(dui)象(xiang)和內(nei)容,他們能(neng)否(fou)迅速(su)地了解(jie)這(zhe)些(xie)內(nei)部盤根錯(cuo)節的(de)(de)(de)(de)監(jian)管對(dui)象(xiang),熟(shu)悉其錯(cuo)綜復雜的(de)(de)(de)(de)業務內(nei)容,從而(er)實現(xian)有(you)效監(jian)管,達到這(zhe)些(xie)改(gai)革措(cuo)施設計者的(de)(de)(de)(de)初(chu)衷,還(huan)需(xu)要我(wo)們拭目以(yi)(yi)待。

    參考文獻:

    [1]金融監管改(gai)革:新的基石.美國財(cai)政部網站.

篇3

關鍵(jian)詞：危機 金融監(jian)管 政策(ce)

中圖(tu)分類(lei)號：F832.1

文獻標識碼：A

文章編號：1004-4914（2012）11-185-03

一、各主要(yao)國(guo)家和(he)地區(qu)的金融(rong)監管改(gai)革(ge)

1.美國金(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)(guan)改(gai)革的(de)主要內容。（1）成立(li)(li)金(jin)(jin)融(rong)(rong)穩定(ding)監(jian)(jian)(jian)管(guan)(guan)(guan)委(wei)員會，負(fu)責監(jian)(jian)(jian)測(ce)和處理威脅國家金(jin)(jin)融(rong)(rong)穩定(ding)的(de)系統(tong)性風險。（2）設立(li)(li)消費者金(jin)(jin)融(rong)(rong)保護局(ju)，負(fu)責對(dui)(dui)提供信用卡、抵押貸款(kuan)和其(qi)他(ta)貸款(kuan)等消費者金(jin)(jin)融(rong)(rong)產品(pin)及服務(wu)的(de)金(jin)(jin)融(rong)(rong)機(ji)構實(shi)施監(jian)(jian)(jian)管(guan)(guan)(guan)。（3）強化(hua)場(chang)外(wai)衍(yan)(yan)生品(pin)市場(chang)監(jian)(jian)(jian)管(guan)(guan)(guan)，將之(zhi)前缺乏監(jian)(jian)(jian)管(guan)(guan)(guan)的(de)場(chang)外(wai)衍(yan)(yan)生品(pin)市場(chang)納(na)入監(jian)(jian)(jian)管(guan)(guan)(guan)視(shi)野。（4）設立(li)(li)新的(de)破產清算(suan)機(ji)制(zhi)(zhi)，以防(fang)止金(jin)(jin)融(rong)(rong)機(ji)構倒閉再度拖累納(na)稅人(ren)救助。（5）限制(zhi)(zhi)銀(yin)行自營交易及高風險的(de)衍(yan)(yan)生品(pin)交易。（6）賦予(yu)聯(lian)儲更大的(de)監(jian)(jian)(jian)管(guan)(guan)(guan)職(zhi)責，同時對(dui)(dui)其(qi)實(shi)施更嚴(yan)格(ge)的(de)監(jian)(jian)(jian)督。（7）美聯(lian)儲將對(dui)(dui)企業高管(guan)(guan)(guan)薪酬進(jin)行監(jian)(jian)(jian)督，以確保高管(guan)(guan)(guan)薪酬制(zhi)(zhi)度不(bu)會導致對(dui)(dui)風險的(de)過度追求。

2.英(ying)(ying)(ying)國金融(rong)難監(jian)管(guan)(guan)(guan)(guan)改革(ge)(ge)(ge)的(de)主要內容。英(ying)(ying)(ying)國金融(rong)監(jian)管(guan)(guan)(guan)(guan)改革(ge)(ge)(ge)方(fang)案包括三個(ge)新機(ji)(ji)構的(de)建立(li)。第一，英(ying)(ying)(ying)格蘭(lan)銀(yin)行成立(li)一個(ge)獨立(li)的(de)金融(rong)政策委員會（FPC），以(yi)維持金融(rong)系統(tong)的(de)穩定(ding)性，掌握宏觀(guan)政策工具。第二，英(ying)(ying)(ying)格蘭(lan)銀(yin)行成立(li)一個(ge)下屬(shu)機(ji)(ji)構——審慎(shen)監(jian)管(guan)(guan)(guan)(guan)局(ju) （PRA），以(yi)促進(jin)金融(rong)公司的(de)穩定(ding)性。第三，成立(li)一個(ge)金融(rong)行為監(jian)管(guan)(guan)(guan)(guan)局(ju)（CPMA），以(yi)保護(hu)消費者和管(guan)(guan)(guan)(guan)理金融(rong)市場。2011年6月(yue)英(ying)(ying)(ying)國政府還(huan)了(le)(le)《金融(rong)監(jian)管(guan)(guan)(guan)(guan)新方(fang)法：改革(ge)(ge)(ge)藍(lan)圖》白皮(pi)書，對英(ying)(ying)(ying)國金融(rong)監(jian)管(guan)(guan)(guan)(guan)體制(zhi)進(jin)行全面改革(ge)(ge)(ge)，明(ming)確了(le)(le)新成立(li)的(de)金融(rong)政策委員會將(jiang)(jiang)專門(men)負責宏觀(guan)審慎(shen)監(jian)管(guan)(guan)(guan)(guan)，將(jiang)(jiang)金融(rong)服務局(ju)原有的(de)微觀(guan)監(jian)管(guan)(guan)(guan)(guan)職能劃(hua)分給(gei)新成立(li)的(de)審慎(shen)監(jian)管(guan)(guan)(guan)(guan)局(ju)和金融(rong)行為監(jian)管(guan)(guan)(guan)(guan)局(ju)承擔(dan)，同(tong)時(shi)著重規定(ding)了(le)(le)各類法定(ding)監(jian)管(guan)(guan)(guan)(guan)機(ji)(ji)構間的(de)協(xie)調機(ji)(ji)制(zhi)。

3.日本金(jin)(jin)融(rong)(rong)(rong)(rong)監(jian)管(guan)改革(ge)的(de)主要(yao)內(nei)容。（1）促使(shi)金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)(gou)加(jia)強全(quan)面的(de)風險(xian)管(guan)理(li)。要(yao)求金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)(gou)要(yao)給與(yu)風險(xian)管(guan)理(li)部(bu)門應有的(de)地位(wei)和優先性(xing)(xing)；更(geng)加(jia)關注(zhu)金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)(gou)資產(chan)(chan)(chan)風險(xian)狀況與(yu)資本充足率適應性(xing)(xing)；督促綜合性(xing)(xing)金(jin)(jin)融(rong)(rong)(rong)(rong)集團建立有效的(de)內(nei)部(bu)控制機(ji)制。（2）加(jia)強對(dui)資產(chan)(chan)(chan)證券(quan)化的(de)約束和改進不恰當的(de)激勵機(ji)制。強化了對(dui)金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)(gou)資產(chan)(chan)(chan)證券(quan)化產(chan)(chan)(chan)品的(de)審(shen)查。提出基于金(jin)(jin)融(rong)(rong)(rong)(rong)風險(xian)的(de)薪(xin)酬調(diao)整(zheng)機(ji)制，避免金(jin)(jin)融(rong)(rong)(rong)(rong)高(gao)管(guan)過于重(zhong)視(shi)短期(qi)利(li)潤(run)而(er)忽視(shi)長期(qi)金(jin)(jin)融(rong)(rong)(rong)(rong)風險(xian)。（3）加(jia)強信息披露，增強市場誠信度(du)(du)和透(tou)(tou)明度(du)(du)。特別是增強證券(quan)化產(chan)(chan)(chan)品的(de)透(tou)(tou)明度(du)(du)，加(jia)強對(dui)金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)(gou)信息透(tou)(tou)明度(du)(du)的(de)要(yao)求，改進會計準(zhun)則。（4）擴大監(jian)管(guan)范(fan)圍，著眼于系統(tong)性(xing)(xing)風險(xian)。改變以往注(zhu)重(zhong)保護儲戶利(li)益，重(zhong)點監(jian)管(guan)存(cun)款性(xing)(xing)金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)(gou)的(de)做法，將監(jian)管(guan)范(fan)圍擴大至(zhi)保險(xian)證券(quan)銀行等所有金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構(gou)(gou)。（5）實施全(quan)面審(shen)慎性(xing)(xing)監(jian)管(guan)，并加(jia)強監(jian)管(guan)機(ji)構(gou)(gou)的(de)國際合作。

4.歐(ou)(ou)盟(meng)(meng)金(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)改革的(de)(de)主(zhu)要(yao)(yao)內容。（1）創設系統性(xing)風(feng)險監(jian)管(guan)(guan)機構(gou)。設立(li)歐(ou)(ou)洲系統性(xing)風(feng)險管(guan)(guan)理委員(yuan)會(hui)（ESRB），其主(zhu)要(yao)(yao)由成員(yuan)國(guo)央行(xing)行(xing)長組成，主(zhu)要(yao)(yao)職責(ze)包(bao)括控制歐(ou)(ou)盟(meng)(meng)信貸(dai)總體水平和抑制“泡沫”，監(jian)測整個(ge)歐(ou)(ou)盟(meng)(meng)金(jin)融(rong)(rong)(rong)市場(chang)上(shang)可(ke)(ke)能(neng)出現的(de)(de)宏(hong)觀(guan)風(feng)險，及時發出預警并提出應對(dui)相關情況的(de)(de)措施，以(yi)確(que)保(bao)歐(ou)(ou)盟(meng)(meng)作(zuo)(zuo)為一(yi)個(ge)整體更(geng)好(hao)地(di)應對(dui)未來可(ke)(ke)能(neng)的(de)(de)金(jin)融(rong)(rong)(rong)危機。（2）建(jian)立(li)超國(guo)家金(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)機構(gou)。成立(li)三個(ge)超國(guo)家金(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)局(ju)：一(yi)是歐(ou)(ou)盟(meng)(meng)銀行(xing)業監(jian)管(guan)(guan)局(ju)，責(ze)對(dui)銀行(xing)業的(de)(de)監(jian)管(guan)(guan)。二是歐(ou)(ou)盟(meng)(meng)證券(quan)與(yu)市場(chang)監(jian)管(guan)(guan)局(ju)，負責(ze)對(dui)證券(quan)行(xing)業的(de)(de)監(jian)管(guan)(guan)。三是歐(ou)(ou)盟(meng)(meng)保(bao)險與(yu)雇員(yuan)養老金(jin)監(jian)管(guan)(guan)局(ju)，負責(ze)對(dui)保(bao)險業的(de)(de)監(jian)管(guan)(guan)。（3）把保(bao)護(hu)消費(fei)者(zhe)作(zuo)(zuo)為金(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)的(de)(de)中心目標。歐(ou)(ou)盟(meng)(meng)金(jin)融(rong)(rong)(rong)改革法案(an)成功將消費(fei)者(zhe)保(bao)護(hu)列為歐(ou)(ou)洲金(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)局(ju)工作(zuo)(zuo)的(de)(de)絕對(dui)核(he)心。

二(er)、全球金融(rong)監管改革的(de)特(te)點

縱(zong)覽各主要國家、經濟體和國際金(jin)融(rong)組織推出的監管改革措施，呈(cheng)現出以(yi)下(xia)幾個特點(dian)。

1.市場(chang)主導(dao)(dao)原則和市場(chang)自(zi)由發展(zhan)仍(reng)是(shi)金融(rong)體系(xi)運行的(de)基礎。從各(ge)改(gai)革(ge)方(fang)案的(de)內容來看，其主要目的(de)在于彌補(bu)監管漏洞，糾正由于市場(chang)過(guo)度(du)自(zi)由而(er)導(dao)(dao)致的(de)市場(chang)參(can)與者之(zhi)間(jian)、市場(chang)與監管之(zhi)間(jian)的(de)失衡狀態，而(er)非(fei)對市場(chang)自(zi)由做出嚴格限制(zhi)，市場(chang)主導(dao)(dao)原則和市場(chang)自(zi)由發展(zhan)的(de)環境仍(reng)然是(shi)金融(rong)體系(xi)運行的(de)基礎。

2.強調金(jin)(jin)融(rong)(rong)(rong)信(xin)(xin)息(xi)(xi)對(dui)金(jin)(jin)融(rong)(rong)(rong)監管(guan)(guan)(guan)和金(jin)(jin)融(rong)(rong)(rong)市場的(de)重(zhong)要意義。金(jin)(jin)融(rong)(rong)(rong)是一(yi)(yi)個信(xin)(xin)息(xi)(xi)行業。無論是金(jin)(jin)融(rong)(rong)(rong)監管(guan)(guan)(guan)當(dang)局(ju)還(huan)是金(jin)(jin)融(rong)(rong)(rong)市場主體其工作開展(zhan)及效果(guo)都完全(quan)依賴(lai)于其所掌握的(de)金(jin)(jin)融(rong)(rong)(rong)信(xin)(xin)息(xi)(xi)。金(jin)(jin)融(rong)(rong)(rong)危機的(de)發生和蔓延(yan)同以下兩方(fang)(fang)面有關(guan)：一(yi)(yi)方(fang)(fang)面，金(jin)(jin)融(rong)(rong)(rong)市場交易(yi)主體在(zai)貪婪的(de)驅(qu)使下，在(zai)未獲得充(chong)分的(de)交易(yi)相關(guan)信(xin)(xin)息(xi)(xi)之前就參與了交易(yi)，從而(er)產生其無法(fa)承擔(dan)的(de)損失；另(ling)一(yi)(yi)方(fang)(fang)面，金(jin)(jin)融(rong)(rong)(rong)監管(guan)(guan)(guan)當(dang)局(ju)未能充(chong)分掌握相關(guan)信(xin)(xin)息(xi)(xi)，進而(er)未能作出及時反應。因此，各監管(guan)(guan)(guan)改革方(fang)(fang)案都重(zhong)點強調了金(jin)(jin)融(rong)(rong)(rong)信(xin)(xin)息(xi)(xi)的(de)收集與處(chu)理。

3.通過(guo)設立(li)制(zhi)(zhi)(zhi)度化(hua)(hua)實體機(ji)(ji)構加強(qiang)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)協調(diao)(diao)。在各(ge)個(ge)國家(jia)和地(di)(di)區(qu)的(de)(de)現(xian)(xian)行金(jin)融(rong)(rong)體系中，一(yi)(yi)般都存(cun)(cun)在多(duo)(duo)個(ge)金(jin)融(rong)(rong)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)主體。多(duo)(duo)頭監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)容易出現(xian)(xian)各(ge)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)機(ji)(ji)構之(zhi)間的(de)(de)職責與權限劃(hua)分(fen)不清，導致監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)套利，從(cong)而變相(xiang)地(di)(di)降低(di)了(le)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)標準。但(dan)不可否認(ren)的(de)(de)是，多(duo)(duo)頭監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)體制(zhi)(zhi)(zhi)也存(cun)(cun)在很多(duo)(duo)的(de)(de)優越性：一(yi)(yi)方(fang)面(mian)，在金(jin)融(rong)(rong)分(fen)業(ye)經營格局依然比較清晰之(zhi)時，分(fen)業(ye)多(duo)(duo)頭監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)專業(ye)性依然具有制(zhi)(zhi)(zhi)度優勢；另一(yi)(yi)方(fang)面(mian)，多(duo)(duo)頭監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)可以形成激勵機(ji)(ji)制(zhi)(zhi)(zhi)，促進監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)競爭，為市場提供更(geng)有效的(de)(de)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)。權衡利弊，多(duo)(duo)頭監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)至少在相(xiang)當長的(de)(de)時期內仍(reng)然是各(ge)個(ge)國家(jia)或地(di)(di)區(qu)金(jin)融(rong)(rong)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)體制(zhi)(zhi)(zhi)的(de)(de)選(xuan)擇。為此，各(ge)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)改革方(fang)案都要(yao)求加強(qiang)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)協調(diao)(diao)，設立(li)實體化(hua)(hua)、制(zhi)(zhi)(zhi)度化(hua)(hua)的(de)(de)監(jian)管(guan)(guan)(guan)(guan)(guan)(guan)協調(diao)(diao)機(ji)(ji)構。

4.強化貨(huo)(huo)幣(bi)(bi)當(dang)局(ju)(ju)(ju)的(de)金(jin)(jin)融(rong)穩(wen)(wen)定(ding)(ding)職(zhi)(zhi)(zhi)能。各改革方案都著(zhu)(zhu)力強化了(le)貨(huo)(huo)幣(bi)(bi)當(dang)局(ju)(ju)(ju)的(de)金(jin)(jin)融(rong)穩(wen)(wen)定(ding)(ding)職(zhi)(zhi)(zhi)能，這反映了(le)現代經(jing)濟體(ti)系中貨(huo)(huo)幣(bi)(bi)政(zheng)策與金(jin)(jin)融(rong)穩(wen)(wen)定(ding)(ding)之(zhi)(zhi)間(jian)關系的(de)深(shen)化。在(zai)現代金(jin)(jin)融(rong)體(ti)系中，銀(yin)行(xing)類(lei)金(jin)(jin)融(rong)機(ji)構(gou)大(da)規(gui)模(mo)介入資本(ben)市場(chang)，這就(jiu)使得后者成(cheng)為了(le)銀(yin)行(xing)體(ti)系的(de)重要風險來(lai)源之(zhi)(zhi)一。與此同時(shi)，如(ru)果不考慮金(jin)(jin)融(rong)市場(chang)，貨(huo)(huo)幣(bi)(bi)政(zheng)策的(de)傳導機(ji)制將(jiang)無(wu)法建立，貨(huo)(huo)幣(bi)(bi)政(zheng)策也(ye)就(jiu)無(wu)法有效實施。此外，在(zai)金(jin)(jin)融(rong)機(ji)構(gou)出現財務困境(jing)時(shi)，貨(huo)(huo)幣(bi)(bi)當(dang)局(ju)(ju)(ju)作為最后貸款人也(ye)需要并且最適合(he)于(yu)承擔救助職(zhi)(zhi)(zhi)責以避免系統性(xing)風險。在(zai)這一背景(jing)下，對于(yu)貨(huo)(huo)幣(bi)(bi)當(dang)局(ju)(ju)(ju)來(lai)說，維(wei)護金(jin)(jin)融(rong)穩(wen)(wen)定(ding)(ding)就(jiu)成(cheng)為了(le)與貨(huo)(huo)幣(bi)(bi)政(zheng)策制定(ding)(ding)具(ju)(ju)有同等(deng)重要性(xing)的(de)職(zhi)(zhi)(zhi)責，其關注的(de)范圍和領域也(ye)顯著(zhu)(zhu)擴大(da)，不再局(ju)(ju)(ju)限于(yu)銀(yin)行(xing)類(lei)金(jin)(jin)融(rong)機(ji)構(gou)，而(er)是涵蓋(gai)了(le)所(suo)有具(ju)(ju)有“系統重要性(xing)”的(de)金(jin)(jin)融(rong)機(ji)構(gou)。

5.突出對系(xi)統性風險(xian)的(de)監(jian)(jian)管(guan)。隨著現代金(jin)融體系(xi)的(de)不斷復雜化，系(xi)統性風險(xian)越來越成為金(jin)融穩定的(de)重(zhong)要威脅，本次(ci)全球金(jin)融危機就(jiu)是一個(ge)最為突出的(de)例子。有鑒于此，此次(ci)世界主要國家與地區的(de)金(jin)融監(jian)(jian)管(guan)改革方案很自(zi)然(ran)地將系(xi)統性風險(xian)的(de)監(jian)(jian)管(guan)放在了極(ji)為重(zhong)要的(de)位置(zhi)。

6.加強(qiang)監(jian)(jian)管當(dang)局(ju)的危(wei)(wei)機(ji)處置(zhi)(zhi)能(neng)力(li)。在這次危(wei)(wei)機(ji)中(zhong)，各個(ge)國家(jia)和(he)地區對于(yu)問題(ti)金融機(ji)構的救助極為不力(li)，這一(yi)方面是由于(yu)對危(wei)(wei)機(ji)進(jin)程(cheng)和(he)嚴重性的誤(wu)判，另一(yi)方面則是由于(yu)金融監(jian)(jian)管當(dang)局(ju)缺乏危(wei)(wei)機(ji)處置(zhi)(zhi)的手段(duan)與能(neng)力(li)。為此，各改(gai)革(ge)方案的一(yi)項重要(yao)內容是明確監(jian)(jian)管當(dang)局(ju)在危(wei)(wei)機(ji)處置(zhi)(zhi)中(zhong)的權限和(he)程(cheng)序，突出的一(yi)點(dian)的就(jiu)是強(qiang)調(diao)建立危(wei)(wei)機(ji)處置(zhi)(zhi)的完備預案，同(tong)時授(shou)予監(jian)(jian)管當(dang)局(ju)在危(wei)(wei)機(ji)狀態下“便宜行事”的權力(li)。

7.對(dui)金融(rong)機構資產負債表高(gao)度(du)重視。會計準則在反映(ying)表外業務風險上(shang)的(de)(de)局限(xian)性(xing)與金融(rong)機構資產負債表的(de)(de)不透明性(xing)是此(ci)次危機爆發與惡化(hua)的(de)(de)重要原因(yin)。各個(ge)國(guo)家(jia)與地區的(de)(de)金融(rong)監(jian)管改革都對(dui)此(ci)給予高(gao)度(du)關注，但令(ling)人遺(yi)憾的(de)(de)是，它(ta)們在相(xiang)應(ying)的(de)(de)監(jian)管措施上(shang)則缺乏具體內容。這還需(xu)要國(guo)際協(xie)調合(he)作與統一(yi)標準，而這也需(xu)要一(yi)個(ge)較長的(de)(de)過程(cheng)。

8.加(jia)強對投(tou)資(zi)者(zhe)與消費(fei)者(zhe)利益的(de)(de)保(bao)護。本次危機暴露出(chu)的(de)(de)一個(ge)重要(yao)問題是(shi)，現(xian)代金融產(chan)品的(de)(de)復雜性使得市場微觀主體經常難以正確理(li)解產(chan)品的(de)(de)特(te)征(zheng)和(he)對產(chan)品蘊含(han)的(de)(de)金融風險(xian)作出(chu)正確評估(gu)，從而(er)無法基(ji)于審慎(shen)的(de)(de)判斷作出(chu)交易決(jue)策，甚至(zhi)落入欺詐陷阱。因(yin)此，保(bao)障投(tou)資(zi)者(zhe)與消費(fei)者(zhe)的(de)(de)知情權(quan)與索賠(pei)權(quan)是(shi)各項改革(ge)方案中的(de)(de)共同(tong)內容。

9.推(tui)進國際金(jin)融(rong)監(jian)管(guan)協調與(yu)合(he)(he)(he)作(zuo)(zuo)。在各項金(jin)融(rong)監(jian)管(guan)改革方(fang)案中都提出了加強(qiang)國際金(jin)融(rong)監(jian)管(guan)協調與(yu)合(he)(he)(he)作(zuo)(zuo)的(de)必要性。國際監(jian)管(guan)合(he)(he)(he)作(zuo)(zuo)不僅是防范外源性系統性風險(xian)的(de)重要措施(shi)，同時也有助于統一各經濟(ji)在金(jin)融(rong)監(jian)管(guan)改革上的(de)尺度，避免其(qi)他國家和(he)地區較為寬松的(de)金(jin)融(rong)市場(chang)環境對(dui)自己國際地位造成(cheng)威脅。

三、中國金融監(jian)管改革的政策選擇(ze)

在此次金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)危機中(zhong)(zhong)(zhong)，中(zhong)(zhong)(zhong)國(guo)所受的(de)(de)沖擊更(geng)多地(di)是(shi)在實體(ti)經(jing)濟(ji)層面(mian)而(er)(er)非金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)體(ti)系(xi)(xi)層面(mian)上。其(qi)中(zhong)(zhong)(zhong)最(zui)主要(yao)的(de)(de)原因是(shi)，中(zhong)(zhong)(zhong)國(guo)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)體(ti)系(xi)(xi)的(de)(de)開放性不(bu)足(zu)避免了(le)外部系(xi)(xi)統(tong)性風(feng)險的(de)(de)傳(chuan)染，與此同(tong)時，中(zhong)(zhong)(zhong)國(guo)的(de)(de)高儲蓄率為(wei)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機構(gou)提供了(le)穩(wen)定、充(chong)足(zu)的(de)(de)資金(jin)(jin)(jin)(jin)來源，使得金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機構(gou)不(bu)必求(qiu)助于高風(feng)險、高成本的(de)(de)融(rong)(rong)(rong)(rong)(rong)資渠道。然而(er)(er)，隨著中(zhong)(zhong)(zhong)國(guo)經(jing)濟(ji)的(de)(de)進一步發展，人們對于金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)服務多樣性需求(qiu)的(de)(de)日(ri)益增長，金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)體(ti)系(xi)(xi)必將更(geng)為(wei)開放，金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)市場(chang)也將更(geng)為(wei)活躍，從而(er)(er)對金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)監(jian)管提出了(le)更(geng)高的(de)(de)要(yao)求(qiu)。為(wei)此中(zhong)(zhong)(zhong)國(guo)應借(jie)鑒世界(jie)主要(yao)國(guo)家和(he)地(di)區(qu)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)監(jian)管改(gai)革的(de)(de)經(jing)驗，結合(he)中(zhong)(zhong)(zhong)國(guo)國(guo)情，積極(ji)穩(wen)妥地(di)推動中(zhong)(zhong)(zhong)國(guo)金(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)監(jian)管改(gai)革。

1.堅(jian)持(chi)金融監管(guan)全(quan)面(mian)覆(fu)蓋(gai)的(de)(de)(de)(de)原則。“全(quan)面(mian)覆(fu)蓋(gai)”的(de)(de)(de)(de)監管(guan)理念是(shi)金融監管(guan)發展的(de)(de)(de)(de)潮流，不(bu)(bu)論是(shi)較早改(gai)革(ge)(ge)的(de)(de)(de)(de)英(ying)國(guo)、日本(ben)還是(shi)危機(ji)過后的(de)(de)(de)(de)美國(guo)，其(qi)金融改(gai)革(ge)(ge)都明(ming)顯地反映出這種趨勢。中國(guo)的(de)(de)(de)(de)金融監管(guan)體(ti)制一直秉(bing)承了(le)全(quan)面(mian)覆(fu)蓋(gai)的(de)(de)(de)(de)理念，并在維(wei)護金融市場(chang)穩定方面(mian)取得了(le)較好的(de)(de)(de)(de)成(cheng)績。我們不(bu)(bu)僅要繼(ji)續堅(jian)持(chi)全(quan)面(mian)覆(fu)蓋(gai)的(de)(de)(de)(de)監管(guan)理念，更應該付諸實(shi)踐以有效保證這一理念的(de)(de)(de)(de)貫徹與(yu)落實(shi)。

2.堅(jian)持適度監(jian)(jian)管(guan)(guan)，鼓勵(li)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)(xin)(xin)。美國(guo)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)危(wei)機暴露的(de)一(yi)個重要(yao)問題就是(shi)監(jian)(jian)管(guan)(guan)機構對(dui)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)(xin)(xin)，如金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)衍生(sheng)品(pin)的(de)監(jian)(jian)管(guan)(guan)過于(yu)松散，甚至缺位。而中國(guo)的(de)情(qing)況卻(que)恰(qia)恰(qia)相反，中國(guo)的(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)衍生(sheng)品(pin)市(shi)場(chang)乃至整個金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市(shi)場(chang)都不發(fa)達，中國(guo)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)監(jian)(jian)管(guan)(guan)對(dui)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)(xin)(xin)的(de)權利限制過嚴。雖然這避免了(le)類似于(yu)美國(guo)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市(shi)場(chang)的(de)高風(feng)險(xian)，但是(shi)也嚴重約束了(le)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市(shi)場(chang)的(de)創(chuang)(chuang)(chuang)新(xin)(xin)(xin)能力(li)，阻礙了(le)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)(xin)(xin)的(de)進一(yi)步發(fa)展。這種現象所(suo)導致的(de)結果(guo)就是(shi)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)產品(pin)和服務供給(gei)不足，難以滿(man)足實體(ti)經濟和金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)消費者與投資(zi)(zi)者的(de)需(xu)求。與此同時(shi)，在金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)全球(qiu)化(hua)的(de)背景下(xia)，過度管(guan)(guan)制很容(rong)易削弱本國(guo)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)體(ti)系的(de)競爭(zheng)力(li)和吸引力(li)，導致金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)資(zi)(zi)源(yuan)的(de)外流。因(yin)此，我們不能因(yin)噎廢食，由于(yu)擔心市(shi)場(chang)風(feng)險(xian)而阻礙金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)(xin)(xin)，相反，必須將(jiang)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)(xin)(xin)的(de)主導權還給(gei)市(shi)場(chang)。

3.加(jia)快推進(jin)金(jin)融(rong)(rong)(rong)監管(guan)(guan)信息系(xi)(xi)(xi)統建(jian)設(she)，實(shi)(shi)(shi)現金(jin)融(rong)(rong)(rong)信息聯通與(yu)(yu)共享(xiang)。金(jin)融(rong)(rong)(rong)監管(guan)(guan)當局充(chong)分(fen)掌握金(jin)融(rong)(rong)(rong)體系(xi)(xi)(xi)與(yu)(yu)實(shi)(shi)(shi)體經(jing)(jing)(jing)濟(ji)(ji)部門的(de)(de)(de)相關(guan)信息，對(dui)于進(jin)行宏觀(guan)(guan)審慎性(xing)(xing)監管(guan)(guan)，防范系(xi)(xi)(xi)統性(xing)(xing)風險，實(shi)(shi)(shi)現金(jin)融(rong)(rong)(rong)穩定具有(you)(you)重要的(de)(de)(de)意義。中國推進(jin)金(jin)融(rong)(rong)(rong)監管(guan)(guan)信息建(jian)設(she)主要可以(yi)從(cong)以(yi)下三個(ge)方(fang)面(mian)著(zhu)手。第一(yi)，完(wan)善征信體系(xi)(xi)(xi)，在(zai)為金(jin)融(rong)(rong)(rong)機構(gou)(gou)決(jue)策提供依據的(de)(de)(de)同(tong)時，有(you)(you)助(zhu)于監管(guan)(guan)當局通過違約率(lv)了解宏觀(guan)(guan)經(jing)(jing)(jing)濟(ji)(ji)運行情況(kuang)，為審慎性(xing)(xing)監管(guan)(guan)提供支持。第二，健全支付清(qing)算體系(xi)(xi)(xi)及其信息挖掘，匯集經(jing)(jing)(jing)濟(ji)(ji)交易(yi)信息，以(yi)此反映交易(yi)活躍狀況(kuang)、經(jing)(jing)(jing)濟(ji)(ji)景(jing)氣(qi)程度和經(jing)(jing)(jing)濟(ji)(ji)結構(gou)(gou)變化情況(kuang)等宏觀(guan)(guan)經(jing)(jing)(jing)濟(ji)(ji)運行的(de)(de)(de)重要側面(mian)，為金(jin)融(rong)(rong)(rong)穩定狀況(kuang)的(de)(de)(de)評估提供背景(jing)。第三，加(jia)強金(jin)融(rong)(rong)(rong)監管(guan)(guan)當局內部及其與(yu)(yu)各經(jing)(jing)(jing)濟(ji)(ji)部門之(zhi)間的(de)(de)(de)信息系(xi)(xi)(xi)統整(zheng)合與(yu)(yu)共享(xiang)，在(zai)可能的(de)(de)(de)情況(kuang)下制定明確(que)的(de)(de)(de)、有(you)(you)時間表(biao)的(de)(de)(de)金(jin)融(rong)(rong)(rong)信息資(zi)源整(zheng)合方(fang)案。

4.建立(li)實體化(hua)、法治化(hua)的(de)監(jian)(jian)管(guan)(guan)協(xie)(xie)調(diao)機構，提(ti)高金(jin)融(rong)監(jian)(jian)管(guan)(guan)的(de)有(you)效(xiao)性(xing)。目前，中國(guo)初步形成了“一行三(san)會”的(de)金(jin)融(rong)分業(ye)監(jian)(jian)管(guan)(guan)格(ge)局，但(dan)是監(jian)(jian)管(guan)(guan)部門之間的(de)協(xie)(xie)調(diao)機制缺(que)乏正式制度(du)保障(zhang)，僅(jin)處在(zai)(zai)原(yuan)則性(xing)框架層面，監(jian)(jian)管(guan)(guan)聯席會議制度(du)未(wei)能有(you)效(xiao)發揮作用(yong)。因此，在(zai)(zai)現有(you)的(de)分業(ye)監(jian)(jian)管(guan)(guan)體制下，應將協(xie)(xie)調(diao)機制法治化(hua)、實體化(hua)。在(zai)(zai)時機成熟的(de)情況(kuang)下，可以(yi)考慮組建有(you)明確(que)法律權(quan)限、有(you)實體組織(zhi)的(de)金(jin)融(rong)監(jian)(jian)管(guan)(guan)協(xie)(xie)調(diao)機構，以(yi)監(jian)(jian)督指導(dao)金(jin)融(rong)監(jian)(jian)管(guan)(guan)工作。

5.突出消(xiao)(xiao)費(fei)者(zhe)利(li)益保(bao)護這(zhe)一金(jin)融(rong)(rong)(rong)監管目標。完備的(de)金(jin)融(rong)(rong)(rong)消(xiao)(xiao)費(fei)者(zhe)保(bao)護措(cuo)施是發達金(jin)融(rong)(rong)(rong)體(ti)系的(de)共同(tong)特征，也是構成金(jin)融(rong)(rong)(rong)體(ti)系國(guo)際競(jing)爭力的(de)重要因素(su)。如(ru)果(guo)金(jin)融(rong)(rong)(rong)監管只關(guan)注金(jin)融(rong)(rong)(rong)機(ji)構的(de)利(li)益訴求而忽視了對消(xiao)(xiao)費(fei)者(zhe)利(li)益的(de)切(qie)實保(bao)護，就會挫傷(shang)消(xiao)(xiao)費(fei)者(zhe)的(de)金(jin)融(rong)(rong)(rong)消(xiao)(xiao)費(fei)熱情而使(shi)金(jin)融(rong)(rong)(rong)業發展失去廣泛(fan)的(de)公(gong)眾基礎和社會支持。所(suo)以，要使(shi)中國(guo)在國(guo)際金(jin)融(rong)(rong)(rong)市(shi)場(chang)競(jing)爭中有(you)所(suo)作為，就必須(xu)對消(xiao)(xiao)費(fei)者(zhe)金(jin)融(rong)(rong)(rong)產(chan)品(pin)和服務(wu)市(shi)場(chang)實行嚴格監管，促(cu)進這(zhe)些產(chan)品(pin)透明、公(gong)平、合理，使(shi)消(xiao)(xiao)費(fei)者(zhe)獲得(de)充分(fen)的(de)有(you)關(guan)金(jin)融(rong)(rong)(rong)產(chan)品(pin)與服務(wu)的(de)信息。

6.加強(qiang)宏觀審(shen)慎性(xing)監(jian)管(guan)，維護金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)系統(tong)穩(wen)定。在不同的(de)(de)經濟與社(she)會發(fa)展階段，不同金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)體(ti)系所(suo)面臨的(de)(de)系統(tong)性(xing)風(feng)(feng)險的(de)(de)來(lai)源(yuan)與傳導機制存在著差(cha)異。目前，我(wo)國金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)發(fa)展所(suo)處(chu)階段和(he)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)體(ti)系的(de)(de)特(te)定結(jie)構決定了我(wo)國的(de)(de)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)市場并非系統(tong)性(xing)風(feng)(feng)險的(de)(de)主要來(lai)源(yuan)。但是，隨著綜合(he)經營的(de)(de)發(fa)展和(he)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)體(ti)系的(de)(de)進一步(bu)開放(fang)，中(zhong)國金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)體(ti)系的(de)(de)系統(tong)性(xing)風(feng)(feng)險特(te)征(zheng)將(jiang)會與當前發(fa)達國家(jia)進一步(bu)趨同，金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)控股公司等大(da)型(xing)混業經營的(de)(de)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)機構會快速發(fa)展。為了應(ying)(ying)對金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)業快速發(fa)展對金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)監(jian)管(guan)提出的(de)(de)新要求，我(wo)國應(ying)(ying)在明確系統(tong)性(xing)風(feng)(feng)險標準的(de)(de)前提下，確立監(jian)管(guan)系統(tong)性(xing)風(feng)(feng)險的(de)(de)專門(men)監(jian)管(guan)機構。根據(ju)目前的(de)(de)情況(kuang)，可(ke)以考慮將(jiang)這一職責賦予(yu)中(zhong)國人民銀行。通(tong)過(guo)“牽頭(tou)監(jian)管(guan)”模式，并與其他監(jian)管(guan)機構密切合(he)作，解決監(jian)管(guan)過(guo)程(cheng)中(zhong)可(ke)能存在的(de)(de)“盲區”。

7.加(jia)強(qiang)對金(jin)(jin)融(rong)(rong)機(ji)(ji)構(gou)(gou)(gou)資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表的(de)(de)(de)(de)監管，改(gai)進監管手段。隨著金(jin)(jin)融(rong)(rong)創(chuang)新(xin)的(de)(de)(de)(de)飛速發(fa)展，中(zhong)(zhong)國(guo)金(jin)(jin)融(rong)(rong)機(ji)(ji)構(gou)(gou)(gou)的(de)(de)(de)(de)資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表及表外業(ye)務規模(mo)也在(zai)迅速擴張之(zhi)中(zhong)(zhong)。為此，中(zhong)(zhong)國(guo)必須加(jia)強(qiang)資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表的(de)(de)(de)(de)監管。首先(xian)，完善資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表的(de)(de)(de)(de)編(bian)報規則，使金(jin)(jin)融(rong)(rong)機(ji)(ji)構(gou)(gou)(gou)的(de)(de)(de)(de)表外業(ye)務風險能夠在(zai)資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表中(zhong)(zhong)得到充(chong)分的(de)(de)(de)(de)體(ti)(ti)現(xian)。其次(ci)，監管當局應當及時、充(chong)分掌握金(jin)(jin)融(rong)(rong)機(ji)(ji)構(gou)(gou)(gou)資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表的(de)(de)(de)(de)變(bian)動情況，為微(wei)觀審慎性(xing)監管提(ti)供(gong)依據(ju)。再(zai)次(ci)，監管當局應該在(zai)考(kao)慮到金(jin)(jin)融(rong)(rong)體(ti)(ti)系(xi)內部復雜聯系(xi)的(de)(de)(de)(de)基礎上，在(zai)宏觀層(ceng)面上對資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表的(de)(de)(de)(de)總體(ti)(ti)變(bian)化情況進行監控，并據(ju)此對金(jin)(jin)融(rong)(rong)體(ti)(ti)系(xi)的(de)(de)(de)(de)風險水平作出(chu)評估，在(zai)出(chu)現(xian)問題時發(fa)出(chu)預警。最后，監管當局需(xu)要通(tong)過資(zi)(zi)(zi)本(ben)充(chong)足率要求和會計標準的(de)(de)(de)(de)改(gai)進，消除或削弱與資(zi)(zi)(zi)產(chan)負(fu)債(zhai)(zhai)(zhai)表相(xiang)關的(de)(de)(de)(de)順周(zhou)期性(xing)，平滑金(jin)(jin)融(rong)(rong)體(ti)(ti)系(xi)運行中(zhong)(zhong)的(de)(de)(de)(de)波動，為實體(ti)(ti)經濟提(ti)供(gong)穩(wen)定的(de)(de)(de)(de)金(jin)(jin)融(rong)(rong)環境(jing)。

8.加強國(guo)(guo)(guo)際協調與(yu)合(he)作(zuo)，與(yu)國(guo)(guo)(guo)際金(jin)融(rong)(rong)發(fa)展步調一(yi)致。在當(dang)前形勢下，中(zhong)國(guo)(guo)(guo)積極參與(yu)國(guo)(guo)(guo)際金(jin)融(rong)(rong)監管(guan)協調與(yu)合(he)作(zuo)具有(you)重要(yao)的意義。首先(xian)，這(zhe)是回應(ying)國(guo)(guo)(guo)際社會輿論的要(yao)求，樹立(li)負(fu)責(ze)任大(da)國(guo)(guo)(guo)形象的需要(yao)。其次，目(mu)前國(guo)(guo)(guo)際金(jin)融(rong)(rong)監管(guan)合(he)作(zuo)仍然處于(yu)醞釀和(he)起步階段(duan)(duan)，中(zhong)國(guo)(guo)(guo)的及早參與(yu)有(you)助于(yu)爭取主動，確立(li)規則(ze)，最大(da)程度地(di)維護自身利益。最后，盡管(guan)現(xian)階段(duan)(duan)中(zhong)國(guo)(guo)(guo)金(jin)融(rong)(rong)機構(gou)和(he)企業在國(guo)(guo)(guo)際金(jin)融(rong)(rong)市場上的參與(yu)程度仍然非常有(you)限(xian)，但是隨著經濟發(fa)展和(he)金(jin)融(rong)(rong)體系(xi)的進一(yi)步開放，中(zhong)國(guo)(guo)(guo)也(ye)將(jiang)面臨更大(da)程度的傳染性系(xi)統性風險，對于(yu)這(zhe)些(xie)風險的防范(fan)與(yu)處置也(ye)將(jiang)越(yue)來(lai)越(yue)多地(di)依(yi)賴于(yu)國(guo)(guo)(guo)際金(jin)融(rong)(rong)監管(guan)的協調與(yu)合(he)作(zuo)。

參考文獻：

1.巴(ba)曙松(song).主要監管模式對中(zhong)國金融監管改革的(de)啟示(shi).中(zhong)國經濟時報，2012.10.8

2.何德旭等.美國金(jin)融(rong)監管制(zhi)度改革的新趨勢及啟(qi)示.上海金(jin)融(rong)，2011（1）

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4.史建平(ping)，高宇.宏觀審慎監管理論研究(jiu)綜(zong)述.國(guo)際金融研究(jiu)，2011（8）

篇4

綜述

2008年(nian)以(yi)來的(de)(de)(de)國(guo)(guo)際(ji)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)危機(ji)使(shi)各國(guo)(guo)政府重(zhong)新審(shen)視(shi)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)制度暴露出的(de)(de)(de)缺陷，各國(guo)(guo)以(yi)防范系統性風險和金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)為(wei)(wei)出發點，推動國(guo)(guo)際(ji)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)體(ti)系改(gai)(gai)革(ge)。發達國(guo)(guo)家通過(guo)頒(ban)布、調(diao)整(zheng)法(fa)律和規范，強化金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)在金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)中的(de)(de)(de)作(zuo)用(yong)。2010年(nian)7月(yue)，美國(guo)(guo)頒(ban)布《多(duo)德-弗蘭克(ke)華爾(er)街改(gai)(gai)革(ge)與(yu)(yu)(yu)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)法(fa)案(an)》，設(she)立(li)相對獨立(li)的(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)局（CFPB），并將資產大于100億美元(yuan)的(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)、儲蓄放貸機(ji)構(gou)、信用(yong)合作(zuo)社交由金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)局監(jian)(jian)(jian)管(guan)(guan)。2010年(nian)4月(yue)，英國(guo)(guo)進(jin)行(xing)(xing)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)改(gai)(gai)革(ge)，將統一金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)服務(wu)局（FSA）拆分，審(shen)慎(shen)監(jian)(jian)(jian)管(guan)(guan)職能劃歸英格蘭銀(yin)(yin)行(xing)(xing)行(xing)(xing)使(shi)，新設(she)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)與(yu)(yu)(yu)市(shi)場監(jian)(jian)(jian)管(guan)(guan)局（CPMA），后又更名為(wei)(wei)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)市(shi)場行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)管(guan)(guan)局（FCA），專門(men)承擔(dan)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)職能，金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)市(shi)場行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)管(guan)(guan)局（FCA）與(yu)(yu)(yu)審(shen)慎(shen)監(jian)(jian)(jian)管(guan)(guan)局（PRA）地位(wei)平等，主要(yao)職責是為(wei)(wei)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)提供適(shi)度保(bao)(bao)護(hu)(hu)。二(er)十國(guo)(guo)集團（G20）、亞太經(jing)合組(zu)織(zhi)（OCED）、世界銀(yin)(yin)行(xing)(xing)（WB）、世界銀(yin)(yin)行(xing)(xing)扶貧小組(zu)（CGAP）、金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)包(bao)容性聯盟（AFI）、金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)穩(wen)定(ding)委員會（FSB）、國(guo)(guo)際(ji)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)教(jiao)育網絡（NFE）、全球金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)包(bao)容合作(zuo)伙(huo)伴組(zu)織(zhi)（GPFI）等組(zu)織(zhi)均認為(wei)(wei)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)對維護(hu)(hu)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)體(ti)系穩(wen)定(ding)、促進(jin)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)市(shi)場競爭(zheng)和效率(lv)、提升信貸可得性意(yi)義重(zhong)大，并積極推動金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)工作(zuo)（表1）。本(ben)文以(yi)英國(guo)(guo)為(wei)(wei)例，介紹以(yi)其為(wei)(wei)代表的(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)(fei)者(zhe)保(bao)(bao)護(hu)(hu)問題的(de)(de)(de)探索。

英國的探索

英國(guo)(guo)(guo)是傳統(tong)金(jin)(jin)融(rong)強(qiang)國(guo)(guo)(guo)，金(jin)(jin)融(rong)市(shi)場(chang)成熟度(du)(du)較高，然而英國(guo)(guo)(guo)當局對(dui)金(jin)(jin)融(rong)消費者保(bao)護的(de)(de)重視(shi)卻相對(dui)滯后。1986年《金(jin)(jin)融(rong)服(fu)務法》的(de)(de)頒(ban)布與金(jin)(jin)融(rong)“大爆炸”對(dui)英國(guo)(guo)(guo)金(jin)(jin)融(rong)體系(xi)帶(dai)來巨大影響(xiang)，過度(du)(du)相信市(shi)場(chang)的(de)(de)作用(yong)使英國(guo)(guo)(guo)金(jin)(jin)融(rong)監管(guan)機構忽視(shi)金(jin)(jin)融(rong)消費者利益的(de)(de)保(bao)護問題(ti)，從而在英國(guo)(guo)(guo)出現保(bao)險公司拒付保(bao)險金(jin)(jin)這樣惡劣的(de)(de)侵害消費者權(quan)益事件，對(dui)金(jin)(jin)融(rong)市(shi)場(chang)的(de)(de)發展和(he)穩定產生(sheng)了諸多不利影響(xiang)。

因(yin)此，英(ying)國(guo)政(zheng)(zheng)府(fu)在(zai)經歷了分(fen)業(ye)監(jian)管(guan)(guan)的(de)效率(lv)低下和(he)部(bu)門沖突后，面(mian)對(dui)混業(ye)的(de)市(shi)場(chang)和(he)消(xiao)(xiao)(xiao)費者(zhe)利(li)益受到侵害增(zeng)多等(deng)問題，自(zi)20世紀90年(nian)(nian)代后期開(kai)始，金(jin)(jin)(jin)融(rong)(rong)消(xiao)(xiao)(xiao)費者(zhe)保(bao)護(hu)逐漸在(zai)理(li)論界和(he)政(zheng)(zheng)策層面(mian)被逐步重(zhong)視。2000年(nian)(nian)，英(ying)國(guo)頒布(bu)《金(jin)(jin)(jin)融(rong)(rong)服務與市(shi)場(chang)法(fa)(fa)》，賦予金(jin)(jin)(jin)融(rong)(rong)監(jian)管(guan)(guan)機構四大金(jin)(jin)(jin)融(rong)(rong)監(jian)管(guan)(guan)目(mu)標：增(zeng)強金(jin)(jin)(jin)融(rong)(rong)市(shi)場(chang)信心、提(ti)高公眾金(jin)(jin)(jin)融(rong)(rong)知能、保(bao)護(hu)金(jin)(jin)(jin)融(rong)(rong)消(xiao)(xiao)(xiao)費者(zhe)利(li)益和(he)防范打擊金(jin)(jin)(jin)融(rong)(rong)犯罪(zui)，并開(kai)創(chuang)性(xing)地將“金(jin)(jin)(jin)融(rong)(rong)消(xiao)(xiao)(xiao)費者(zhe)”（Financial Consumer）寫(xie)進法(fa)(fa)案，法(fa)(fa)案將金(jin)(jin)(jin)融(rong)(rong)消(xiao)(xiao)(xiao)費者(zhe)分(fen)為(wei)專(zhuan)(zhuan)業(ye)消(xiao)(xiao)(xiao)費者(zhe)和(he)非專(zhuan)(zhuan)業(ye)消(xiao)(xiao)(xiao)費者(zhe)（如(ru)普通民(min)眾），針對(dui)不同類型(xing)的(de)消(xiao)(xiao)(xiao)費者(zhe)面(mian)對(dui)的(de)金(jin)(jin)(jin)融(rong)(rong)交易層次不同、風(feng)險不同，受到侵害的(de)表(biao)現也就不同，法(fa)(fa)案認(ren)為(wei)應有(you)區別(bie)地對(dui)待，尤其(qi)加強保(bao)護(hu)非專(zhuan)(zhuan)業(ye)消(xiao)(xiao)(xiao)費者(zhe)的(de)金(jin)(jin)(jin)融(rong)(rong)利(li)益。《金(jin)(jin)(jin)融(rong)(rong)服務與市(shi)場(chang)法(fa)(fa)》共有(you)30個部(bu)分(fen)、433條(tiao)，對(dui)英(ying)國(guo)金(jin)(jin)(jin)融(rong)(rong)監(jian)管(guan)(guan)制度(du)進行了詳細規定，該法(fa)(fa)案為(wei)金(jin)(jin)(jin)融(rong)(rong)服務監(jian)管(guan)(guan)局等(deng)統一監(jian)管(guan)(guan)奠定了基礎(chu)。

在(zai)頒布《金(jin)融(rong)(rong)服(fu)務與市場(chang)法》后，將原來(lai)分散在(zai)證(zheng)券投(tou)(tou)資局（SIB）、證(zheng)券期貨協會（SFA）、個人(ren)投(tou)(tou)資協會（PIA）、投(tou)(tou)資管(guan)(guan)理監(jian)(jian)(jian)管(guan)(guan)組(zu)織(zhi)（IMRO）、英格(ge)蘭(lan)銀(yin)行的銀(yin)行監(jian)(jian)(jian)管(guan)(guan)部、注冊互(hu)助委員會（RFC）、住房合作委員會（BSC）、互(hu)助合作委員會（FSC）、由貿易工業(ye)部劃轉到財政部的保險(xian)監(jian)(jian)(jian)管(guan)(guan)司及倫敦交易所(suo)的英國發行上市監(jian)(jian)(jian)管(guan)(guan)部（UKLA）合并組(zu)成(cheng)單一的金(jin)融(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)機構(gou)——金(jin)融(rong)(rong)服(fu)務監(jian)(jian)(jian)管(guan)(guan)局，行使對包(bao)括銀(yin)行業(ye)、保險(xian)業(ye)和證(zheng)券投(tou)(tou)資業(ye)的監(jian)(jian)(jian)管(guan)(guan)。除金(jin)融(rong)(rong)消費者保護(hu)(hu)監(jian)(jian)(jian)管(guan)(guan)職責，FSA同時擔負維護(hu)(hu)市場(chang)體系穩定、促(cu)使社會公(gong)眾金(jin)融(rong)(rong)知(zhi)能水平提高并減少金(jin)融(rong)(rong)犯罪(zui)的職責。

英國金融(rong)(rong)服務(wu)監管局。在金融(rong)(rong)危機前，英國金融(rong)(rong)服務(wu)監管局主要承擔金融(rong)(rong)消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)保(bao)(bao)護(hu)的(de)職能(neng)。FSA非常(chang)重視(shi)金融(rong)(rong)消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)權益保(bao)(bao)護(hu)，在統一(yi)市場監管職能(neng)后(hou)，為更好地為金融(rong)(rong)消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)提供保(bao)(bao)護(hu)服務(wu)打(da)下了基礎。FSA在消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)保(bao)(bao)護(hu)問(wen)題(ti)上的(de)具體工(gong)作包括：直接(jie)向消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)提供充分信息，幫助(zhu)消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)金融(rong)(rong)決(jue)策；給予消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)一(yi)般性建議，讓消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)知曉其(qi)權利和責(ze)任以及消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)關注的(de)熱點問(wen)題(ti)的(de)分析說(shuo)明(ming)；設立消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)咨詢(xun)、投訴服務(wu)渠(qu)道；監督金融(rong)(rong)服務(wu)賠償計劃有限公司（FSCS）賠償基金的(de)管理與運用。其(qi)下屬金融(rong)(rong)消(xiao)(xiao)費(fei)(fei)者(zhe)(zhe)保(bao)(bao)護(hu)部門及職能(neng)如(ru)圖1所示(shi)。

設(she)立公(gong)平對(dui)(dui)待(dai)(dai)消(xiao)費(fei)者項目（TCF）。FSA為規(gui)范金(jin)融(rong)機(ji)構銷售金(jin)融(rong)商品(pin)過(guo)程中的(de)勸誘行(xing)為，在2001年6月(yue)通過(guo)實施公(gong)平對(dui)(dui)待(dai)(dai)消(xiao)費(fei)者項目，即金(jin)融(rong)機(ji)構要(yao)從自身(shen)如(ru)何對(dui)(dui)待(dai)(dai)消(xiao)費(fei)者利(li)益開始思考，在產品(pin)設(she)計、經濟補償、管理(li)(li)信息和投訴管理(li)(li)等一系列(lie)方面(mian)，都要(yao)制定相應的(de)措施和方案。并(bing)將公(gong)平對(dui)(dui)待(dai)(dai)消(xiao)費(fei)者理(li)(li)念融(rong)入金(jin)融(rong)機(ji)構的(de)文化、價值以(yi)及具體活動中，要(yao)求英國最大的(de)35家金(jin)融(rong)集團(tuan)每年報告(gao)項目實施情況(kuang)。如(ru)果(guo)FSA在半年內收到500起及以(yi)上(shang)對(dui)(dui)金(jin)融(rong)機(ji)構的(de)投訴，就需要(yao)對(dui)(dui)投訴數量和處理(li)(li)數量、兩個月(yue)內處理(li)(li)結束的(de)投訴占比進行(xing)兩年一次的(de)披(pi)露。

成立(li)金(jin)(jin)(jin)(jin)(jin)融(rong)巡視員服務(wu)有(you)限(xian)公司(si)（FOS）。FSA在(zai)外部成立(li)獨立(li)的(de)金(jin)(jin)(jin)(jin)(jin)融(rong)巡視員服務(wu)有(you)限(xian)公司(si)，主要職能是(shi)(shi)處理(li)(li)消(xiao)費者(zhe)(zhe)對(dui)(dui)FOS管轄的(de)金(jin)(jin)(jin)(jin)(jin)融(rong)機(ji)(ji)(ji)構的(de)投訴(su)和(he)糾(jiu)紛(fen)。FOS受理(li)(li)消(xiao)費者(zhe)(zhe)通過(guo)金(jin)(jin)(jin)(jin)(jin)融(rong)機(ji)(ji)(ji)構內部糾(jiu)紛(fen)解(jie)(jie)(jie)決(jue)(jue)機(ji)(ji)(ji)制(zhi)未能根本解(jie)(jie)(jie)決(jue)(jue)問題的(de)投訴(su)。實際上，FOS是(shi)(shi)作為(wei)金(jin)(jin)(jin)(jin)(jin)融(rong)機(ji)(ji)(ji)構內部糾(jiu)紛(fen)解(jie)(jie)(jie)決(jue)(jue)機(ji)(ji)(ji)制(zhi)的(de)替代與補充，本質是(shi)(shi)一種(zhong)法院訴(su)訟替代性紛(fen)爭解(jie)(jie)(jie)決(jue)(jue)機(ji)(ji)(ji)制(zhi)（ADRs），是(shi)(shi)金(jin)(jin)(jin)(jin)(jin)融(rong)消(xiao)費者(zhe)(zhe)糾(jiu)紛(fen)解(jie)(jie)(jie)決(jue)(jue)渠道多元化(hua)的(de)體現(xian)。這種(zhong)制(zhi)度的(de)優(you)勢在(zai)于消(xiao)費者(zhe)(zhe)在(zai)遇到不(bu)同類型的(de)金(jin)(jin)(jin)(jin)(jin)融(rong)消(xiao)費糾(jiu)紛(fen)時，不(bu)必為(wei)由于業務(wu)領域不(bu)同而找不(bu)到合適(shi)的(de)投訴(su)機(ji)(ji)(ji)構犯難，且FOS對(dui)(dui)消(xiao)費者(zhe)(zhe)投訴(su)不(bu)收取任何費用(yong)，FOS的(de)裁(cai)決(jue)(jue)只對(dui)(dui)被投訴(su)金(jin)(jin)(jin)(jin)(jin)融(rong)機(ji)(ji)(ji)構有(you)單向(xiang)拘束力，消(xiao)費者(zhe)(zhe)如果對(dui)(dui)FOS的(de)處理(li)(li)結(jie)果不(bu)滿意還可以繼續向(xiang)法院提(ti)訟。

成(cheng)(cheng)立金(jin)(jin)(jin)融(rong)服(fu)務(wu)賠(pei)償(chang)計劃有限公(gong)(gong)司。為(wei)充分(fen)保護金(jin)(jin)(jin)融(rong)消費(fei)者利益，英國(guo)成(cheng)(cheng)立金(jin)(jin)(jin)融(rong)服(fu)務(wu)賠(pei)償(chang)計劃有限公(gong)(gong)司，對(dui)因金(jin)(jin)(jin)融(rong)機構(gou)(gou)破(po)(po)產而蒙受損失的(de)消費(fei)者（存(cun)款(kuan)人(ren)、投(tou)資(zi)者或保單持有人(ren)）提供賠(pei)償(chang)。該公(gong)(gong)司是具有完全(quan)獨立的(de)法人(ren)資(zi)格，賠(pei)償(chang)基金(jin)(jin)(jin)來自于成(cheng)(cheng)員(yuan)繳納的(de)費(fei)用，但由FSA制定(ding)相關規章和任命(ming)該基金(jin)(jin)(jin)管理機構(gou)(gou)的(de)管理層(ceng)。任何(he)一家(jia)金(jin)(jin)(jin)融(rong)機構(gou)(gou)只要被FSA批準在英國(guo)經營，就(jiu)自動(dong)成(cheng)(cheng)為(wei)金(jin)(jin)(jin)融(rong)服(fu)務(wu)補償(chang)計劃有限公(gong)(gong)司的(de)成(cheng)(cheng)員(yuan)。每家(jia)金(jin)(jin)(jin)融(rong)機構(gou)(gou)成(cheng)(cheng)員(yuan)均須(xu)繳納三種資(zi)金(jin)(jin)(jin)：初期(qi)資(zi)金(jin)(jin)(jin)、繼增資(zi)金(jin)(jin)(jin)和特別出資(zi)，一旦(dan)機構(gou)(gou)發生破(po)(po)產，如銀行破(po)(po)產，消費(fei)者在七天內(nei)就(jiu)可(ke)以得到賠(pei)償(chang)，且(qie)不考慮存(cun)款(kuan)人(ren)的(de)貸款(kuan)額度(du)進行總額賠(pei)付。

重視(shi)金(jin)融(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)。英(ying)國政府(fu)非常重視(shi)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)金(jin)融(rong)(rong)(rong)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)，在(zai)《金(jin)融(rong)(rong)(rong)服務(wu)與(yu)市場法》頒布前(qian)，消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)金(jin)融(rong)(rong)(rong)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)并不成體系(xi)，多由民間機(ji)構(gou)自發組織，規模較(jiao)小且比較(jiao)分散。在(zai)金(jin)融(rong)(rong)(rong)服務(wu)局成立(li)以后，FSA的(de)一項法定(ding)職責(ze)就是促進(jin)全民金(jin)融(rong)(rong)(rong)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)水平地提高。FSA的(de)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)工(gong)作(zuo)包括豐富消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)的(de)相關(guan)金(jin)融(rong)(rong)(rong)知識和提高理(li)財技能，從(cong)而令消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)減少損失，促進(jin)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)對(dui)自身(shen)權利與(yu)責(ze)任的(de)了解。2003年(nian)，確定(ding)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)總體目(mu)標是到(dao)2008年(nian)金(jin)融(rong)(rong)(rong)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)受眾(zhong)數量(liang)達到(dao)1000萬(wan)名，為此，FSA每年(nian)投入(ru)其年(nian)度(du)預(yu)算的(de)5%以上來實(shi)現消(xiao)(xiao)費(fei)(fei)(fei)金(jin)融(rong)(rong)(rong)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)目(mu)標。2010年(nian)4月，成立(li)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)金(jin)融(rong)(rong)(rong)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)局（CFEB），全面(mian)管理(li)執行(xing)金(jin)融(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)工(gong)作(zuo)。政府(fu)主導(dao)、專(zhuan)門機(ji)構(gou)執行(xing)金(jin)融(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)教(jiao)(jiao)(jiao)(jiao)育(yu)(yu)(yu)(yu)是英(ying)國金(jin)融(rong)(rong)(rong)消(xiao)(xiao)費(fei)(fei)(fei)者(zhe)(zhe)(zhe)保(bao)護(hu)制度(du)一大特(te)色。

完善消(xiao)(xiao)(xiao)費(fei)者(zhe)投(tou)訴(su)(su)機(ji)(ji)(ji)制(zhi)。2005年5月(yue)(yue)，FSA《關(guan)于(yu)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)服務投(tou)訴(su)(su)指引》，指引以(yi)列舉的(de)(de)形(xing)式明確規(gui)定FSA可以(yi)受理(li)的(de)(de)消(xiao)(xiao)(xiao)費(fei)者(zhe)對(dui)(dui)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)的(de)(de)投(tou)訴(su)(su)情形(xing)，同(tong)時，也說(shuo)明了(le)消(xiao)(xiao)(xiao)費(fei)者(zhe)不能(neng)或沒(mei)有(you)理(li)由向金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)投(tou)訴(su)(su)的(de)(de)事項。金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)危機(ji)(ji)(ji)后，英國(guo)政府意識到本國(guo)消(xiao)(xiao)(xiao)費(fei)者(zhe)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)保(bao)護工作仍有(you)很多地方(fang)需(xu)要完善，在(zai)2010年3月(yue)(yue)，由FSA、OFT（消(xiao)(xiao)(xiao)費(fei)者(zhe)和競爭監管部(bu)門公(gong)平(ping)交易局(ju)）、FOS為重塑消(xiao)(xiao)(xiao)費(fei)者(zhe)對(dui)(dui)英國(guo)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)體制(zhi)的(de)(de)信心，聯合了(le)《消(xiao)(xiao)(xiao)費(fei)者(zhe)投(tou)訴(su)(su)處(chu)(chu)理(li)辦法(fa)》，明確了(le)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)、FSA、OFT和FOS在(zai)保(bao)護消(xiao)(xiao)(xiao)費(fei)者(zhe)利(li)益(yi)和處(chu)(chu)理(li)消(xiao)(xiao)(xiao)費(fei)者(zhe)投(tou)訴(su)(su)方(fang)面的(de)(de)各(ge)自職責，強(qiang)調各(ge)方(fang)合作的(de)(de)重要性，并提出聯合應對(dui)(dui)新型金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)(xiao)費(fei)者(zhe)風險和消(xiao)(xiao)(xiao)費(fei)者(zhe)大規(gui)模投(tou)訴(su)(su)的(de)(de)程序和措施。因此，英國(guo)的(de)(de)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)消(xiao)(xiao)(xiao)費(fei)者(zhe)投(tou)訴(su)(su)機(ji)(ji)(ji)制(zhi)在(zai)制(zhi)度設(she)計上以(yi)市場化運作為主。

投訴(su)專(zhuan)員辦(ban)公(gong)(gong)室(shi)（OCC）和(he)公(gong)(gong)開(kai)交易辦(ban)公(gong)(gong)室(shi)。投訴(su)專(zhuan)員辦(ban)公(gong)(gong)室(shi)在2001成立(li)，主(zhu)要(yao)(yao)職(zhi)(zhi)責是專(zhuan)門負責調查針對(dui)(dui)金(jin)(jin)(jin)融(rong)(rong)(rong)服(fu)(fu)務(wu)監(jian)(jian)管(guan)局(ju)(ju)的(de)(de)(de)消(xiao)費(fei)(fei)者(zhe)投訴(su)，可以視為(wei)(wei)(wei)金(jin)(jin)(jin)融(rong)(rong)(rong)服(fu)(fu)務(wu)監(jian)(jian)管(guan)局(ju)(ju)的(de)(de)(de)制(zhi)衡機(ji)構。OCC主(zhu)要(yao)(yao)受(shou)理消(xiao)費(fei)(fei)者(zhe)對(dui)(dui)金(jin)(jin)(jin)融(rong)(rong)(rong)服(fu)(fu)務(wu)監(jian)(jian)管(guan)局(ju)(ju)違(wei)反(fan)《金(jin)(jin)(jin)融(rong)(rong)(rong)服(fu)(fu)務(wu)與(yu)市場(chang)法》規定的(de)(de)(de)行(xing)(xing)為(wei)(wei)(wei)，主(zhu)要(yao)(yao)表(biao)現為(wei)(wei)(wei)失職(zhi)(zhi)和(he)不作為(wei)(wei)(wei)行(xing)(xing)為(wei)(wei)(wei)的(de)(de)(de)投訴(su)。公(gong)(gong)平交易辦(ban)公(gong)(gong)室(shi)則是英國(guo)最主(zhu)要(yao)(yao)的(de)(de)(de)反(fan)壟(long)斷監(jian)(jian)管(guan)機(ji)構，只代表(biao)消(xiao)費(fei)(fei)者(zhe)的(de)(de)(de)集體利益，不直接介入金(jin)(jin)(jin)融(rong)(rong)(rong)消(xiao)費(fei)(fei)者(zhe)個體與(yu)產品或服(fu)(fu)務(wu)提供機(ji)構間(jian)的(de)(de)(de)糾紛。公(gong)(gong)開(kai)交易辦(ban)公(gong)(gong)室(shi)主(zhu)要(yao)(yao)通(tong)過(guo)規范市場(chang)供給方(fang)的(de)(de)(de)行(xing)(xing)為(wei)(wei)(wei)來保(bao)護(hu)消(xiao)費(fei)(fei)者(zhe)權(quan)(quan)益，通(tong)過(guo)消(xiao)除不正當競爭(zheng)行(xing)(xing)為(wei)(wei)(wei)賦予消(xiao)費(fei)(fei)者(zhe)更大(da)的(de)(de)(de)權(quan)(quan)利，以此(ci)，使企業和(he)消(xiao)費(fei)(fei)者(zhe)受(shou)益。

危機(ji)后的(de)機(ji)構改革。金(jin)融(rong)危機(ji)后，英(ying)(ying)國(guo)政府已(yi)將FSA進行分拆，將原(yuan)有金(jin)融(rong)監管職(zhi)能(neng)劃歸(gui)英(ying)(ying)格蘭銀行，而金(jin)融(rong)消(xiao)費(fei)者保護(hu)職(zhi)能(neng)由新成立的(de)CPMA承擔，2011年6月(yue)，CPMA更名為FCA，主要職(zhi)責是(shi)為金(jin)融(rong)消(xiao)費(fei)者提供適度保護(hu)。至(zhi)此，英(ying)(ying)國(guo)金(jin)融(rong)監管體系形成金(jin)融(rong)消(xiao)費(fei)者保護(hu)（以(yi)FCA代表(biao)）與(yu)宏觀審慎監管（以(yi)PRA代表(biao)）平行的(de)局面，這一點似乎(hu)是(shi)“雙峰(feng)式監管”理論的(de)很(hen)好應用。

評價

英(ying)國(guo)政(zheng)府高度重視本(ben)(ben)國(guo)金(jin)(jin)融(rong)(rong)(rong)(rong)消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)的(de)(de)(de)(de)利(li)益保(bao)護(hu)，并不(bu)斷完(wan)(wan)善(shan)金(jin)(jin)融(rong)(rong)(rong)(rong)消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)保(bao)護(hu)體系，目的(de)(de)(de)(de)是為(wei)(wei)鞏(gong)固和(he)增(zeng)強(qiang)英(ying)國(guo)金(jin)(jin)融(rong)(rong)(rong)(rong)業的(de)(de)(de)(de)全球競爭力。英(ying)國(guo)監管部(bu)門(men)鼓勵金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)(ji)(ji)構利(li)用內(nei)部(bu)客戶投訴處(chu)理機(ji)(ji)(ji)(ji)制解(jie)(jie)決(jue)消費(fei)(fei)(fei)糾(jiu)紛，認為(wei)(wei)金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)(ji)(ji)構投訴處(chu)理制度是最基礎的(de)(de)(de)(de)糾(jiu)紛解(jie)(jie)決(jue)制度。作為(wei)(wei)基本(ben)(ben)目標之一，金(jin)(jin)融(rong)(rong)(rong)(rong)服務監管局要(yao)求金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)(ji)(ji)構盡可能把(ba)糾(jiu)紛在萌芽(ya)期(qi)化(hua)解(jie)(jie)掉，而不(bu)使其發展到(dao)雙(shuang)方(fang)(fang)無(wu)法(fa)通過協商解(jie)(jie)決(jue)的(de)(de)(de)(de)階段。一旦糾(jiu)紛無(wu)法(fa)在金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)(ji)(ji)構內(nei)部(bu)得(de)到(dao)解(jie)(jie)決(jue)，FOS則以帶(dai)有行政(zheng)仲裁性(xing)質的(de)(de)(de)(de)第三方(fang)(fang)身份(fen)處(chu)理。作為(wei)(wei)金(jin)(jin)融(rong)(rong)(rong)(rong)消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)保(bao)護(hu)的(de)(de)(de)(de)最后層面(mian)，金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)(ji)(ji)構倒閉(bi)則由FSCS負責托底(di)。這樣，英(ying)國(guo)金(jin)(jin)融(rong)(rong)(rong)(rong)消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)保(bao)護(hu)就形成一個完(wan)(wan)整的(de)(de)(de)(de)鏈條，成為(wei)(wei)一個相互補(bu)充(chong)的(de)(de)(de)(de)有機(ji)(ji)(ji)(ji)整體。完(wan)(wan)備的(de)(de)(de)(de)金(jin)(jin)融(rong)(rong)(rong)(rong)消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)保(bao)護(hu)體系充(chong)分(fen)保(bao)護(hu)了(le)金(jin)(jin)融(rong)(rong)(rong)(rong)消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)的(de)(de)(de)(de)利(li)益，尤其確保(bao)了(le)那些缺乏全面(mian)金(jin)(jin)融(rong)(rong)(rong)(rong)知識和(he)風險識別手段的(de)(de)(de)(de)普通消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)可以相對安全地從(cong)(cong)事(shi)金(jin)(jin)融(rong)(rong)(rong)(rong)活動(dong)，從(cong)(cong)而避免金(jin)(jin)融(rong)(rong)(rong)(rong)市場發生群體性(xing)恐(kong)慌，并有效預防(fang)金(jin)(jin)融(rong)(rong)(rong)(rong)風險的(de)(de)(de)(de)擴(kuo)散。對于遭受不(bu)公平待遇(yu)的(de)(de)(de)(de)金(jin)(jin)融(rong)(rong)(rong)(rong)消費(fei)(fei)(fei)者(zhe)(zhe)(zhe)，補(bu)償(chang)救濟制度賦予他們多重選(xuan)擇，從(cong)(cong)直接向金(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)(ji)(ji)(ji)構投訴到(dao)通過第三方(fang)(fang)渠道，甚至訴諸法(fa)院，制度為(wei)(wei)其設(she)計了(le)一套(tao)完(wan)(wan)整的(de)(de)(de)(de)保(bao)護(hu)方(fang)(fang)案(an)，并提供了(le)多種簡捷、節省和(he)高效的(de)(de)(de)(de)糾(jiu)紛解(jie)(jie)決(jue)選(xuan)項。

此外，英國(guo)金融(rong)(rong)消費者保護(hu)制(zhi)度是金融(rong)(rong)監(jian)管(guan)制(zhi)度的(de)(de)(de)(de)重要(yao)組(zu)成(cheng)部分。在(zai)各個環節建立(li)了與監(jian)管(guan)部門的(de)(de)(de)(de)信息共(gong)享機(ji)制(zhi)，除金融(rong)(rong)機(ji)構(gou)要(yao)定(ding)期(qi)報(bao)告所受理糾紛情況(kuang)外，FOS和FSCS也要(yao)定(ding)期(qi)向金融(rong)(rong)服(fu)務監(jian)管(guan)局通(tong)報(bao)有關(guan)金融(rong)(rong)機(ji)構(gou)的(de)(de)(de)(de)投訴(su)和經營(ying)狀況(kuang)信息。盡管(guan)FOS和FSCS沒有監(jian)管(guan)處罰權，但(dan)通(tong)過提供有價值的(de)(de)(de)(de)信息可(ke)以幫助金融(rong)(rong)服(fu)務監(jian)管(guan)局認識金融(rong)(rong)機(ji)構(gou)存在(zai)的(de)(de)(de)(de)經營(ying)問題，從(cong)而迅速采取監(jian)管(guan)行動，及時糾正問題，提升金融(rong)(rong)服(fu)務監(jian)管(guan)局的(de)(de)(de)(de)監(jian)管(guan)效力。

市場化的(de)(de)(de)糾(jiu)紛(fen)解(jie)決和消(xiao)費(fei)者(zhe)救(jiu)濟(ji)(ji)制度維護了市場的(de)(de)(de)公平原(yuan)則。英(ying)國制度對金(jin)融(rong)(rong)消(xiao)費(fei)糾(jiu)紛(fen)實行(xing)“誰(shui)出錯誰(shui)賠(pei)償(chang)”的(de)(de)(de)過錯方(fang)賠(pei)償(chang)責任(ren)原(yuan)則，由(you)過失的(de)(de)(de)金(jin)融(rong)(rong)機(ji)構(gou)對消(xiao)費(fei)者(zhe)予以補償(chang)，不(bu)由(you)政(zheng)府買單。對破產倒閉的(de)(de)(de)賠(pei)償(chang)實行(xing)“誰(shui)受(shou)(shou)益誰(shui)出費(fei)”的(de)(de)(de)權利(li)和義(yi)務(wu)相匹(pi)配原(yuan)則，根(gen)本上，金(jin)融(rong)(rong)機(ji)構(gou)是(shi)擔(dan)保救(jiu)濟(ji)(ji)制度的(de)(de)(de)受(shou)(shou)益者(zhe)，因此(ci)，賠(pei)償(chang)消(xiao)費(fei)者(zhe)的(de)(de)(de)費(fei)用全部(bu)出自金(jin)融(rong)(rong)機(ji)構(gou)。對金(jin)融(rong)(rong)機(ji)構(gou)加(jia)入擔(dan)保救(jiu)濟(ji)(ji)的(de)(de)(de)收(shou)費(fei)，則按照業(ye)務(wu)細分方(fang)式根(gen)據(ju)金(jin)融(rong)(rong)機(ji)構(gou)的(de)(de)(de)業(ye)務(wu)類(lei)型分類(lei)收(shou)取。

因(yin)此，英(ying)國金融(rong)(rong)(rong)(rong)消費(fei)者(zhe)保(bao)護制(zhi)度最鮮明的(de)特色(se)是政府主導、市(shi)場(chang)推動(dong)。政府對金融(rong)(rong)(rong)(rong)消費(fei)者(zhe)保(bao)護問題的(de)重視(shi)提高了(le)金融(rong)(rong)(rong)(rong)消費(fei)者(zhe)在(zai)金融(rong)(rong)(rong)(rong)市(shi)場(chang)中的(de)地位，通(tong)過金融(rong)(rong)(rong)(rong)教育使消費(fei)者(zhe)增加了(le)金融(rong)(rong)(rong)(rong)消費(fei)的(de)理(li)性判斷(duan)能力，通(tong)過強化金融(rong)(rong)(rong)(rong)機(ji)構為(wei)金融(rong)(rong)(rong)(rong)消費(fei)者(zhe)提供“負責任(ren)”商品的(de)義(yi)務，間接(jie)培育了(le)一個健康穩定的(de)金融(rong)(rong)(rong)(rong)市(shi)場(chang)。

篇5

關鍵詞：公證業務(wu) 金(jin)融風險 類型 主要成因 防范作用

就(jiu)當前我國(guo)金(jin)(jin)(jin)(jin)融(rong)體系(xi)狀(zhuang)況(kuang)來(lai)看，高比(bi)例(li)的(de)銀行不(bu)良資產、大金(jin)(jin)(jin)(jin)額(e)的(de)國(guo)際游(you)資、不(bu)健全(quan)的(de)金(jin)(jin)(jin)(jin)融(rong)體制等(deng)問題，都增大了金(jin)(jin)(jin)(jin)融(rong)風(feng)險(xian)的(de)發(fa)生概率。金(jin)(jin)(jin)(jin)融(rong)風(feng)險(xian)的(de)出現不(bu)僅會(hui)影響金(jin)(jin)(jin)(jin)融(rong)業(ye)的(de)健康發(fa)展，也會(hui)對(dui)國(guo)民經濟的(de)持續增長造成制約作用，同(tong)時還會(hui)威脅到和諧(xie)、穩定社會(hui)的(de)構建(jian)，危害較大，所以就(jiu)需(xu)要(yao)針對(dui)金(jin)(jin)(jin)(jin)融(rong)風(feng)險(xian)采(cai)取必(bi)要(yao)性的(de)防(fang)范措施。公(gong)證業(ye)務(wu)是防(fang)范金(jin)(jin)(jin)(jin)融(rong)風(feng)險(xian)的(de)一種最直接、最有效的(de)方式，在(zai)維護金(jin)(jin)(jin)(jin)融(rong)市場穩定性方面發(fa)揮著重(zhong)要(yao)作用，必(bi)須(xu)加(jia)以科學、合理利(li)用。

1.金融(rong)公證業務的概(gai)念及特點

1.1金(jin)融(rong)公證業務(wu)的概念(nian)

金(jin)融公(gong)(gong)(gong)證業務(wu)又叫做(zuo)金(jin)融事務(wu)公(gong)(gong)(gong)證，其(qi)本質是一項(xiang)公(gong)(gong)(gong)證活動。當(dang)前并沒有金(jin)融公(gong)(gong)(gong)證業務(wu)的(de)統一定義，因為金(jin)融公(gong)(gong)(gong)證業務(wu)的(de)適用范圍局限于金(jin)融行(xing)業，所以只要是與金(jin)融業務(wu)或金(jin)融機構存在關(guan)聯性(xing)的(de)公(gong)(gong)(gong)證活動，都可以將(jiang)其(qi)視作金(jin)融公(gong)(gong)(gong)證業務(wu)。在落實金(jin)融公(gong)(gong)(gong)證業務(wu)時，首先(xian)要明確公(gong)(gong)(gong)證業務(wu)具(ju)體類型，進而才能采取針對性(xing)的(de)工作方(fang)式，確保金(jin)融公(gong)(gong)(gong)證業務(wu)作用的(de)充分發揮(hui)，其(qi)中借款(kuan)合同公(gong)(gong)(gong)證、還款(kuan)協(xie)議公(gong)(gong)(gong)證、票(piao)據拒絕證書、融資租賃(lin)合同公(gong)(gong)(gong)證等，都屬于金(jin)融公(gong)(gong)(gong)證業務(wu)的(de)常見類型。

1.2金融公證業務的特點

金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)與其他公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)既存在(zai)相(xiang)同點(dian)，也(ye)存在(zai)不(bu)同點(dian)。任何一種公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)都(dou)是(shi)以合(he)(he)同為公(gong)(gong)(gong)證主(zhu)體(ti)，金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)也(ye)不(bu)例(li)外，在(zai)進(jin)行公(gong)(gong)(gong)證時，是(shi)通(tong)過審查并確(que)認(ren)合(he)(he)同的(de)(de)(de)(de)(de)(de)真實(shi)性及(ji)合(he)(he)法(fa)性，來(lai)實(shi)現公(gong)(gong)(gong)證目的(de)(de)(de)(de)(de)(de)，這是(shi)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)與其他公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)的(de)(de)(de)(de)(de)(de)相(xiang)同點(dian)。不(bu)同點(dian)主(zhu)要表現在(zai)三方(fang)(fang)面，第(di)一，因(yin)為金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市場環(huan)境(jing)復(fu)雜，法(fa)律條例(li)繁(fan)雜，使得金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)工作難(nan)度(du)較大。第(di)二，一般情況下(xia)，公(gong)(gong)(gong)證過程中所涉及(ji)到的(de)(de)(de)(de)(de)(de)合(he)(he)同主(zhu)體(ti)一方(fang)(fang)為金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)，因(yin)金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)的(de)(de)(de)(de)(de)(de)自身特(te)點(dian)，在(zai)公(gong)(gong)(gong)證過程中，需(xu)要接受監管(guan)部門的(de)(de)(de)(de)(de)(de)監督和管(guan)理，金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)公(gong)(gong)(gong)證業(ye)(ye)(ye)(ye)務(wu)(wu)具有一定的(de)(de)(de)(de)(de)(de)特(te)殊性。第(di)三，當非金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)有公(gong)(gong)(gong)證需(xu)求時，因(yin)為針對非金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)經濟(ji)活動的(de)(de)(de)(de)(de)(de)法(fa)律法(fa)規并不(bu)完(wan)善，無法(fa)形成有效的(de)(de)(de)(de)(de)(de)制約作用，此時公(gong)(gong)(gong)證機(ji)構(gou)便不(bu)能采用適用于金(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)構(gou)的(de)(de)(de)(de)(de)(de)公(gong)(gong)(gong)證方(fang)(fang)法(fa)，這就對公(gong)(gong)(gong)證機(ji)構(gou)提出了更(geng)高(gao)的(de)(de)(de)(de)(de)(de)要求[1]。

2.金(jin)融風(feng)險常見類(lei)型及主(zhu)要成因

了(le)解金融(rong)風險常見類(lei)型及主要成(cheng)因，是科學、合理利(li)用公(gong)證(zheng)進行風險防范的(de)基礎，可以確(que)保(bao)金融(rong)公(gong)證(zheng)業務作用的(de)有效發(fa)揮(hui)。

2.1金融風險常見類型

金(jin)融(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)類型(xing)眾(zhong)多(duo)，財務風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)、市(shi)(shi)場(chang)(chang)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)、信用風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)等都是比較(jiao)常見的(de)幾種。財務風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)是指銀(yin)行(xing)(xing)(xing)證常運(yun)(yun)轉所需資(zi)(zi)金(jin)不(bu)足，并且(qie)處(chu)于虧(kui)損經(jing)營(ying)運(yun)(yun)行(xing)(xing)(xing)狀態，資(zi)(zi)金(jin)比例(li)(li)失調嚴(yan)重(zhong)，銀(yin)行(xing)(xing)(xing)抵抗風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)能力(li)較(jiao)弱，不(bu)僅難以(yi)維(wei)持證常運(yun)(yun)轉，還面臨著較(jiao)大(da)的(de)生存(cun)危機。市(shi)(shi)場(chang)(chang)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)是當前主要的(de)金(jin)融(rong)(rong)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)之(zhi)一，當前我國證處(chu)于經(jing)濟(ji)體制轉型(xing)時期，市(shi)(shi)場(chang)(chang)運(yun)(yun)行(xing)(xing)(xing)體制并不(bu)完(wan)善，缺乏符合市(shi)(shi)場(chang)(chang)經(jing)濟(ji)特(te)點的(de)法(fa)律法(fa)規，市(shi)(shi)場(chang)(chang)監(jian)管(guan)力(li)度不(bu)足，市(shi)(shi)場(chang)(chang)秩序混亂，導致(zhi)金(jin)融(rong)(rong)行(xing)(xing)(xing)業容(rong)易出現較(jiao)大(da)波動(dong)，引發眾(zhong)多(duo)風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)問題。信用風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)的(de)具體體現為銀(yin)行(xing)(xing)(xing)不(bu)良資(zi)(zi)產(chan)金(jin)額增多(duo)、比例(li)(li)加大(da)，當貸款人在規定日期內沒有償還欠款本息(xi)時，便會造(zao)成信用風(feng)(feng)險(xian)(xian)(xian)(xian)(xian)，對銀(yin)行(xing)(xing)(xing)的(de)經(jing)濟(ji)收益以(yi)及市(shi)(shi)場(chang)(chang)資(zi)(zi)金(jin)流動(dong)造(zao)成了(le)不(bu)良影響(xiang)[2]。

2.2金融(rong)風險主要成因

金(jin)(jin)(jin)融(rong)(rong)(rong)風險(xian)的(de)主要成(cheng)因包括企(qi)業(ye)(ye)效益差、市場(chang)信譽度(du)低、執法力(li)度(du)不(bu)(bu)足(zu)三方面。首先，當企(qi)業(ye)(ye)因管理不(bu)(bu)善(shan)、決(jue)策失(shi)誤、市場(chang)變化、政府政策等原因，造(zao)(zao)成(cheng)經(jing)濟(ji)效益低下、無力(li)償還(huan)銀行(xing)(xing)貸款(kuan)時(shi)，便會導致金(jin)(jin)(jin)融(rong)(rong)(rong)風險(xian)的(de)出(chu)現(xian)(xian)。其次，一(yi)些貸款(kuan)企(qi)業(ye)(ye)信譽度(du)較(jiao)低，沒有按照合同規定(ding)內(nei)容在(zai)指定(ding)時(shi)間內(nei)還(huan)清欠(qian)款(kuan)，出(chu)現(xian)(xian)拖欠(qian)或(huo)者逃債行(xing)(xing)為(wei)(wei)，此時(shi)會造(zao)(zao)成(cheng)大(da)量的(de)銀行(xing)(xing)不(bu)(bu)良資產出(chu)現(xian)(xian)，引發金(jin)(jin)(jin)融(rong)(rong)(rong)風險(xian)[3]。最后，金(jin)(jin)(jin)融(rong)(rong)(rong)市場(chang)執法力(li)度(du)不(bu)(bu)足(zu)，沒有依照法律法規對失(shi)信違(wei)約企(qi)業(ye)(ye)進行(xing)(xing)嚴肅懲治，難以對企(qi)業(ye)(ye)行(xing)(xing)為(wei)(wei)形成(cheng)強(qiang)制(zhi)性約束(shu)作用，助長了失(shi)信違(wei)約行(xing)(xing)為(wei)(wei)的(de)蔓延，加大(da)了金(jin)(jin)(jin)融(rong)(rong)(rong)風險(xian)出(chu)現(xian)(xian)概率。除此之外，銀行(xing)(xing)經(jing)營模式落后、內(nei)部監(jian)管力(li)度(du)不(bu)(bu)足(zu)等，也會造(zao)(zao)成(cheng)金(jin)(jin)(jin)融(rong)(rong)(rong)風險(xian)問題。

3.公證(zheng)業(ye)務對(dui)金融風險的防范(fan)作用

金(jin)融風(feng)(feng)險(xian)危害性較(jiao)大，必須采取有(you)效的預防措施，降低金(jin)融風(feng)(feng)險(xian)的發生概(gai)率(lv)，這就(jiu)需要借助公(gong)證(zheng)業務(wu)來(lai)實現。公(gong)證(zheng)業務(wu)在(zai)金(jin)融風(feng)(feng)險(xian)防范中所起到的作(zuo)用主要體現在(zai)以下幾方(fang)面。

3.1金融監管作用

金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)是(shi)確(que)保金(jin)(jin)融(rong)(rong)防(fang)范有(you)效(xiao)(xiao)性(xing)的(de)基礎，公證業務是(shi)由專(zhuan)門的(de)公證機(ji)構(gou)(gou)來(lai)完(wan)成(cheng)的(de)，公證機(ji)構(gou)(gou)具有(you)獨立性(xing)、中(zhong)立性(xing)和專(zhuan)業性(xing)特點，可以(yi)(yi)(yi)形成(cheng)法律監(jian)(jian)督效(xiao)(xiao)應，在金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)體(ti)系中(zhong)扮演著重要角色，所以(yi)(yi)(yi)公證機(ji)構(gou)(gou)通過(guo)開展公證業務，便(bian)可以(yi)(yi)(yi)起到金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)作(zuo)用，加大(da)對金(jin)(jin)融(rong)(rong)市(shi)場(chang)的(de)管(guan)控力度，維持金(jin)(jin)融(rong)(rong)市(shi)場(chang)運行(xing)的(de)穩定性(xing)和有(you)序性(xing)。在巴塞爾委員會1997年9月(yue)的(de)《銀行(xing)業有(you)效(xiao)(xiao)監(jian)(jian)管(guan)核心原則》中(zhong)，強(qiang)調了構(gou)(gou)建完(wan)善的(de)銀行(xing)監(jian)(jian)管(guan)體(ti)系，以(yi)(yi)(yi)及(ji)充分發(fa)揮其(qi)基礎作(zuo)用的(de)重要性(xing)，作(zuo)為銀行(xing)監(jian)(jian)管(guan)體(ti)系中(zhong)的(de)重要組成(cheng)，公證機(ji)構(gou)(gou)所發(fa)揮的(de)金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)作(zuo)用是(shi)不容(rong)忽視(shi)的(de)。

3.2事先預防作用

金融公證(zheng)(zheng)(zheng)(zheng)業(ye)務(wu)是由專業(ye)的(de)(de)公證(zheng)(zheng)(zheng)(zheng)員，嚴格(ge)按照規(gui)范的(de)(de)公證(zheng)(zheng)(zheng)(zheng)程序，采用科(ke)學的(de)(de)公證(zheng)(zheng)(zheng)(zheng)方(fang)法(fa)，以(yi)信(xin)貸(dai)合(he)同(tong)(tong)(tong)(tong)作為(wei)主要依(yi)據完(wan)成的(de)(de)。在公證(zheng)(zheng)(zheng)(zheng)過程中，公證(zheng)(zheng)(zheng)(zheng)員需要先(xian)利用自身所掌握的(de)(de)專業(ye)知識(shi)及(ji)(ji)法(fa)律知識(shi)，對合(he)同(tong)(tong)(tong)(tong)內(nei)容(rong)的(de)(de)真實(shi)(shi)性(xing)及(ji)(ji)合(he)法(fa)性(xing)進行(xing)判斷，只(zhi)有真實(shi)(shi)有效并且符合(he)法(fa)律規(gui)定的(de)(de)合(he)同(tong)(tong)(tong)(tong)，才(cai)能夠(gou)予(yu)(yu)以(yi)公證(zheng)(zheng)(zheng)(zheng)，反之，當發現合(he)同(tong)(tong)(tong)(tong)內(nei)容(rong)不(bu)(bu)真實(shi)(shi)或者存在違法(fa)現象時，則不(bu)(bu)予(yu)(yu)以(yi)公證(zheng)(zheng)(zheng)(zheng)。公證(zheng)(zheng)(zheng)(zheng)員通(tong)過對合(he)同(tong)(tong)(tong)(tong)內(nei)容(rong)的(de)(de)真實(shi)(shi)性(xing)及(ji)(ji)合(he)法(fa)性(xing)進行(xing)判斷，可(ke)以(yi)完(wan)成對合(he)同(tong)(tong)(tong)(tong)的(de)(de)事(shi)(shi)先(xian)審查(cha)，及(ji)(ji)時找出因合(he)同(tong)(tong)(tong)(tong)問題可(ke)能引(yin)發的(de)(de)金融風(feng)險，從根源上降低(di)金融風(feng)險的(de)(de)發生(sheng)概(gai)率，起(qi)到了(le)事(shi)(shi)先(xian)預(yu)防作用。同(tong)(tong)(tong)(tong)時，還可(ke)以(yi)對合(he)同(tong)(tong)(tong)(tong)雙(shuang)方(fang)進行(xing)教(jiao)育和證(zheng)(zheng)(zheng)(zheng)確(que)引(yin)導，強化合(he)同(tong)(tong)(tong)(tong)雙(shuang)方(fang)的(de)(de)風(feng)險意識(shi)，也能夠(gou)起(qi)到風(feng)險預(yu)防作用。

3.3保護(hu)各方(fang)利益作用

通過(guo)開展(zhan)金融公(gong)(gong)證業務(wu)，可以按照(zhao)合(he)(he)同(tong)(tong)內容對(dui)合(he)(he)同(tong)(tong)雙方(fang)行(xing)(xing)(xing)為進行(xing)(xing)(xing)確認，督(du)促借款方(fang)履行(xing)(xing)(xing)合(he)(he)同(tong)(tong)規定，在規定時間內向(xiang)銀(yin)行(xing)(xing)(xing)償還(huan)債務(wu)，使銀(yin)行(xing)(xing)(xing)獲取(qu)應(ying)得的利(li)益(yi)，確保銀(yin)行(xing)(xing)(xing)能夠實(shi)(shi)現預期(qi)的經濟收益(yi)，對(dui)銀(yin)行(xing)(xing)(xing)的合(he)(he)法權益(yi)起到了保護作用。同(tong)(tong)時，還(huan)可以從法律層面實(shi)(shi)現對(dui)合(he)(he)同(tong)(tong)雙方(fang)的有效(xiao)監督(du)，對(dui)兩者行(xing)(xing)(xing)為起到了約束(shu)和(he)規范作用，實(shi)(shi)現當事人(ren)自由(you)意志(zhi)與國家監管意志(zhi)、個(ge)體利(li)益(yi)與社會公(gong)(gong)共(gong)利(li)益(yi)的統一(yi)。

3.4強制執行作用

公(gong)證(zheng)(zheng)(zheng)(zheng)機構所(suo)出示的(de)公(gong)證(zheng)(zheng)(zheng)(zheng)書(shu)(shu)(shu)具(ju)有(you)法(fa)律(lv)效(xiao)(xiao)應，仲裁、審(shen)判(pan)機構可(ke)(ke)(ke)以(yi)以(yi)公(gong)證(zheng)(zheng)(zheng)(zheng)書(shu)(shu)(shu)為法(fa)律(lv)依(yi)據，按照(zhao)合(he)同雙方的(de)事先約定，對(dui)(dui)違約失信方采(cai)取強制性懲(cheng)處(chu)措(cuo)施(shi)，對(dui)(dui)高效(xiao)(xiao)實現債(zhai)(zhai)權(quan)人的(de)債(zhai)(zhai)權(quan)，督促債(zhai)(zhai)務(wu)人履行(xing)(xing)債(zhai)(zhai)務(wu)具(ju)有(you)重要意義。當(dang)合(he)同到(dao)期后，如果(guo)借款人沒有(you)及時償還債(zhai)(zhai)款，則公(gong)證(zheng)(zheng)(zheng)(zheng)機構可(ke)(ke)(ke)以(yi)依(yi)照(zhao)《公(gong)證(zheng)(zheng)(zheng)(zheng)程序規(gui)則（試行(xing)(xing)）》第35條規(gui)定內容(rong)，賦予債(zhai)(zhai)權(quan)文書(shu)(shu)(shu)具(ju)有(you)強制執(zhi)(zhi)行(xing)(xing)效(xiao)(xiao)力(li)。如果(guo)符合(he)規(gui)定的(de)條件，公(gong)證(zheng)(zheng)(zheng)(zheng)處(chu)就可(ke)(ke)(ke)以(yi)依(yi)法(fa)出具(ju)強制執(zhi)(zhi)行(xing)(xing)公(gong)證(zheng)(zheng)(zheng)(zheng)書(shu)(shu)(shu)，由人民(min)法(fa)院直接采(cai)取強制執(zhi)(zhi)行(xing)(xing)措(cuo)施(shi)，免除了當(dang)事人的(de)訟累。

結束語：

公(gong)證業務(wu)(wu)是防(fang)范金(jin)(jin)(jin)融風險的(de)(de)一(yi)種重要(yao)(yao)手段，起到了金(jin)(jin)(jin)融監管作(zuo)用(yong)(yong)、事先(xian)預防(fang)作(zuo)用(yong)(yong)、保(bao)護各(ge)方(fang)利益作(zuo)用(yong)(yong)以(yi)及強(qiang)制執行作(zuo)用(yong)(yong)，可以(yi)有效降(jiang)低金(jin)(jin)(jin)融風險的(de)(de)發生(sheng)概(gai)率(lv)。面對愈(yu)加復雜的(de)(de)金(jin)(jin)(jin)融市場(chang)環境，要(yao)(yao)想加快經濟(ji)增長(chang)速率(lv)，構建和諧穩定(ding)社會，就需要(yao)(yao)充分發揮公(gong)證業務(wu)(wu)在金(jin)(jin)(jin)融風范防(fang)范中的(de)(de)作(zuo)用(yong)(yong)，更好的(de)(de)服務(wu)(wu)于我國金(jin)(jin)(jin)融行業的(de)(de)健(jian)康(kang)良(liang)好發展。

參考文獻：

[1]施(shi)文清.淺談公C在防范金融債權風(feng)險中的作用(yong)[J].法(fa)制與經濟旬刊，2012，（7）：31-31.

篇6

    一、金融監管范圍有效(xiao)性理(li)論

    新制度(du)經濟學認為，制度(du)是(shi)一種稀缺性(xing)(xing)資(zi)(zi)源，社會(hui)(hui)經濟發展過程中的(de)(de)(de)(de)(de)制度(du)非均(jun)衡(heng)(heng)是(shi)“常(chang)態(tai)”，制度(du)均(jun)衡(heng)(heng)僅(jin)是(shi)理想(xiang)狀態(tai)，即使出現(xian)也(ye)(ye)不(bu)(bu)(bu)會(hui)(hui)持續。而現(xian)實(shi)金(jin)融(rong)市(shi)場(chang)(chang)(chang)中，金(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)制度(du)設計是(shi)相(xiang)對(dui)固態(tai)的(de)(de)(de)(de)(de)，這(zhe)與(yu)金(jin)融(rong)發展的(de)(de)(de)(de)(de)動(dong)態(tai)必然產(chan)生(sheng)錯位，市(shi)場(chang)(chang)(chang)失(shi)靈(ling)和(he)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)失(shi)靈(ling)的(de)(de)(de)(de)(de)對(dui)立統一形成了金(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)(de)制度(du)范圍。金(jin)融(rong)領域中的(de)(de)(de)(de)(de)市(shi)場(chang)(chang)(chang)失(shi)靈(ling)主要(yao)表現(xian)為金(jin)融(rong)壟(long)斷、信息不(bu)(bu)(bu)對(dui)稱、金(jin)融(rong)市(shi)場(chang)(chang)(chang)的(de)(de)(de)(de)(de)負外部性(xing)(xing)及“準公共(gong)物品(pin)”特性(xing)(xing)等(deng)(deng)。市(shi)場(chang)(chang)(chang)失(shi)靈(ling)會(hui)(hui)導致逆(ni)向選擇和(he)道(dao)德風(feng)險(xian)等(deng)(deng)問題，破壞公眾對(dui)銀行(xing)(xing)的(de)(de)(de)(de)(de)信心，進(jin)而產(chan)生(sheng)“擠兌”、連鎖性(xing)(xing)倒閉(bi)等(deng)(deng)金(jin)融(rong)危機(ji)(ji)。監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)失(shi)靈(ling)會(hui)(hui)影響市(shi)場(chang)(chang)(chang)效率，監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)需求(qiu)與(yu)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)成本的(de)(de)(de)(de)(de)博弈、監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)權(quan)力“尋租”、被監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)“俘(fu)虜”監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)、法規(gui)與(yu)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)政策之缺陷等(deng)(deng)都會(hui)(hui)帶來(lai)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)效率低下和(he)道(dao)德風(feng)險(xian)問題，破壞公平的(de)(de)(de)(de)(de)市(shi)場(chang)(chang)(chang)競爭秩序。市(shi)場(chang)(chang)(chang)與(yu)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)不(bu)(bu)(bu)能完全割裂，從(cong)依靠行(xing)(xing)業(ye)自(zi)(zi)(zi)律(lv)到嚴格的(de)(de)(de)(de)(de)直接(jie)(jie)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)之間可細分(fen)幾個(ge)不(bu)(bu)(bu)同(tong)程度(du)的(de)(de)(de)(de)(de)遞(di)進(jin)：一是(shi)行(xing)(xing)業(ye)自(zi)(zi)(zi)律(lv)，即由金(jin)融(rong)機(ji)(ji)構和(he)行(xing)(xing)業(ye)協會(hui)(hui)自(zi)(zi)(zi)律(lv)準則(ze)，主要(yao)采取自(zi)(zi)(zi)愿實(shi)施的(de)(de)(de)(de)(de)方式；二(er)是(shi)注冊，使得相(xiang)關部門及時掌握(wo)有關機(ji)(ji)構的(de)(de)(de)(de)(de)信息；三(san)是(shi)監(jian)(jian)(jian)(jian)(jian)督，持續監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)市(shi)場(chang)(chang)(chang)或機(ji)(ji)構的(de)(de)(de)(de)(de)運行(xing)(xing)，如非必要(yao)，不(bu)(bu)(bu)采取直接(jie)(jie)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)措(cuo)施；四(si)是(shi)審(shen)慎監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)和(he)行(xing)(xing)為監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)，即對(dui)相(xiang)關機(ji)(ji)構提(ti)出資(zi)(zi)本、流動(dong)性(xing)(xing)、行(xing)(xing)為規(gui)范等(deng)(deng)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)要(yao)求(qiu)，并有權(quan)進(jin)行(xing)(xing)現(xian)場(chang)(chang)(chang)檢查。一般而言，監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)嚴格程度(du)遞(di)進(jin)的(de)(de)(de)(de)(de)同(tong)時，也(ye)(ye)是(shi)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)成本不(bu)(bu)(bu)斷提(ti)升的(de)(de)(de)(de)(de)過程。因此(ci)，對(dui)于(yu)不(bu)(bu)(bu)同(tong)的(de)(de)(de)(de)(de)金(jin)融(rong)市(shi)場(chang)(chang)(chang)和(he)產(chan)品(pin)，并非是(shi)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)嚴格程度(du)越高越好(hao)。監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)當局應當根據市(shi)場(chang)(chang)(chang)主體(ti)及其行(xing)(xing)為的(de)(de)(de)(de)(de)性(xing)(xing)質和(he)影響，并充分(fen)考慮(lv)到監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)成本與(yu)收益(yi)的(de)(de)(de)(de)(de)協調，采取不(bu)(bu)(bu)同(tong)層次(ci)的(de)(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)方式，提(ti)升監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)有效性(xing)(xing)。

    分(fen)析金融(rong)監管范圍有(you)效性的方法通常有(you)兩種(zhong)：成本(ben)—收益(yi)(yi)分(fen)析法和以成本(ben)有(you)效性分(fen)析替代(dai)成本(ben)—收益(yi)(yi)分(fen)析方法。

    (一)成本—收(shou)益(yi)分析法。

    如圖1所(suo)示，設金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)總預(yu)(yu)期(qi)(qi)(qi)收(shou)(shou)益(yi)(yi)為r(x)，又(you)稱為預(yu)(yu)期(qi)(qi)(qi)收(shou)(shou)益(yi)(yi)曲線，其中x為監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)。金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)收(shou)(shou)益(yi)(yi)主要包(bao)括(kuo)金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)使(shi)社會(hui)(hui)總體福利水平提高(gao)(gao)的(de)(de)(de)(de)程度(du)(du)(du)、使(shi)金(jin)(jin)(jin)融(rong)(rong)(rong)體系(xi)總體收(shou)(shou)入(ru)提高(gao)(gao)程度(du)(du)(du)及(ji)(ji)使(shi)被監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)機(ji)構收(shou)(shou)入(ru)提高(gao)(gao)水平三個(ge)方面。假定r(x)具(ju)有(you)通常的(de)(de)(de)(de)收(shou)(shou)益(yi)(yi)函(han)數(shu)的(de)(de)(de)(de)性(xing)質，即有(you)。金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)總成(cheng)(cheng)本(ben)(ben)(ben)為c(x)，又(you)稱為成(cheng)(cheng)本(ben)(ben)(ben)曲線。金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)成(cheng)(cheng)本(ben)(ben)(ben)包(bao)括(kuo)金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)直接(jie)成(cheng)(cheng)本(ben)(ben)(ben)和(he)(he)間接(jie)成(cheng)(cheng)本(ben)(ben)(ben)。其中，直接(jie)成(cheng)(cheng)本(ben)(ben)(ben)包(bao)括(kuo)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)行(xing)政(zheng)成(cheng)(cheng)本(ben)(ben)(ben)和(he)(he)執行(xing)成(cheng)(cheng)本(ben)(ben)(ben)。間接(jie)成(cheng)(cheng)本(ben)(ben)(ben)包(bao)括(kuo)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)可(ke)能(neng)帶來的(de)(de)(de)(de)道德(de)風(feng)險、不公平競爭(zheng)、阻礙金(jin)(jin)(jin)融(rong)(rong)(rong)創(chuang)新等(deng)所(suo)導(dao)致的(de)(de)(de)(de)效率損失。同(tong)樣假定c(x)具(ju)有(you)通常成(cheng)(cheng)本(ben)(ben)(ben)函(han)數(shu)性(xing)質，dc(x)/dx＞0，。則當(dang)預(yu)(yu)期(qi)(qi)(qi)邊際收(shou)(shou)益(yi)(yi)等(deng)于邊際成(cheng)(cheng)本(ben)(ben)(ben)時(shi)(shi)，即MR=MC時(shi)(shi)，監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)預(yu)(yu)期(qi)(qi)(qi)凈(jing)收(shou)(shou)益(yi)(yi)n(x)=r(x)-c(x)達到(dao)最大，此時(shi)(shi)達到(dao)理想(xiang)的(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)狀態(tai)，監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)則為理想(xiang)的(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)均(jun)(jun)衡強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)x*，監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)達到(dao)最佳效率水平。當(dang)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)低(di)于理想(xiang)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)均(jun)(jun)衡強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)時(shi)(shi)，監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)預(yu)(yu)期(qi)(qi)(qi)凈(jing)收(shou)(shou)益(yi)(yi)隨(sui)(sui)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)的(de)(de)(de)(de)提高(gao)(gao)而(er)增加；當(dang)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)高(gao)(gao)于理想(xiang)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)均(jun)(jun)衡強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)時(shi)(shi)，監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)凈(jing)收(shou)(shou)益(yi)(yi)隨(sui)(sui)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)的(de)(de)(de)(de)提高(gao)(gao)而(er)遞減(jian)。但是(shi)，這種監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)均(jun)(jun)衡強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)x*會(hui)(hui)隨(sui)(sui)著市場(chang)條件和(he)(he)金(jin)(jin)(jin)融(rong)(rong)(rong)深化(hua)程度(du)(du)(du)的(de)(de)(de)(de)變化(hua)而(er)改變，因此監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)強(qiang)(qiang)(qiang)(qiang)度(du)(du)(du)也會(hui)(hui)隨(sui)(sui)之在市場(chang)與監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)不同(tong)層次間變化(hua)。如美國(guo)對對沖基(ji)金(jin)(jin)(jin)的(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)，之前更多地強(qiang)(qiang)(qiang)(qiang)調收(shou)(shou)益(yi)(yi)而(er)采取了(le)完全行(xing)業自律的(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)督(du)模式；而(er)隨(sui)(sui)著對沖基(ji)金(jin)(jin)(jin)規模的(de)(de)(de)(de)急劇擴張(zhang)，這種監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)模式已經不能(neng)有(you)效控制(zhi)風(feng)險，因此危(wei)機(ji)后逐步向(xiang)注(zhu)冊及(ji)(ji)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)督(du)等(deng)更嚴格層次的(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(guan)遞進(jin)。

    

    圖1　金融監(jian)管成(cheng)本收益邊(bian)際分析

    (二)成本(ben)有效(xiao)性(xing)分析法。

    成(cheng)(cheng)(cheng)本—收(shou)(shou)益(yi)法最大的(de)(de)缺點(dian)在于(yu)監(jian)(jian)管(guan)(guan)成(cheng)(cheng)(cheng)本、收(shou)(shou)益(yi)難以量化，一種替(ti)代的(de)(de)思(si)路是進行成(cheng)(cheng)(cheng)本有(you)(you)效(xiao)性分(fen)析(xi)。其基本思(si)路是：當(dang)無法確(que)定(ding)某公共(gong)項目(mu)具體(ti)收(shou)(shou)益(yi)時，可用目(mu)標(biao)完成(cheng)(cheng)(cheng)程(cheng)(cheng)度(du)(du)與付出成(cheng)(cheng)(cheng)本之間的(de)(de)比例來分(fen)析(xi)。若能(neng)同樣有(you)(you)效(xiao)地完成(cheng)(cheng)(cheng)目(mu)標(biao)任務，那么成(cheng)(cheng)(cheng)本更低(di)的(de)(de)方(fang)(fang)案當(dang)然優于(yu)成(cheng)(cheng)(cheng)本較高的(de)(de)方(fang)(fang)案；在監(jian)(jian)管(guan)(guan)成(cheng)(cheng)(cheng)本相同的(de)(de)情況下，目(mu)標(biao)的(de)(de)完成(cheng)(cheng)(cheng)程(cheng)(cheng)度(du)(du)越(yue)好，也(ye)就(jiu)說明其有(you)(you)效(xiao)程(cheng)(cheng)度(du)(du)越(yue)高。這種分(fen)析(xi)方(fang)(fang)法運用目(mu)標(biao)完成(cheng)(cheng)(cheng)的(de)(de)程(cheng)(cheng)度(du)(du)(即監(jian)(jian)管(guan)(guan)的(de)(de)有(you)(you)效(xiao)程(cheng)(cheng)度(du)(du))替(ti)代了(le)金融監(jian)(jian)管(guan)(guan)的(de)(de)收(shou)(shou)益(yi)，避免(mian)了(le)金融監(jian)(jian)管(guan)(guan)收(shou)(shou)益(yi)難以確(que)定(ding)的(de)(de)缺陷。

    二(er)、危機后國際社會對金融監管范圍的反思

    ;(一(yi))危機反(fan)映金融監(jian)管(guan)范圍過窄問題。

    此次金(jin)融危機(ji)顯示，現代金(jin)融監(jian)管框(kuang)架(jia)范圍設定(ding)明顯過于狹窄，其根本原(yuan)因(yin)在于新(xin)古典自由經濟主(zhu)(zhu)義(yi)主(zhu)(zhu)導下，對市場(chang)的(de)(de)過度信任和對政府作用(yong)的(de)(de)質疑(yi)。20世紀70年代的(de)(de)“滯脹”危機(ji)帶來了自由主(zhu)(zhu)義(yi)理(li)論的(de)(de)復興，以批判“金(jin)融壓抑”和主(zhu)(zhu)張“金(jin)融深化(hua)”理(li)論為代表(biao)的(de)(de)金(jin)融自由化(hua)理(li)論在管制還是自由的(de)(de)爭論中逐漸占據上風(feng)。監(jian)管當局(ju)因(yin)此盡可能縮小(xiao)監(jian)管范圍，特別是放(fang)棄了對一些(xie)具有(you)系(xi)統(tong)重要(yao)性的(de)(de)金(jin)融機(ji)構和產品的(de)(de)監(jian)管，是促成金(jin)融危機(ji)發(fa)生(sheng)的(de)(de)重要(yao)原(yuan)因(yin)。

    1、監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)制(zhi)(zhi)度范(fan)圍設計(ji)缺陷明(ming)顯。傳統審慎(shen)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)以(yi)最(zui)小化金融(rong)(rong)(rong)機(ji)(ji)構(gou)(及(ji)清(qing)算體系)失敗潛在的(de)(de)(de)(de)(de)負外(wai)部(bu)性為(wei)(wei)中(zhong)心，所采取(qu)的(de)(de)(de)(de)(de)主(zhu)要(yao)措施(shi)(shi)(shi)包括：對(dui)(dui)(dui)資(zi)本和流動性的(de)(de)(de)(de)(de)最(zui)低要(yao)求、監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)檢查、存(cun)(cun)款(kuan)保(bao)險制(zhi)(zhi)度及(ji)類(lei)似金融(rong)(rong)(rong)安全(quan)網(wang)體系、監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)者(zhe)早期介入機(ji)(ji)制(zhi)(zhi)及(ji)對(dui)(dui)(dui)突發危機(ji)(ji)的(de)(de)(de)(de)(de)應對(dui)(dui)(dui)機(ji)(ji)制(zhi)(zhi)等。在這(zhe)種監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)理念(nian)指導下，保(bao)護(hu)存(cun)(cun)款(kuan)人(ren)利益、并防范(fan)存(cun)(cun)款(kuan)人(ren)擠兌對(dui)(dui)(dui)銀(yin)行(xing)(xing)體系穩定(ding)(ding)性的(de)(de)(de)(de)(de)破(po)壞性影響是(shi)首要(yao)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)目標，因此(ci)傳統金融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)的(de)(de)(de)(de)(de)主(zhu)要(yao)對(dui)(dui)(dui)象是(shi)存(cun)(cun)款(kuan)類(lei)金融(rong)(rong)(rong)機(ji)(ji)構(gou)。雖然(ran)一些準銀(yin)行(xing)(xing)機(ji)(ji)構(gou)，如投資(zi)銀(yin)行(xing)(xing)也接受一定(ding)(ding)程度的(de)(de)(de)(de)(de)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)，但(dan)側重于(yu)對(dui)(dui)(dui)投資(zi)者(zhe)的(de)(de)(de)(de)(de)保(bao)護(hu)和交易的(de)(de)(de)(de)(de)合(he)規等方面，而不(bu)是(shi)審慎(shen)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)。因此(ci)，危機(ji)(ji)前以(yi)美國(guo)為(wei)(wei)代表的(de)(de)(de)(de)(de)主(zhu)要(yao)發達國(guo)家監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)范(fan)圍制(zhi)(zhi)度設計(ji)中(zhong)，只(zhi)對(dui)(dui)(dui)以(yi)零售客戶為(wei)(wei)主(zhu)的(de)(de)(de)(de)(de)金融(rong)(rong)(rong)機(ji)(ji)構(gou)(商業(ye)銀(yin)行(xing)(xing)和保(bao)險公司(si)(si))實施(shi)(shi)(shi)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)，對(dui)(dui)(dui)投資(zi)銀(yin)行(xing)(xing)、評級機(ji)(ji)構(gou)、貸款(kuan)公司(si)(si)、共同基金等機(ji)(ji)構(gou)，不(bu)實施(shi)(shi)(shi)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)或只(zhi)對(dui)(dui)(dui)其(qi)市場行(xing)(xing)為(wei)(wei)進行(xing)(xing)有限(xian)監(jian)(jian)(jian)(jian) 管(guan)(guan)(guan)。對(dui)(dui)(dui)商業(ye)銀(yin)行(xing)(xing)與保(bao)險機(ji)(ji)構(gou)，也只(zhi)針對(dui)(dui)(dui)其(qi)經(jing)營行(xing)(xing)為(wei)(wei)進行(xing)(xing)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)，而對(dui)(dui)(dui)于(yu)它們的(de)(de)(de)(de)(de)經(jing)營模式、激勵機(ji)(ji)制(zhi)(zhi)和產(chan)品，則基本不(bu)管(guan)(guan)(guan)。對(dui)(dui)(dui)于(yu)金融(rong)(rong)(rong)創新(xin)和衍生(sheng)(sheng)品可能產(chan)生(sheng)(sheng)的(de)(de)(de)(de)(de)問題(ti)交由市場自身來解決(見(jian)圖2)。

    

    圖2　主(zhu)要(yao)發(fa)達國(guo)家金(jin)融(rong)監管制(zhi)度約束范圍(wei)

 ;   注：X2Y2為監(jian)管制(zhi)度供給使監(jian)管制(zhi)度范圍外延可能(neng)達到的均(jun)衡約束線，其(qi)外延由監(jian)管制(zhi)度稀(xi)缺程度和邊際成本收益關(guan)系決定，理想狀態(tai)為邊際收益(MR)=邊際成本(MC)。下同。

    2、大(da)量系(xi)統重(zhong)要性機(ji)(ji)構(gou)(gou)、市(shi)場(chang)和產品游離于監管體系(xi)外(wai)。大(da)量游離于金(jin)(jin)融(rong)(rong)(rong)監管體系(xi)之外(wai)的(de)(de)系(xi)統重(zhong)要性金(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構(gou)(gou)、產品、市(shi)場(chang)成(cheng)為系(xi)統性風險的(de)(de)重(zhong)要來源(yuan)。例如(ru)，未納(na)入監管范圍的(de)(de)龐大(da)的(de)(de)“影(ying)(ying)子(zi)銀(yin)(yin)(yin)行體系(xi)”成(cheng)為危(wei)機(ji)(ji)爆發的(de)(de)主要推手。“影(ying)(ying)子(zi)銀(yin)(yin)(yin)行體系(xi)”承擔(dan)了商(shang)業銀(yin)(yin)(yin)行的(de)(de)信用轉換功(gong)能，卻不屬于傳統商(shang)業銀(yin)(yin)(yin)行，包括結構(gou)(gou)投資工具、管道工具、對沖基金(jin)(jin)、私(si)募股權等。2007年末，美(mei)國的(de)(de)“影(ying)(ying)子(zi)銀(yin)(yin)(yin)行體系(xi)”總資產約(yue)為10萬(wan)(wan)億美(mei)元(yuan)(yuan)，與同期美(mei)國全(quan)部(bu)銀(yin)(yin)(yin)行體系(xi)總資產規模相當。場(chang)外(wai)衍生品市(shi)場(chang)也是(shi)本次金(jin)(jin)融(rong)(rong)(rong)危(wei)機(ji)(ji)導火索之一。據國際清(qing)算銀(yin)(yin)(yin)行統計，截至2008年6月(yue)，場(chang)外(wai)衍生品在外(wai)流(liu)通名義金(jin)(jin)額達684萬(wan)(wan)億美(mei)元(yuan)(yuan)，市(shi)值達20萬(wan)(wan)億美(mei)元(yuan)(yuan)。由于場(chang)外(wai)衍生品結構(gou)(gou)復(fu)雜(za)，交易透明度(du)低，金(jin)(jin)融(rong)(rong)(rong)監管缺位，最終給(gei)金(jin)(jin)融(rong)(rong)(rong)體系(xi)造成(cheng)巨大(da)損失，并引發了席卷全(quan)球的(de)(de)金(jin)(jin)融(rong)(rong)(rong)危(wei)機(ji)(ji)。

    3、對(dui)系統(tong)(tong)重要性(xing)大(da)型金(jin)融(rong)(rong)(rong)機構并(bing)表(biao)監(jian)管(guan)(guan)缺(que)位。銀(yin)行控(kong)股(gu)公(gong)司多樣化經營(ying)所帶來(lai)的(de)范圍經濟和潛在競爭造成了監(jian)管(guan)(guan)真空(kong)。在全(quan)球化和混業(ye)經營(ying)背景(jing)下，一些(xie)大(da)型復(fu)(fu)雜(za)金(jin)融(rong)(rong)(rong)機構經營(ying)業(ye)務(wu)覆蓋銀(yin)行、證(zheng)券(quan)、保險(xian)(xian)(xian)(xian)(xian)、資產(chan)管(guan)(guan)理等(deng)多個(ge)領域，經營(ying)觸角延伸到世界各地，組織架構日趨復(fu)(fu)雜(za)，面(mian)臨較大(da)的(de)跨境經營(ying)和綜合經營(ying)風(feng)險(xian)(xian)(xian)(xian)(xian)。但(dan)相(xiang)應的(de)金(jin)融(rong)(rong)(rong)監(jian)管(guan)(guan)特(te)別是(shi)并(bing)表(biao)監(jian)管(guan)(guan)卻(que)嚴(yan)重缺(que)位，主要表(biao)現為缺(que)乏對(dui)大(da)型復(fu)(fu)雜(za)金(jin)融(rong)(rong)(rong)機構的(de)公(gong)司架構、資產(chan)負債情況(kuang)、風(feng)險(xian)(xian)(xian)(xian)(xian)及風(feng)險(xian)(xian)(xian)(xian)(xian)管(guan)(guan)理的(de)深入了解和把(ba)握，尤其是(shi)對(dui)系統(tong)(tong)內(nei)的(de)關聯風(feng)險(xian)(xian)(xian)(xian)(xian)、創新金(jin)融(rong)(rong)(rong)產(chan)品潛在風(feng)險(xian)(xian)(xian)(xian)(xian)特(te)別是(shi)表(biao)外(wai)業(ye)務(wu)風(feng)險(xian)(xian)(xian)(xian)(xian)等(deng)沒(mei)有實施有效監(jian)管(guan)(guan)，導(dao)致系統(tong)(tong)性(xing)風(feng)險(xian)(xian)(xian)(xian)(xian)蔓延和失控(kong)。

    4、監(jian)(jian)管(guan)(guan)(guan)(guan)范圍交界套利(li)問題突出。金(jin)(jin)融(rong)(rong)危(wei)機表明，監(jian)(jian)管(guan)(guan)(guan)(guan)與未監(jian)(jian)管(guan)(guan)(guan)(guan)交界領(ling)域的(de)大量監(jian)(jian)管(guan)(guan)(guan)(guan)套利(li)行為削弱了(le)金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)(guan)的(de)有效性。為規避監(jian)(jian)管(guan)(guan)(guan)(guan)，一(yi)些金(jin)(jin)融(rong)(rong)機構將一(yi)些高風(feng)險(xian)的(de)金(jin)(jin)融(rong)(rong)產品從(cong)受監(jian)(jian)管(guan)(guan)(guan)(guan)領(ling)域轉(zhuan)移(yi)到(dao)監(jian)(jian)管(guan)(guan)(guan)(guan)標準較低(di)甚(shen)至沒有監(jian)(jian)管(guan)(guan)(guan)(guan)的(de)領(ling)域。監(jian)(jian)管(guan)(guan)(guan)(guan)范圍的(de)局限(xian)、監(jian)(jian)管(guan)(guan)(guan)(guan)套利(li)的(de)驅動加上市場(chang)約束的(de)失靈同時激發了(le)過度(du)金(jin)(jin)融(rong)(rong)創新，引發了(le)證券化和其(qi)他(ta)衍(yan)生品的(de)急劇(ju)擴張，并給金(jin)(jin)融(rong)(rong)體系造成了(le)巨(ju)大的(de)風(feng)險(xian)。

    (二)國際社會分層次(ci)改進(jin)金融(rong)監管范圍的(de)實(shi)踐。

    目前，國(guo)際社會已(yi)經(jing)基(ji)本達成共識，要求擴大(da)金融監(jian)管(guan)(guan)的(de)(de)范(fan)圍，并以強化審慎監(jian)管(guan)(guan)為重點，進一步厘清市場自律、注(zhu)冊(ce)、監(jian)督及審慎監(jian)管(guan)(guan)不同(tong)層次的(de)(de)界線和(he)組合，在設定更加合理有(you)效的(de)(de)金融監(jian)管(guan)(guan)范(fan)圍同(tong)時，確(que)保金融市場保持(chi)創新和(he)發展，維持(chi)金融監(jian)管(guan)(guan)強度的(de)(de)均(jun)衡。目前正在積極推進的(de)(de)監(jian)管(guan)(guan)動議(yi)包括：

    1、提(ti)升系(xi)(xi)統(tong)重要(yao)(yao)(yao)性(xing)(xing)(xing)(xing)(xing)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)審慎(shen)監(jian)(jian)(jian)(jian)管(guan)程(cheng)度(du)和(he)覆蓋面(mian)。按2009年4月二十國集(ji)團峰會(hui)要(yao)(yao)(yao)求，金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)穩定理事(shi)會(hui)(FSB)提(ti)出(chu)了(le)加(jia)強系(xi)(xi)統(tong)重要(yao)(yao)(yao)性(xing)(xing)(xing)(xing)(xing)機(ji)(ji)構(gou)監(jian)(jian)(jian)(jian)管(guan)的(de)(de)(de)(de)一攬子政策(ce)框(kuang)架：一是減少(shao)系(xi)(xi)統(tong)重要(yao)(yao)(yao)性(xing)(xing)(xing)(xing)(xing)機(ji)(ji)構(gou)倒閉的(de)(de)(de)(de)可能性(xing)(xing)(xing)(xing)(xing)和(he)沖擊，包(bao)括對(dui)系(xi)(xi)統(tong)重要(yao)(yao)(yao)性(xing)(xing)(xing)(xing)(xing)機(ji)(ji)構(gou)的(de)(de)(de)(de)附加(jia)資本(ben)要(yao)(yao)(yao)求、流動(dong)性(xing)(xing)(xing)(xing)(xing)要(yao)(yao)(yao)求以(yi)及(ji)法律和(he)運營結構(gou)方面(mian)的(de)(de)(de)(de)監(jian)(jian)(jian)(jian)管(guan)要(yao)(yao)(yao)求。二是提(ti)高金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)體系(xi)(xi)處(chu)置有問(wen)題機(ji)(ji)構(gou)的(de)(de)(de)(de)能力。相關政策(ce)旨在(zai)提(ti)高有序處(chu)理倒閉機(ji)(ji)構(gou)的(de)(de)(de)(de)能力，完善(shan)事(shi)前的(de)(de)(de)(de)危(wei)機(ji)(ji)應對(dui)機(ji)(ji)制、應急計劃、監(jian)(jian)(jian)(jian)管(guan)合作和(he)信息共享安排(pai)等。三(san)(san)是強化金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)基礎設施(shi)和(he)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)市(shi)場(chang)。相關政策(ce)旨在(zai)完善(shan)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)基礎設施(shi)，減少(shao)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)的(de)(de)(de)(de)相互關聯程(cheng)度(du)。2009年11月，FSB-BIS-IMF聯合了(le)《系(xi)(xi)統(tong)重要(yao)(yao)(yao)性(xing)(xing)(xing)(xing)(xing)金(jin)(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構(gou)、市(shi)場(chang)和(he)工具的(de)(de)(de)(de)評(ping)估指(zhi)(zhi)引》，按照(zhao)規模、關聯性(xing)(xing)(xing)(xing)(xing)和(he)替代性(xing)(xing)(xing)(xing)(xing)三(san)(san)個方面(mian)評(ping)估系(xi)(xi)統(tong)重要(yao)(yao)(yao)性(xing)(xing)(xing)(xing)(xing)影響(xiang)，并(bing)考慮業務復(fu)雜(za)性(xing)(xing)(xing)(xing)(xing)和(he)杠桿(gan)率等指(zhi)(zhi)標。巴塞爾銀行(xing)(xing)監(jian)(jian)(jian)(jian)管(guan)委員會(hui)下設的(de)(de)(de)(de)宏觀(guan)審慎(shen)工作組正在(zai)評(ping)估對(dui)大型復(fu)雜(za)銀行(xing)(xing)的(de)(de)(de)(de)監(jian)(jian)(jian)(jian)管(guan)安排(pai)。2008年10月，國際保險(xian)監(jian)(jian)(jian)(jian)督官協會(hui)正式提(ti)出(chu)建(jian)立(li)全(quan)球(qiu)統(tong)一的(de)(de)(de)(de)跨(kua)境(jing)保險(xian)集(ji)團監(jian)(jian)(jian)(jian)管(guan)標準，建(jian)立(li)數據監(jian)(jian)(jian)(jian)控和(he)分析(xi)工具，檢測跨(kua)境(jing)保險(xian)集(ji)團的(de)(de)(de)(de)系(xi)(xi)統(tong)性(xing)(xing)(xing)(xing)(xing)風(feng)險(xian)因素，并(bing)加(jia)強監(jian)(jian)(jian)(jian)管(guan)協調。

    2、以注(zhu)冊和行(xing)(xing)(xing)業自律為重點加強對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)監(jian)(jian)管(guan)(guan)。國(guo)際證監(jian)(jian)會(hui)組織等監(jian)(jian)管(guan)(guan)者正(zheng)在通(tong)過立法(fa)制(zhi)定(ding)統(tong)(tong)一的(de)(de)(de)對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)和(或(huo))對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)經理監(jian)(jian)管(guan)(guan)框架，包括(kuo)強制(zhi)注(zhu)冊要(yao)求(qiu)、持續監(jian)(jian)管(guan)(guan)、提(ti)(ti)供系統(tong)(tong)性風險(xian)信(xin)息(xi)(xi)以及監(jian)(jian)管(guan)(guan)者之(zhi)間信(xin)息(xi)(xi)披(pi)露和交(jiao)(jiao)換；2010年了(le)一系列相關(guan)文件(jian)，包括(kuo)各國(guo)監(jian)(jian)管(guan)(guan)框架的(de)(de)(de)評估、對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)管(guan)(guan)理人的(de)(de)(de)最佳做法(fa)。監(jian)(jian)管(guan)(guan)當局正(zheng)在協調相關(guan)工(gong)作(zuo)，確保(bao)不同國(guo)家盡可(ke)能統(tong)(tong)一實施對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)監(jian)(jian)管(guan)(guan)。美國(guo)金(jin)(jin)(jin)(jin)融改(gai)革法(fa)案要(yao)求(qiu)對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)和私募(mu)股(gu)權(quan)基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)的(de)(de)(de)投資(zi)(zi)顧問(wen)在證券交(jiao)(jiao)易委(wei)(wei)員(yuan)(yuan)會(hui)注(zhu)冊，并提(ti)(ti)供他們交(jiao)(jiao)易和資(zi)(zi)產組合的(de)(de)(de)相關(guan)信(xin)息(xi)(xi)，同時將(jiang)(jiang)聯(lian)邦管(guan)(guan)制(zhi)的(de)(de)(de)投資(zi)(zi)顧問(wen)的(de)(de)(de)資(zi)(zi)產門檻(jian)從3000萬美元提(ti)(ti)升到(dao)1億美元。證券交(jiao)(jiao)易委(wei)(wei)員(yuan)(yuan)會(hui)將(jiang)(jiang)對(dui)(dui)這些基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)進(jin)行(xing)(xing)(xing)定(ding)期的(de)(de)(de)檢(jian)查，并每年向國(guo)會(hui)報告監(jian)(jian)管(guan)(guan)情況。“沃爾克原則”也(ye)提(ti)(ti)出限制(zhi)銀(yin)(yin)行(xing)(xing)(xing)實體(ti)(包括(kuo)存款機(ji)構及其分支機(ji)構和子公司)發起或(huo)者投資(zi)(zi)于對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)和私募(mu)股(gu)權(quan)基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)的(de)(de)(de)要(yao)求(qiu)，包括(kuo)規定(ding)銀(yin)(yin)行(xing)(xing)(xing)實體(ti)在對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)或(huo)私募(mu)股(gu)權(quan)基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)中的(de)(de)(de)權(quan)益(yi)必須限制(zhi)在基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)所有權(quan)益(yi)的(de)(de)(de)3%以內；銀(yin)(yin)行(xing)(xing)(xing)實體(ti)在對(dui)(dui)沖基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)或(huo)私募(mu)股(gu)權(quan)基(ji)(ji)(ji)(ji)金(jin)(jin)(jin)(jin)中的(de)(de)(de)權(quan)益(yi)合計(ji)不能超過其自身一級資(zi)(zi)本的(de)(de)(de)3%，且銀(yin)(yin)行(xing)(xing)(xing)實體(ti)不能從事與客戶服務(wu)無關(guan)的(de)(de)(de)自營交(jiao)(jiao)易。

    3、加強評(ping)(ping)級(ji)(ji)機構的(de)外部市場(chang)監(jian)(jian)(jian)督約束。國(guo)(guo)際(ji)(ji)證監(jian)(jian)(jian)會組織了《信(xin)(xin)用評(ping)(ping)級(ji)(ji)機構行(xing)為(wei)(wei)基本準(zhun)則》，美國(guo)(guo)、歐盟(meng)、日本等(deng)國(guo)(guo)公布了信(xin)(xin)用評(ping)(ping)級(ji)(ji)機構的(de)監(jian)(jian)(jian)管法(fa)規(gui)。國(guo)(guo)際(ji)(ji)證監(jian)(jian)(jian)會組織等(deng)監(jian)(jian)(jian)管者正在評(ping)(ping)估(gu)各國(guo)(guo)和地(di)區性的(de)立法(fa)建議(yi)是(shi)否符(fu)合國(guo)(guo)際(ji)(ji)證監(jian)(jian)(jian)會組織規(gui)定的(de)原則和行(xing)為(wei)(wei)準(zhun)則，以及立法(fa)建議(yi)的(de)差異是(shi)否會使信(xin)(xin)用評(ping)(ping)級(ji)(ji)機構的(de)合規(gui)義務相互沖(chong)突。

    4、以監(jian)(jian)督(du)為重(zhong)點(dian)推(tui)(tui)進場(chang)(chang)外衍(yan)生(sheng)品(pin)(pin)交(jiao)易(yi)進入場(chang)(chang)內和(he)信息透(tou)(tou)明(ming)化。2009年5月，國(guo)際(ji)(ji)證監(jian)(jian)會(hui)組織(zhi)了場(chang)(chang)外衍(yan)生(sheng)品(pin)(pin)的(de)(de)(de)監(jian)(jian)管文件(jian)，主要(yao)內容：一是證券化市場(chang)(chang)的(de)(de)(de)信息披露要(yao)求(qiu)(qiu)，交(jiao)易(yi)鏈中(zhong)的(de)(de)(de)激勵機(ji)制，投資者的(de)(de)(de)標(biao)準(zhun)和(he)盡職要(yao)求(qiu)(qiu)。二(er)是信用(yong)違約掉(diao)期(qi)市場(chang)(chang)(CDS)的(de)(de)(de)透(tou)(tou)明(ming)度、標(biao)準(zhun)化、中(zhong)央(yang)交(jiao)易(yi)對手(shou)，以及(ji)國(guo)際(ji)(ji)合作等。目前(qian)國(guo)際(ji)(ji)上正在通過監(jian)(jian)管激勵推(tui)(tui)動場(chang)(chang)外衍(yan)生(sheng)品(pin)(pin)交(jiao)易(yi)進入場(chang)(chang)內。巴塞(sai)爾銀行(xing)監(jian)(jian)管委員會(hui)于2010年新標(biao)準(zhun)，全面考慮交(jiao)易(yi)對手(shou)信用(yong)風(feng)險(xian)以及(ji)集中(zhong)清算(suan)合約和(he)提(ti)供擔保品(pin)(pin)的(de)(de)(de)益處(chu)。支付與(yu)結算(suan)委員會(hui)和(he)國(guo)際(ji)(ji)證監(jian)(jian)會(hui)組織(zhi)將(jiang)(jiang)《合格中(zhong)央(yang)交(jiao)易(yi)對手(shou)的(de)(de)(de)標(biao)準(zhun)》，全球監(jian)(jian)管當局將(jiang)(jiang)采(cai)取協調行(xing)動監(jian)(jian)督(du)并實施場(chang)(chang)外衍(yan)生(sheng)品(pin)(pin)中(zhong)央(yang)交(jiao)易(yi)、對手(shou)方(fang)標(biao)準(zhun)和(he)交(jiao)易(yi)托管國(guo)際(ji)(ji)標(biao)準(zhun)。按照這些監(jian)(jian)管思路，美國(guo)已(yi)在推(tui)(tui)動場(chang)(chang)外衍(yan)生(sheng)品(pin)(pin)進行(xing)場(chang)(chang)內交(jiao)易(yi)、增(zeng)加交(jiao)易(yi)透(tou)(tou)明(ming)度等方(fang)面提(ti)出了一系列(lie)監(jian)(jian)管要(yao)求(qiu)(qiu)。

    三、我(wo)國金(jin)融監管范圍存在的(de)問題

   ; 由于 金(jin)(jin)融(rong)(rong)市場發(fa)(fa)展程度(du)和(he)制度(du)設(she)計的(de)(de)差異，我(wo)國(guo)金(jin)(jin)融(rong)(rong)監(jian)管范(fan)(fan)圍方面的(de)(de)問(wen)題(ti)既與發(fa)(fa)達國(guo)家有相似之處，也有自(zi)身的(de)(de)特(te)點(dian)。在(zai)金(jin)(jin)融(rong)(rong)分(fen)業(ye)(ye)經(jing)營(ying)的(de)(de)情況(kuang)下，我(wo)國(guo)現階段實行(xing)的(de)(de)是銀監(jian)會(hui)(hui)、證監(jian)會(hui)(hui)、保監(jian)會(hui)(hui)分(fen)別(bie)負(fu)責銀行(xing)、證券(quan)、保險(xian)監(jian)管的(de)(de)分(fen)業(ye)(ye)監(jian)管模(mo)式。近年來，我(wo)國(guo)金(jin)(jin)融(rong)(rong)格(ge)局發(fa)(fa)生了很(hen)大變化，金(jin)(jin)融(rong)(rong)業(ye)(ye)綜合經(jing)營(ying)試點(dian)工作取(qu)得(de)較(jiao)大進展，交叉性金(jin)(jin)融(rong)(rong)業(ye)(ye)務發(fa)(fa)展較(jiao)快(kuai)，金(jin)(jin)融(rong)(rong)體系內不同行(xing)業(ye)(ye)之間、實體經(jing)濟和(he)金(jin)(jin)融(rong)(rong)體系之間聯系日益加深，傳統的(de)(de)分(fen)業(ye)(ye)監(jian)管和(he)機構監(jian)管模(mo)式面臨較(jiao)大挑戰。在(zai)此背景下，金(jin)(jin)融(rong)(rong)監(jian)管范(fan)(fan)圍方面存(cun)在(zai)的(de)(de)問(wen)題(ti)主(zhu)要表現為覆蓋(gai)不足、監(jian)管范(fan)(fan)圍重(zhong)疊交叉及監(jian)管標準不統一、不連續等(deng)問(wen)題(ti)。目前，我(wo)國(guo)金(jin)(jin)融(rong)(rong)監(jian)管范(fan)(fan)圍未能有效覆蓋(gai)的(de)(de)領域主(zhu)要包括(kuo)以下方面(見圖3)。

    

    圖3　我國金(jin)融監管制度約束范圍

    (一)各類金(jin)融控股公司。

    目(mu)前，我(wo)國金融控(kong)(kong)股(gu)公(gong)(gong)司(si)(si)還(huan)缺乏(fa)明(ming)確的(de)法律定(ding)位(wei)，比較一(yi)(yi)(yi)致的(de)看法認為可(ke)分為兩類(lei)：一(yi)(yi)(yi)類(lei)是非銀行(xing)(xing)金融機構形成的(de)金融控(kong)(kong)股(gu)公(gong)(gong)司(si)(si)，如中(zhong)信集(ji)團(tuan)(tuan)、光大集(ji)團(tuan)(tuan)、平安集(ji)團(tuan)(tuan)等；另一(yi)(yi)(yi)類(lei)是企(qi)業集(ji)團(tuan)(tuan)形成的(de)金融股(gu)控(kong)(kong)公(gong)(gong)司(si)(si)，如海爾集(ji)團(tuan)(tuan)、山東泛海集(ji)團(tuan)(tuan)、東方實業集(ji)團(tuan)(tuan)等。雖(sui)然金融控(kong)(kong)股(gu)公(gong)(gong)司(si)(si)控(kong)(kong)股(gu)的(de)商業銀行(xing)(xing)、信托公(gong)(gong)司(si)(si)、證(zheng)券公(gong)(gong)司(si)(si)和保(bao)險公(gong)(gong)司(si)(si)等子公(gong)(gong)司(si)(si)受到各(ge)自(zi)的(de)行(xing)(xing)業監(jian)管(guan)，但在(zai)金融控(kong)(kong)股(gu)公(gong)(gong)司(si)(si)層面尚未建立統一(yi)(yi)(yi)的(de)并(bing)表監(jian)管(guan)規(gui)則，缺乏(fa)整體監(jian)管(guan)要求。一(yi)(yi)(yi)些(xie)金融控(kong)(kong)股(gu)公(gong)(gong)司(si)(si)層級多，組(zu)織架構復(fu)雜，公(gong)(gong)司(si)(si)治理不(bu)完善(shan)，關(guan)聯交易缺乏(fa)透明(ming)度，整體風(feng)險難以管(guan)控(kong)(kong)。

    (二)銀行、證券(quan)、保險業務交(jiao)叉滲透領域。

    目前，隨著監(jian)管(guan)(guan)(guan)(guan)政(zheng)策的(de)調整(zheng)，銀(yin)(yin)行(xing)(xing)、證券(quan)、保(bao)(bao)(bao)險(xian)(xian)(xian)之間的(de)業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)合(he)(he)作(zuo)與(yu)滲(shen)透不斷加(jia)深。根據監(jian)管(guan)(guan)(guan)(guan)規定，商業(ye)(ye)(ye)(ye)(ye)(ye)銀(yin)(yin)行(xing)(xing)可(ke)(ke)以(yi)(yi)設立基(ji)金(jin)管(guan)(guan)(guan)(guan)理公(gong)(gong)(gong)(gong)司(si)(si)(si)、金(jin)融租賃(lin)公(gong)(gong)(gong)(gong)司(si)(si)(si)，入股(gu)信托(tuo)(tuo)投資(zi)公(gong)(gong)(gong)(gong)司(si)(si)(si)和(he)(he)保(bao)(bao)(bao)險(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)(si)，保(bao)(bao)(bao)險(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)(si)可(ke)(ke)以(yi)(yi)投資(zi)非上市銀(yin)(yin)行(xing)(xing)的(de)股(gu)權和(he)(he)證券(quan)公(gong)(gong)(gong)(gong)司(si)(si)(si)，還可(ke)(ke)設立或投資(zi)非金(jin)融類企業(ye)(ye)(ye)(ye)(ye)(ye)。在業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)合(he)(he)作(zuo)方面，銀(yin)(yin)行(xing)(xing)、證券(quan)、保(bao)(bao)(bao)險(xian)(xian)(xian)企業(ye)(ye)(ye)(ye)(ye)(ye)的(de)業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)合(he)(he)作(zuo)不斷加(jia)強，如(ru)商業(ye)(ye)(ye)(ye)(ye)(ye)銀(yin)(yin)行(xing)(xing)開展基(ji)金(jin)托(tuo)(tuo)管(guan)(guan)(guan)(guan)和(he)(he)資(zi)產托(tuo)(tuo)管(guan)(guan)(guan)(guan)業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)、基(ji)金(jin)銷售及保(bao)(bao)(bao)險(xian)(xian)(xian)等(deng)業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)，保(bao)(bao)(bao)險(xian)(xian)(xian)公(gong)(gong)(gong)(gong)司(si)(si)(si)參與(yu)證券(quan)市場業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)以(yi)(yi)及跨(kua)銀(yin)(yin)行(xing)(xing)、保(bao)(bao)(bao)險(xian)(xian)(xian)兩個行(xing)(xing)業(ye)(ye)(ye)(ye)(ye)(ye)的(de)銀(yin)(yin)保(bao)(bao)(bao)業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)等(deng)。同時，銀(yin)(yin)行(xing)(xing)、證券(quan)、保(bao)(bao)(bao)險(xian)(xian)(xian)企業(ye)(ye)(ye)(ye)(ye)(ye)還通過相(xiang)互(hu)交(jiao)叉持(chi)股(gu)和(he)(he)購買對(dui)(dui)方發(fa)行(xing)(xing)的(de)次級債，加(jia)強滲(shen)透。隨著銀(yin)(yin)行(xing)(xing)、證券(quan)、保(bao)(bao)(bao)險(xian)(xian)(xian)企業(ye)(ye)(ye)(ye)(ye)(ye)交(jiao)叉持(chi)股(gu)和(he)(he)業(ye)(ye)(ye)(ye)(ye)(ye)務(wu)合(he)(he)作(zuo)的(de)不斷推進，風險(xian)(xian)(xian)傳(chuan)染的(de)途徑增多，金(jin)融體系(xi)的(de)關聯度加(jia)強，容易(yi)形(xing)成監(jian)管(guan)(guan)(guan)(guan)空白和(he)(he)監(jian)管(guan)(guan)(guan)(guan)交(jiao)叉重疊，帶來監(jian)管(guan)(guan)(guan)(guan)成本(ben)增加(jia)和(he)(he)效率降低(di)，其對(dui)(dui)系(xi)統性風險(xian)(xian)(xian)的(de)影響(xiang)值(zhi)得(de)關注。

    (三(san))投資于(yu)金(jin)融市場(chang)的私募基金(jin)、社保基金(jin)和補(bu)充養(yang)老保險(xian)基金(jin)。

    私(si)募基(ji)金(jin)根(gen)據具體投(tou)資范圍分(fen)為(wei)(wei)私(si)募股權(quan)投(tou)資基(ji)金(jin)、私(si)募證券投(tou)資基(ji)金(jin)等。目(mu)前除了(le)通(tong)過信托方式(shi)規范為(wei)(wei)陽光私(si)募的(de)(de)基(ji)金(jin)，其(qi)他大多數私(si)募基(ji)金(jin)處于監管(guan)(guan)空白地(di)帶(dai)，且規模(mo)龐(pang)大，與金(jin)融機構和(he)(he)市場(chang)的(de)(de)聯系(xi)(xi)緊密，一旦出現重大不利政策或市場(chang)調整影響，容易帶(dai)來(lai)比較嚴重的(de)(de)金(jin)融系(xi)(xi)統性風險。社(she)保(bao)基(ji)金(jin)和(he)(he)補充養(yang)老(lao)基(ji)金(jin)主要由各級(ji)社(she)會保(bao)障部(bu)門管(guan)(guan)理，其(qi)投(tou)資金(jin)融市場(chang)的(de)(de)活動游離于規范的(de)(de)金(jin)融監管(guan)(guan)體系(xi)(xi)外(wai)。

    (四)信用(yong)評(ping)級機構。

    我國的(de)信用評(ping)級(ji)(ji)機構尚處于發展起步階段，現(xian)有(you)各類信用評(ping)級(ji)(ji)機構100家左右(you)。在(zai)監管方(fang)面，缺乏(fa)一(yi)(yi)(yi)個對評(ping)級(ji)(ji)機構統(tong)一(yi)(yi)(yi)監管的(de)部門(men)，既(ji)沒有(you)成(cheng)立(li)行業協會，進(jin)行統(tong)一(yi)(yi)(yi)管理，又沒有(you)制定(ding)相應(ying)法(fa)規(gui)，統(tong)一(yi)(yi)(yi)標準規(gui)范業務活動(dong)，使信用評(ping)級(ji)(ji)的(de)指標不統(tong)一(yi)(yi)(yi)，評(ping)估方(fang)法(fa)各異，既(ji)不利(li)于我國信用評(ping)級(ji)(ji)市場的(de)規(gui)范發展，也難以(yi)有(you)效控制相關風(feng)險。

    (五)網絡金(jin)融業(ye)務。

    當(dang)前網絡(luo)金(jin)(jin)融業(ye)務，尤其(qi)是新(xin)興電(dian)子商務中的(de)電(dian)子結算業(ye)務，如以“支(zhi)付寶”、PayPal等(deng)為代表(biao)的(de)第三方支(zhi)付平臺交(jiao)易，手機銀行(xing)、電(dian)話銀行(xing)等(deng)發展較快，并形成了與(yu)銀行(xing)結算網絡(luo)緊(jin)密(mi)的(de)聯系，使得金(jin)(jin)融監(jian)管(guan)面臨新(xin)的(de)挑戰(zhan)。目前，我國對網絡(luo)金(jin)(jin)融監(jian)管(guan)政策主要有《電(dian)子銀行(xing)業(ye)務管(guan)理辦(ban)法》、《網上(shang)證券交(jiao)易委托管(guan)理暫行(xing)辦(ban)法》這(zhe)兩個監(jian)管(guan)規定，對于(yu)網絡(luo)保險(xian)業(ye)務還(huan)(huan)沒有納入監(jian)管(guan)的(de)范圍(wei)，對于(yu)第三方支(zhi)付平臺交(jiao)易等(deng)電(dian)子結算業(ye)務的(de)監(jian)管(guan)還(huan)(huan)沒有納入議事日程。

    (六)產(chan)權交易(yi)市(shi)場。

    誕生于(yu)20世紀80年代中期的(de)各地(di)方(fang)產權(quan)(quan)交(jiao)易所，其初衷是為了規范國有(you)產權(quan)(quan)交(jiao)易和服務于(yu)國有(you)企(qi)業(ye)(ye)的(de)改(gai)制(zhi)重組，交(jiao)易品(pin)種涉(she)及(ji)企(qi)業(ye)(ye)股權(quan)(quan)、實物資產、知識(shi)產權(quan)(quan)、債權(quan)(quan)等。而隨(sui)著各類(lei)國有(you)企(qi)業(ye)(ye)改(gai)制(zhi)的(de)逐步(bu)完成，產權(quan)(quan)交(jiao)易市(shi)場(chang)(chang)向非國有(you)企(qi)業(ye)(ye)進一步(bu)開(kai)放和向市(shi)場(chang)(chang)化推(tui)進的(de)步(bu)伐(fa)也在加(jia)快。目前，各類(lei)產權(quan)(quan)交(jiao)易所由各級地(di)方(fang)政(zheng)府主管，政(zheng)府既是出資人(ren)，又是監(jian)(jian)(jian)管者，容易導致監(jian)(jian)(jian)管效率低下和道(dao)德風(feng)險。因(yin)此(ci)，對于(yu)產權(quan)(quan)交(jiao)易市(shi)場(chang)(chang)，應盡(jin)早納入規范的(de)多層次資本市(shi)場(chang)(chang)監(jian)(jian)(jian)管體(ti)系，并明(ming)確履(lv)行社(she)會(hui)公共管理職能(neng)的(de)市(shi)場(chang)(chang)監(jian)(jian)(jian)管部門。

    四、政策建(jian)議(yi)

    與(yu)主(zhu)要(yao)(yao)發(fa)達(da)國(guo)家相(xiang)比，我國(guo)金(jin)融(rong)監管(guan)(guan)范(fan)(fan)圍面(mian)臨的(de)問題(ti)與(yu)其既(ji)有(you)(you)(you)相(xiang)似之處，也有(you)(you)(you)自身面(mian)臨的(de)特殊問題(ti)。因此，在金(jin)融(rong)監管(guan)(guan)范(fan)(fan)圍的(de)調(diao)整中(zhong)，既(ji)要(yao)(yao)借鑒國(guo)際社會的(de)做法(fa)，也要(yao)(yao)充分(fen)考(kao)慮到我國(guo)金(jin)融(rong)發(fa)展和(he)金(jin)融(rong)深化程度(du)，區別(bie)(bie)監管(guan)(guan)層次推進監管(guan)(guan)范(fan)(fan)圍擴展，達(da)到市(shi)場約束與(yu)政府監管(guan)(guan)的(de)有(you)(you)(you)機(ji)統(tong)(tong)一(yi)。同時，要(yao)(yao)探索建立金(jin)融(rong)監管(guan)(guan)范(fan)(fan)圍有(you)(you)(you)效(xiao)性分(fen)析識別(bie)(bie)的(de)方法(fa)和(he)機(ji)制(zhi)，及(ji)時將一(yi)些(xie)應該納入而(er)未(wei)納入監管(guan)(guan)范(fan)(fan)圍的(de)金(jin)融(rong)機(ji)構、產品和(he)市(shi)場，特別(bie)(bie)是(shi)具有(you)(you)(you)系統(tong)(tong)重(zhong)要(yao)(yao)性的(de)機(ji)構、產品和(he)市(shi)場，及(ji)時納入有(you)(you)(you)效(xiao)的(de)監管(guan)(guan)體系。

    (一(yi))分層次(ci)調整監(jian)(jian)管范圍，減少(shao)監(jian)(jian)管真空和縫(feng)隙。

    在審慎(shen)監(jian)(jian)(jian)管(guan)(guan)層面：一(yi)(yi)是(shi)(shi)建(jian)立和(he)完(wan)善(shan)金(jin)(jin)(jin)(jin)融(rong)控股公司審慎(shen)監(jian)(jian)(jian)管(guan)(guan)制(zhi)度。主(zhu)要措施包(bao)括進一(yi)(yi)步(bu)完(wan)善(shan)大型(xing)金(jin)(jin)(jin)(jin)融(rong)集(ji)團(tuan)的(de)(de)監(jian)(jian)(jian)管(guan)(guan)分工和(he)合(he)作，建(jian)立完(wan)善(shan)對金(jin)(jin)(jin)(jin)融(rong)控股公司等(deng)大型(xing)復雜金(jin)(jin)(jin)(jin)融(rong)機(ji)構(gou)(gou)的(de)(de)“主(zhu)監(jian)(jian)(jian)管(guan)(guan)”和(he)并(bing)表監(jian)(jian)(jian)管(guan)(guan)制(zhi)度，研究(jiu)制(zhi)定交(jiao)叉性金(jin)(jin)(jin)(jin)融(rong)業務(wu)標準、規范，減少監(jian)(jian)(jian)管(guan)(guan)真空和(he)重(zhong)疊。同時，在不同市(shi)場間的(de)(de)機(ji)構(gou)(gou)設置、業務(wu)限制(zhi)、融(rong)資渠道(dao)等(deng)方面建(jian)立有效的(de)(de)防火(huo)墻制(zhi)度。二(er)是(shi)(shi)強化網絡金(jin)(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)管(guan)(guan)。要完(wan)善(shan)現(xian)行(xing)金(jin)(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)管(guan)(guan)法規，補充(chong)適用于網絡金(jin)(jin)(jin)(jin)融(rong)業務(wu)的(de)(de)相關法律條文(wen)。特別(bie)是(shi)(shi)加強對以(yi)“支(zhi)付寶”等(deng)為代表的(de)(de)第(di)三(san)方支(zhi)付平臺(tai)等(deng)新興電子銀(yin)行(xing)經營模式(shi)以(yi)及手機(ji)銀(yin)行(xing)、電話(hua)銀(yin)行(xing)等(deng)的(de)(de)有效監(jian)(jian)(jian)管(guan)(guan)。

    在注(zhu)(zhu)(zhu)冊監(jian)管(guan)層(ceng)面(mian)：重(zhong)點是(shi)規范私(si)募基(ji)金(jin)(jin)(jin)(jin)監(jian)管(guan)。借(jie)鑒國際經(jing)驗，明確對(dui)一定(ding)資(zi)產規模以(yi)上(shang)的私(si)募股(gu)權(quan)(quan)基(ji)金(jin)(jin)(jin)(jin)、風(feng)險資(zi)本基(ji)金(jin)(jin)(jin)(jin)的注(zhu)(zhu)(zhu)冊或備(bei)案(an)要求(qiu)，并(bing)對(dui)投資(zi)者和(he)交(jiao)易對(dui)手披露部分信(xin)息(xi)。同時，對(dui)于公募基(ji)金(jin)(jin)(jin)(jin)，也應建(jian)立(li)基(ji)金(jin)(jin)(jin)(jin)注(zhu)(zhu)(zhu)冊登記(ji)業務集中統一備(bei)份制度，改變目前基(ji)金(jin)(jin)(jin)(jin)公司自建(jian)注(zhu)(zhu)(zhu)冊登記(ji)系統和(he)委托中登公司注(zhu)(zhu)(zhu)冊登記(ji)并(bing)行的現狀，以(yi)保障基(ji)金(jin)(jin)(jin)(jin)持有人的權(quan)(quan)益。

    在強(qiang)化(hua)監(jian)督(du)和(he)行業(ye)自(zi)律(lv)層(ceng)(ceng)面(mian)：一是將信(xin)用評級機(ji)構納(na)入統(tong)(tong)一監(jian)管(guan)范(fan)圍。包括(kuo)明確信(xin)用評級機(ji)構統(tong)(tong)一監(jian)管(guan)部門，完善統(tong)(tong)一監(jian)管(guan)制度(du)(du)標(biao)準，建立信(xin)用評級機(ji)構準入監(jian)管(guan)要求、業(ye)務(wu)許(xu)可制度(du)(du)、日(ri)常管(guan)理制度(du)(du)、信(xin)息披露(lu)制度(du)(du)和(he)“退市(shi)(shi)(shi)”制度(du)(du)，有效 監(jian)督(du)管(guan)理信(xin)用評級機(ji)構。二(er)是將產(chan)(chan)權(quan)(quan)(quan)(quan)交易市(shi)(shi)(shi)場納(na)入資本(ben)(ben)市(shi)(shi)(shi)場統(tong)(tong)一監(jian)管(guan)。改變產(chan)(chan)權(quan)(quan)(quan)(quan)市(shi)(shi)(shi)場游離(li)于金融監(jian)管(guan)體系(xi)(xi)外的格局，將其(qi)(qi)納(na)入統(tong)(tong)一的資本(ben)(ben)市(shi)(shi)(shi)場，由證券監(jian)管(guan)機(ji)構對(dui)其(qi)(qi)進行規范(fan)監(jian)督(du)管(guan)理，并(bing)堅(jian)持與(yu)行業(ye)自(zi)律(lv)相結(jie)合，促進產(chan)(chan)權(quan)(quan)(quan)(quan)市(shi)(shi)(shi)場加快自(zi)身改造和(he)市(shi)(shi)(shi)場化(hua)、規范(fan)化(hua)進程，推動中國證券市(shi)(shi)(shi)場與(yu)產(chan)(chan)權(quan)(quan)(quan)(quan)市(shi)(shi)(shi)場統(tong)(tong)一的多(duo)層(ceng)(ceng)次資本(ben)(ben)市(shi)(shi)(shi)場體系(xi)(xi)建設。

    (二(er))加強金(jin)融(rong)監(jian)管協作，實現不同金(jin)融(rong)市(shi)場監(jian)管范圍(wei)無(wu)縫對接。

    建(jian)立(li)國務(wu)院(yuan)層面的(de)協調機制，加強(qiang)(qiang)銀行、證(zheng)券、保(bao)險不同監管(guan)(guan)(guan)機構信(xin)息(xi)溝通和(he)(he)對(dui)系(xi)統(tong)(tong)性風(feng)(feng)險的(de)監測、分(fen)析和(he)(he)評估，實現(xian)(xian)不同領域監管(guan)(guan)(guan)范(fan)圍無縫對(dui)接，并進(jin)(jin)一步完善監管(guan)(guan)(guan)聯(lian)席(xi)會(hui)議機制，明確不同監管(guan)(guan)(guan)當局(ju)的(de)監管(guan)(guan)(guan)責任，實施有效的(de)聯(lian)合(he)監管(guan)(guan)(guan)等(deng)，形成(cheng)防范(fan)系(xi)統(tong)(tong)性風(feng)(feng)險合(he)力(li)。同時，進(jin)(jin)一步增(zeng)強(qiang)(qiang)與境外(wai)金(jin)融監管(guan)(guan)(guan)部門和(he)(he)國際組織(zhi)間的(de)協作，進(jin)(jin)一步完善雙邊基礎上建(jian)立(li)的(de)信(xin)息(xi)交換與保(bao)密、市場(chang)準入合(he)作、跨境現(xian)(xian)場(chang)檢查協同、人(ren)員交流和(he)(he)培訓等(deng)工作機制。

篇7

關鍵詞(ci)：衍生產品 監管 合作 自律

中圖分類號(hao)：F830.9文(wen)(wen)獻標志碼：A文(wen)(wen)章編號(hao)：1673-291X（2011）24-0076-02

衍(yan)生產(chan)(chan)(chan)品是指其(qi)(qi)價(jia)值依賴于基(ji)礎(chu)資產(chan)(chan)(chan)價(jia)值變(bian)(bian)(bian)動的(de)(de)(de)(de)金融合(he)約，其(qi)(qi)中(zhong)“基(ji)礎(chu)資產(chan)(chan)(chan)”可以(yi)(yi)是普(pu)通的(de)(de)(de)(de)金融資產(chan)(chan)(chan)，也可以(yi)(yi)是其(qi)(qi)他(ta)衍(yan)生工具的(de)(de)(de)(de)價(jia)格，未(wei)來的(de)(de)(de)(de)房(fang)產(chan)(chan)(chan)價(jia)格、天氣變(bian)(bian)(bian)化都可以(yi)(yi)產(chan)(chan)(chan)生依賴于其(qi)(qi)上的(de)(de)(de)(de)衍(yan)生產(chan)(chan)(chan)品交易。不(bu)同(tong)的(de)(de)(de)(de)區(qu)分和不(bu)同(tong)的(de)(de)(de)(de)商品就會有不(bu)同(tong)的(de)(de)(de)(de)排列組合(he)方法，就會產(chan)(chan)(chan)生種類繁(fan)多的(de)(de)(de)(de)衍(yan)生產(chan)(chan)(chan)品，而(er)衍(yan)生產(chan)(chan)(chan)品與其(qi)(qi)他(ta)的(de)(de)(de)(de)金融產(chan)(chan)(chan)品組合(he)又(you)會產(chan)(chan)(chan)生新的(de)(de)(de)(de)衍(yan)生產(chan)(chan)(chan)品，雖令人眼花繚亂，但萬變(bian)(bian)(bian)不(bu)離其(qi)(qi)宗[1]。

以(yi)美國(guo)(guo)(guo)為(wei)(wei)首的(de)發(fa)(fa)達國(guo)(guo)(guo)家(jia)(jia)集中了(le)世(shi)界上絕大部(bu)分的(de)期貨交(jiao)易，并且國(guo)(guo)(guo)際市場(chang)基(ji)準價(jia)格(ge)(ge)以(yi)其所(suo)形成的(de)價(jia)格(ge)(ge)為(wei)(wei)標準。發(fa)(fa)展(zhan)中國(guo)(guo)(guo)家(jia)(jia)的(de)企業在進行貿易時(shi)就(jiu)會受到制約，甚至有的(de)連國(guo)(guo)(guo)內(nei)價(jia)格(ge)(ge)的(de)制定(ding)也要參照發(fa)(fa)達國(guo)(guo)(guo)家(jia)(jia)期貨交(jiao)易的(de)價(jia)格(ge)(ge)，顯然經(jing)濟發(fa)(fa)展(zhan)將會很被動。雖然中國(guo)(guo)(guo)的(de)經(jing)濟有了(le)飛躍的(de)變(bian)化，但是(shi)經(jing)濟的(de)穩(wen)定(ding)發(fa)(fa)展(zhan)卻受國(guo)(guo)(guo)際市場(chang)原材(cai)料(liao)價(jia)格(ge)(ge)漲跌的(de)影(ying)響(xiang)。因此，加強發(fa)(fa)展(zhan)衍生產(chan)品(pin)(pin)吸引更多的(de)國(guo)(guo)(guo)外(wai)投資者進入(ru)中國(guo)(guo)(guo)的(de)商品(pin)(pin)市場(chang)，奪取大宗(zong)商品(pin)(pin)的(de)定(ding)價(jia)權(quan)就(jiu)成為(wei)(wei)使中國(guo)(guo)(guo)經(jing)濟穩(wen)定(ding)發(fa)(fa)展(zhan)的(de)首要目標。現從以(yi)下幾個方面，淺談關于中國(guo)(guo)(guo)新(xin)型衍生產(chan)品(pin)(pin)的(de)發(fa)(fa)展(zhan)應(ying)注意(yi)的(de)問題[2~3]。

一、中國(guo)新型衍生產品市場發展面臨的主(zhu)要問(wen)題

1.交(jiao)(jiao)易(yi)所(suo)風(feng)險(xian)(xian)管理能(neng)力低(di)。相對(dui)一(yi)般金融產(chan)品，新型衍生(sheng)產(chan)品對(dui)價格變動更為敏(min)感，波幅也更大(da)(da)，所(suo)以風(feng)險(xian)(xian)系(xi)數更大(da)(da)。中國的期貨市場(chang)起步(bu)晚，管理經驗不十(shi)分成熟(shu)，風(feng)險(xian)(xian)防范(fan)體系(xi)薄弱，風(feng)險(xian)(xian)管理能(neng)力低(di)。若新型衍生(sheng)產(chan)品市場(chang)過快登(deng)場(chang)，交(jiao)(jiao)易(yi)不規范(fan)，市場(chang)發展容易(yi)陷入困境，嚴重會(hui)危及國家金融市場(chang)的穩(wen)定。

2.監(jian)管(guan)(guan)體系不完(wan)善，法律(lv)(lv)規(gui)制不足(zu)。發(fa)達國家(jia)期貨(huo)交(jiao)易時(shi)間較長，管(guan)(guan)理經驗(yan)豐富(fu)，新(xin)(xin)型衍(yan)生(sheng)產(chan)(chan)品(pin)(pin)交(jiao)易產(chan)(chan)生(sheng)后(hou)，原來監(jian)管(guan)(guan)一般(ban)金融產(chan)(chan)品(pin)(pin)的(de)(de)(de)模(mo)式和管(guan)(guan)理框(kuang)架(jia)可以延續(xu)使用(yong)，使新(xin)(xin)型衍(yan)生(sheng)產(chan)(chan)品(pin)(pin)交(jiao)易在一開始(shi)就(jiu)被有序的(de)(de)(de)法律(lv)(lv)規(gui)制所制約(yue)，保障了新(xin)(xin)型衍(yan)生(sheng)產(chan)(chan)品(pin)(pin)市場(chang)在建立初期的(de)(de)(de)順(shun)利發(fa)展。而中國期貨(huo)市場(chang)的(de)(de)(de)監(jian)管(guan)(guan)還(huan)處于摸索階段，監(jian)管(guan)(guan)力度不大。新(xin)(xin)型衍(yan)生(sheng)產(chan)(chan)品(pin)(pin)還(huan)可以根(gen)據每個使用(yong)者的(de)(de)(de)不同(tong)需求設計出不同(tong)內容的(de)(de)(de)產(chan)(chan)品(pin)(pin)，故監(jian)管(guan)(guan)難度加大，法律(lv)(lv)規(gui)制也不足(zu)，這就(jiu)使得一開始(shi)新(xin)(xin)型衍(yan)生(sheng)產(chan)(chan)品(pin)(pin)市場(chang)幾乎是在無序的(de)(de)(de)狀態下發(fa)展。

3.品(pin)種的貿然(ran)推出。由于認(ren)識(shi)上的差(cha)錯，對(dui)監(jian)管的重要性認(ren)識(shi)不(bu)足、重視不(bu)夠，往往在不(bu)成熟(shu)的市(shi)場條件下(xia)，相關法(fa)律(lv)規制(zhi)不(bu)足的情況下(xia)，就貿然(ran)推出某一新型衍生(sheng)產(chan)品(pin)品(pin)種，導(dao)致市(shi)場監(jian)管體系建設嚴重滯后于市(shi)場的發展.

4.金融工程(cheng)師(shi)的(de)(de)缺(que)乏。新型衍生(sheng)(sheng)產(chan)品交易(yi)具(ju)有高度技(ji)術(shu)性、復雜性的(de)(de)特(te)點，這(zhe)不僅對(dui)衍生(sheng)(sheng)產(chan)品的(de)(de)經營者與使用者提出了(le)較高的(de)(de)要求(qiu)，更(geng)對(dui)風險(xian)管理(li)和監(jian)管人(ren)員的(de)(de)素質(zhi)提出了(le)考驗(yan)，目前各(ge)大金融機構普遍缺(que)乏熟(shu)悉衍生(sheng)(sheng)產(chan)品運作(zuo)與管理(li)的(de)(de)高級監(jian)管人(ren)員。同時隨著金融衍生(sheng)(sheng)產(chan)品市場(chang)交易(yi)量迅速的(de)(de)增加，對(dui)于交易(yi)平臺新技(ji)術(shu)的(de)(de)升級也將(jiang)更(geng)為迫切，具(ju)有高超的(de)(de)金融技(ji)術(shu)的(de)(de)工程(cheng)師(shi)是相當缺(que)乏的(de)(de)，顯然人(ren)才的(de)(de)缺(que)乏將(jiang)會嚴重阻礙衍生(sheng)(sheng)產(chan)品市場(chang)的(de)(de)發展。

二、對中國新型(xing)衍生產品市(shi)場發(fa)展的建議(yi)

在發(fa)展(zhan)衍生交(jiao)易方面，中國應結(jie)合具體國情(qing)和今后發(fa)展(zhan)方向(xiang)，有目的(de)地借(jie)鑒(jian)發(fa)達國家(jia)發(fa)展(zhan)衍生交(jiao)易的(de)經驗，充(chong)分利用(yong)后發(fa)優勢，推出相(xiang)關(guan)法律規(gui)制(zhi)，制(zhi)定出切(qie)合實際的(de)發(fa)展(zhan)戰略。因(yin)此我們有必要(yao)對(dui)金融(rong)衍生工(gong)具的(de)特(te)點和風險有足(zu)夠的(de)了解(jie)，建(jian)立有效(xiao)的(de)監管機制(zhi)，認(ren)真做(zuo)好(hao)風險管理工(gong)作 [4~11]。

1.風(feng)險(xian)(xian)管理(li)的加強。在加強衍生(sheng)產(chan)品(pin)(pin)交(jiao)易的風(feng)險(xian)(xian)管理(li)方面，有效的內(nei)控(kong)制度(du)、外部監(jian)(jian)督制度(du)與動態監(jian)(jian)控(kong)系(xi)統的建立是衍生(sheng)產(chan)品(pin)(pin)交(jiao)易風(feng)險(xian)(xian)管理(li)的關鍵，同時(shi)計算機風(feng)險(xian)(xian)管理(li)系(xi)統是實(shi)(shi)現有效的風(feng)險(xian)(xian)監(jian)(jian)控(kong)不可缺少的高(gao)科技(ji)工具。隨著(zhu)期(qi)貨交(jiao)易所的風(feng)險(xian)(xian)管理(li)能(neng)力不斷增強，逐步建立起一套(tao)符合(he)中國目前(qian)市場實(shi)(shi)際(ji)需要的風(feng)險(xian)(xian)監(jian)(jian)控(kong)體系(xi)，增強投(tou)資(zi)者的風(feng)險(xian)(xian)承受能(neng)力，實(shi)(shi)現衍生(sheng)產(chan)品(pin)(pin)交(jiao)易防范和化解風(feng)險(xian)(xian)的作用。

2.監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)模式的(de)(de)(de)(de)(de)(de)改革。對(dui)于金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)市(shi)場(chang)，監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)問題是無法回避的(de)(de)(de)(de)(de)(de)，而(er)且是非常重(zhong)要(yao)的(de)(de)(de)(de)(de)(de)問題。中國(guo)(guo)(guo)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)力度(du)不(bu)大(da)(da)和(he)分業(ye)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)行(xing)(xing)式給(gei)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)的(de)(de)(de)(de)(de)(de)發(fa)(fa)展帶來了障礙，為確保(bao)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)的(de)(de)(de)(de)(de)(de)順利進行(xing)(xing)，加強(qiang)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)協調，增(zeng)加監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)力量和(he)提高監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)水平，防止交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)者(zhe)在衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)市(shi)場(chang)上過度(du)投機(ji)以(yi)(yi)(yi)及從(cong)事一(yi)些非法交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)，需要(yao)從(cong)以(yi)(yi)(yi)下幾個方面給(gei)予(yu)重(zhong)視。（1）政府監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)。要(yao)根據中國(guo)(guo)(guo)的(de)(de)(de)(de)(de)(de)國(guo)(guo)(guo)情，不(bu)要(yao)盲目(mu)仿效美國(guo)(guo)(guo)的(de)(de)(de)(de)(de)(de)多頭監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)方式，應(ying)(ying)由政府專(zhuan)門設定一(yi)個執行(xing)(xing)機(ji)構行(xing)(xing)使金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)的(de)(de)(de)(de)(de)(de)宏(hong)觀監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)權力，調節(jie)各(ge)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)機(ji)構的(de)(de)(de)(de)(de)(de)功能和(he)紛爭(zheng)，還應(ying)(ying)加強(qiang)金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)國(guo)(guo)(guo)際監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)合作，與(yu)國(guo)(guo)(guo)外監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)機(ji)構和(he)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)所可以(yi)(yi)(yi)建立(li)信息互享(xiang)的(de)(de)(de)(de)(de)(de)制(zhi)度(du)，簽訂監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)合作協議，借鑒國(guo)(guo)(guo)外監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)經(jing)驗，同(tong)(tong)時(shi)積(ji)極參與(yu)國(guo)(guo)(guo)際監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)組(zu)(zu)織并(bing)參照其(qi)標準(zhun)制(zhi)定中國(guo)(guo)(guo)發(fa)(fa)展金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)相(xiang)關法律規制(zhi)，加快中國(guo)(guo)(guo)的(de)(de)(de)(de)(de)(de)金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)穩(wen)步健康發(fa)(fa)展。（2）行(xing)(xing)業(ye)自(zi)(zi)律。金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)具有(you)很大(da)(da)的(de)(de)(de)(de)(de)(de)風險性和(he)破(po)壞性，加強(qiang)對(dui)金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)自(zi)(zi)身的(de)(de)(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)是必須(xu)的(de)(de)(de)(de)(de)(de)，應(ying)(ying)成立(li)專(zhuan)門的(de)(de)(de)(de)(de)(de)行(xing)(xing)業(ye)組(zu)(zu)織，進行(xing)(xing)制(zhi)定行(xing)(xing)業(ye)操作準(zhun)則等(deng)工作。同(tong)(tong)時(shi)，應(ying)(ying)加快確立(li)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)所法律地位(wei)的(de)(de)(de)(de)(de)(de)步伐(fa)，擴大(da)(da)其(qi)職能范圍，發(fa)(fa)揮交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)所對(dui)金(jin)融(rong)衍(yan)(yan)生(sheng)(sheng)(sheng)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)(pin)市(shi)場(chang)的(de)(de)(de)(de)(de)(de)自(zi)(zi)律監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)作用。（3）參與(yu)者(zhe)自(zi)(zi)控。市(shi)場(chang)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)者(zhe)的(de)(de)(de)(de)(de)(de)自(zi)(zi)主(zhu)行(xing)(xing)為與(yu)市(shi)場(chang)整體的(de)(de)(de)(de)(de)(de)高度(du)組(zu)(zu)織性應(ying)(ying)是有(you)機(ji)地結合在一(yi)起(qi)的(de)(de)(de)(de)(de)(de)。也就是說(shuo)，市(shi)場(chang)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)者(zhe)在從(cong)事交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)的(de)(de)(de)(de)(de)(de)過程中，可以(yi)(yi)(yi)完全(quan)(quan)憑(ping)自(zi)(zi)己的(de)(de)(de)(de)(de)(de)主(zhu)觀判斷(duan)行(xing)(xing)事，但并(bing)不(bu)表示市(shi)場(chang)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)者(zhe)可以(yi)(yi)(yi)完全(quan)(quan)不(bu)顧及市(shi)場(chang)的(de)(de)(de)(de)(de)(de)交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)規則而(er)隨心(xin)所欲地行(xing)(xing)事。恰恰相(xiang)反，交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)規則是一(yi)切交(jiao)(jiao)(jiao)(jiao)(jiao)易(yi)(yi)(yi)(yi)者(zhe)所必須(xu)遵守的(de)(de)(de)(de)(de)(de)。

3.法(fa)(fa)律(lv)規制的改進。中國金(jin)融市場法(fa)(fa)律(lv)規制雖取得了一(yi)(yi)(yi)些進展，但金(jin)融衍(yan)生(sheng)產(chan)(chan)品(pin)法(fa)(fa)律(lv)規制仍存在一(yi)(yi)(yi)些問題。特別是衍(yan)生(sheng)產(chan)(chan)品(pin)的基礎法(fa)(fa)律(lv)理論研(yan)究還很薄弱，使(shi)得政府(fu)在監(jian)管(guan)方面隨意性、非連續性比較(jiao)突(tu)出。隨著進一(yi)(yi)(yi)步開展金(jin)融衍(yan)生(sheng)產(chan)(chan)品(pin)交易(yi)(yi)，對衍(yan)生(sheng)產(chan)(chan)品(pin)合約格(ge)式、交易(yi)(yi)者市場準(zhun)入、資本充足性的要求，交易(yi)(yi)者資格(ge)審查、會(hui)計標準(zhun)等一(yi)(yi)(yi)系(xi)列問題，均應(ying)制定(ding)具體操作規定(ding)，使(shi)金(jin)融衍(yan)生(sheng)產(chan)(chan)品(pin)一(yi)(yi)(yi)經推出就(jiu)有一(yi)(yi)(yi)個(ge)健全完善(shan)的法(fa)(fa)律(lv)平臺(tai)。

4.品種(zhong)推出的(de)嚴(yan)格(ge)。根據中國金融(rong)產(chan)品的(de)現狀(zhuang)，結合(he)國際趨(qu)勢，研究推出與股票和(he)債(zhai)券相(xiang)關的(de)衍生產(chan)品，對金融(rong)衍生產(chan)品的(de)推出和(he)上(shang)市(shi)要(yao)嚴(yan)格(ge)審批和(he)備案。同時我們也要(yao)清楚(chu)某個品種(zhong)真正成功是要(yao)通過市(shi)場的(de)競爭交易機制才能(neng)體現。

5.技術人員(yuan)(yuan)的(de)培訓。隨著衍生產品的(de)逐漸推出與種類的(de)多樣化(hua)，應加緊目(mu)前在金(jin)融(rong)(rong)技術方面(mian)仍然(ran)十分落(luo)后的(de)中(zhong)國(guo)機構(gou)投資者在技術人員(yuan)(yuan)的(de)培訓方面(mian)進行研發(fa)與規劃(hua)，這(zhe)對于(yu)中(zhong)國(guo)金(jin)融(rong)(rong)市場與世(shi)界(jie)接軌(gui)，最終與世(shi)界(jie)金(jin)融(rong)(rong)發(fa)達國(guo)家同臺競爭(zheng)至關(guan)重要。

衍生(sheng)產(chan)(chan)品市場(chang)是(shi)金(jin)(jin)(jin)融(rong)(rong)市場(chang)高端部分(fen)，雖然中(zhong)國(guo)(guo)目前(qian)的(de)金(jin)(jin)(jin)融(rong)(rong)創(chuang)新規模不(bu)(bu)大，衍生(sheng)產(chan)(chan)品的(de)種類和形式也不(bu)(bu)多，但國(guo)(guo)際金(jin)(jin)(jin)融(rong)(rong)一(yi)體(ti)化的(de)趨(qu)勢不(bu)(bu)可逆轉，中(zhong)國(guo)(guo)的(de)金(jin)(jin)(jin)融(rong)(rong)部門也必將加入這一(yi)體(ti)化的(de)行(xing)列中(zhong)。但發展衍生(sheng)產(chan)(chan)品是(shi)一(yi)個過程，不(bu)(bu)能一(yi)蹴(cu)而就，應(ying)該(gai)先試點，積累經驗，同時(shi)對于美國(guo)(guo)金(jin)(jin)(jin)融(rong)(rong)危機(ji)爆發的(de)原因(yin)與其金(jin)(jin)(jin)融(rong)(rong)衍生(sheng)產(chan)(chan)品市場(chang)上存在(zai)的(de)問題應(ying)當(dang)冷靜分(fen)析總(zong)結，抓住金(jin)(jin)(jin)融(rong)(rong)危機(ji)給中(zhong)國(guo)(guo)金(jin)(jin)(jin)融(rong)(rong)領(ling)域(yu)帶(dai)來的(de)歷史性機(ji)遇，加快金(jin)(jin)(jin)融(rong)(rong)創(chuang)新，縮短與發達國(guo)(guo)家的(de)差距(ju)。

參考文獻：

[1]江秀平.金(jin)融衍生品基(ji)礎知(zhi)識:第1版[M].北京:中國(guo)物(wu)價出版社(she)，2001.

[2]唐峰.關于中(zhong)國發展衍(yan)生(sheng)品投(tou)資(zi)基金的(de)思考[J].上海金融(rong)學院學報，2009，(2).

[3]寧(ning)敏.國際金融衍生交易(yi)法律問題研(yan)究(jiu)[M].北京:中(zhong)國政法大學出版(ban)社，2003:13.

[4]宋俊(jun)芳.金融危機下中國期(qi)貨市(shi)場的創新(xin)與發展[J].廣(guang)東財經職業學院(yuan)學報，2009，(1).

[5]李曉嵐，楊(yang)路明(ming).金融(rong)衍生(sheng)產品的運用及其風險防范[J].廣西金融(rong)研究，2005，(4).

[6]徐(xu)建(jian)煒(wei)，楊(yang)光(guang).國際金(jin)融衍(yan)生品市場(chang)的發展現狀(zhuang)及其影(ying)響分析[J].濟南金(jin)融，2005，(5).

[7]羅熹.金(jin)融衍生產品發(fa)展及其(qi)有效管理[J].國際(ji)金(jin)融研究，2006，(12).

[8]安(an)毅.衍生品(pin)市(shi)場發展(zhan)與宏(hong)觀調控研究[M].北京:中(zhong)國市(shi)場出版社，2007:87.

[9]楊邁軍.金融衍生品市場的(de)監管:第1版[M].北京:中國物價出版社，2001.

篇8

一(yi)、轉變商業銀行風險監管理念

為使中(zhong)國商業(ye)銀行金融產品創(chuang)新監管逐步與(yu)世界(jie)接軌從而達到巴塞爾新資本協議的要求，其風險監管理念(nian)必須實現三(san)個轉變：

1.實(shi)現微觀(guan)(guan)審(shen)(shen)(shen)慎監管(guan)(guan)向宏(hong)觀(guan)(guan)審(shen)(shen)(shen)慎與微觀(guan)(guan)審(shen)(shen)(shen)慎轉變。在上個世紀80年(nian)代金(jin)融(rong)(rong)(rong)自由化(hua)和金(jin)融(rong)(rong)(rong)創(chuang)(chuang)(chuang)新的(de)(de)(de)推(tui)動(dong)(dong)下，嚴格的(de)(de)(de)金(jin)融(rong)(rong)(rong)市場監管(guan)(guan)受(shou)到諸多指責(ze)，因此我國金(jin)融(rong)(rong)(rong)監管(guan)(guan)的(de)(de)(de)重(zhong)(zhong)心逐漸向金(jin)融(rong)(rong)(rong)機(ji)構具(ju)體(ti)業務活動(dong)(dong)傾斜，主要以(yi)微觀(guan)(guan)審(shen)(shen)(shen)慎監管(guan)(guan)為(wei)主，但是2008年(nian)美(mei)國金(jin)融(rong)(rong)(rong)危機(ji)的(de)(de)(de)爆發說明了以(yi)流動(dong)(dong)性(xing)為(wei)主要監管(guan)(guan)目(mu)標的(de)(de)(de)宏(hong)觀(guan)(guan)審(shen)(shen)(shen)慎監管(guan)(guan)的(de)(de)(de)重(zhong)(zhong)要性(xing)。因此我國商業銀行除了應該重(zhong)(zhong)視(shi)金(jin)融(rong)(rong)(rong)產品創(chuang)(chuang)(chuang)新業務的(de)(de)(de)微觀(guan)(guan)審(shen)(shen)(shen)慎監管(guan)(guan)，還應重(zhong)(zhong)視(shi)對(dui)金(jin)融(rong)(rong)(rong)產品創(chuang)(chuang)(chuang)新所導(dao)致(zhi)的(de)(de)(de)銀行機(ji)構流動(dong)(dong)性(xing)風險(xian)進行宏(hong)觀(guan)(guan)審(shen)(shen)(shen)慎監管(guan)(guan)。

2.實現(xian)由事后處(chu)(chu)理向事前預(yu)防和前瞻性(xing)監(jian)(jian)(jian)(jian)管轉變。回顧西(xi)方國家的(de)(de)金(jin)(jin)融(rong)(rong)(rong)(rong)產品創(chuang)(chuang)(chuang)新(xin)的(de)(de)監(jian)(jian)(jian)(jian)管演變歷(li)(li)史(shi)可發現(xian)，其監(jian)(jian)(jian)(jian)管歷(li)(li)程都(dou)先(xian)后經歷(li)(li)了(le)“金(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)—金(jin)(jin)融(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)管—金(jin)(jin)融(rong)(rong)(rong)(rong)危機—加強監(jian)(jian)(jian)(jian)管—金(jin)(jin)融(rong)(rong)(rong)(rong)活動(dong)萎縮—放松監(jian)(jian)(jian)(jian)管—金(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)”的(de)(de)多次(ci)循環過(guo)程，在此過(guo)程中金(jin)(jin)融(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)管始終(zhong)處(chu)(chu)于被動(dong)局面。創(chuang)(chuang)(chuang)新(xin)與監(jian)(jian)(jian)(jian)管是(shi)一種追求平衡的(de)(de)博弈，目的(de)(de)是(shi)將金(jin)(jin)融(rong)(rong)(rong)(rong)創(chuang)(chuang)(chuang)新(xin)作(zuo)為金(jin)(jin)融(rong)(rong)(rong)(rong)深化(hua)發展(zhan)的(de)(de)原動(dong)力的(de)(de)同時(shi)，利用金(jin)(jin)融(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)管將風險降到(dao)最低。因此為防止(zhi)金(jin)(jin)融(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)管的(de)(de)被動(dong)性(xing)和滯后性(xing)所帶(dai)來的(de)(de)金(jin)(jin)融(rong)(rong)(rong)(rong)風險，將創(chuang)(chuang)(chuang)新(xin)活動(dong)納(na)入有(you)效監(jian)(jian)(jian)(jian)管，應加強監(jian)(jian)(jian)(jian)管的(de)(de)前瞻性(xing)。

3.實(shi)(shi)現由機(ji)構(gou)監(jian)(jian)(jian)管向機(ji)構(gou)監(jian)(jian)(jian)管和(he)功能監(jian)(jian)(jian)管并重轉變。隨著我國商業(ye)(ye)銀(yin)(yin)行(xing)金(jin)融(rong)產(chan)(chan)(chan)品創(chuang)新業(ye)(ye)務(wu)尤(you)其是表外金(jin)融(rong)產(chan)(chan)(chan)品創(chuang)新業(ye)(ye)務(wu)的不(bu)(bu)斷發展，很(hen)多金(jin)融(rong)創(chuang)新產(chan)(chan)(chan)品業(ye)(ye)務(wu)范圍已涵蓋證(zheng)券、保險及(ji)銀(yin)(yin)行(xing)等各行(xing)業(ye)(ye)，當(dang)存在銀(yin)(yin)行(xing)表外業(ye)(ye)務(wu)創(chuang)新產(chan)(chan)(chan)品的交叉業(ye)(ye)務(wu)時，僅僅依靠(kao)機(ji)構(gou)監(jian)(jian)(jian)管往往達不(bu)(bu)到預期效果，只有(you)釆取機(ji)構(gou)監(jian)(jian)(jian)管和(he)功能監(jian)(jian)(jian)管相結合的方式，才能對金(jin)融(rong)產(chan)(chan)(chan)品創(chuang)新實(shi)(shi)施有(you)效監(jian)(jian)(jian)管。

二、加強商(shang)業銀(yin)行全面(mian)風險監管

2008年(nian)全球(qiu)金融(rong)(rong)(rong)危機(ji)的爆發(fa)(fa)，給全球(qiu)金融(rong)(rong)(rong)市(shi)場(chang)和實體經濟帶來了巨大(da)的損失，也使得(de)(de)作為危機(ji)導火索的以信用衍(yan)生品(pin)為首的金融(rong)(rong)(rong)創(chuang)新(xin)產(chan)品(pin)市(shi)場(chang)遭受重(zhong)創(chuang)。金融(rong)(rong)(rong)衍(yan)生品(pin)市(shi)場(chang)的監(jian)管不力，使得(de)(de)金融(rong)(rong)(rong)衍(yan)生品(pin)市(shi)場(chang)泛濫發(fa)(fa)展，對金融(rong)(rong)(rong)危機(ji)的爆發(fa)(fa)有(you)不可推卸的責任。因此，應加強對商業(ye)銀(yin)行全面風險監(jian)管，具體實施(shi)(shi)措施(shi)(shi)主要有(you)以下幾個方面：

1.對(dui)(dui)不同類(lei)型(xing)(xing)的(de)(de)創(chuang)(chuang)新(xin)(xin)(xin)(xin)活(huo)(huo)(huo)(huo)動(dong)實行(xing)(xing)分類(lei)監(jian)管(guan)。目前(qian)金(jin)融市(shi)場(chang)上金(jin)融產品創(chuang)(chuang)新(xin)(xin)(xin)(xin)主要有三類(lei)：一是(shi)創(chuang)(chuang)新(xin)(xin)(xin)(xin)活(huo)(huo)(huo)(huo)動(dong)為競爭驅動(dong)型(xing)(xing)創(chuang)(chuang)新(xin)(xin)(xin)(xin)，是(shi)指(zhi)各商(shang)業(ye)銀行(xing)(xing)為奪(duo)取(qu)市(shi)場(chang)份額，增加企(qi)業(ye)利潤而(er)釆取(qu)的(de)(de)創(chuang)(chuang)新(xin)(xin)(xin)(xin)舉措(cuo)。二是(shi)創(chuang)(chuang)新(xin)(xin)(xin)(xin)活(huo)(huo)(huo)(huo)動(dong)為風(feng)險(xian)轉(zhuan)移型(xing)(xing)創(chuang)(chuang)新(xin)(xin)(xin)(xin)，是(shi)指(zhi)銀行(xing)(xing)企(qi)業(ye)為了轉(zhuan)嫁或分散金(jin)融風(feng)險(xian)而(er)采(cai)取(qu)的(de)(de)創(chuang)(chuang)新(xin)(xin)(xin)(xin)舉措(cuo)。三是(shi)創(chuang)(chuang)新(xin)(xin)(xin)(xin)活(huo)(huo)(huo)(huo)動(dong)為監(jian)管(guan)規避型(xing)(xing)創(chuang)(chuang)新(xin)(xin)(xin)(xin)，是(shi)指(zhi)商(shang)業(ye)銀行(xing)(xing)利用監(jian)管(guan)政策的(de)(de)漏洞而(er)采(cai)取(qu)的(de)(de)創(chuang)(chuang)新(xin)(xin)(xin)(xin)舉措(cuo)。對(dui)(dui)于第(di)一類(lei)創(chuang)(chuang)新(xin)(xin)(xin)(xin)活(huo)(huo)(huo)(huo)動(dong)，應(ying)引導商(shang)業(ye)銀行(xing)(xing)識別其中的(de)(de)金(jin)融風(feng)險(xian)，只要風(feng)險(xian)可控且不擾亂正常的(de)(de)市(shi)場(chang)秩(zhi)序(xu)，可采(cai)取(qu)定期檢查和審(shen)慎監(jian)管(guan)的(de)(de)原(yuan)則。對(dui)(dui)于第(di)二類(lei)創(chuang)(chuang)新(xin)(xin)(xin)(xin)活(huo)(huo)(huo)(huo)動(dong)，應(ying)在防范風(feng)險(xian)的(de)(de)同時予以鼓勵和支(zhi)持，并(bing)積極(ji)在業(ye)內進行(xing)(xing)推(tui)廣。至于第(di)三類(lei)創(chuang)(chuang)新(xin)(xin)(xin)(xin)活(huo)(huo)(huo)(huo)動(dong)，應(ying)果斷采(cai)取(qu)措(cuo)施調整和修改(gai)相關監(jian)管(guan)條款，發現違規行(xing)(xing)為，立即嚴肅處理。

2.完(wan)善監(jian)管(guan)(guan)(guan)(guan)手(shou)段(duan)(duan)和提髙(gao)監(jian)管(guan)(guan)(guan)(guan)技術水(shui)平。商(shang)業銀(yin)(yin)行(xing)(xing)應(ying)該不(bu)(bu)斷完(wan)善各種監(jian)管(guan)(guan)(guan)(guan)手(shou)段(duan)(duan)，對金融產(chan)品創新(xin)活動既(ji)可(ke)以(yi)使用(yong)政策(ce)指(zhi)引、窗口指(zhi)導、道義規勸和誡勉(mian)談(tan)話(hua)等(deng)柔性監(jian)管(guan)(guan)(guan)(guan)手(shou)段(duan)(duan)，也可(ke)使用(yong)現(xian)(xian)場檢(jian)查(cha)和非現(xian)(xian)場檢(jian)查(cha)等(deng)量化(hua)(hua)管(guan)(guan)(guan)(guan)理手(shou)段(duan)(duan)。當前(qian)，監(jian)管(guan)(guan)(guan)(guan)部門應(ying)注重提高量化(hua)(hua)監(jian)管(guan)(guan)(guan)(guan)水(shui)平，在(zai)此(ci)基礎(chu)上，與銀(yin)(yin)行(xing)(xing)風(feng)險管(guan)(guan)(guan)(guan)理人員進行(xing)(xing)接觸和交流(liu)，了解內(nei)部模型(xing)的缺陷(xian)和不(bu)(bu)足，從而加(jia)以(yi)指(zhi)導和監(jian)督(du)。此(ci)外(wai)，應(ying)完(wan)善創新(xin)產(chan)品監(jian)管(guan)(guan)(guan)(guan)信(xin)息系統和各類征信(xin)數據(ju)庫，建立科學的風(feng)險預警(jing)指(zhi)標體系，以(yi)此(ci)對商(shang)業銀(yin)(yin)行(xing)(xing)實(shi)施嚴格(ge)的非現(xian)(xian)場檢(jian)查(cha)，對金融產(chan)品創新(xin)的風(feng)險及其(qi)防范進行(xing)(xing)及時有效地(di)監(jian)控。

3.完善金融(rong)(rong)創(chuang)新相(xiang)關立法(fa)(fa)。目前，我國現(xian)行(xing)金融(rong)(rong)法(fa)(fa)律主要有《中國人(ren)民銀行(xing)法(fa)(fa)》《商業銀行(xing)法(fa)(fa)》《證券(quan)法(fa)(fa)》《保險法(fa)(fa)》《公司法(fa)(fa)》等。這些法(fa)(fa)規都(dou)未(wei)明(ming)確提出(chu)金融(rong)(rong)創(chuang)新產品(pin)(pin)(pin)特(te)別是(shi)金融(rong)(rong)衍(yan)生(sheng)品(pin)(pin)(pin)的(de)(de)監(jian)管(guan)(guan)(guan)問題。由(you)于(yu)缺少統(tong)一的(de)(de)金融(rong)(rong)衍(yan)生(sheng)品(pin)(pin)(pin)監(jian)管(guan)(guan)(guan)法(fa)(fa)律，由(you)金融(rong)(rong)衍(yan)生(sheng)產品(pin)(pin)(pin)所導致(zhi)的(de)(de)各(ge)種風(feng)險特(te)別是(shi)系統(tong)性風(feng)險無(wu)法(fa)(fa)加以(yi)監(jian)管(guan)(guan)(guan)。因此，應(ying)加快有關立法(fa)(fa)，從而(er)規范市場參(can)與者的(de)(de)行(xing)為，明(ming)確政府監(jian)管(guan)(guan)(guan)部門的(de)(de)責職和權(quan)利，規范金融(rong)(rong)產品(pin)(pin)(pin)創(chuang)新尤其是(shi)金融(rong)(rong)衍(yan)生(sheng)品(pin)(pin)(pin)的(de)(de)風(feng)險管(guan)(guan)(guan)理(li)。

三、完(wan)善風險監管(guan)協調機制

篇9

關鍵詞：金融(rong)機構(gou)；金融(rong)監管(guan)；發展趨勢(shi)

20世(shi)紀90年代以來，國際(ji)經濟一(yi)體化和金(jin)(jin)(jin)融全球化進程加快(kuai)，金(jin)(jin)(jin)融創新不(bu)斷涌(yong)現，金(jin)(jin)(jin)融機構日益(yi)轉向多元(yuan)化經營，一(yi)方(fang)(fang)面促(cu)進了各(ge)國經濟的發(fa)(fa)展(zhan)，另一(yi)方(fang)(fang)面也使(shi)各(ge)國發(fa)(fa)生(sheng)危機的潛在可(ke)能性提高，這對(dui)金(jin)(jin)(jin)融監管(guan)提出了更(geng)高的要求，迫使(shi)各(ge)國金(jin)(jin)(jin)融監管(guan)不(bu)斷變革(ge)，由此金(jin)(jin)(jin)融監管(guan)在理論上以及實踐上都呈(cheng)現諸多新的發(fa)(fa)展(zhan)趨勢。

一、國外(wai)金融監管(guan)理論的發展(zhan)趨勢

金融監(jian)管(guan)理(li)論的(de)(de)爭論實(shi)際上是圍繞著(zhu)要不要監(jian)管(guan)，如果(guo)要監(jian)管(guan)的(de)(de)話在多大程度(du)上以及采用(yong)什么樣的(de)(de)方式進(jin)行監(jian)管(guan)展開的(de)(de)。

20世紀90年代以(yi)來，隨著信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)經濟學(xue)的(de)(de)興起，金(jin)(jin)融監(jian)(jian)(jian)管(guan)理論呈現出以(yi)信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)經濟學(xue)為(wei)(wei)(wei)分析范式(shi)的(de)(de)趨勢。信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)經濟學(xue)認為(wei)(wei)(wei)在(zai)一般市場中(zhong)普(pu)遍存(cun)(cun)在(zai)信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)不(bu)對(dui)稱、信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)不(bu)完全的(de)(de)現象。金(jin)(jin)融體(ti)系中(zhong)存(cun)(cun)在(zai)兩類(lei)不(bu)對(dui)稱：一類(lei)是金(jin)(jin)融機(ji)構與存(cun)(cun)款者之(zhi)間(jian)的(de)(de)信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)不(bu)對(dui)稱。金(jin)(jin)融機(ji)構與存(cun)(cun)款者間(jian)的(de)(de)信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)不(bu)對(dui)稱使(shi)得金(jin)(jin)融市場上的(de)(de)價格信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)不(bu)能有效地(di)傳遞，從而加大了金(jin)(jin)融市場交(jiao)易的(de)(de)成(cheng)本，降低了市場交(jiao)易效率。另一類(lei)是信(xin)(xin)(xin)(xin)(xin)貸(dai)(dai)市場上金(jin)(jin)融機(ji)構與貸(dai)(dai)款企業之(zhi)間(jian)的(de)(de)信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)不(bu)對(dui)稱。即(ji)使(shi)沒有政府的(de)(de)干預，由于存(cun)(cun)在(zai)貸(dai)(dai)款人(ren)方(fang)面(mian)的(de)(de)逆向選(xuan)擇和借款人(ren)方(fang)面(mian)道德風險(xian)的(de)(de)行為(wei)(wei)(wei)，信(xin)(xin)(xin)(xin)(xin)貸(dai)(dai)配給(gei)可(ke)以(yi)作為(wei)(wei)(wei)一種長(chang)期均衡的(de)(de)現象存(cun)(cun)在(zai)。信(xin)(xin)(xin)(xin)(xin)息(xi)(xi)(xi)(xi)(xi)(xi)(xi)經濟學(xue)向人(ren)們(men)說明，不(bu)僅僅是貸(dai)(dai)款人(ren)，銀(yin)行也有可(ke)能產生道德風險(xian)，這就改變了以(yi)往(wang)金(jin)(jin)融監(jian)(jian)(jian)管(guan)理論只對(dui)貸(dai)(dai)款人(ren)進行監(jian)(jian)(jian)管(guan)而忽略了對(dui)銀(yin)行監(jian)(jian)(jian)管(guan)的(de)(de)做法(fa)，使(shi)監(jian)(jian)(jian)管(guan)更為(wei)(wei)(wei)全面(mian)。

作(zuo)為(wei)對(dui)信息不對(dui)稱和信息不完全理論的回應，2004年6月(yue)，巴塞爾(er)委員會(hui)公(gong)布(bu)的新資(zi)本協議(yi)(yi)(《統一資(zi)本計量和資(zi)本標準的國際協議(yi)(yi)：修訂(ding)框架》)把信息披露(市(shi)場(chang)監管)作(zuo)為(wei)該(gai)協議(yi)(yi)的第三大支(zhi)柱載入(ru)其中。

除(chu)此以(yi)(yi)外，還有三種主要(yao)的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)理論(lun)：(1)從金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)合(he)(he)(he)(he)同(tong)(tong)(tong)的(de)(de)(de)(de)(de)(de)(de)(de)角度(du)研究金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)。經(jing)濟合(he)(he)(he)(he)同(tong)(tong)(tong)理論(lun)，最初是(shi)(shi)(shi)(shi)用于(yu)工(gong)業(ye)和公共(gong)事業(ye)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)領域。金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)交易(yi)包含(han)著金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)和金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)消(xiao)費者(zhe)(zhe)(zhe)之間、金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)和監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)之間、監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)和社會(hui)(hui)(hui)之間顯性(xing)(xing)和隱性(xing)(xing)合(he)(he)(he)(he)同(tong)(tong)(tong)的(de)(de)(de)(de)(de)(de)(de)(de)復雜(za)結構(gou)(gou)(gou)。監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)可以(yi)(yi)被視為(wei)被監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)和監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)之間的(de)(de)(de)(de)(de)(de)(de)(de)一(yi)(yi)系(xi)列隱性(xing)(xing)合(he)(he)(he)(he)同(tong)(tong)(tong)關系(xi)，合(he)(he)(he)(he)同(tong)(tong)(tong)決定了簽訂(ding)該合(he)(he)(he)(he)同(tong)(tong)(tong)的(de)(de)(de)(de)(de)(de)(de)(de)各方(fang)應(ying)該遵(zun)守的(de)(de)(de)(de)(de)(de)(de)(de)行為(wei)，以(yi)(yi)及(ji)對(dui)(dui)(dui)(dui)違約方(fang)可能采(cai)取(qu)的(de)(de)(de)(de)(de)(de)(de)(de)措施。設計(ji)(ji)得好(hao)(hao)的(de)(de)(de)(de)(de)(de)(de)(de)合(he)(he)(he)(he)同(tong)(tong)(tong)可以(yi)(yi)促使(shi)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)(de)行為(wei)避免或者(zhe)(zhe)(zhe)減少系(xi)統性(xing)(xing)風(feng)(feng)(feng)(feng)險(xian)，反(fan)之，則可能在金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)活動(dong)中產生(sheng)系(xi)統性(xing)(xing)風(feng)(feng)(feng)(feng)險(xian)。所(suo)(suo)以(yi)(yi)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)合(he)(he)(he)(he)同(tong)(tong)(tong)的(de)(de)(de)(de)(de)(de)(de)(de)首(shou)要(yao)目的(de)(de)(de)(de)(de)(de)(de)(de)就是(shi)(shi)(shi)(shi)要(yao)使(shi)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)(de)行為(wei)和反(fan)應(ying)朝著社會(hui)(hui)(hui)所(suo)(suo)期(qi)望的(de)(de)(de)(de)(de)(de)(de)(de)方(fang)向發展。幾乎所(suo)(suo)有形式的(de)(de)(de)(de)(de)(de)(de)(de)外部(bu)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)都存(cun)在根本(ben)(ben)(ben)(ben)(ben)性(xing)(xing)的(de)(de)(de)(de)(de)(de)(de)(de)道(dao)德風(feng)(feng)(feng)(feng)險(xian)問(wen)(wen)題(ti)(ti)。監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)既然(ran)被視為(wei)一(yi)(yi)種隱含(han)合(he)(he)(he)(he)同(tong)(tong)(tong)，那么由此可能產生(sheng)的(de)(de)(de)(de)(de)(de)(de)(de)道(dao)德風(feng)(feng)(feng)(feng)險(xian)問(wen)(wen)題(ti)(ti)就是(shi)(shi)(shi)(shi)它(ta)會(hui)(hui)(hui)使(shi)投(tou)(tou)資者(zhe)(zhe)(zhe)認(ren)為(wei)，既然(ran)這些(xie)(xie)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)服務是(shi)(shi)(shi)(shi)經(jing)過權威部(bu)門授權并得到(dao)監(jian)(jian)(jian)(jian)(jian)(jian)督的(de)(de)(de)(de)(de)(de)(de)(de)，那么它(ta)們(men)理所(suo)(suo)當然(ran)是(shi)(shi)(shi)(shi)安全(quan)的(de)(de)(de)(de)(de)(de)(de)(de)。而(er)(er)且，監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)在阻止監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)失靈方(fang)面的(de)(de)(de)(de)(de)(de)(de)(de)歷史記錄越(yue)好(hao)(hao)，投(tou)(tou)資者(zhe)(zhe)(zhe)這樣的(de)(de)(de)(de)(de)(de)(de)(de)印(yin)象(xiang)就越(yue)深。然(ran)而(er)(er)，投(tou)(tou)資者(zhe)(zhe)(zhe)必(bi)須認(ren)識(shi)到(dao)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)(de)局(ju)限性(xing)(xing)，監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)無法消(xiao)除(chu)所(suo)(suo)有的(de)(de)(de)(de)(de)(de)(de)(de)風(feng)(feng)(feng)(feng)險(xian)。而(er)(er)且金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)市場和金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)合(he)(he)(he)(he)同(tong)(tong)(tong)本(ben)(ben)(ben)(ben)(ben)來(lai)就包含(han)著風(feng)(feng)(feng)(feng)險(xian)，投(tou)(tou)資者(zhe)(zhe)(zhe)本(ben)(ben)(ben)(ben)(ben)身也存(cun)在發生(sheng)決策錯誤的(de)(de)(de)(de)(de)(de)(de)(de)可能。(2)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)(de)成(cheng)本(ben)(ben)(ben)(ben)(ben)和收益問(wen)(wen)題(ti)(ti)。大(da)多數國(guo)家對(dui)(dui)(dui)(dui)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)機(ji)(ji)(ji)構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)(de)直接成(cheng)本(ben)(ben)(ben)(ben)(ben)都有比較(jiao)可靠的(de)(de)(de)(de)(de)(de)(de)(de)數據(ju)。但對(dui)(dui)(dui)(dui)施加(jia)于(yu)被監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)對(dui)(dui)(dui)(dui)象(xiang)所(suo)(suo)造成(cheng)的(de)(de)(de)(de)(de)(de)(de)(de)額外負(fu)擔卻(que)沒(mei)有數據(ju)可利用。所(suo)(suo)以(yi)(yi)精確計(ji)(ji)算監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)(de)成(cheng)本(ben)(ben)(ben)(ben)(ben)和收益幾乎是(shi)(shi)(shi)(shi)不可能的(de)(de)(de)(de)(de)(de)(de)(de)，而(er)(er)且區(qu)分哪些(xie)(xie)成(cheng)本(ben)(ben)(ben)(ben)(ben)是(shi)(shi)(shi)(shi)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)為(wei)了自身風(feng)(feng)(feng)(feng)險(xian)控制和內部(bu)管(guan)(guan)(guan)(guan)(guan)(guan)理所(suo)(suo)必(bi)需的(de)(de)(de)(de)(de)(de)(de)(de)，哪些(xie)(xie)是(shi)(shi)(shi)(shi)由于(yu)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)制度(du)所(suo)(suo)強(qiang)加(jia)的(de)(de)(de)(de)(de)(de)(de)(de)也不是(shi)(shi)(shi)(shi)十分容易(yi)。但它(ta)的(de)(de)(de)(de)(de)(de)(de)(de)意(yi)義卻(que)是(shi)(shi)(shi)(shi)現(xian)實的(de)(de)(de)(de)(de)(de)(de)(de)：監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)任(ren)何時候都是(shi)(shi)(shi)(shi)在成(cheng)本(ben)(ben)(ben)(ben)(ben)和收益的(de)(de)(de)(de)(de)(de)(de)(de)權衡中做出(chu)判斷，所(suo)(suo)以(yi)(yi)，偶爾的(de)(de)(de)(de)(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)失靈是(shi)(shi)(shi)(shi)否可以(yi)(yi)視為(wei)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)體(ti)(ti)系(xi)(假使(shi)已經(jing)設計(ji)(ji)有效(xiao))的(de)(de)(de)(de)(de)(de)(de)(de)必(bi)要(yao)成(cheng)本(ben)(ben)(ben)(ben)(ben)，增強(qiang)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)(de)強(qiang)度(du)是(shi)(shi)(shi)(shi)否可以(yi)(yi)消(xiao)除(chu)所(suo)(suo)有出(chu)現(xian)的(de)(de)(de)(de)(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)失靈，所(suo)(suo)有這些(xie)(xie)問(wen)(wen)題(ti)(ti)都值(zhi)得分析。(3)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)(de)激勵(li)問(wen)(wen)題(ti)(ti)。投(tou)(tou)資者(zhe)(zhe)(zhe)認(ren)為(wei)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)保證了金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)(de)安全(quan)和端正良好(hao)(hao)的(de)(de)(de)(de)(de)(de)(de)(de)品行，而(er)(er)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)機(ji)(ji)(ji)構(gou)(gou)(gou)認(ren)為(wei)它(ta)們(men)所(suo)(suo)要(yao)做的(de)(de)(de)(de)(de)(de)(de)(de)就是(shi)(shi)(shi)(shi)遵(zun)守一(yi)(yi)些(xie)(xie)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)所(suo)(suo)要(yao)求的(de)(de)(de)(de)(de)(de)(de)(de)具體(ti)(ti)規(gui)定。雙方(fang)認(ren)識(shi)的(de)(de)(de)(de)(de)(de)(de)(de)差(cha)距還可能對(dui)(dui)(dui)(dui)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)一(yi)(yi)方(fang)和被監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)一(yi)(yi)方(fang)造成(cheng)逆向激勵(li)的(de)(de)(de)(de)(de)(de)(de)(de)問(wen)(wen)題(ti)(ti)。西(xi)方(fang)學(xue)者(zhe)(zhe)(zhe)現(xian)在認(ren)為(wei)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)者(zhe)(zhe)(zhe)也是(shi)(shi)(shi)(shi)利益最大(da)化(hua)的(de)(de)(de)(de)(de)(de)(de)(de)主體(ti)(ti)，所(suo)(suo)以(yi)(yi)有沒(mei)有合(he)(he)(he)(he)意(yi)的(de)(de)(de)(de)(de)(de)(de)(de)激勵(li)就會(hui)(hui)(hui)影響執法的(de)(de)(de)(de)(de)(de)(de)(de)效(xiao)果。拉豐和梯若(ruo)爾及(ji)其(qi)后來(lai)者(zhe)(zhe)(zhe)所(suo)(suo)發展的(de)(de)(de)(de)(de)(de)(de)(de)激勵(li)規(gui)制理論(lun)和新(xin)(xin)管(guan)(guan)(guan)(guan)(guan)(guan)制經(jing)濟學(xue)為(wei)研究激勵(li)性(xing)(xing)金(jin)(jin)(jin)(jin)(jin)融(rong)(rong)(rong)(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)問(wen)(wen)題(ti)(ti)提供了新(xin)(xin)的(de)(de)(de)(de)(de)(de)(de)(de)思路和方(fang)法。

二、國外金融監管實踐的發展趨(qu)勢

金(jin)融(rong)(rong)監(jian)管(guan)(guan)是(shi)一個實踐(jian)性很(hen)強的(de)問題，涉(she)及(ji)的(de)內容十分龐(pang)雜，并(bing)且各國在具體的(de)金(jin)融(rong)(rong)監(jian)管(guan)(guan)實踐(jian)上更(geng)是(shi)差異(yi)明顯。20世(shi)紀90年代以(yi)來，國際金(jin)融(rong)(rong)市場的(de)一體化(hua)進程加快，金(jin)融(rong)(rong)創(chuang)新不(bu)斷(duan)涌(yong)現，金(jin)融(rong)(rong)機(ji)構也日益(yi)轉向多元化(hua)經營，金(jin)融(rong)(rong)監(jian)管(guan)(guan)呈現新的(de)發(fa)展趨勢。主(zhu)要表現在以(yi)下(xia)幾個方面：

1．金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)的(de)(de)(de)目標從單純強調(diao)安(an)(an)全(quan)(quan)性(xing)向(xiang)(xiang)安(an)(an)全(quan)(quan)與(yu)效(xiao)率(lv)(lv)并(bing)重的(de)(de)(de)方向(xiang)(xiang)轉變(bian)。20世紀(ji)70年代(dai)以(yi)前，金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)主要(yao)側重于維護金(jin)(jin)(jin)(jin)融(rong)(rong)體系的(de)(de)(de)安(an)(an)全(quan)(quan)性(xing)。各(ge)國(guo)紛(fen)紛(fen)建立(li)金(jin)(jin)(jin)(jin)融(rong)(rong)安(an)(an)全(quan)(quan)網，同時(shi)對金(jin)(jin)(jin)(jin)融(rong)(rong)機構(gou)(gou)從市場準人(ren)(ren)、利率(lv)(lv)限(xian)度(du)、業(ye)務(wu)范圍(wei)等多方面施加了嚴格的(de)(de)(de)限(xian)制(zhi)(zhi)，最(zui)有(you)代(dai)表性(xing)的(de)(de)(de)是1933年美國(guo)頒布的(de)(de)(de)《銀(yin)行法》，但這些措施限(xian)制(zhi)(zhi)了金(jin)(jin)(jin)(jin)融(rong)(rong)機構(gou)(gou)的(de)(de)(de)自(zi)由，造成(cheng)金(jin)(jin)(jin)(jin)融(rong)(rong)機構(gou)(gou)經營效(xiao)率(lv)(lv)低(di)下。20世紀(ji)70年代(dai)到80年代(dai)末，規避(bi)管(guan)(guan)制(zhi)(zhi)的(de)(de)(de)金(jin)(jin)(jin)(jin)融(rong)(rong)創新(xin)已使不少限(xian)制(zhi)(zhi)性(xing)措施名存實亡(wang)，同時(shi)人(ren)(ren)們認(ren)識到金(jin)(jin)(jin)(jin)融(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)給金(jin)(jin)(jin)(jin)融(rong)(rong)業(ye)的(de)(de)(de)運行所(suo)帶(dai)來的(de)(de)(de)成(cheng)本(ben)，于是各(ge)國(guo)開始采取(qu)靈活的(de)(de)(de)應變(bian)措施。美國(guo)在1999年11月通過的(de)(de)(de)《金(jin)(jin)(jin)(jin)融(rong)(rong)服務(wu)現代(dai)化法》，以(yi)促進金(jin)(jin)(jin)(jin)融(rong)(rong)業(ye)的(de)(de)(de)效(xiao)率(lv)(lv)和競爭力(li)為(wei)主要(yao)目的(de)(de)(de)；日本(ben)從1994年著手進行的(de)(de)(de)“金(jin)(jin)(jin)(jin)融(rong)(rong)大爆炸”改革，新(xin)誕(dan)生的(de)(de)(de)“金(jin)(jin)(jin)(jin)融(rong)(rong)廳”將確保金(jin)(jin)(jin)(jin)融(rong)(rong)體系的(de)(de)(de)安(an)(an)全(quan)(quan)、活力(li)和金(jin)(jin)(jin)(jin)融(rong)(rong)市場的(de)(de)(de)公(gong)正和效(xiao)率(lv)(lv)作為(wei)自(zi)己的(de)(de)(de)首要(yao)任務(wu)；英國(guo)《金(jin)(jin)(jin)(jin)融(rong)(rong)服務(wu)與(yu)市場法》則(ze)提(ti)出了“好監(jian)(jian)(jian)管(guan)(guan)”的(de)(de)(de)六條(tiao)原則(ze)，如“使用監(jian)(jian)(jian)管(guan)(guan)資源(yuan)的(de)(de)(de)效(xiao)率(lv)(lv)和經濟(ji)原則(ze)”、“權衡監(jian)(jian)(jian)管(guan)(guan)的(de)(de)(de)收(shou)益和可能帶(dai)來的(de)(de)(de)成(cheng)本(ben)”等，顯示了監(jian)(jian)(jian)管(guan)(guan)當局對效(xiao)率(lv)(lv)目標的(de)(de)(de)重視。

2．監管主體從分散走向集中。20世紀(ji)

七、八(ba)十年(nian)(nian)代(dai)，隨(sui)著金融(rong)(rong)(rong)自由(you)化浪潮(chao)的(de)(de)推進，金融(rong)(rong)(rong)業(ye)務逐漸走向(xiang)綜合化，分散的(de)(de)監(jian)管(guan)(guan)(guan)很難(nan)滿足金融(rong)(rong)(rong)業(ye)發展的(de)(de)需要(yao)，金融(rong)(rong)(rong)監(jian)管(guan)(guan)(guan)主(zhu)體具(ju)有(you)從分散走向(xiang)集(ji)中(zhong)(zhong)的(de)(de)趨勢，但已(yi)經(jing)不再是集(ji)中(zhong)(zhong)于(yu)(yu)(yu)中(zhong)(zhong)央銀行。挪(nuo)威于(yu)(yu)(yu)1986年(nian)(nian)、加(jia)拿大(da)(da)于(yu)(yu)(yu)1987年(nian)(nian)、丹麥(mai)于(yu)(yu)(yu)1988年(nian)(nian)、瑞典于(yu)(yu)(yu)1991年(nian)(nian)、英國(guo)(guo)(guo)于(yu)(yu)(yu)1997年(nian)(nian)、澳大(da)(da)利(li)亞于(yu)(yu)(yu)1998年(nian)(nian)分別成立了統一監(jian)管(guan)(guan)(guan)機(ji)構，并將(jiang)其移出中(zhong)(zhong)央銀行。日本、韓國(guo)(guo)(guo)、新加(jia)坡相(xiang)繼效仿(fang)，愛爾蘭(lan)、以(yi)色列、拉脫維(wei)亞、墨(mo)西哥、南非、奧地(di)利(li)、德國(guo)(guo)(guo)、愛爾蘭(lan)和比(bi)利(li)時都有(you)類似改革(ge)傾向(xiang)。美國(guo)(guo)(guo)1999年(nian)(nian)《金融(rong)(rong)(rong)現代(dai)服(fu)務法案》掀起(qi)了金融(rong)(rong)(rong)綜合化的(de)(de)浪潮(chao)，但是，分散化的(de)(de)金融(rong)(rong)(rong)監(jian)管(guan)(guan)(guan)并沒有(you)被放棄。

3．金(jin)(jin)融(rong)監(jian)(jian)(jian)管范圍不斷擴大(da)。在(zai)(zai)許多國家，金(jin)(jin)融(rong)監(jian)(jian)(jian)管機構(gou)無權對銀行的附(fu)屬公司或銀行的母(mu)(mu)公司進(jin)行監(jian)(jian)(jian)督檢查。在(zai)(zai)這種情況下，要想(xiang)對整個金(jin)(jin)融(rong)形勢做出客觀準(zhun)確的評價(jia)是(shi)相(xiang)當困(kun)難的。要從(cong)根(gen)本上解決這一(yi)難題，必須先從(cong)兩方面(mian)著手：一(yi)是(shi)擴大(da)金(jin)(jin)融(rong)監(jian)(jian)(jian)管的范圍；二是(shi)統一(yi)監(jian)(jian)(jian)督標準(zhun)和方法。在(zai)(zai)國際范圍內(nei)只有對金(jin)(jin)融(rong)機構(gou)進(jin)行并表監(jian)(jian)(jian)督，才能使(shi)母(mu)(mu)行(或母(mu)(mu)公司)及(ji)其國內(nei)外分支(zhi)附(fu)屬機構(gou)在(zai)(zai)有效的監(jian)(jian)(jian)控下開展業務活動，從(cong)而最大(da)限度地從(cong)整體上保證各金(jin)(jin)融(rong)機構(gou)安全(quan)穩健地經營。⑤

4．金(jin)融(rong)監(jian)管(guan)(guan)手段計算機化。在(zai)監(jian)管(guan)(guan)方法上，各國普遍強調(diao)管(guan)(guan)理手段的(de)現代化，充分運用計算機輔助管(guan)(guan)理，尤其(qi)是實(shi)時清算系統在(zai)金(jin)融(rong)監(jian)管(guan)(guan)中的(de)運用，并(bing)且促進金(jin)融(rong)機構日常監(jian)督、現場檢(jian)查(cha)和外部審計的(de)有機結(jie)合。

5．金融監(jian)(jian)管(guan)(guan)內容標準(zhun)化。在金融監(jian)(jian)管(guan)(guan)內容方面，各國金融監(jian)(jian)管(guan)(guan)體(ti)系也呈現了一(yi)些共同(tong)特征，逐步統一(yi)資本充(chong)足(zu)性(xing)的國際監(jian)(jian)管(guan)(guan)標準(zhun)；流動性(xing)管(guan)(guan)理也普遍強調區(qu)別對待(dai)，強調監(jian)(jian)管(guan)(guan)靈活性(xing)和依賴經驗對監(jian)(jian)督的重要性(xing)。

6．金(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)方式(shi)從單一(yi)合(he)規(gui)(gui)性(xing)(xing)(xing)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)轉(zhuan)向合(he)規(gui)(gui)陛(bi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)與(yu)風(feng)(feng)(feng)險(xian)(xian)性(xing)(xing)(xing)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)并重(zhong)。合(he)規(gui)(gui)性(xing)(xing)(xing)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)是指(zhi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)當局對(dui)金(jin)融(rong)(rong)(rong)機構(gou)執行有(you)關(guan)政策、法(fa)律、法(fa)規(gui)(gui)情況所(suo)實施(shi)的(de)(de)(de)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)。合(he)規(gui)(gui)性(xing)(xing)(xing)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)注重(zhong)事后的(de)(de)(de)補償(chang)與(yu)處(chu)罰(fa)，不能起到風(feng)(feng)(feng)險(xian)(xian)預測和(he)防范的(de)(de)(de)作用，使監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)者(zhe)長期扮演(yan)“救火隊”的(de)(de)(de)角色，監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)效率(lv)低下。風(feng)(feng)(feng)險(xian)(xian)性(xing)(xing)(xing)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)是指(zhi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)當局對(dui)金(jin)融(rong)(rong)(rong)機構(gou)的(de)(de)(de)資(zi)本(ben)充(chong)足程度、資(zi)產質量、流(liu)動性(xing)(xing)(xing)、盈(ying)利性(xing)(xing)(xing)和(he)管(guan)(guan)(guan)(guan)理水平所(suo)實施(shi)的(de)(de)(de)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)，以(yi)求最(zui)(zui)大(da)限度地減少金(jin)融(rong)(rong)(rong)風(feng)(feng)(feng)險(xian)(xian)及其影響。風(feng)(feng)(feng)險(xian)(xian)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)較之于(yu)合(he)規(gui)(gui)性(xing)(xing)(xing)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)的(de)(de)(de)最(zui)(zui)大(da)優點在于(yu)它(ta)側重(zhong)于(yu)對(dui)風(feng)(feng)(feng)險(xian)(xian)的(de)(de)(de)事前防范，能夠及時地和(he)有(you)針對(dui)性(xing)(xing)(xing)地提出監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)措(cuo)施(shi)。國(guo)際銀行監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)組(zu)織相(xiang)繼(ji)推出了一(yi)系列以(yi)風(feng)(feng)(feng)險(xian)(xian)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)為基(ji)礎的(de)(de)(de)審慎(shen)規(gui)(gui)則，對(dui)信用風(feng)(feng)(feng)險(xian)(xian)、市場風(feng)(feng)(feng)險(xian)(xian)、國(guo)家和(he)轉(zhuan)移風(feng)(feng)(feng)險(xian)(xian)、利率(lv)風(feng)(feng)(feng)險(xian)(xian)、流(liu)動性(xing)(xing)(xing)風(feng)(feng)(feng)險(xian)(xian)、操(cao)作風(feng)(feng)(feng)險(xian)(xian)、法(fa)律風(feng)(feng)(feng)險(xian)(xian)、聲譽風(feng)(feng)(feng)險(xian)(xian)實施(shi)全面風(feng)(feng)(feng)險(xian)(xian)管(guan)(guan)(guan)(guan)理。

7．金(jin)融監(jian)管(guan)體(ti)系的(de)(de)(de)集(ji)中(zhong)統一(yi)(yi)(yi)化(hua)趨(qu)勢。隨著經濟的(de)(de)(de)發展和金(jin)融自由化(hua)的(de)(de)(de)不斷深入，20世(shi)紀90年代后(hou)期金(jin)融業(ye)(ye)由分業(ye)(ye)向混業(ye)(ye)經營(ying)的(de)(de)(de)趨(qu)勢在(zai)進一(yi)(yi)(yi)步加強。在(zai)美(mei)國，先后(hou)開放(fang)銀(yin)行(xing)從事公(gong)(gong)債回購以(yi)及以(yi)子公(gong)(gong)司方式經營(ying)證券(quan)承(cheng)銷業(ye)(ye)務。當(dang)金(jin)融市(shi)場變(bian)得(de)越(yue)來越(yue)一(yi)(yi)(yi)體(ti)化(hua)時，通(tong)訊和計算機的(de)(de)(de)運用使(shi)得(de)金(jin)融風險在(zai)現行(xing)監(jian)管(guan)體(ti)系下(xia)(xia)難以(yi)集(ji)中(zhong)控制和監(jian)管(guan)，這就(jiu)要求更(geng)集(ji)中(zhong)或者至(zhi)少(shao)很協調的(de)(de)(de)監(jian)管(guan)體(ti)系——監(jian)管(guan)體(ti)系應適(shi)應被監(jian)管(guan)的(de)(de)(de)對(dui)象的(de)(de)(de)變(bian)化(hua)而變(bian)化(hua)。在(zai)英(ying)國，新的(de)(de)(de)工黨政府已提出將(jiang)所有金(jin)融機構(gou)的(de)(de)(de)管(guan)制(包(bao)括銀(yin)行(xing)的(de)(de)(de)監(jian)管(guan))歸到證券(quan)投資委(wei)員會的(de)(de)(de)領(ling)導下(xia)(xia)。

8．金(jin)融監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)體(ti)制的(de)(de)組織(zhi)(zhi)結(jie)構(gou)(gou)體(ti)系向(xiang)部分混業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)或完全混業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)模式過(guo)渡(du)。各國(guo)(guo)金(jin)融監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)體(ti)制的(de)(de)組織(zhi)(zhi)結(jie)構(gou)(gou)千差萬(wan)別。英國(guo)(guo)的(de)(de)大衛T·盧埃林教(jiao)授1997年對73個(ge)國(guo)(guo)家(jia)的(de)(de)金(jin)融監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)組織(zhi)(zhi)結(jie)構(gou)(gou)進行(xing)研究，發現(xian)(xian)有(you)13個(ge)國(guo)(guo)家(jia)實(shi)行(xing)單(dan)一(yi)機(ji)(ji)構(gou)(gou)混業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)，35個(ge)國(guo)(guo)家(jia)實(shi)行(xing)銀行(xing)、證券、保(bao)險(xian)(xian)業(ye)(ye)(ye)分業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)，25個(ge)國(guo)(guo)家(jia)實(shi)行(xing)部分混業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)，后者包括銀行(xing)證券統一(yi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)、保(bao)險(xian)(xian)單(dan)獨(du)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(7個(ge))；銀行(xing)保(bao)險(xian)(xian)統一(yi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)、證券單(dan)獨(du)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(13個(ge))以及證券保(bao)險(xian)(xian)統一(yi)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)、銀行(xing)單(dan)獨(du)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)(3個(ge))3種形式，并且受金(jin)融混業(ye)(ye)(ye)經營的(de)(de)影響，指定專業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)機(ji)(ji)構(gou)(gou)即完全分業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)國(guo)(guo)家(jia)在數目上呈(cheng)現(xian)(xian)出減少趨勢，各國(guo)(guo)金(jin)融監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)組織(zhi)(zhi)機(ji)(ji)構(gou)(gou)正向(xiang)部分混業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)或完全混業(ye)(ye)(ye)監(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)(guan)(guan)的(de)(de)模式過(guo)渡(du)。

9．金融監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)更加注重(zhong)風(feng)險(xian)性監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)和創新業務的(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)。從監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)內容看(kan)，世界(jie)各國(guo)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)當局(ju)的(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)重(zhong)點實現了(le)兩個轉(zhuan)變：第一，從注重(zhong)合(he)(he)規性監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)向(xiang)合(he)(he)規性監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)和風(feng)險(xian)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)并(bing)重(zhong)轉(zhuan)變。第二，從注重(zhong)傳(chuan)統銀行(xing)業務監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)向(xiang)傳(chuan)統業務和創新業務監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)并(bing)重(zhong)轉(zhuan)變。

10.金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)越來越重(zhong)視(shi)金(jin)(jin)融(rong)(rong)機構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)內部控(kong)制(zhi)(zhi)制(zhi)(zhi)度和(he)(he)同業(ye)(ye)(ye)自(zi)(zi)律(lv)機制(zhi)(zhi)。金(jin)(jin)融(rong)(rong)機構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)內部控(kong)制(zhi)(zhi)是實施有效(xiao)金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)前(qian)(qian)提和(he)(he)基礎。世界金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)實踐表明，外部金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)力(li)量無論如何(he)強(qiang)大，監(jian)(jian)管(guan)(guan)(guan)的(de)(de)(de)(de)(de)(de)(de)程度無論如何(he)細致而(er)周(zhou)密，如果(guo)沒有金(jin)(jin)融(rong)(rong)機構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)內部控(kong)制(zhi)(zhi)相(xiang)(xiang)配合(he)往(wang)往(wang)事(shi)倍而(er)功半，金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)效(xiao)果(guo)大打折(zhe)扣。許多國(guo)(guo)家的(de)(de)(de)(de)(de)(de)(de)監(jian)(jian)管(guan)(guan)(guan)當局和(he)(he)一些重(zhong)要(yao)(yao)的(de)(de)(de)(de)(de)(de)(de)國(guo)(guo)際(ji)性(xing)監(jian)(jian)管(guan)(guan)(guan)組(zu)織也開始對銀行的(de)(de)(de)(de)(de)(de)(de)內部控(kong)制(zhi)(zhi)問題給(gei)予(yu)前(qian)(qian)所未有的(de)(de)(de)(de)(de)(de)(de)關(guan)注。金(jin)(jin)融(rong)(rong)機構(gou)(gou)(gou)同業(ye)(ye)(ye)自(zi)(zi)律(lv)機制(zhi)(zhi)作(zuo)(zuo)為增強(qiang)金(jin)(jin)融(rong)(rong)業(ye)(ye)(ye)安全(quan)的(de)(de)(de)(de)(de)(de)(de)重(zhong)要(yao)(yao)手段(duan)之一，受(shou)到各(ge)國(guo)(guo)普遍(bian)重(zhong)視(shi)。以歐洲(zhou)大陸(lu)國(guo)(guo)家為代表，比利(li)時(shi)、法國(guo)(guo)、德國(guo)(guo)、盧森堡、荷(he)蘭等國(guo)(guo)的(de)(de)(de)(de)(de)(de)(de)銀行家協會和(he)(he)某(mou)些專業(ye)(ye)(ye)信貸機構(gou)(gou)(gou)的(de)(de)(de)(de)(de)(de)(de)行業(ye)(ye)(ye)組(zu)織都(dou)在不同程度上發揮著監(jian)(jian)督作(zuo)(zuo)用(yong)。盡(jin)管(guan)(guan)(guan)金(jin)(jin)融(rong)(rong)業(ye)(ye)(ye)公(gong)會組(zu)織在各(ge)國(guo)(guo)監(jian)(jian)管(guan)(guan)(guan)體(ti)系中(zhong)的(de)(de)(de)(de)(de)(de)(de)地(di)位不盡(jin)相(xiang)(xiang)同，但各(ge)國(guo)(guo)都(dou)比較(jiao)重(zhong)視(shi)其在金(jin)(jin)融(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)體(ti)系中(zhong)所起(qi)的(de)(de)(de)(de)(de)(de)(de)作(zuo)(zuo)用(yong)。

11．以(yi)市場(chang)約束為(wei)基礎的(de)監管體系(xi)正在形成。巴塞爾委(wei)員會(hui)《新資(zi)(zi)本充(chong)足(zu)框架(jia)(征求意(yi)見稿)》對1988年(nian)制(zhi)定的(de)《資(zi)(zi)本充(chong)足(zu)協議》做出了(le)重(zhong)大(da)的(de)改(gai)革，其中(zhong)最(zui)引人關注(zhu)的(de)內(nei)容是將(jiang)外部評(ping)(ping)級引入風險管理框架(jia)，要求銀行(xing)(xing)使用公共信息確定其風險加權資(zi)(zi)本，根據(ju)評(ping)(ping)級公司的(de)評(ping)(ping)級確定信貸風險權重(zhong)，新框架(jia)的(de)適(shi)用對象仍(reng)是那些(xie)在國(guo)際(ji)業務領(ling)域活躍的(de)大(da)型國(guo)際(ji)性(xing)銀行(xing)(xing)。歐洲委(wei)員會(hui)公布了(le)一些(xie)關于新的(de)資(zi)(zi)本充(chong)足(zu)性(xing)規定的(de)建議，將(jiang)比巴塞爾資(zi)(zi)本協議所針對的(de)范圍更(geng)大(da)，涉及所有的(de)銀行(xing)(xing)和證券公司，該(gai)規定試圖將(jiang)真實風險與資(zi)(zi)本金(jin)更(geng)緊密地聯系(xi)起來。⒀

12．金融(rong)監管(guan)(guan)法(fa)制(zhi)(zhi)呈現出趨同(tong)化趨勢。金融(rong)監管(guan)(guan)法(fa)制(zhi)(zhi)的(de)(de)趨同(tong)化是指各國(guo)(guo)在監管(guan)(guan)模(mo)式(shi)及(ji)具體制(zhi)(zhi)度上相互影響(xiang)、相互協調而(er)日(ri)趨接近(jin)。由于經濟、社(she)會文化及(ji)法(fa)制(zhi)(zhi)傳(chuan)統的(de)(de)差(cha)異，金融(rong)監管(guan)(guan)法(fa)制(zhi)(zhi)形成了(le)一定的(de)(de)地區風格，在世界上影響(xiang)較大(da)的(de)(de)有(you)兩類：一是英(ying)(ying)國(guo)(guo)模(mo)式(shi)，二是美(mei)國(guo)(guo)模(mo)式(shi)。20世紀70年代(dai)以來，兩種模(mo)式(shi)出現了(le)相互融(rong)合的(de)(de)趨勢，即英(ying)(ying)國(guo)(guo)不(bu)斷(duan)走向法(fa)治化，注重法(fa)律(lv)建設(she)；而(er)美(mei)國(guo)(guo)則向英(ying)(ying)國(guo)(guo)模(mo)式(shi)靠攏，不(bu)斷(duan)放松管(guan)(guan)制(zhi)(zhi)的(de)(de)同(tong)時增強監管(guan)(guan)的(de)(de)靈活性。

13．金融監管法制呈現出國際(ji)化發(fa)展趨勢。

隨著(zhu)金融(rong)國(guo)(guo)際化不斷加深，金融(rong)機構及其(qi)業務活(huo)動(dong)跨越了國(guo)(guo)界(jie)的(de)局限，在這種背景下，客(ke)觀上需要(yao)將各國(guo)(guo)獨特(te)的(de)監(jian)管(guan)法(fa)規和慣例納入(ru)一(yi)個統一(yi)的(de)國(guo)(guo)際框架(jia)之中，金融(rong)監(jian)管(guan)法(fa)制逐漸走向國(guo)(guo)際化。雙邊協定，區域(yu)范圍內監(jian)管(guan)法(fa)制一(yi)體化，尤其(qi)是巴塞爾委(wei)員會通過(guo)的(de)一(yi)系列協議、原則、標準等(deng)在世界(jie)各國(guo)(guo)的(de)推廣和運用(yong)，都將給世界(jie)各國(guo)(guo)金融(rong)監(jian)管(guan)法(fa)制的(de)變革帶來沖擊(ji)。

14．金(jin)融(rong)(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)全球(qiu)化的(de)(de)趨(qu)勢(shi)在(zai)不斷加強。隨(sui)著金(jin)融(rong)(rong)(rong)業的(de)(de)全球(qiu)化，國(guo)際金(jin)融(rong)(rong)(rong)市場上(shang)不穩定性(xing)增大(da)，金(jin)融(rong)(rong)(rong)風險(xian)在(zai)不同國(guo)家之間相互轉(zhuan)移、擴散(san)的(de)(de)趨(qu)勢(shi)不斷加強，單靠一(yi)國(guo)或一(yi)家銀行(xing)控制金(jin)融(rong)(rong)(rong)風險(xian)已變得力不從心；另一(yi)方面(mian)，由(you)于(yu)各(ge)國(guo)監(jian)(jian)管(guan)(guan)(guan)政策(ce)的(de)(de)不一(yi)致，客觀上(shang)為跨國(guo)銀行(xing)利用遍(bian)布(bu)全球(qiu)的(de)(de)分支機(ji)構逃(tao)避各(ge)國(guo)監(jian)(jian)管(guan)(guan)(guan)從事高風險(xian)甚至非(fei)法的(de)(de)經(jing)營活(huo)動(dong)創造了(le)(le)條件。而(er)且，跨國(guo)銀行(xing)由(you)于(yu)在(zai)別的(de)(de)國(guo)家領(ling)土上(shang)進行(xing)經(jing)營，本國(guo)監(jian)(jian)管(guan)(guan)(guan)部門鞭(bian)長莫及，監(jian)(jian)管(guan)(guan)(guan)的(de)(de)有效性(xing)受到(dao)削弱。在(zai)全球(qiu)性(xing)統一(yi)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)進程中，巴塞(sai)爾委員(yuan)會(hui)發(fa)揮了(le)(le)重要作(zuo)用，該委員(yuan)會(hui)頒布(bu)的(de)(de)一(yi)系列監(jian)(jian)管(guan)(guan)(guan)原則(ze)(ze)成為銀行(xing)業國(guo)際監(jian)(jian)管(guan)(guan)(guan)的(de)(de)重要標準(zhun)。盡管(guan)(guan)(guan)這些(xie)協議原則(ze)(ze)在(zai)世界范圍內(nei)不具(ju)有硬性(xing)約(yue)束力，但由(you)于(yu)其適應了(le)(le)國(guo)際金(jin)融(rong)(rong)(rong)監(jian)(jian)管(guan)(guan)(guan)的(de)(de)現實需(xu)求(qiu)，因而(er)得到(dao)了(le)(le)國(guo)際金(jin)融(rong)(rong)(rong)業特(te)別是(shi)銀行(xing)業和各(ge)國(guo)監(jian)(jian)管(guan)(guan)(guan)當局的(de)(de)普遍(bian)運用

三、結論

金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)是(shi)一(yi)個實踐性(xing)(xing)很強的(de)(de)(de)問題。20世紀90年代以(yi)來，國際金(jin)(jin)(jin)融(rong)市(shi)(shi)場的(de)(de)(de)一(yi)體(ti)(ti)(ti)化(hua)進程加快，金(jin)(jin)(jin)融(rong)創新(xin)不斷(duan)(duan)涌現(xian)，金(jin)(jin)(jin)融(rong)機(ji)構(gou)(gou)(gou)也日益轉向(xiang)多元(yuan)化(hua)經(jing)營(ying)，金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)呈現(xian)新(xin)的(de)(de)(de)發展(zhan)(zhan)趨(qu)勢。主要表現(xian)在(zai)以(yi)下幾個方面：金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)范圍不斷(duan)(duan)擴大(da)；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)手段現(xian)代化(hua)；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)內容標(biao)準化(hua)；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)方式從單一(yi)合(he)規性(xing)(xing)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)轉向(xiang)合(he)規性(xing)(xing)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)與風(feng)險性(xing)(xing)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)并重(zhong)；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)體(ti)(ti)(ti)制(zhi)的(de)(de)(de)組(zu)織結構(gou)(gou)(gou)體(ti)(ti)(ti)系(xi)(xi)向(xiang)部(bu)(bu)分混業(ye)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)或完全(quan)(quan)混業(ye)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)的(de)(de)(de)模式過渡；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)更加注重(zhong)風(feng)險性(xing)(xing)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)和創新(xin)業(ye)務的(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)越來越重(zhong)視金(jin)(jin)(jin)融(rong)機(ji)構(gou)(gou)(gou)的(de)(de)(de)內部(bu)(bu)控制(zhi)制(zhi)度(du)和同業(ye)自律機(ji)制(zhi)；以(yi)市(shi)(shi)場約束(shu)為基礎的(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)體(ti)(ti)(ti)系(xi)(xi)正在(zai)形成；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)全(quan)(quan)球(qiu)化(hua)的(de)(de)(de)趨(qu)勢在(zai)不斷(duan)(duan)加強；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)體(ti)(ti)(ti)系(xi)(xi)的(de)(de)(de)集中(zhong)統一(yi)化(hua)趨(qu)勢；金(jin)(jin)(jin)融(rong)監(jian)(jian)(jian)(jian)(jian)管(guan)(guan)(guan)(guan)(guan)法制(zhi)呈現(xian)出趨(qu)同化(hua)、國際化(hua)發展(zhan)(zhan)趨(qu)勢。

注釋：

①③④吳源(yuan)從(cong)．西方(fang)國(guo)家金融(rong)監(jian)管的(de)新趨勢及對我國(guo)的(de)啟示[J]．海南金融(rong)，2006，(9)：32—35．

②張慧蓮．論西方(fang)金(jin)融監管理論的(de)最新(xin)發(fa)展[J]．成(cheng)人高教學刊，2004，(6)：18—21．

⑤⑥⑦⑨⒀高峰(feng)．國際金融監管發展趨(qu)勢[J]．東(dong)北財(cai)經大學學報，2001，(4)：24—26．

篇10

關鍵詞：商(shang)業銀行 理財產品 健康發展

今年(nian)以來(lai)，銀(yin)行(xing)(xing)(xing)(xing)理(li)(li)財產品(pin)(pin)呈現出爆(bao)發(fa)增(zeng)長態勢，在(zai)我(wo)國(guo)居民個人金融資產中的(de)比重不斷加(jia)大。2011年(nian)上半年(nian),我(wo)國(guo)各家商業(ye)(ye)銀(yin)行(xing)(xing)(xing)(xing)共發(fa)行(xing)(xing)(xing)(xing)8497款理(li)(li)財產品(pin)(pin)，發(fa)行(xing)(xing)(xing)(xing)規模達8.51萬億(yi)元，已經超(chao)過(guo)去年(nian)全年(nian)的(de)發(fa)行(xing)(xing)(xing)(xing)規模7.05萬億(yi)元。銀(yin)行(xing)(xing)(xing)(xing)理(li)(li)財產品(pin)(pin)的(de)快速發(fa)展不僅(jin)增(zeng)加(jia)了(le)居民的(de)收(shou)益，而且改善(shan)了(le)商業(ye)(ye)銀(yin)行(xing)(xing)(xing)(xing)的(de)收(shou)入結構。但銀(yin)行(xing)(xing)(xing)(xing)理(li)(li)財產品(pin)(pin)游離于商業(ye)(ye)銀(yin)行(xing)(xing)(xing)(xing)資產負債表外，為(wei)(wei)宏觀金融管理(li)(li)帶(dai)來(lai)一定的(de)難(nan)度。本(ben)文從正反(fan)兩方面(mian)辯(bian)證(zheng)地分析銀(yin)行(xing)(xing)(xing)(xing)理(li)(li)財產品(pin)(pin)的(de)發(fa)展態勢，為(wei)(wei)加(jia)強銀(yin)行(xing)(xing)(xing)(xing)理(li)(li)財產品(pin)(pin)管理(li)(li)提出政策建議。

一(yi)、銀行理財產品的(de)重要(yao)意(yi)義

（一(yi)）發展銀行理財產品(pin)增加了居民(min)與金融市場的聯結渠道，有(you)利于(yu)增加居民(min)投(tou)資收益

經過多年(nian)的探索發展，我國(guo)金融市(shi)(shi)場(chang)(chang)(chang)(chang)取得了顯(xian)著發展。以(yi)債券(quan)(quan)市(shi)(shi)場(chang)(chang)(chang)(chang)為(wei)例，截至2010年(nian)末，債券(quan)(quan)市(shi)(shi)場(chang)(chang)(chang)(chang)債券(quan)(quan)托(tuo)管總額達16.3萬億(yi)元；其中，銀(yin)行(xing)(xing)(xing)間市(shi)(shi)場(chang)(chang)(chang)(chang)債券(quan)(quan)托(tuo)管額為(wei)15.8萬億(yi)元。2010年(nian)債券(quan)(quan)市(shi)(shi)場(chang)(chang)(chang)(chang)累(lei)計發行(xing)(xing)(xing)人(ren)民(min)幣債券(quan)(quan)5.1萬億(yi)元。然而，金融市(shi)(shi)場(chang)(chang)(chang)(chang)特別(bie)是銀(yin)行(xing)(xing)(xing)間市(shi)(shi)場(chang)(chang)(chang)(chang)的投資主體仍然是金融機構，50%的債券(quan)(quan)被商業銀(yin)行(xing)(xing)(xing)表內持有，個(ge)人(ren)投資者受益有限。

隨(sui)著(zhu)我國居(ju)民個人(ren)財富的不(bu)斷(duan)積累，居(ju)民金(jin)(jin)融資(zi)產(chan)多樣化(hua)趨勢形(xing)成，但目前負(fu)利(li)率(lv)和(he)資(zi)本市(shi)(shi)場風險較大的局面難以在短時間(jian)內扭(niu)轉，居(ju)民對(dui)于資(zi)產(chan)保值增(zeng)值的需求日益強(qiang)烈。商業銀(yin)行通過發(fa)行銀(yin)行理(li)財產(chan)品集合(he)資(zi)金(jin)(jin)，投資(zi)于債券(quan)市(shi)(shi)場，能夠把居(ju)民資(zi)金(jin)(jin)和(he)債券(quan)市(shi)(shi)場直接對(dui)接起來，真(zhen)正有利(li)于增(zeng)加居(ju)民的投資(zi)渠(qu)道，提(ti)高(gao)理(li)財收益。

（二）發展銀(yin)行(xing)理財產品有利于商業銀(yin)行(xing)改善收入結構(gou)，節約(yue)資本

在(zai)市場競爭日(ri)趨激烈的(de)(de)同時，商業(ye)(ye)銀(yin)行(xing)面臨(lin)的(de)(de)各種經(jing)營(ying)壓力與(yu)日(ri)俱增(zeng)：直接融(rong)資發展壯大所(suo)帶來的(de)(de)金(jin)融(rong)脫媒、利(li)率(lv)市場化可(ke)能引起的(de)(de)利(li)差收(shou)窄、資本要(yao)(yao)求提高(gao)對業(ye)(ye)務拓展形成的(de)(de)巨(ju)大制(zhi)約。這些嚴(yan)峻挑戰(zhan)均要(yao)(yao)求商業(ye)(ye)銀(yin)行(xing)加快推進戰(zhan)略轉型，實(shi)現資產(chan)、負債、收(shou)益的(de)(de)多元化，從而提升(sheng)盈利(li)增(zeng)長的(de)(de)可(ke)持續性。因(yin)此，屬于低資本消耗業(ye)(ye)務的(de)(de)理財成為(wei)商業(ye)(ye)銀(yin)行(xing)推進綜(zong)合(he)化經(jing)營(ying)戰(zhan)略的(de)(de)重要(yao)(yao)載(zai)體和提高(gao)中間(jian)業(ye)(ye)務收(shou)入的(de)(de)重要(yao)(yao)手段。

（三）發展理財(cai)產品有(you)利于降低銀行體系(xi)的風險，防范系(xi)統(tong)性金融風險

目前(qian)，我國(guo)融(rong)(rong)(rong)資(zi)(zi)結(jie)(jie)構(gou)仍然以間接融(rong)(rong)(rong)資(zi)(zi)為主。2010年，間接融(rong)(rong)(rong)資(zi)(zi)在(zai)非(fei)金(jin)融(rong)(rong)(rong)機構(gou)融(rong)(rong)(rong)資(zi)(zi)結(jie)(jie)構(gou)中占比(bi)為75%，金(jin)融(rong)(rong)(rong)風(feng)險(xian)過度集中于銀行體系，不利(li)于系統性金(jin)融(rong)(rong)(rong)風(feng)險(xian)的(de)防范。發展理(li)財產品，客觀(guan)上將金(jin)融(rong)(rong)(rong)體系的(de)資(zi)(zi)產轉移到直接投(tou)資(zi)(zi)者手中，增(zeng)加了(le)直接融(rong)(rong)(rong)資(zi)(zi)在(zai)社會融(rong)(rong)(rong)資(zi)(zi)總量(liang)中的(de)比(bi)重，有利(li)于降低銀行體系的(de)風(feng)險(xian)。

二、當前銀行理財產品(pin)發展(zhan)的潛(qian)在風(feng)險

（一）信息披露不透(tou)明，投資者利益無法根本保(bao)障

銀(yin)(yin)行理(li)財(cai)產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)的(de)(de)(de)風險(xian)(xian)由(you)投(tou)資(zi)(zi)者(zhe)負擔(dan)。但商業(ye)銀(yin)(yin)行在銷售、管理(li)產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)的(de)(de)(de)過程中(zhong)(zhong)，信(xin)(xin)息(xi)披露不透明，投(tou)資(zi)(zi)者(zhe)對(dui)資(zi)(zi)金(jin)用途的(de)(de)(de)知情權難(nan)以得到根本保(bao)障，投(tou)資(zi)(zi)者(zhe)只能依靠(kao)商業(ye)銀(yin)(yin)行的(de)(de)(de)信(xin)(xin)譽來進行投(tou)資(zi)(zi)。一旦發生(sheng)虧(kui)損，容易引發糾紛。首先(xian)，產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)銷售時(shi)(shi)風險(xian)(xian)告知流于(yu)形式。對(dui)涉及(ji)產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)的(de)(de)(de)關鍵內容，如(ru)運(yun)行機制、定價(jia)方法、有(you)關調整條款(kuan)等不能給(gei)予充分說明。例如(ru)，有(you)些掛鉤匯率、黃金(jin)的(de)(de)(de)結(jie)構性產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)，計算方法比(bi)較復雜(za)，且容易受到標的(de)(de)(de)資(zi)(zi)產(chan)(chan)(chan)價(jia)格(ge)劇烈波動的(de)(de)(de)影(ying)響(xiang)，事先(xian)的(de)(de)(de)風險(xian)(xian)提示遠遠不夠。其次，產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)存續期(qi)間也缺乏持(chi)續信(xin)(xin)息(xi)披露，理(li)財(cai)運(yun)營失去(qu)有(you)效約束(shu)。沒(mei)有(you)持(chi)續的(de)(de)(de)信(xin)(xin)息(xi)披露，投(tou)資(zi)(zi)者(zhe)無法及(ji)時(shi)(shi)了解銀(yin)(yin)行運(yun)作，也就失去(qu)對(dui)銀(yin)(yin)行的(de)(de)(de)有(you)效約束(shu)。最后，目前市場上(shang)發行的(de)(de)(de)滾(gun)動式理(li)財(cai)產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)和超(chao)短期(qi)理(li)財(cai)產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)，資(zi)(zi)金(jin)被集中(zhong)(zhong)于(yu)資(zi)(zi)產(chan)(chan)(chan)池(chi)中(zhong)(zhong)統一進行配置，產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)的(de)(de)(de)資(zi)(zi)金(jin)用途廣泛且與(yu)產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)的(de)(de)(de)期(qi)限(xian)不匹(pi)配，產(chan)(chan)(chan)品(pin)(pin)(pin)(pin)的(de)(de)(de)收益(yi)只能是商業(ye)銀(yin)(yin)行想給(gei)多(duo)少就給(gei)多(duo)少，完全(quan)違背了風險(xian)(xian)與(yu)收益(yi)相對(dui)稱的(de)(de)(de)原則。

（二）銀行理財(cai)產品跨市(shi)場、跨行業，監管漏洞難以避免

銀(yin)行理(li)財產品(pin)中投資方向(xiang)涉及保(bao)險產品(pin)、證(zheng)券投資基(ji)金(jin)、券商集合理(li)財產品(pin)和(he)私募股權(quan)投資等諸多(duo)領域，商業(ye)(ye)銀(yin)行與基(ji)金(jin)公(gong)司(si)、證(zheng)券公(gong)司(si)和(he)陽(yang)光(guang)私募的合作也日益(yi)深化。但由于我國(guo)分(fen)(fen)業(ye)(ye)監(jian)(jian)管(guan)的體制，對銀(yin)行理(li)財產品(pin)的監(jian)(jian)管(guan)權(quan)分(fen)(fen)散在銀(yin)、證(zheng)、保(bao)各監(jian)(jian)管(guan)機(ji)構當中，一(yi)定程度上(shang)存在著監(jian)(jian)管(guan)空白，不(bu)僅(jin)容易使個別機(ji)構鉆(zhan)空子，欺騙投資者；而且可能(neng)由于監(jian)(jian)管(guan)不(bu)到位，引發(fa)系統性(xing)金(jin)融風險。

（三(san)）銀行理財產品客(ke)觀上對沖了(le)宏觀調(diao)控的效果

發行銀(yin)(yin)行理財(cai)產(chan)品(pin)客(ke)觀上使銀(yin)(yin)行體(ti)系的(de)資(zi)(zi)產(chan)負債表(biao)外化。從資(zi)(zi)產(chan)方(fang)面來看(kan)，銀(yin)(yin)行理財(cai)產(chan)品(pin)投資(zi)(zi)于信(xin)貸(dai)(dai)類資(zi)(zi)產(chan)，使銀(yin)(yin)行體(ti)系的(de)貸(dai)(dai)款(kuan)(kuan)規(gui)模減(jian)(jian)少，客(ke)觀上減(jian)(jian)輕了商業(ye)銀(yin)(yin)行應對(dui)貸(dai)(dai)款(kuan)(kuan)規(gui)模管(guan)理的(de)壓力。從負債方(fang)面來看(kan)，銀(yin)(yin)行理財(cai)產(chan)品(pin)部分投資(zi)(zi)于同業(ye)存(cun)(cun)款(kuan)(kuan)，使銀(yin)(yin)行體(ti)系的(de)一般性存(cun)(cun)款(kuan)(kuan)減(jian)(jian)少，降低(di)了存(cun)(cun)款(kuan)(kuan)準備金政(zheng)策的(de)有(you)效性；而(er)且由(you)于同業(ye)存(cun)(cun)款(kuan)(kuan)不(bu)納(na)入各項存(cun)(cun)款(kuan)(kuan)的(de)統(tong)計，造(zao)成了存(cun)(cun)款(kuan)(kuan)資(zi)(zi)金“迷失”假象，影響貨(huo)幣供應量(liang)作(zuo)為(wei)貨(huo)幣政(zheng)策供應量(liang)的(de)有(you)效性。

（四）一哄而上，容易引發系統性金融(rong)風險

雖然我國(guo)個人理財(cai)(cai)產(chan)(chan)(chan)品(pin)快(kuai)速發展(zhan)，但快(kuai)速發展(zhan)的(de)(de)背后是各類銀行業(ye)機構(gou)都參與(yu)這一市場。部分地方類金(jin)融機構(gou)從農村(cun)信用社改制(zhi)而(er)來，對理財(cai)(cai)業(ye)務尚未(wei)建立起基本(ben)的(de)(de)管理制(zhi)度(du)框(kuang)架，理財(cai)(cai)產(chan)(chan)(chan)品(pin)的(de)(de)研發、銷(xiao)售(shou)、風險控制(zhi)等環節所必(bi)需的(de)(de)人力儲備不足，但今年上(shang)半(ban)年出(chu)(chu)于存(cun)款壓力，也(ye)大(da)量發行了理財(cai)(cai)產(chan)(chan)(chan)品(pin)。一旦(dan)理財(cai)(cai)產(chan)(chan)(chan)品(pin)出(chu)(chu)現問(wen)題，會給商(shang)(shang)業(ye)銀行的(de)(de)聲譽帶來巨大(da)的(de)(de)風險。如(ru)果(guo)有的(de)(de)銀行出(chu)(chu)于形象的(de)(de)考慮，自(zi)身承擔風險，則又為整個金(jin)融體系埋下隱患(huan)。同時，銀行理財(cai)(cai)產(chan)(chan)(chan)品(pin)同質(zhi)化問(wen)題嚴重，理財(cai)(cai)產(chan)(chan)(chan)品(pin)的(de)(de)市場定位和(he)定價無法(fa)展(zhan)示出(chu)(chu)各商(shang)(shang)業(ye)銀行的(de)(de)產(chan)(chan)(chan)品(pin)特色，同質(zhi)產(chan)(chan)(chan)品(pin)的(de)(de)競爭完全(quan)體現為市場價格的(de)(de)過度(du)競爭。而(er)這可(ke)能(neng)促使商(shang)(shang)業(ye)銀行投(tou)資高(gao)風險的(de)(de)金(jin)融產(chan)(chan)(chan)品(pin)，提高(gao)了風險水(shui)平。

三、加強(qiang)銀行理(li)財產(chan)品管理(li)的政策建議(yi)

（一）引導商(shang)業(ye)銀(yin)行在完善風險(xian)防控(kong)的(de)基(ji)礎(chu)上發(fa)展理財業(ye)務

建立(li)健全(quan)理財業(ye)務風(feng)險防控制(zhi)(zhi)度(du)。商(shang)(shang)業(ye)銀(yin)行開展理財業(ye)務要(yao)先建立(li)一套(tao)風(feng)險防控制(zhi)(zhi)度(du)，盡(jin)量避免準備不(bu)足造(zao)成的(de)(de)無謂風(feng)險。努力(li)形成差異化經營和產(chan)(chan)品(pin)創(chuang)新機(ji)制(zhi)(zhi)。深入細致了解客戶(hu)需求(qiu)，全(quan)面分析和評估銀(yin)行自身(shen)能力(li)，確(que)定主要(yao)目標(biao)客戶(hu)、服務領域和服務戰略(lve)，在此基(ji)(ji)礎(chu)上建立(li)合理有效的(de)(de)特色化產(chan)(chan)品(pin)設計機(ji)制(zhi)(zhi)，從(cong)而掌握產(chan)(chan)品(pin)定價(jia)權。其次，加快完(wan)善信(xin)(xin)息披露(lu)機(ji)制(zhi)(zhi)。推(tui)動商(shang)(shang)業(ye)銀(yin)行建立(li)完(wan)整的(de)(de)事(shi)(shi)前、事(shi)(shi)中和事(shi)(shi)后信(xin)(xin)息披露(lu)制(zhi)(zhi)度(du)，為投(tou)資(zi)者提供方便、及時、準確(que)的(de)(de)資(zi)產(chan)(chan)變(bian)(bian)動、期末(mo)資(zi)產(chan)(chan)估值、資(zi)產(chan)(chan)池變(bian)(bian)動等重要(yao)信(xin)(xin)息，加大對基(ji)(ji)礎(chu)資(zi)產(chan)(chan)后續風(feng)險狀況的(de)(de)持續監(jian)控力(li)度(du)。

（二）創新中間目標和工(gong)具，提高貨幣政策(ce)效果

拓展貨(huo)(huo)幣(bi)供(gong)應量(liang)統計(ji)范圍，將(jiang)理(li)財(cai)產品等納入社會(hui)融(rong)資總量(liang)的(de)(de)統計(ji)范疇和(he)調(diao)控對象(xiang)，將(jiang)社會(hui)融(rong)資總量(liang)和(he)更廣義的(de)(de)貨(huo)(huo)幣(bi)供(gong)應量(liang)作為貨(huo)(huo)幣(bi)政(zheng)策(ce)調(diao)控的(de)(de)參考指標(biao)；穩步推進利率(lv)市場化改革步伐，降低商業銀行(xing)發行(xing)理(li)財(cai)產品的(de)(de)積極性，提(ti)高(gao)貨(huo)(huo)幣(bi)政(zheng)策(ce)傳導效果；考慮(lv)實施通貨(huo)(huo)膨(peng)脹目標(biao)制，創新貨(huo)(huo)幣(bi)政(zheng)策(ce)工具，穩定物價。

（三）加強(qiang)監管協調，將理財業(ye)務納入宏觀審慎政(zheng)策框架

在遵循(xun)全面覆蓋的(de)(de)基礎上，消除(chu)金融(rong)市場(chang)(chang)監(jian)管(guan)真空和(he)監(jian)管(guan)盲點(dian)，以整個金融(rong)體系為(wei)(wei)(wei)監(jian)管(guan)對(dui)象的(de)(de)宏觀(guan)(guan)審(shen)慎(shen)監(jian)管(guan)機(ji)制，是(shi)一個健全穩定的(de)(de)金融(rong)體系的(de)(de)重要(yao)基石(shi)。對(dui)具有系統重要(yao)性的(de)(de)機(ji)構實施(shi)(shi)更審(shen)慎(shen)的(de)(de)監(jian)管(guan)措施(shi)(shi)，建(jian)立(li)較嚴格的(de)(de)監(jian)管(guan)標(biao)準(zhun)和(he)風(feng)險底限(xian)標(biao)準(zhun)。以防范(fan)系統性風(feng)險為(wei)(wei)(wei)目標(biao)，建(jian)立(li)金融(rong)監(jian)管(guan)聯動(dong)機(ji)制。規范(fan)金融(rong)市場(chang)(chang)經(jing)營行為(wei)(wei)(wei)，運(yun)用宏觀(guan)(guan)審(shen)慎(shen)監(jian)管(guan)的(de)(de)政策工具，規范(fan)各類主體的(de)(de)經(jing)營行為(wei)(wei)(wei)。

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