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金(jin)(jin)融(rong)監管(guan)是金(jin)(jin)融(rong)穩健發展的(de)(de)(de)(de)重要保障。在(zai)2023年召開的(de)(de)(de)(de)中央(yang)金(jin)(jin)融(rong)工作(zuo)會議上,習(xi)近平總書記(ji)對(dui)金(jin)(jin)融(rong)監管(guan)工作(zuo)提(ti)(ti)出(chu)了(le)明確(que)的(de)(de)(de)(de)要求,即“切實提(ti)(ti)高(gao)金(jin)(jin)融(rong)監管(guan)有(you)(you)效(xiao)性(xing),依法將所有(you)(you)金(jin)(jin)融(rong)活(huo)動全部納(na)入(ru)監管(guan),全面強化(hua)機構監管(guan)、行(xing)為監管(guan)、功能監管(guan)、穿透式監管(guan)、持續(xu)監管(guan),消除監管(guan)空白和(he)盲區”。這(zhe)意味著,金(jin)(jin)融(rong)監管(guan)不(bu)僅要依法把所有(you)(you)金(jin)(jin)融(rong)活(huo)動納(na)入(ru)監管(guan),還要提(ti)(ti)高(gao)金(jin)(jin)融(rong)監管(guan)的(de)(de)(de)(de)有(you)(you)效(xiao)性(xing),對(dui)監管(guan)能力的(de)(de)(de)(de)建設提(ti)(ti)出(chu)了(le)更(geng)高(gao)、更(geng)大的(de)(de)(de)(de)挑戰。在(zai)近日召開的(de)(de)(de)(de)中央(yang)黨校金(jin)(jin)融(rong)高(gao)質量發展專題研討班(ban)開班(ban)式上,習(xi)近平總書記(ji)又(you)進一步強調:“在(zai)市(shi)場準入、審慎監管、行(xing)為監管等各個環節,都要嚴(yan)格執法,實現金(jin)融監管橫向到(dao)邊、縱(zong)向到(dao)底(di)。”從兩次會議上均提(ti)到(dao)加強金(jin)融領域“行(xing)為監管”這(zhe)一(yi)點,不(bu)難發現(xian)國(guo)(guo)家在金融監(jian)管理(li)念(nian)(nian)方(fang)面的重(zhong)大轉(zhuan)變(bian),強化行(xing)為監(jian)管已(yi)成為我國(guo)(guo)金融監(jian)管理(li)念(nian)(nian)轉(zhuan)變(bian)的必然要求。
“行為(wei)監管”重(zhong)在(zai)保護金融消費者權益(yi)
習(xi)近平總書記強(qiang)調:“要通(tong)過擴大對(dui)外開放,提高(gao)我國(guo)(guo)金(jin)融(rong)資源(yuan)配置效率和能力(li),增強(qiang)國(guo)(guo)際競爭(zheng)力(li)和規則影響(xiang)力(li),穩慎把握好節奏和力(li)度。”
“行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)”是金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)的(de)(de)(de)(de)(de)重(zhong)要(yao)規(gui)則,這一原則廣泛被關注(zhu)始于1995年英國經濟學家邁克·泰勒(le)(Michael Taylor)提(ti)出(chu)的(de)(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)“雙峰”理論(lun)。泰勒(le)在(zai)其(qi)提(ti)出(chu)的(de)(de)(de)(de)(de)理論(lun)中表示,金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)應當(dang)(dang)由兩類相互獨立、目標差異的(de)(de)(de)(de)(de)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)機(ji)(ji)構共同實施監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan),一方(fang)面,金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)要(yao)維護(hu)金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構的(de)(de)(de)(de)(de)穩健經營和(he)金(jin)(jin)(jin)融(rong)(rong)(rong)體系(xi)的(de)(de)(de)(de)(de)穩定(ding)、防范系(xi)統性風險,即(ji)(ji)“審(shen)慎監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)”;另一方(fang)面,金(jin)(jin)(jin)融(rong)(rong)(rong)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)需擔(dan)負起糾正(zheng)金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構的(de)(de)(de)(de)(de)機(ji)(ji)會主義行(xing)(xing)為(wei)(wei)、防止(zhi)欺(qi)詐和(he)不公(gong)(gong)正(zheng)交易、保(bao)障消費者(zhe)權益不受侵(qin)害(hai),維護(hu)金(jin)(jin)(jin)融(rong)(rong)(rong)市(shi)場的(de)(de)(de)(de)(de)公(gong)(gong)平(ping)、公(gong)(gong)正(zheng)與穩健運行(xing)(xing),即(ji)(ji)“行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)”。換言之,審(shen)慎監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)主要(yao)是站在(zai)金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構的(de)(de)(de)(de)(de)角度,在(zai)保(bao)證(zheng)機(ji)(ji)構有足夠的(de)(de)(de)(de)(de)資(zi)本(ben)和(he)流動性來(lai)抵御損失,防止(zhi)金(jin)(jin)(jin)融(rong)(rong)(rong)危機(ji)(ji)發生的(de)(de)(de)(de)(de)前提(ti)下,維護(hu)整個金(jin)(jin)(jin)融(rong)(rong)(rong)系(xi)統的(de)(de)(de)(de)(de)穩定(ding);而(er)行(xing)(xing)為(wei)(wei)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan)則是專注(zhu)于金(jin)(jin)(jin)融(rong)(rong)(rong)市(shi)場的(de)(de)(de)(de)(de)運作方(fang)式和(he)金(jin)(jin)(jin)融(rong)(rong)(rong)機(ji)(ji)構的(de)(de)(de)(de)(de)業務(wu)行(xing)(xing)為(wei)(wei),以(yi)及這些行(xing)(xing)為(wei)(wei)對消費者(zhe)和(he)投(tou)資(zi)者(zhe)的(de)(de)(de)(de)(de)影響,更(geng)偏向(xiang)于從金(jin)(jin)(jin)融(rong)(rong)(rong)市(shi)場中“行(xing)(xing)為(wei)(wei)人”的(de)(de)(de)(de)(de)角度進行(xing)(xing)監(jian)(jian)(jian)(jian)(jian)(jian)管(guan)(guan),以(yi)確(que)保(bao)市(shi)場的(de)(de)(de)(de)(de)公(gong)(gong)正(zheng)性、透明性和(he)效率,保(bao)護(hu)消費者(zhe)免受不公(gong)(gong)平(ping)或不適當(dang)(dang)行(xing)(xing)為(wei)(wei)的(de)(de)(de)(de)(de)傷害(hai)。
縱觀國際(ji)金(jin)融(rong)(rong)(rong)監(jian)(jian)管(guan)發展,絕大多數國家在制定(ding)金(jin)融(rong)(rong)(rong)體(ti)制和(he)監(jian)(jian)管(guan)立法(fa)時(shi),往(wang)(wang)往(wang)(wang)傾向于審慎監(jian)(jian)管(guan),強調(diao)(diao)金(jin)融(rong)(rong)(rong)機(ji)構(gou)在維(wei)護金(jin)融(rong)(rong)(rong)市場(chang)體(ti)系穩(wen)定(ding)方(fang)面的(de)(de)作用。從(cong)2008年(nian)次貸危機(ji)后,才(cai)逐步重視起金(jin)融(rong)(rong)(rong)市場(chang)的(de)(de)行(xing)為(wei)監(jian)(jian)管(guan),開始(shi)強調(diao)(diao)對(dui)金(jin)融(rong)(rong)(rong)機(ji)構(gou)間交(jiao)(jiao)易行(xing)為(wei)的(de)(de)監(jian)(jian)管(guan)和(he)對(dui)金(jin)融(rong)(rong)(rong)消(xiao)費(fei)者(zhe)權益的(de)(de)保護。金(jin)融(rong)(rong)(rong)市場(chang)的(de)(de)交(jiao)(jiao)易主體(ti)包括金(jin)融(rong)(rong)(rong)機(ji)構(gou)和(he)金(jin)融(rong)(rong)(rong)消(xiao)費(fei)者(zhe),金(jin)融(rong)(rong)(rong)市場(chang)的(de)(de)良好運行(xing)需要雙方(fang)的(de)(de)理性參與和(he)公平交(jiao)(jiao)易。金(jin)融(rong)(rong)(rong)產(chan)品及服(fu)務由(you)于其復雜(za)性,金(jin)融(rong)(rong)(rong)消(xiao)費(fei)者(zhe)往(wang)(wang)往(wang)(wang)難(nan)以準(zhun)確地評估(gu)產(chan)品風險,以及交(jiao)(jiao)易過(guo)程中(zhong)的(de)(de)自身權利和(he)義務,金(jin)融(rong)(rong)(rong)消(xiao)費(fei)者(zhe)所遭受的(de)(de)誤導性消(xiao)費(fei)和(he)不公平交(jiao)(jiao)易的(de)(de)概率遠遠大于普通商品交(jiao)(jiao)易。對(dui)于此類問題,僅僅靠審慎監(jian)(jian)管(guan)難(nan)以有效解決,而行(xing)為(wei)監(jian)(jian)管(guan)以保護金(jin)融(rong)(rong)(rong)消(xiao)費(fei)者(zhe)作為(wei)其主要目標,通過(guo)“介入(ru)式”和(he)“前瞻性”的(de)(de)干(gan)預手段來(lai)規(gui)范金(jin)融(rong)機構行為,可有效地與審慎監(jian)管形成(cheng)互(hu)補以更(geng)好地維護金(jin)融(rong)穩定,對(dui)進(jin)一步實現(xian)我國金(jin)融(rong)高質(zhi)量發展具有重要(yao)意義。
強化“行為監管(guan)”的理(li)論基礎和重要(yao)性
習近平總書記指出(chu):“黨的(de)(de)十八大以來,我們積極探(tan)索新時代金(jin)(jin)融(rong)(rong)(rong)(rong)發展規(gui)律,不斷加深對中國(guo)特(te)色(se)社會主義金(jin)(jin)融(rong)(rong)(rong)(rong)本質的(de)(de)認(ren)識,不斷推進金(jin)(jin)融(rong)(rong)(rong)(rong)實踐創(chuang)新、理論創(chuang)新、制度創(chuang)新,積累了(le)寶貴經驗,逐(zhu)步走出(chu)一(yi)條中國(guo)特(te)色(se)金(jin)(jin)融(rong)(rong)(rong)(rong)發展之路,這就是:堅持黨中央對金(jin)(jin)融(rong)(rong)(rong)(rong)工作(zuo)的(de)(de)集中統一(yi)領導,堅持以人民(min)為中心的(de)(de)價值取向,堅持把(ba)金(jin)(jin)融(rong)(rong)(rong)(rong)服(fu)務實體經濟作(zuo)為根本宗旨,堅持把(ba)防(fang)控風險(xian)作(zuo)為金(jin)(jin)融(rong)(rong)(rong)(rong)工作(zuo)的(de)(de)永恒主題。”
行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)經濟(ji)學(xue)中(zhong)(zhong)(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)“有(you)限理(li)(li)(li)(li)性(xing)(xing)(xing)”理(li)(li)(li)(li)論(lun)(lun)、信(xin)息不(bu)對稱(cheng)理(li)(li)(li)(li)論(lun)(lun)和(he)外(wai)部(bu)(bu)(bu)性(xing)(xing)(xing)理(li)(li)(li)(li)論(lun)(lun)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)強化(hua)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)監管和(he)風(feng)(feng)(feng)險防控(kong)提供了有(you)力(li)的(de)(de)(de)(de)(de)(de)(de)(de)理(li)(li)(li)(li)論(lun)(lun)支(zhi)撐。首先,作為(wei)(wei)(wei)(wei)(wei)(wei)(wei)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)經濟(ji)學(xue)分支(zhi)的(de)(de)(de)(de)(de)(de)(de)(de)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)學(xue)秉承對金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)(shi)(shi)場(chang)(chang)投(tou)(tou)(tou)(tou)資(zi)(zi)者(zhe)、消(xiao)費者(zhe)存在(zai)(zai)(zai)決(jue)策行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)“有(you)限理(li)(li)(li)(li)性(xing)(xing)(xing)”和(he)“非理(li)(li)(li)(li)性(xing)(xing)(xing)”的(de)(de)(de)(de)(de)(de)(de)(de)看法,對傳統金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)學(xue)中(zhong)(zhong)(zhong)“理(li)(li)(li)(li)性(xing)(xing)(xing)人”假設提出(chu)了挑戰,認為(wei)(wei)(wei)(wei)(wei)(wei)(wei)在(zai)(zai)(zai)投(tou)(tou)(tou)(tou)資(zi)(zi)決(jue)策過程中(zhong)(zhong)(zhong),投(tou)(tou)(tou)(tou)資(zi)(zi)者(zhe)或(huo)消(xiao)費者(zhe)極易(yi)(yi)受(shou)到(dao)盲目自信(xin)、損(sun)(sun)失厭惡、心(xin)理(li)(li)(li)(li)賬戶效應、錨定效應等有(you)限理(li)(li)(li)(li)性(xing)(xing)(xing)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)的(de)(de)(de)(de)(de)(de)(de)(de)影響,從而(er)產生(sheng)(sheng)投(tou)(tou)(tou)(tou)資(zi)(zi)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)的(de)(de)(de)(de)(de)(de)(de)(de)系統性(xing)(xing)(xing)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)偏(pian)差。此時,若(ruo)缺少行(xing)業(ye)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)監管,加(jia)之(zhi)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構不(bu)能(neng)堅守職業(ye)道德和(he)倫理(li)(li)(li)(li)底(di)線,反而(er)通過放(fang)大(da)消(xiao)費者(zhe)的(de)(de)(de)(de)(de)(de)(de)(de)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)偏(pian)差來追求利益最(zui)大(da)化(hua),終將會(hui)(hui)導(dao)(dao)致(zhi)(zhi)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)(shi)(shi)場(chang)(chang)動(dong)蕩甚(shen)至是(shi)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)危(wei)機(ji);其次,信(xin)息不(bu)對稱(cheng)理(li)(li)(li)(li)論(lun)(lun)認為(wei)(wei)(wei)(wei)(wei)(wei)(wei),金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)消(xiao)費者(zhe)在(zai)(zai)(zai)市(shi)(shi)(shi)(shi)場(chang)(chang)交易(yi)(yi)活動(dong)中(zhong)(zhong)(zhong)往(wang)往(wang)面臨信(xin)息獲取的(de)(de)(de)(de)(de)(de)(de)(de)不(bu)利局面,這種結構性(xing)(xing)(xing)的(de)(de)(de)(de)(de)(de)(de)(de)劣勢(shi)容易(yi)(yi)導(dao)(dao)致(zhi)(zhi)消(xiao)費者(zhe)受(shou)到(dao)可獲取信(xin)息的(de)(de)(de)(de)(de)(de)(de)(de)誤導(dao)(dao),以(yi)及金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構的(de)(de)(de)(de)(de)(de)(de)(de)操縱或(huo)者(zhe)干預(yu),進而(er)可能(neng)遭受(shou)利益上的(de)(de)(de)(de)(de)(de)(de)(de)損(sun)(sun)失;此外(wai),在(zai)(zai)(zai)外(wai)部(bu)(bu)(bu)性(xing)(xing)(xing)理(li)(li)(li)(li)論(lun)(lun)框架下,由于(yu)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)(shi)(shi)場(chang)(chang)并非均(jun)衡(heng)穩定市(shi)(shi)(shi)(shi)場(chang)(chang),運用金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)套利在(zai)(zai)(zai)非均(jun)衡(heng)市(shi)(shi)(shi)(shi)場(chang)(chang)中(zhong)(zhong)(zhong)獲利的(de)(de)(de)(de)(de)(de)(de)(de)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)已經成(cheng)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)常態,這種金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)外(wai)部(bu)(bu)(bu)性(xing)(xing)(xing)主(zhu)要表現在(zai)(zai)(zai)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)資(zi)(zi)產的(de)(de)(de)(de)(de)(de)(de)(de)價格扭曲以(yi)及不(bu)合(he)理(li)(li)(li)(li)的(de)(de)(de)(de)(de)(de)(de)(de)市(shi)(shi)(shi)(shi)場(chang)(chang)交易(yi)(yi)中(zhong)(zhong)(zhong),交易(yi)(yi)主(zhu)體利用金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)衍(yan)(yan)生(sheng)(sheng)品(pin)(pin)或(huo)者(zhe)其他金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)工具(ju)將損(sun)(sun)失風(feng)(feng)(feng)險轉嫁(jia)到(dao)第三方導(dao)(dao)致(zhi)(zhi)潛在(zai)(zai)(zai)負外(wai)部(bu)(bu)(bu)損(sun)(sun)失,如(ru)果缺少有(you)力(li)監管,當市(shi)(shi)(shi)(shi)場(chang)(chang)出(chu)現較大(da)波動(dong)時,市(shi)(shi)(shi)(shi)場(chang)(chang)中(zhong)(zhong)(zhong)的(de)(de)(de)(de)(de)(de)(de)(de)各(ge)類(lei)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)產品(pin)(pin)、各(ge)交易(yi)(yi)關聯方間的(de)(de)(de)(de)(de)(de)(de)(de)相關性(xing)(xing)(xing)會(hui)(hui)急劇升高,導(dao)(dao)致(zhi)(zhi)市(shi)(shi)(shi)(shi)場(chang)(chang)風(feng)(feng)(feng)險指數級積(ji)聚放(fang)大(da),進而(er)造(zao)成(cheng)產生(sheng)(sheng)系統性(xing)(xing)(xing)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)風(feng)(feng)(feng)險的(de)(de)(de)(de)(de)(de)(de)(de)隱(yin)患。美國的(de)(de)(de)(de)(de)(de)(de)(de)次貸(dai)危(wei)機(ji),金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構將底(di)層高風(feng)(feng)(feng)險的(de)(de)(de)(de)(de)(de)(de)(de)房地產抵押貸(dai)款,通過層層打包(bao)形成(cheng)復雜的(de)(de)(de)(de)(de)(de)(de)(de)金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)衍(yan)(yan)生(sheng)(sheng)品(pin)(pin)轉而(er)賣(mai)給(gei)投(tou)(tou)(tou)(tou)資(zi)(zi)者(zhe),并引致(zhi)(zhi)全球金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)危(wei)機(ji)事件(jian)就是(shi)因為(wei)(wei)(wei)(wei)(wei)(wei)(wei)缺少金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)市(shi)(shi)(shi)(shi)場(chang)(chang)行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei)監管,金(jin)(jin)(jin)融(rong)(rong)(rong)(rong)機(ji)構基于(yu)投(tou)(tou)(tou)(tou)資(zi)(zi)者(zhe)的(de)(de)(de)(de)(de)(de)(de)(de)“非理(li)(li)(li)(li)性(xing)(xing)(xing)”行(xing)為(wei)(wei)(wei)(wei)(wei)(wei)(wei),利用信(xin)息不(bu)對稱(cheng)進而(er)造(zao)成(cheng)負外(wai)部(bu)(bu)(bu)性(xing)(xing)(xing)損(sun)(sun)失的(de)(de)(de)(de)(de)(de)(de)(de)重要體現。
近年來,發生在我國(guo)金(jin)融行(xing)業(ye)損(sun)害消費(fei)者權益的(de)(de)事(shi)件(jian)(jian)也有出現。P2P網(wang)絡(luo)借貸平臺的(de)(de)倒閉逃逸(yi)事(shi)件(jian)(jian),以及“e租寶”“錢寶網(wang)”等非法(fa)集(ji)資案(an)件(jian)(jian)的(de)(de)曝光,不僅(jin)損(sun)害了(le)消費(fei)者的(de)(de)利益,也削弱(ruo)(ruo)了(le)金(jin)融市場的(de)(de)整體(ti)公信力,增(zeng)加了(le)金(jin)融體(ti)系潛在的(de)(de)脆弱(ruo)(ruo)性(xing)(xing),提高(gao)了(le)發生大規模系統性(xing)(xing)風(feng)險的(de)(de)可能。突出和強調行為監管是防范和化(hua)解(jie)我國(guo)金融風(feng)險的重點工作和內在要(yao)求(qiu)。具體可以(yi)體現在以(yi)下三個(ge)方面。
一、強化行為監管能夠對(dui)市場不當(dang)行為形成強大的威懾力,切實維護金融消費者權益(yi)。通過設立專(zhuan)門的(de)行為(wei)監(jian)(jian)管機(ji)構(gou)(gou),明確界定市(shi)場行為(wei)規(gui)(gui)范與(yu)監(jian)(jian)管策(ce)略(lve),可以有效打(da)擊市(shi)場欺詐、操(cao)縱及其他不(bu)(bu)當行為(wei)。這(zhe)種監(jian)(jian)管不(bu)(bu)僅(jin)包括對金融(rong)從業(ye)者(zhe)(zhe)行為(wei)的(de)持(chi)(chi)續監(jian)(jian)督和(he)審查,確保(bao)其在交易中遵(zun)循法律(lv)和(he)倫理(li)標準(zhun),而且(qie)還(huan)(huan)涉及對消(xiao)費(fei)者(zhe)(zhe)的(de)保(bao)護,做到(dao)“堅持(chi)(chi)以人民為(wei)中心的(de)價值取(qu)向”,使其不(bu)(bu)受(shou)不(bu)(bu)公(gong)平交易和(he)信息不(bu)(bu)透明的(de)影響。此外,行為(wei)監(jian)(jian)管機(ji)構(gou)(gou)能夠通過迅速識別違(wei)規(gui)(gui)行為(wei)并及時處罰(fa)來提高(gao)違(wei)規(gui)(gui)成本(ben),這(zhe)不(bu)(bu)僅(jin)有助于恢復消(xiao)費(fei)者(zhe)(zhe)對金融(rong)市(shi)場的(de)信任,還(huan)(huan)能夠促進市(shi)場的(de)公(gong)平性(xing)和(he)透明度。
二、通過采(cai)取(qu)“干預性”和“前瞻性”的監管策略,行(xing)為監管能夠有效地對金融市場的潛在風險進行(xing)早期干預和規范(fan)化管理。與傳統審(shen)慎(shen)監(jian)管(guan)(guan)(guan)更(geng)側(ce)(ce)重(zhong)于(yu)對金(jin)融產(chan)品(pin)(pin)事前審(shen)批(pi)和事后(hou)處罰不同(tong)的(de)(de)(de)是(shi),行(xing)為(wei)監(jian)管(guan)(guan)(guan)更(geng)側(ce)(ce)重(zhong)于(yu)保(bao)護消(xiao)(xiao)費(fei)者(zhe)權益(yi),特別是(shi)在金(jin)融產(chan)品(pin)(pin)準入(ru)階段的(de)(de)(de)考(kao)量,例如(ru),行(xing)為(wei)監(jian)管(guan)(guan)(guan)會對金(jin)融產(chan)品(pin)(pin)的(de)(de)(de)設計(ji)進行(xing)評估,確保(bao)其在宣傳手段、收益(yi)結(jie)構(gou)等方面(mian)(mian)不會對消(xiao)(xiao)費(fei)者(zhe)權益(yi)造成損害。這(zhe)種(zhong)監(jian)管(guan)(guan)(guan)方式涉及(ji)對產(chan)品(pin)(pin)設計(ji)和市(shi)場(chang)行(xing)為(wei)的(de)(de)(de)持續監(jian)督(du),一旦發(fa)現潛在的(de)(de)(de)問題,監(jian)管(guan)(guan)(guan)機構(gou)可以(yi)迅速采取措施,包括終止產(chan)品(pin)(pin)的(de)(de)(de)市(shi)場(chang)上(shang)市(shi),以(yi)防止對更(geng)廣泛市(shi)場(chang)的(de)(de)(de)負面(mian)(mian)影響。這(zhe)種(zhong)主動和預防性的(de)(de)(de)監(jian)管(guan)(guan)(guan)方法有助于(yu)提升金(jin)融市(shi)場(chang)的(de)(de)(de)整體穩定(ding)性和消(xiao)(xiao)費(fei)者(zhe)的(de)(de)(de)信心。
三、行(xing)為監管通過矯正消費者(zhe)的(de)行(xing)為決策偏差(cha),有(you)助于(yu)塑(su)造一個(ge)健康有(you)序的(de)金(jin)融(rong)生態并提(ti)高公眾(zhong)金(jin)融(rong)素養。正(zheng)如前文所述,考慮到金(jin)(jin)融(rong)(rong)市(shi)(shi)場并非完全有(you)效(xiao)(xiao)以(yi)及消(xiao)費(fei)者可(ke)能的(de)(de)(de)(de)非理性(xing)(xing)行(xing)為(wei)(wei),金(jin)(jin)融(rong)(rong)消(xiao)費(fei)者在決策(ce)時(shi)更(geng)易(yi)受到認知偏差(cha)的(de)(de)(de)(de)影響(xiang)。隨(sui)著技術的(de)(de)(de)(de)進步,金(jin)(jin)融(rong)(rong)產(chan)(chan)品的(de)(de)(de)(de)分(fen)銷渠道不(bu)斷(duan)拓寬,金(jin)(jin)融(rong)(rong)跨地區(qu)、跨領(ling)域、跨市(shi)(shi)場產(chan)(chan)生的(de)(de)(de)(de)交叉風險(xian)也隨(sui)之增(zeng)加(jia),市(shi)(shi)場環境(jing)的(de)(de)(de)(de)復(fu)雜性(xing)(xing)進一步放大了消(xiao)費(fei)者的(de)(de)(de)(de)行(xing)為(wei)(wei)偏差(cha),導(dao)致負外部效(xiao)(xiao)應(ying)的(de)(de)(de)(de)加(jia)速擴散(san)。合理的(de)(de)(de)(de)行(xing)為(wei)(wei)監管(guan)不(bu)僅可(ke)以(yi)限制金(jin)(jin)融(rong)(rong)機構的(de)(de)(de)(de)不(bu)當交易(yi)行(xing)為(wei)(wei),還可(ke)以(yi)為(wei)(wei)金(jin)(jin)融(rong)(rong)消(xiao)費(fei)者提供一道防火(huo)墻,有(you)效(xiao)(xiao)地矯正(zheng)他(ta)們決策(ce)過程中的(de)(de)(de)(de)系統性(xing)(xing)行(xing)為(wei)(wei)偏差(cha),在構建和諧有(you)序的(de)(de)(de)(de)金(jin)(jin)融(rong)(rong)環境(jing)的(de)(de)(de)(de)同時(shi),促(cu)進公(gong)眾金(jin)(jin)融(rong)(rong)素養的(de)(de)(de)(de)提升,從而作出更(geng)加(jia)明智的(de)(de)(de)(de)金(jin)(jin)融(rong)(rong)決策(ce)。我國金融(rong)“行為(wei)監管”的發(fa)力方向(xiang)
在(zai)(zai)過(guo)(guo)去(qu)四十余年(nian)的(de)(de)發(fa)展過(guo)(guo)程中(zhong),中(zhong)國的(de)(de)金(jin)融監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)體(ti)系經歷了(le)深刻的(de)(de)結構(gou)變革,從中(zhong)國人民銀(yin)行(xing)(xing)主(zhu)導的(de)(de)集中(zhong)式監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)模式,逐(zhu)步演變至“一(yi)(yi)行(xing)(xing)三會(hui)”,再到“一(yi)(yi)行(xing)(xing)兩會(hui)”,最(zui)終形成“一(yi)(yi)行(xing)(xing)一(yi)(yi)局一(yi)(yi)會(hui)”的(de)(de)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)架(jia)構(gou)。2008年(nian)全球金(jin)融危機后,為(wei)(wei)(wei)了(le)適應國際金(jin)融環境的(de)(de)變化(hua),中(zhong)國借(jie)鑒了(le)國際上成熟(shu)的(de)(de)行(xing)(xing)為(wei)(wei)(wei)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)經驗(yan),致力(li)于(yu)不斷(duan)完(wan)善(shan)金(jin)融消費者權(quan)(quan)(quan)益的(de)(de)保(bao)(bao)護(hu)機制(zhi),逐(zhu)步建立起(qi)分(fen)(fen)業監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)體(ti)系下(xia)(xia)的(de)(de)“內雙峰”金(jin)融監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)模式。在(zai)(zai)這(zhe)一(yi)(yi)模式下(xia)(xia),各金(jin)融監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)機構(gou)內部(bu)設置專門負(fu)責相關行(xing)(xing)業消費者權(quan)(quan)(quan)益保(bao)(bao)護(hu)的(de)(de)部(bu)門,如人民銀(yin)行(xing)(xing)下(xia)(xia)設金(jin)融消費權(quan)(quan)(quan)益保(bao)(bao)護(hu)局(現(xian)劃入金(jin)融市場司)、金(jin)融監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)總局下(xia)(xia)設金(jin)融消費者保(bao)(bao)護(hu)局、證監(jian)(jian)(jian)(jian)會(hui)下(xia)(xia)設投資者保(bao)(bao)護(hu)局等,然(ran)而這(zhe)些部(bu)門僅(jin)(jin)僅(jin)(jin)是(shi)在(zai)(zai)審慎監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)框架(jia)下(xia)(xia)作為(wei)(wei)(wei)內部(bu)分(fen)(fen)工,監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)職能(neng)和權(quan)(quan)(quan)責界(jie)定仍有模糊,造成出(chu)現(xian)過(guo)(guo)度監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)和監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)真空的(de)(de)情形。此外,隨著市場不斷(duan)深化(hua),金(jin)融產品所(suo)呈現(xian)的(de)(de)復雜化(hua)、多樣化(hua)的(de)(de)趨勢又對金(jin)融監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)專業性提出(chu)了(le)更高的(de)(de)要求(qiu)。因(yin)此,為(wei)(wei)(wei)了(le)推動中(zhong)國金(jin)融行(xing)(xing)為(wei)(wei)(wei)監(jian)(jian)(jian)(jian)管(guan)(guan)(guan)向(xiang)高質量發(fa)展轉型,以下(xia)(xia)幾點建議值(zhi)得考(kao)慮。
一、優化行為監管(guan)機制頂(ding)層設(she)計。當(dang)前我國正進(jin)行(xing)新一輪(lun)高水平(ping)對外開放。隨著(zhu)金(jin)融市場對外開放程度的(de)(de)(de)加深,不僅需要應對國際(ji)金(jin)融市場風險的(de)(de)(de)沖擊,而(er)且對本土金(jin)融監(jian)(jian)(jian)(jian)管(guan)(guan)的(de)(de)(de)有效性和(he)風險防控能力提出了更為(wei)嚴峻的(de)(de)(de)挑戰。在(zai)這一背景下(xia)(xia),現階段我國行(xing)為(wei)監(jian)(jian)(jian)(jian)管(guan)(guan)改革,應在(zai)黨的(de)(de)(de)領導下(xia)(xia)不斷深化(hua)“內雙(shuang)峰(feng)(feng)”監(jian)(jian)(jian)(jian)管(guan)(guan)模式(shi),以強化(hua)行(xing)為(wei)監(jian)(jian)(jian)(jian)管(guan)(guan)功能為(wei)基礎,積極探索(suo)“雙(shuang)峰(feng)(feng)”監(jian)(jian)(jian)(jian)管(guan)(guan)模式(shi)的(de)(de)(de)發展路徑,樹立(li)(li)“雙(shuang)峰(feng)(feng)”監(jian)(jian)(jian)(jian)管(guan)(guan)理(li)念,強化(hua)行(xing)為(wei)監(jian)(jian)(jian)(jian)管(guan)(guan)意(yi)識,并推(tui)動獨立(li)(li)的(de)(de)(de)行(xing)為(wei)監(jian)(jian)(jian)(jian)管(guan)(guan)機(ji)構建(jian)設,以確保其(qi)在(zai)與審慎監(jian)(jian)(jian)(jian)管(guan)(guan)并行(xing)的(de)(de)(de)金(jin)融監(jian)(jian)(jian)(jian)管(guan)(guan)體(ti)系(xi)中(zhong)占據相對獨立(li)(li)和(he)關鍵的(de)(de)(de)地位。
二、建立健全行為監(jian)管問責機制。行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)監(jian)管(guan)(guan)(guan)的(de)(de)(de)組織(zhi)結構(gou)(gou)和(he)(he)執(zhi)行(xing)(xing)(xing)(xing)策略盡管(guan)(guan)(guan)是監(jian)管(guan)(guan)(guan)成(cheng)功(gong)的(de)(de)(de)關鍵因(yin)素,但其合理性和(he)(he)效(xiao)率最(zui)終應(ying)通(tong)過監(jian)管(guan)(guan)(guan)成(cheng)效(xiao)來衡(heng)量。在(zai)金融(rong)(rong)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)監(jian)管(guan)(guan)(guan)實踐(jian)過程中,應(ying)避(bi)免僅在(zai)出現(xian)消費者權益受損問題發(fa)生后(hou)對金融(rong)(rong)機(ji)構(gou)(gou)和(he)(he)從業人(ren)員進(jin)行(xing)(xing)(xing)(xing)無(wu)差別的(de)(de)(de)處罰。對于(yu)單(dan)一金融(rong)(rong)機(ji)構(gou)(gou)的(de)(de)(de)違規行(xing)(xing)(xing)(xing)為(wei)(wei)(wei),監(jian)管(guan)(guan)(guan)機(ji)構(gou)(gou)應(ying)集中資源專(zhuan)注于(yu)解決具體問題。然而(er),若出現(xian)多個機(ji)構(gou)(gou)同(tong)時違規的(de)(de)(de)情形,則可能(neng)反(fan)映出存在(zai)于(yu)監(jian)管(guan)(guan)(guan)規則設計或(huo)執(zhi)行(xing)(xing)(xing)(xing)層面中的(de)(de)(de)系統性問題,此時監(jian)管(guan)(guan)(guan)機(ji)構(gou)(gou)應(ying)深(shen)入分析原因(yin),并采取相應(ying)的(de)(de)(de)改進(jin)措施。問責(ze)制(zhi)度(du)的(de)(de)(de)目標在(zai)于(yu)確保行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)監(jian)管(guan)(guan)(guan)部門及其官員能(neng)夠負責(ze)任地執(zhi)行(xing)(xing)(xing)(xing)政策和(he)(he)規則,避(bi)免因(yin)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)監(jian)管(guan)(guan)(guan)工(gong)(gong)作的(de)(de)(de)復雜性及其潛在(zai)的(de)(de)(de)不(bu)(bu)確定性而(er)采取逃避(bi)責(ze)任或(huo)不(bu)(bu)作為(wei)(wei)(wei)的(de)(de)(de)行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)。同(tong)時,問責(ze)機(ji)制(zhi)也可以(yi)防止監(jian)管(guan)(guan)(guan)工(gong)(gong)作走向另一個極端,即通(tong)過過度(du)監(jian)管(guan)(guan)(guan)抑(yi)制(zhi)金融(rong)(rong)體系的(de)(de)(de)活力和(he)(he)創新(xin),這同(tong)樣可被視(shi)為(wei)(wei)(wei)監(jian)管(guan)(guan)(guan)不(bu)(bu)當。行(xing)(xing)(xing)(xing)為(wei)(wei)(wei)監(jian)管(guan)(guan)(guan)問責(ze)機(ji)制(zhi)的(de)(de)(de)建立,可以(yi)實現(xian)在(zai)嚴格(ge)監(jian)管(guan)(guan)(guan)和(he)(he)保障(zhang)金融(rong)(rong)市(shi)場(chang)活力之間(jian)的(de)(de)(de)平衡(heng),從而(er)促進(jin)金融(rong)(rong)市(shi)場(chang)的(de)(de)(de)穩定和(he)(he)健康發(fa)展(zhan)。
三、加強行(xing)為(wei)監管領域人(ren)才(cai)隊伍建(jian)設。行(xing)(xing)為(wei)(wei)監管(guan)(guan)機構(gou)應(ying)投入必要(yao)的(de)(de)(de)資(zi)源(yuan)來(lai)培養和(he)(he)吸收具(ju)有(you)(you)高(gao)度專業知識和(he)(he)技能的(de)(de)(de)人才,特別是提升對(dui)行(xing)(xing)為(wei)(wei)經濟(ji)(ji)學(xue)(xue)(xue)理(li)(li)論(lun)知識的(de)(de)(de)理(li)(li)解(jie)和(he)(he)應(ying)用(yong)。行(xing)(xing)為(wei)(wei)經濟(ji)(ji)學(xue)(xue)(xue)融(rong)合了(le)經濟(ji)(ji)學(xue)(xue)(xue)和(he)(he)心(xin)理(li)(li)學(xue)(xue)(xue)的(de)(de)(de)理(li)(li)論(lun),對(dui)理(li)(li)解(jie)市場參與者的(de)(de)(de)非理(li)(li)性(xing)行(xing)(xing)為(wei)(wei)提供了(le)重要(yao)視角,同(tong)時也有(you)(you)利(li)于監管(guan)(guan)者設(she)(she)計出行(xing)(xing)之有(you)(you)效的(de)(de)(de)行(xing)(xing)為(wei)(wei)監管(guan)(guan)政(zheng)策(ce)(ce)和(he)(he)監督機制,促進金融(rong)行(xing)(xing)為(wei)(wei)監管(guan)(guan)的(de)(de)(de)有(you)(you)效實(shi)施。例(li)如(ru)行(xing)(xing)為(wei)(wei)監管(guan)(guan)單位(wei)應(ying)加強監管(guan)(guan)者對(dui)各(ge)類“去(qu)偏策(ce)(ce)略”設(she)(she)計原理(li)(li)的(de)(de)(de)學(xue)(xue)(xue)習,了(le)解(jie)如(ru)何運用(yong)行(xing)(xing)為(wei)(wei)經濟(ji)(ji)的(de)(de)(de)研究(jiu)成(cheng)果(guo)來(lai)設(she)(she)計和(he)(he)實(shi)施行(xing)(xing)為(wei)(wei)干預策(ce)(ce)略,通過相應(ying)的(de)(de)(de)行(xing)(xing)為(wei)(wei)監管(guan)(guan)制度安排引導(dao)金融(rong)投資(zi)、消(xiao)費者向更理(li)(li)性(xing)的(de)(de)(de)選擇方向發展,并約(yue)束(shu)金融(rong)機構(gou)的(de)(de)(de)不正當(dang)行(xing)(xing)為(wei)(wei),提高(gao)監管(guan)(guan)的(de)(de)(de)效率和(he)(he)效果(guo);此外,行(xing)(xing)為(wei)(wei)監管(guan)(guan)部門還應(ying)加強與行(xing)(xing)為(wei)(wei)經濟(ji)(ji)學(xue)(xue)(xue)界的(de)(de)(de)交流(liu)合作,積極開展行(xing)(xing)為(wei)(wei)監管(guan)(guan)的(de)(de)(de)聯合研究(jiu),吸收更多行(xing)(xing)為(wei)(wei)經濟(ji)(ji)學(xue)(xue)(xue)前沿理(li)(li)論(lun)成(cheng)果(guo)指導(dao)監管(guan)(guan)實(shi)踐。
我們相信,在黨的(de)領導(dao)下,在推動金(jin)(jin)融(rong)高質量發(fa)展、建(jian)設(she)金(jin)(jin)融(rong)強(qiang)國的(de)征程中,中國的(de)金(jin)(jin)融(rong)市場必將(jiang)呈現出更加有(you)效、公正、透明和充滿活力的(de)面貌。因此,中國年輕(qing)一代有(you)充分(fen)的(de)理由對(dui)未來(lai)的(de)金(jin)(jin)融(rong)市場抱有(you)美好(hao)的(de)期待。