后危机时代美国金融监管体制改革趋势及对我国的启示

发布时间：2018-10-14 11:22

【摘要】：金融在现代经济中处于核心地位,而金融业在经济发展中的角色也至关重要。然而,金融在促进经济发展的同时,还带来了各种金融风险。因此,如何建立有效金融监管体系并有效地防范金融风险就成为了世界各国面临的共同课题。在经历过2007年的次贷危机之后,主流观点认为,崇尚自由市场经济的美国当局对复杂衍生品的金融创新缺乏金融监管和监管制度缺陷是此次金融危机爆发的主要原因。加强金融监管以应对金融危机已成为全球的共识。纵观世界金融发展历程,它即是一部危机史,也是一部金融监管制度的变革史。以美国为例,1864年的《国民银行法》诞生于美国自由银行时期的银行倒闭潮,同时1929年大危机后出现的《1933年银行法》即《格拉斯——斯蒂格尔法案》成为了强化美国分业监管的标杆,而2010年7月的《多得——库兰克华尔街改革和消费者保护法案》无疑也将成为美国乃至全世界金融监管体制改革进程中的一座里程碑。毋庸置疑的是,美国历次金融监管体制改革都对世界经济和金融制度的革新都起到不可估量的作用,更有学者将美国金融监管体制改革称为世界金融监管体制的范本。作为次贷危机的发源地,美国原金融监管体制存在着诸如缺乏统一监管,无法防范系统性风险,监管重叠,监管效率低下等问题,如何使美国金融监管体制顺应时代的发展,如何改善现有金融监管体系,成了美国新一轮监管改革的首要任务。美国新一轮监管体制改革主要体现了以下五个核心：一是设立系统性风险监管部门,二是减小道德风险,三是调整监管权力结构对金融企业实施审慎性监管,四是设立严格交易规则,五是完善投资者保护体系,六是加强政府高层对金融监管的介入。此次金融改革的趋势,对我国有极大的研究价值,具体表现为：首先加强宏观审慎监管,其次加强金融消费者保护,最后,提倡目标导向监管。在全球性的金融危机和经济大萧条国际背景下,中国在“多米诺骨牌”效应下也难以独善其身,特别是尚未成熟的金融体系和相对滞后的金融监管体制建设,将面临巨大的困难与挑战。我国有必要借鉴美国金融监管的经验教训,总结金融监管体制改革趋势,把握金融监管体制改革方向,结合本国的实际情况,对我国金融监管体制进行有目的的改造：重视审慎性风险监管,逐渐转变金融监管理念；转变现行分业监管模式,实现向不完全统一监管过渡；建立金融消费者保护专属机构,保护中小投资者利益；加强国际金融监管交流与合作等。只有把握好金融监管模式的发展趋势,我国金融监管机构才能跳出“固有思维”,才能成功构建适合中国国情的金融监管体制。
[Abstract]:Finance is at the core of modern economy, and the role of finance in economic development is also very important. However, finance in promoting economic development, but also brought a variety of financial risks. Therefore, how to establish an effective financial supervision system and effectively guard against financial risks has become a common issue facing all countries in the world. After the subprime mortgage crisis in 2007, the mainstream view is that the lack of financial regulation and regulatory system defects in the financial innovation of complex derivatives by the U.S. authorities who advocate free market economy is the main reason for the outbreak of the financial crisis. Strengthening financial supervision to deal with the financial crisis has become a global consensus. Throughout the world financial development, it is not only a crisis history, but also a financial regulatory system reform history. In the United States, for example, the National Banking Act of 1864 was born out of a wave of bank failures during the free banking period in the United States. At the same time, the 1923 Banking Act, known as the Grass-Steagall Act, which emerged after the Great crisis of 1929, became a benchmark for strengthening the regulation of separation in the United States. And the Dodge-Kurank Wall Street Reform and Consumer Protection Act of July 2010 will undoubtedly be a milestone in the reform of the financial regulatory system in the United States and around the world. There is no doubt that every financial regulatory system reform in the United States has played an inestimable role in the innovation of the world economy and financial system, and some scholars have called the reform of the American financial supervision system the model of the world financial regulatory system. As the origin of the subprime mortgage crisis, the original financial supervision system of the United States has problems such as the lack of unified supervision, the inability to prevent systemic risks, the overlapping of supervision, the low efficiency of supervision, and so on. How to make the financial supervision system of the United States conform to the development of the times? How to improve the existing financial regulatory system has become the first task of the new round of regulatory reform in the United States. The new round of regulatory system reform in the United States mainly embodies the following five core points: first, the establishment of a regulatory department for systemic risk; second, the reduction of moral hazard; and third, the adjustment of the regulatory power structure to exercise prudential supervision over financial enterprises. The fourth is to set up strict trading rules, the fifth is to perfect the investor protection system, and the sixth is to strengthen the involvement of the top government in financial supervision. The trend of this financial reform is of great value to our country, which is shown as follows: first, strengthening macro-prudential supervision; secondly, strengthening financial consumer protection; finally, advocating goal-oriented supervision. In the international context of the global financial crisis and the Great Depression, it is difficult for China to get away from the "domino" effect, especially the immature financial system and the relatively lagging financial regulatory system. Will face enormous difficulties and challenges. It is necessary for our country to draw lessons from the experience of American financial supervision, sum up the trend of financial supervision system reform, grasp the direction of financial supervision system reform, and combine the actual situation of our country. To reform the financial supervision system purposefully: pay attention to prudential risk supervision, gradually change the concept of financial supervision, change the current mode of separate supervision, realize the transition to incomplete supervision, establish financial consumer protection exclusive organization, To protect the interests of small and medium-sized investors; to strengthen international financial regulatory exchanges and cooperation. Only if we grasp the development trend of financial supervision mode, can our financial supervision institutions jump out of the "inherent thinking" and successfully construct a financial supervision system suitable for China's national conditions.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.1

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