大而不倒、利益沖突與權義平衡－－系統重要性金融機構監管制度的法理構造

Too Big to Fail, Conflict of Interest and the Balance between Rights and Obligations: Legal Structure of Regulation of Systemically Important Financial Institutions(SIFIs)

SIFIs的道德風險、不公平競爭及負外部性等會導致SIFIs與相關主體之間的利益沖突。故SIFIs監管制度的核心是平衡SIFIs與非SIFIs、SIFIs與金融消費者、SIFIs與SIFIs管理層、SIFIs與SIFIs股東債權人、SIFIs母國與東道國等之間的利益沖突。平衡的法律路徑是重新調整各主體的權利與義務，以實現金融安全、金融效率與金融公平之間的法價值平衡。危機後的SIFIs監管改革就是圍繞上述平衡所進行的規則創新。這些創新啟示著我國應基於上述平衡借鑑國際經驗完善SIFIs監管制度：確定SIFIs認定規則並課之以特殊義務；擴大金融消費者保護範圍並課以SIFIs金融消費者保護義務；以管理層薪酬控制為重點完善SIFIs的公司治理；以金融市場約束機制為重點完善SIFIs風險防範與處置制度；依據合作正對等原則完善SIFIs國際監管協調制度。SIFIs's moral hazard. Unfair competition and negative externality are going to result in its con-flict of interest against related subjects. Therefore, the core of SIFIs regulation system is to balance interests be-tween different subjects such as SIFIs and Non-SIFIs,SIFIs and financial consumer, SIFIs and the management layer. SIFIs and stockholders or creditors, and the home country and host country of SIFIs. Equilibrium path of law is to adjust the rights and obligations of subjects, in order to achieve the legal value balance between financial security, financial efficiency and financial fairness. The essence of SIFIs regulatory reform in the post-crisis era is rules of innovation around above balances. which gives us the following enlightening about SIFIs regula-tion system in our country such as determining SIFIs recongnized rules and giving its particular obligations. ex-panding the scope of financial consumer protection and imposing financial consumer protection obligation on SI-FIs. improving the corporate governance of SIFIs with an emphasis on management salary control, perfecting risk prevention and disposal system of SIFIs with an emphasis on financial market constraint mechanism, per-fecting SIFIs international regulatory coordination system on the basis of the principle of cooperation and reci-procity.