中國金融監管體制改革的邏輯與路徑：國際經驗與本土選擇

The Logics and Path of China's Financial Regulatory Structure Reform: International Experiences and Local Choice

近年來，中國金融市場發展迅猛，新型金融組織、業態和產品不斷湧現，給傳統的機構型分業監管模式帶來了重大挑戰，中國金融監管進入大變革時代。在2017年11月設立國務院金融穩定發展委員會後， 2018年3月國務院機構改革方案調整原來的“一行三會”為“一委一行兩會”。此番改革的核心在於加強監管協調，引入功能監管和強化審慎監管，但仍然保留了以行業為基礎的分業監管體制。在監管邏輯上，應當借鑒經濟學的丁伯根法則和公共選擇理論，金融監管應當以統籌防範金融風險為中心，根據金融風險的分類界定監管政策目標，配置相應的政策工具，最大限度地利用協同效應和減少衝突效應，並保障監管部門有能力抵制相關利益集團的負面影響。在改革路徑上，雖然沒有在根本上變革監管模式，但這符合我國現階段金融特點和市 場發展水平，值得充分肯定；但隨著中國金融市場的發展，金融監管體制應當借鑒國際經驗，並結合具體國情，進行監管模式的轉變和創新，從分業監管完全轉為混業監管。在混業監管模式中，不宜採用將各個分業監管機構簡單合為一體的統合監管模式，而應採用目標（雙峰）監管模式，按照行為監管和審慎監管的目標差異劃分監管職責和設立監管機構。

China's financial markets have developed rapidly in recent years, with the emergence of new types of financial organizations, business models and financial products, bringing significant challenges for the traditional institutional sectors-based regulatory framework. In response, China's financial regulation has underg­one significant reforms, including the establishment of the State Council Financial Stability and Development Committee in November 2017 and the organizational adjustment of the State Council in March 2018, as a result of which the previous' one bank, three commissions' changes to 'one committee, one bank and two commissions'. The gist of this reform is to strengthen regulatory coordination, introduce functional regulation and improve prudential regulation, but still keeps the sectors-based regulatory framework. As to regulatory logic, in accordance with Tinbergen's rule and public choice theory, financial regulation should be focused on the prevention of financial risks, identifying the regulatory objectives, finding corresponding policy tools, making most use of synergy effects and minimizing conflict effects, and ensuring that regulators are able to resist the influence of interest politics. In terms of reform approaches, the recent reform does not fundamentally change the regulatory model, which is consistent with the current local conditions in China, but in the long term, with the further development of the markets, China should, by learning from overseas experiences with due consideration of local conditions, make a paradigmatic change to its regulatory model, namely from sectorsbased model to integrated model, and further choose the twin-peaks model rather than the single-regulator model.