民間金融規制模式探究：硬法困境及軟法崛起

Informal Financial Regulation: Hard Law Dilemma and Soft Law Rise

當下民間金融從互助型融資到多元化金融的轉向，使得硬法層面的民間金融規制弊端愈發凸顯，並因立法嚴格管制和司法適用錯位而形成諸多掣肘。通過運用習慣、契約以及社會內部聲譽壓力等合約執行機制，軟法規制已然在民間金融治理體系中扮演重要作用，其正當性在於透明性與裁量性帶來的規制彈性，而內含的自治範式又能滿足高度差異化的規制訴求。在這種軟法規制基礎上衍生的民間金融“合作規制”新模式，既尋求國家法律的適當幹預以糾正私人治理下的市場失靈，也重視私人關系下非公共機構的自治安排，以擺脫“國家—控制”法範式僵化形成的國家監管失靈。

With the change of informal finance from mutual aid financing to diversified financing, the drawbacks of informal financial legal regulation on hard law level became more serious, and formed many constraints due to the strict control of legislation and the dislocation of the judicial applications. Through the application of contract enforcement mechanism such as habit, contract and internal prestige pressure, soft law regulation increasingly plays an important role in the informal financial system. Its legitimacy lies in its transparency, discretion, and inherent autonomy paradigm which also meets the highly differentiated regulatory demands. Deriving from the soft law regulation, this new coregulation model of informal finance would be contributed to rectify the market failure under private governance as well as the national management failure due to law paradigm rigid.