市場型金融創新法律監管路徑的反思與超越

Rethinking and Transcendence of the Legal Supervision Path of Market-oriented Financial Innovation

市場型金融創新凸顯了規範與現實之間的衝突。無論是選擇性監管路徑，還是規則擴張式監管路徑，抑或是以監管沙箱為代表的實驗式監管路徑，都不能很好地解決該衝突。以上三種路徑，都是在“術”的層面上展開。為了超越以上三種路徑，我國應在“道”的層面上進行理念與制度完善，即我國需要完善金融法治基礎，建構金融法治哲學，制定《金融法典》或《金融法總則》，創新金融法的更新機制，創建市場型金融創新合法性裁定制度，完善市場型金融創新的法律責任，以便進一步提升我國對市場型金融創新監管的法治化水平。

Market-oriented financial innovation reveals the conflicts between norms and reality. The selective regulatory path, the rule expansion regulatory path, and the experimental regulatory path represented by the regulatory sandbox, cannot solve the conflicts well. The above three paths are all carried out at the level of “method”. In order to surpass the above three paths, China needs to improve the concept and system at the level of “essence”, i. e. , strengthening the foundation of financial rule of law, shaping the philosophy of financial rule of law, formulating the Financial Code or the General Provisions of Financial Law, innovating the renewal mechanism of financial law, creating the legitimacy ruling system of market-oriented financial innovation, and improving the legal responsibility of market-oriented financial innovation so as to enhance its level of rule of law in the supervision of market - oriented financial innovation.