博弈论视角下新时代金融体系协同融合机制研究——兼论对金融创新与监管的启示

Research on the Coordination Mechanism of Financial System in the New Era from the Perspective of Game Theory——Also on the Enlightenment of Financial Innovation and Supervision

新时代背景下,为解决现有金融创新与监管机制的"二元价值观"分离弊端,提出金融体系协同融合机制。首先,为论证该机制相对于传统机制的优越性,分别构建纳什非合作与协同合作微分博弈模型,分析金融监管机构与金融机构的最优策略、体系收益及影响要素。其次,利用演化博弈理论推演金融体系协同融合的动态演化过程,验证引导金融体系走向协同融合关键要素的有效性。最后,综合理论论证结果得出:(1)作为建立在决策主体信息共享和相互信任基础之上的更高程度、更深层次的金融创新监管机制,新时代金融协同融合机制满足帕累托体系最优效应;(2)考虑到实际金融市场环境中信息不对称性及不完全契约性,新时代金融协同融合机制会面临诸如机会主义等严峻的风险,需要在动态演化过程中通过激励与监管手段不断引导逐步形成有机整体;(3)着力推进金融体系"全面化、精细化、效率化、透明化"的协同发展格局,完善以金融公平为导向的"刚性约束"和"柔性引导"制度建设,实现协同融合跃升式发展。

In order to solve the shortcomings of the separation of the"dual values"of the existing financial innovation and regulatory mechanisms,we propose the coordination mechanism of financial system.Firstly,to demonstrate the advantage of the mechanism over the traditional ones,we construct the Nash non-cooperative game model and coordinated cooperation game model respectively,and analyze the optimal strategy and payoff of financial regulatory institutions and financial institutions.Then,we use the evolutionary game theory to derive the dynamic evolution process of the financial system’s synergy,and verify the effectiveness of the key factors that lead the financial system to synergy.Finally,we integrate the above theoretical verification and draw conclusions as follows:(1)As a higher and deeper level of financial innovation supervision mechanism based on information sharing and mutual trust of decision-making bodies,the coordination mechanism of financial system in the new era satisfies the Pareto optimality;(2)Regarding to the information asymmetry and incomplete contractuality in the actual financial market environment,the coordination mechanism of financial system in the new era will also face severe risks such as opportunism,so the government is supposed to continuously guide the financial system to compose an organic entirety by means of incentives and supervision in the process of dynamic evolution;(3)The whole system should pull together to promote the coordinated development pattern of"generalization,refinement,efficiency and transparency",perfecting the institutional construction of"rigid constraints"and"flexible guidance"based on financial fairness and achieving synergistic integration development.