系统性金融风险治理——基于政策文本的分析

Systemic Financial Risk Governance: An Analysis Based on Policy Texts

党的十九大报告指出,要守住不发生系统性金融风险的底线。在经济金融全球化和自由化的背景下,系统性金融风险不断累积、传播和扩散,亟须将其纳入国家治理体系与治理能力现代化的框架中来。本文从公共管理和风险治理的视角入手,结合注意力分配理论,搭建了"注意力-主体-工具"三维分析框架,对1996~2018年149份中央层面有关系统性金融风险治理的政策文本和23份国务院政府工作报告进行内容分析。结果显示:在注意力维度上,对系统性金融风险治理的注意力配额呈上升趋势,主要分配在金融体系内部;在主体维度上,以政府部门为主导的治理网络初具雏形,但范围狭窄,横向互动性不高;在工具维度上,以行政性工具为主,社会化工具严重缺乏。在此基础上,本文认为可以从这三个维度着手,提高我国政府系统性金融风险治理能力。

The report of the 19th National Congress of the Communist Party of China pointed out that the bottom line of preventing systemic financial risks should be maintained.With the economic and financial globalization and liberalization,systemic financial risks accumulate and spread more quickly and broadly.Therefore,systemic financial risk governance should be involved in the framework of modernizing national governance system and governance capacity.From the perspective of policy subject,policy tool,and policy attention allocation theory,the research built a three-dimensional analysis framework of"attention-subject-tool"and analyzed 149 national policies and 23 national government’s work reports from 1996 to 2018 with content analysis.The results show that in the policy attention dimension,more and more attention is paid to systemic financial risks governance but mainly focuses on financial system.In the subject dimension,the governance network dominated by government departments is taking shape,but the interaction between different departments is not enough.In the policy tool dimension,administrative tools are mainly used and social tools are underused.Based on this,we can also improve systemic financial risk governance capacity from these three aspects.