金融监管与金融发展:理论框架与实证检验

本文运用80个国家的数据首次系统检验了各种金融监管理论的有效性。我们首先从理论上划分了关于金融监管的四种理论:公共利益理论、政治理论、权衡理论和法律理论。最后实证检验结果基本上支持政治理论、权衡理论和法律理论,但并不支持公共利益理论。在中国金融全面开放的背景下,积极进行国有金融产权制度改革、加强银行业的竞争水平、提高金融监管机构的独立性、改善投资者权利的法律保护以及扩大社会的开放,对中国金融的进一步发展具有重大的意义。

The paper empirically studies the effectiveness of financial supervision theories by testing the data in 80 countries for the first time. The authors review four theories about financial supervision, such as public interest theory, political theory, trade off theory and law theory. The final empirical test results support the trade off theory, law theory, and political theory. But the data provide no evidence for public interest theory. With the further financial opening, the reform of state-owned financial property rights institution, improvement of independence of financial supervision agency, strengthening legal protection of investor rights, and expanding the openness, are the key factors to China's financial development in the future.