美国金融监管的法律与政策困局之反思——兼及对我国金融监管之启示

A Reflection on the Dilemma of American Financial Supervision Law and Policy

对美国金融监管困局的反思表明,多年来"做大"金融市场份额即等同于提升市场竞争力的迷思,使美国陷入了监管失效的困境。同时,美国现行联邦和州多重监管的体制,导致监管成本高企、效率低下、监管重叠与监管真空并存、"监管竞次"和"监管套利"等重重积弊。此外,过于陈旧落后而不适应虚拟经济形态的的金融法规、以及金融监管部门屡被特殊利益集团俘获,更直接导致了监管灾难。鉴此,我国必须走出金融法"唯美(美国)主义"之陷阱,信守金融监管保护投资者之基础价值,彻底反思并重构不适应虚拟经济形态的金融法规,并运用"分期治理"之政治智慧推动金融监管框架之完善,将金融监管规则真正还原为市场和技术规则,而不是人际和政治之术。

The reflection on the financial control perplexity indicates that expanding the financial market shares equates enhancing the market competitiveness, which turns out to be kind of myth, leads to the finan- cial control failure of United States. In the meanwhile, the multi - level control system resulting from the Fed- eral and State superviosry administrations produces the costly but inefficient financial control, the coexistence of duplicate regulation and regulatory gap, race - to - the - bottom regulation and regulatory arbitrage. In addi- tion, the outdated financial institution failing to meet the challenges of the new economy and the fact that finan- cial regulators had been captured by the interests group induce the control calamity. For those reasons, China should not always follow the footsteps of America, but should adhere to the underlying value of financial control and improve the outdated financial regulation. Furthermore, with the financial regulation as the market and technical rules but not the interpersonal and political arts in mind, the financial control framework should be improved based on the ＂periodical governance＂ wisdom.