我国民间借贷利率管制法治进路的检讨与选择

The Regulation of Interest Rates of Private Lending in China

现行以《关于人民法院审理借贷案件的若干意见》第6条为中心的民间借贷利率管制进路源于相关机构及法律50年来对民间金融的负面道德评价和金融抑制。该进路在上世纪90年代初曾制止了"金融三乱",但在当前民营经济与民间金融发展的背景下,其扭曲资金市场配置、导致逆向选择、妨碍竞争的缺陷日渐凸出,已成为民间金融发展的制度障碍。当前民间金融市场需求与管制进路之间产生了明显的声音隔离效应,而管制本身却仍在强化。我国未来的民间借贷利率管制法治进路应当主动摆脱对利息的道德偏见,构建以《放贷人条例》为核心的监管制度,推行分类引导、动态调整的民间利率管制体系,实现行政事前监管与事后司法监督的良性互动,以推动正规金融利率的市场化。

Regulation of the interest rates on private loans in China under Article 6 of the Opinions of the People＇ s Courts in Hearing Cases Concerning Loans is mainly based on over 50 year＇ s reverse ethic evaluation on private lending and financial repression, which, though successfully prevented financial chaos in the early of 1990s, has in the present circumstances of developing private economy and finance become a barrier to private finance for frustrating financial market allocation scheme, leading to adverse selection and impairing competi- tion. Remarkably, present regulation cannot satisfy the demand of the private financial market, a phenomenon of ＂acoustic separation＂ being observed between them while regulation per se reinforced one-sidedly. It is sup- posed that while formulating the law concerning regulation of loans in the future, we should cast off moral preju- dice, center on regulation of lenders, and endeavor to construct a system that is classification-guided and bears the color of dynamic adjustment and risk-control so as to channel private funds into capital markets and promote interest rate liberalization.