金融改革须重视金融基础设施建设

Giving Priority to the Construction of Financial Infrastructure in the Financial Reform

金融业是一种"契约密集型产业",需要维护契约执行的良好环境,否则必然会增加交易风险,影响金融市场的健康发展。国际经验证明,发生金融危机的国家,金融基础设施普遍存在缺陷。一国金融基础设施包括法治环境、信息系统和市场支持系统三个重要支柱。从我国情况看,这三个方面都存在一些问题。需要采取以下措施:通过完善立法理念、在现有的法律框架下加强执法强度和明确司法与行政监管的边界等方法解决金融法治问题;通过改革明确监管部门和市场的边界,逐步解决金融监管部门授权不足和授权过度的问题;通过加快金融市场整合改进市场支持系统;通过政策扶持和部门协调完善信息披露系统。

Financial Industry is a kind of ＂contract-intensive industry＂, which should be maintained by good environment. International experience has proved that in financial crisis-stricken countries,defects generally exist in financial infrastructure. mation system, and market support. There are Financial infrastructure includes legislation, infor- some problems in the three aspects in our country Therefore, the problem of legislation should be solved through perfecting the legislation concepts, the problem of insufficient empowerment or excessive empowerment should be solved through reforming and making clear the demarcation between supervision department and market, and the problem of in- formation exposure system should be solved through accelerating the market integration system.