系统性风险与系统重要性:共识和方向

Systemic Risks and Systemic Importance: Consensus and Future Directions

强化对系统重要性保险机构(G-SIIs和D-SIIs)的监管,目的是防范和化解(金融和保险行业)系统性风险,但必须明确,系统重要性机构虽然是引发系统性风险的重要潜在导因,却并非唯一导因,至少同样重要的还包括系统运行目标和运行规则的设计。此外,如果以我国保险业作为参照系统,研究其是否面临行业系统性风险及其形成机制和演变规律,不能先假定这种风险是内源性的(endogenous),它也可能是外源性的(exogenous),更可能是"外因通过内因起作用"的综合效应。因此,在强化对国内系统重要性保险机构(D-SIIs)监管的同时,更要积极探索行业系统性风险的基本规律,加强行业治理,明确行业风险的监管主体,建立与相关领域的监管协调机制。

The purpose of enhancing the regulation and supervision of Systemically Important Insurers （ G-SIIs and D-SIIs） is to control systemic risks. It should be clarified that, however, the Systemically Important Institutions are only one of potential causes of systemic risks, not the only cause. There exists other factors of at least the same im- portance,including the design of the objective and rules of that system. Taking China＇ s insurance sector as an ex- ample, to study its potential systemic risk,we shouldn＇ t pre-assume the systemic risks of China insurance sector are endogenous, they may be exogenous, or even the result of an exogenous factor worked upon an endogenous factor. Therefore, when strengthening supervision on the D-SIIs , we need to investigate general laws of the systemic risk of China＇ s insurance sector, enhance industry governance, clearly assign the responsible authority, and establish a proper regulatory coordination mechanism.