论国家审计对金融行业监管套利的监督——以交叉金融创新为例

A Study on National Audit for Regulatory Arbitrage in the Finance Sector——Based on cross industry financial innovation

监管套利是引发金融危机的重要原因,我国的交叉金融创新已成为监管套利的多发地带,而分业监管模式和微观审慎监管原则又使得交叉金融创新处于监管真空。与其他监管部门不同,国家审计具有非竞争和再监管的特点,可以对金融行业在交叉金融创新中的监管套利进行有效的审计监督。本文阐述了交叉金融创新的监管套利表现,主要包括银信合作的监管套利、银证合作的监管套利和银保合作的监管套利三个方面,在使用博弈模型分析了国家审计参与监督金融行业监管套利的必要性之后,探讨了对监管套利的审计监督内容及强化审计监督的策略。国家审计主要是通过对金融机构及金融监管部门的审计,实现对监管套利行为、监管套利空间以及监管套利根源的监督,对我国的金融稳定和防范金融风险发挥作用。

Regulatory arbitrage is one of the most important reasons of financial crisisIt has become prevalent in the cross-industry financial innovation in China, which is a regulatory gap because of the separate supervision systems and principles of micro prudential supervisionNational audit is different from other forms of supervisionWith charac- teristics of non-competitiveness and re-supervision, it is capable to conduct effective audit supervision on regulatory arbitrage in the financial sector on cross-industry financial innovationFirstly, the paper elaborated real practices of regulatory arbitrage in the cross-industry financial innovation, including cooperation between trust companies and banks, cooperation between securities and banks and cooperation between insurance companies and banksSecondly, we analyzed the necessity of national audit for regulatory arbitrage utilizing the game theory modelLastly, we ana- lyzed the contents and tactics of national audit for regulatory arbitrage based on the above analysisAccording to the paper, national audit exerted audit supervision on the action of regulatory arbitrage, the space of regulatory arbitrage and the source of regulatory arbitrage by auditing financial institution and financial regulation agencies, and played a role in finance stableness and the prevention of finance risks.