影子银行监管的法制理念与完善策略——以影子银行监管法制比较研究为依据

金融演进的历史就是一部不断创新的历史。影子银行是金融创新的产物,是金融服务发展到一定阶段的成果。脱离公共安全网的影子银行易于引发金融领域的系统性风险,因而包括美国、英国、新加坡在内的许多国家,都通过健全监管法制来努力地确定影子银行的实体和活动,以对其金融活动进行有效监管。本文认为,对影子银行的监管措施应当具有前瞻性和可调整性,既要关注凸显的风险,又要能够根据市场金融形势的变化进行调整。本文参考国际社会影子银行的监管法制经验,建议我国应当树立监管法治化和动态化并重、宏观审慎与微观审慎并重、运营透明性和分离性并重以及金融管制与金融创新并重的理念,并在此基础上完善我国的影子银行监管法律制度。

The history of financial evolution is a history of continuous innovation. Shadow banking is the product of financial innovation and the result of the development of financial services to a certain stage. As the shadow banks that break away from the public safety network are prone to trigger systemic risks in the financial field, many countries, including the United States, the United Kingdom and Singapore, have worked hard to specify the shadow banking entities through sound regula- tory and legal systems to effectively supervise their financial activities. This paper holds that regulatory measures should be forward-looking and adjustable, which should not only focus on the highlighted risks, but also be able to adjust according to changes in the market situation. With reference to the legal experience of regulating shadow banks in international soci- ety, the paper suggests that our country should set up the concept of equal emphasis on the rule of law and regulation, the concept of equal emphasis on both macro-prudence and micro-prndence, the concept of equal emphasis on operational transparency and separation, and the concept of equal emphasis on financial regulation and financial innovation, thus im- proving China＇s shadow banking regulatory legal system.