公共产品供给型监管:再论金融监管的理念变革与法制表达

Public Goods Supply Regulation: Re-Discussion on the Concept Reform and Legal Expression of Financial Regulation

与以准入、许可和惩戒为主要特征的管控型监管不同,公共产品供给型监管将监管视为公共产品供给,注重监管与产业利益的平衡,从整体治理角度为市场创新提供正外部性,促进监管规则与行业规则、企业规则之间的衔接,强化产业的风险控制能力和对投资者的损害补偿能力。在以中国为代表的后发型、追赶型国家和地区金融的市场化环境下,公共产品供给型监管在优化金融市场基础设施、提高金融监管规则合理性、强化金融监管的市场和社会认同等方面具有比较优势和重要意义。"租金贷"是信用消费领域重要的市场创新,却因长租中介的资金错配和衍生投资而被否定,再次暴露出管控型监管固有的弊端。以公共产品供给型监管为理念,应顺应市场规律、赋予长租中介以资金错配和衍生投资的权利能力,并通过构建类型化准入制度和黑名单制度、强化长租中介的信息披露义务、加强信用评级和信息共享、增加贷款机构的竞争性供给、引入风险准备基金和违约责任险等方式完善配套法律制度建设。

Unlike the controlling regulation with the main characteristics of access, licensing and discipline, public goods supply regulation regards regulation as a supply of public goods, focuses on the balance between regulation and industrial interests, provides positive externality for market innovation from the perspective of overall governance, promotes the connection between regulatory rules and industry rules, business rules, and strengthens the industrial risk managing capabilities and damage compensation capabilities to investors. Under the financial marketoriented environment of latedeveloped and catchup states and regions represented by China, public goods supply regulation has comparative advantages and important significance in optimizing financial market infrastructure, improving the rationality of financial regulation rules, strengthening market and social identification of financial regulation. “Rent loans” is an important market innovation in the field of credit consumption, but it is denied due to the mismatch of funds and derivative investment by longterm leasing agencies, once again exposing the inherent drawbacks of controlling regulation. With the concept of public goods supply regulation, we should comply with the law of market, endow longterm leasing agencies with the right to mismatch of funds and derivative investments, and improve supporting legal systems by constructing a typed access system and blacklist system, strengthening the information disclosure obligations of longterm leasing agencies, enhancing credit rating and information sharing, increasing the competitive supply of loan institutions and introducing risk preparation funds and default liability insurance, etc.