市场失灵、行为监管与金融消费者权益保护研究

Market Failures, Behavior Regulations and Financial Consumer Protections

金融消费者权益保护缺失,是引发次贷危机的重要原因。本文依托新古典经济学和行为经济学的相关理论,阐明由于市场失灵,导致市场机制无法从根本上解决金融消费者权益保护的问题。金融消费者权益保护是金融机构自身持续、稳健发展的本质要求,行为监管是金融业监管的重要组成部分。而当前我国金融消费者权益保护仍存在不足,突出表现在以下五个方面的不平衡:一是消费者权益保护重要性与保护理念不足;二是金融消费者维权意识提升与其金融知识水平相对滞后;三是预防性机制安排不足导致事后处置不到位;四是金融知识宣传教育活动无法满足消费者金融知识需求;五是内部隐患暴露与外部风险输入。这就需要政府(监管部门)这只"看得见的手"来发挥作用,强化行为监管,维护金融机构与金融消费者的利益均衡。但监管部门的外部监管不能替代金融机构的内生发展,应适度监管,各司其职。

The lack of financial consumer protections is an important cause of the Subprime crisis.Based on the theoretical foundation of neoclassical economics and behavioral economics,this paper explains that the existence of market failures make the market unable to fundamentally resolve financial consumer protections.Financial consumer protections are the essential requirement of a sustained and steady development of the financial institutions,and behavior regulations are an important part of financial regulations.However,there are still deficiencies in the current financial consumer protections in China.The deficiencies are most evident in the discrepancies in five aspects:1)the lack of awareness of financial consumer protection and its increasing importance,2)the promotion of awareness of financial consumers and the lack of financial knowledge,3)the poor ex post disposal and the inadequate arrangement of preventive mechanisms,4)the public financial education and their education demands,5)and the internal risk exposure and external risk input.Therefore,it is important for the government to strengthen behavior regulations and maintain a balance of the interests of financial institutions and financial consumers,however,the government should not stretch too far that it substitutes the internal development of financial institutions.The boundaries should be clearly delimited.