资产管理业规制路径探析:单一资本规制框架的完善

Analysis on the Path of Asset Management Industry Regulation:Perfection of the Single Capital Regulation Framework

我国正在建构中的资产管理业规制图景,呈现为以资本监管为中心,以货币政策和金融市场基础设施建设、央行宏观审慎评估体系为辅助的外观。当前规制核心聚焦于资本监管,单一资本核心的规制工具易将行业结构推向垄断,也难以有效契合资产管理业在流动性和杠杆率方面易触发系统性风险的特殊属性。与发达国家相比,中国式资产管理业主要体现为市场机制不顺畅引发的流动性不足问题。要构建有效的本土化资产管理规制体系,核心问题是激发资产管理业市场机制,通过价格形成机制的直接效应和金融监管标准化的间接效应来打通货币政策传导路径,关键步骤则在于改进基于数字的监管程序,围绕金融信息采集、处理、使用过程完善金融信息立法。

The blueprint of asset management industry regulation under construction in China is presented in the form of capital supervision as the center, supported by monetary policy, financial market infrastructure construc. tion, and the central bank's macro-prudential assessment system. The current regulatory core focuses on capital reg. ulation. The regulatory tool of a single capital core tends to push the industry structure to monopoly, and it is difficult to effectively meet the special attributes of the asset management industry that easily trigger systemic risks in terms of liquidity and leverage. Compared with developed countries, the Chinese-style asset management industry is main. ly reflected in the lack of liquidity caused by the unsmooth market mechanism. To build an effective localized asset management regulatory system, the core issue is to stimulate the market mechanism of the asset management indus. try. Through the direct effects of the price formation mechanism and the indirect effects of the standardization of fi. nancial regulation, the monetary policy transmission path is opened. The key step is to improve the digital-based reg. ulatory process and improve financial information legislation around the process of financial information collection, processing and application.