迈向统一监管的资管新规:逻辑、工具和边界

Moving towards a Collaborative Regulatory Model in the Field of Wealth Management Business:Logics,Instruments and Boundaries

资产管理业务的混业性给金融分业监管模式带来了挑战,造成了监管失灵。《资管新规》对形成混业态势的资管业务进行跨业监管,试图建构并形成统一监管架构。对于金融风险、市场混业、监管架构的设计逻辑、应对资金池和刚性兑付的监管工具以及可能的实施困境,《资管新规》以及其所推行的穿透式监管范式,都需要有合理的理论解释。《资管新规》所体现的监管思路和核心目的在于弥合监管缝隙、统一资管行业的监管标准、解决监管套利难题。但是在产业金融化、金融空心化和“脱实向虚”的金融业背景下,分业监管范式整体上暴露出监管效果缺失,值得总体性检讨。

Wealth management business challenges the existing sectoral regulatory system and leads to regulatory failure.The new wealth management business regulation aims to build up a collaborative regulatory framework so as to fit the cross-sectoral development in the financial markets.The new regulation needs to explain the cross-sectoral background of this business sector,potential financial risks,underlying logics of regulatory design,regulatory instruments targeting the so-called pool of cash and hard repayment rule,and more importantly,the possible dilemma when the new rules are implemented.The so-called go-through regulatory model aims to overcome regulatory arbitrage and regulatory competition.Although the new rules make some progress in response to the defects attached to the sectoral regulatory model,the financialization of financial markets and manufacturing sectors needs further deeper analyses and more effective regulatory responses.