《资管新规》之评析:一个安全与效益博弈的视角

An Analysis of the New Regulations on Asset Management:A Perspective of Security and Benefit Game

《资管新规》再次证明金融创新与金融监管之间处于此消彼长的拉锯状态。虽然新规通过降低杠杆率、打破刚性兑付以及清除期限错配等措施以防范系统性金融风险的发生,但一部没有明确论断和评价参数的法规既不具有现实的指导性,也不具有可操作的实践性。法律法规优劣评价的关键不仅取决于其能否恰到好处地消解时代难题,更取决于其目标的最终实现能否与社会整体效益间保持适度的平衡。

The new regulations on asset management proves once again that financial innovation and financial supervision are in a state of constant change.Although the new law aims to prevent the occurrence of systemic financial risks by reducing leverage,breaking rigid cashing and eliminating term mismatch.But a law without judgment and evaluation is neither practical nor realistic.The key criteria for the evaluation of the merits and demerits of law not only depend on whether it can properly solve the problems of the times,but also on whether the ultimate realization of its objectives can maintain a proper balance with the overall social benefits.