防范商业银行投资银行业务风险的监管框架与政策建议

Regulatory Framework and Policy Proposals for Preventing Risks of Investment Banking in Commercial Banks

商业银行参与投资银行业务涉及银行、证券等多个业务领域,组织类型与风险来源更为多元化,给监管部门带来诸多挑战。商业银行参与投资银行业务容易引发的系统性风险需要特定的传导路径,同时还取决于二者之间的风险差异性与关联性。金融危机过后,原有金融监管理论基础受到质疑。防范商业银行投资银行业务风险需要构建宏观审慎与微观审慎相结合的监管框架,才能有效提高监管效率,修正金融市场失灵,最大程度地缩小金融组织在不同金融市场之间进行监管套利的空间。

Commercial banks’participation in business of investment banking involves multiple business ar⁃eas such as banking and securities,and their more diversified organization types and risk sources have brought many challenges to regulatory authorities.Systemic risks that commercial banks are likely to cause when participat⁃ing in business of investment banking require specific transmission paths,and they also depend on risk differences and correlations between the two.After the financial crisis,the original theoretical basis of financial supervision was questioned.Preventing investment banking risks of commercial banks requires building a regulatory framework that combines macro-prudence and micro-prudence to effectively improve regulatory efficiency,correct financial mar⁃ket failures,and minimize the space for financial organizations to conduct regulatory arbitrage between different fi⁃nancial markets.