数字经济创新的金融支持与适应性监管

Financial Support and Adaptive Regulation for Digital Economy Innovation

数字经济创新是推动高质量发展的重要引擎,有效发挥金融支持对数字经济创新发展的支撑与引领作用,对于我国数字经济自主创新和核心技术突破具有重要意义。相比于传统工业经济创新,数字经济创新在生产要素、成本结构、商业模式和发展阶段四个方面发生深刻变革,更加依赖于多层级金融市场为其提供资金支持和保障。然而,在金融支持过程中,资本的逐利本质也潜藏着对数字经济创新的不利影响,包括资本“催熟”市场、扭曲创新激励、加剧平台经济垄断等,对数字经济的长远发展构成不容忽视的挑战。为最大限度发挥金融支持的正面作用,同时,及时纠偏金融支持所引发的负面问题,监管制度同样需要适应性创新,以实现监管速度适应性、监管方向适应性和监管力度适应性。进一步,监管沙盒契合了适应性监管的理论内涵,有望成为数字经济创新的全新治理工具。

Digital economy innovation is an important engine to promote high-quality development.Giving full play to the supporting and leading role of financial support in digital economy innovation and development is of great significance to independent innovation and core technology breakthrough of China's digital economy.Compared with traditional industrial economic innovation,digital economic innovation has undergone profound changes in the four aspects of production factors,cost structure,business model and development stage,and is dependent more on multi-level financial market to provide financial support and guarantee for it.However,in the process of financial support,the profit-seeking nature of capital also has potential negative impact on the innovation of digital economy,including capital“ripening”the market,distorting the innovation incentive,and intensifying the platform economy monopoly,etc.,which poses a serious challenge to the long-term development of digital economy.In order to maximize the positive effects of financial support and rectify the negative problems caused by financial support in a timely manner,the regulatory system also needs adaptive innovation to realize the adaptability of the speed,direction and intensity of supervision.Furthermore,the regulatory sandbox conforms to the theoretical connotation of adaptive regulation and is expected to become a new governance tool for digital economy innovation.