互联网金融创新的沙盒监管:挑战与应对

The Sandbox Regulation of Internet Financial Innovation:Challenges and Countermeasures

互联网金融的高质量发展,需要监管体系的不断完善,以确保互联网金融创新所产生的金融风险得到有效防范。监管沙盒作为一种新型监管政策工具和制度手段,借助于仿真环境下的测试方式,能够有效平衡金融科技创新和风险,推动金融市场安全高效运行,进而提升资本生产要素的效率增进。但是,目前监管沙盒在适用于我国互联网金融监管时在测试对象范围、监管模式和监管内容三个层面均存在问题,主要表现为参与测试的用户数量不合理、系统性风险应对不足和跨境监管缺失等问题,不利于互联网金融有效监管的实现。故此,建议通过合理确定测试用户样本容量、加强宏观审慎监管和强化跨境监管机制,补齐监管沙盒制度短板,在推进互联网金融市场创新的同时抵御市场风险,从而为互联网金融的持续健康发展营造良好的法治氛围。

The high-quality development of Internet finance needs the continuous improvement of the regulatory system to ensure that the financial risks caused by internet financial innovation are effectively prevented.As a new regulatory policy tool and institutional means,regulatory sandbox can effectively balance financial technology innovation and risk,promote the safe and efficient operation of financial market,and improve the efficiency of capital production factors with the help of testing methods in simulation environment.However,there are problems in the scope of test object,supervision mode and supervision content when the current regulatory sandbox is applied to China’s Internet finance supervision,which are mainly manifested in the unreasonable number of users participating in the test,the limitations of micro prudential supervision and the lack of cross-border supervision,which are not conducive to the realization of effective supervision of Internet finance.Therefore,it is suggested that we should reasonably determine the sample size of test users,strengthen macro prudential supervision and cross-border supervision mechanism,make up for the shortcomings of the regulatory sandbox system,promote the innovation of Internet financial market and resist market risks,so as to create a good legal atmosphere for the sustained and healthy development of Internet finance.