走向适应性监管:理解中国金融监管机构改革的治理逻辑

Towards Adaptive Regulation:Understanding the Governance Logic of China’s Financial Regulatory Agency Reform

2023年公布的《党和国家机构改革方案》,对社会主义市场经济条件下与政府监管职能相关的机构进行了调整,尤其以金融监管最具典型性。本文基于监管型国家建设的维度,选择金融监管机构改革为研究对象,借鉴适应性监管理论分析视角,并将其与中国监管改革的独特情境因素相结合,从整合性、权威性、抗干扰性和事权集中层面对此次改革的历史背景和特征进行了归纳,并结合外部因素中的监管压力、市场结构,以及内部因素中的路径依赖、交易成本和资源优化等角度,来理解新一轮金融监管改革的适应性监管的治理逻辑,最后总结了中国监管型国家建设中的三大观察结论以及未来改革所需要平衡的三大重要问题。

The latest reform scheme on party and state agency in 2023 has reorganized a series of regulatory agencies under the circumstance of socialism market economy,particularly on financial regulation.By studying from the perspective of regulatory state building and choosing financial regulation as research object,this paper employs adaptive regulation theory to study the historical background and characteristics from integrity,authority,independence and centrality.A few of unique contextual features of China’s regulatory reform have been discussed.External factors such as regulatory pressure and market structure,and internal factors including path-dependence,transaction cost and resource optimization have been advanced and analyzed to help understand the governance logic of the latest financial regulatory regime’s adaptive change.Finally,it proposes three observations in China’s regulatory state building and three important issues in the future.