新监管格局下我国金融科技风险的央地协同监管研究

Research on Central and Local Collaborative Supervision of Financial Technology Risks in China under the New Regulatory Pattern

金融科技的跨界特征对世界各国的金融监管在制度上与技术上提出了双重挑战。提出金融科技风险“双螺旋”生成机理,廓清了金融科技风险沿着“行业+区域”进行传导的双重路径,从而锁定了金融科技风险高发的地方性非传统金融领域。双层监管框架下,中央与地方政府之间的监管博弈,是导致金融科技风险和政府监管失灵的制度性缺陷。“一行一局一会”的新监管格局下,监管制度的横向安排更加完善,但在纵向安排上还必须加强中央与地方在监管主体、监管目标、监管模式与监管方法上的多重协调,才能真正弥补监管漏洞,构建“四位一体”的协同监管体系。

The cross-border characteristics of fintech(financial technology)pose dual challenges to financial regulation in both institutional and technological aspects around the world.This article proposes the mechanism of the“double helix”generation of financial technology risks and clarifies the transmission of financial technology risks along the dual path of“industry plus region”,thereby locking in the local non-traditional financial field where financial technology risks are high.The regulatory game between the central and local governments under the two-tier regulatory framework is a systemic flaw that leads to fintech risks and government regulatory failures.Under the new regulatory framework of“one central bank,one national administration of financial regulation,and one securities regulatory committee,” the horizontal arrangement of the regulatory system is more perfect.However,in terms of vertical arrangement,it is necessary to strengthen the multiple coordination between the central and local authorities in terms of regulatory subjects,objectives,models,and methods in order to truly fill regulatory loopholes and build a four-sphere integrated collaborative regulatory system.