金融稳定基金制度研究综述

Financial Stability Fund System:A Research Overview

金融稳定基金是一类利用公共资金对金融市场中可能导致系统性风险的组织机构进行救助或处置的制度工具。作为国家金融治理战略的有机组成部分,金融稳定基金被赋予了防范金融市场系统性风险爆发的使命,其制度设计关乎经济安全与社会稳定的维护效果。基于域外金融稳定基金制度实践的考察,立足金融稳定基金的制度特色,可以从制度规划和治理逻辑来全面阐释金融稳定基金制度的运行机理,归纳、梳理和总结学界和实务界的主要观点,从制度建设的视角为提升我国金融稳定保障基金的功能和效用提供智识资源。立足本土国情,我国金融稳定保障基金的后续制度建设应考虑强化基金市场化管理、细化基金职能、推进基金运营信息披露机制、鼓励基金决策公众参与以及约束基金的资金规模,以期最大程度发挥金融稳定保障基金的功效,筑牢金融安全网,服务和保障金融市场稳定有序发展。

The Financial Stability Fund is an institutional tool that utilizes public funds to provide assistance or resolution to organizations in the financial market that may pose systemic risks.As an integral part of the national financial governance strategy,the Financial Stability Fund is entrusted with the mission of preventing the outbreak of systemic risks in the financial market.Its institutional design is crucial for maintaining national economic security and social stability.Based on observations from overseas practices,this article focuses on the institutional characteristics of the Financial Stability Fund,comprehensively explaining its operational logic through institutional planning and governance principles.It summarizes and synthesizes the main viewpoints from academia and practical fields,aiming at providing insights from the perspective of institutional construction to enhance the functionality and effectiveness of China’s Financial Stability Fund.Considering the local context,the subsequent institutional construction of Financial Stability Guarantee Fund should consider building a dominant position,refining legal functions,strengthening the disclosure of operational information,encouraging public participation in decision-making,and controlling the scale of funds,in order to maximize the effectiveness of the Financial Stability Guarantee Fund,build a strong financial safety net,and serve and ensure the stable and orderly development of the financial market.