我国问题金融机构风险处置的理论逻辑与路径选择

The Basic Logic and Path Selection for The Risk Resolution of Troubled Financial Institutions in China

当前我国的问题金融机构风险处置模式在处置主体、处置理念、处置措施与处置绩效的评判等方面均呈现出鲜明的行政主导特质现出鲜明的行政主导特质。这一模式的形成与传统的权力配置、原则性与碎片化的相关制度、央地金融治理主体的治理逻辑等多方面因素的叠加影响密切相关治理逻辑等多方面因素的叠加影响密切相关,具有深层次的文化与制度根源。长期以来,这一处置模式虽在风险处置实践中起到了重要作用置实践中起到了重要作用,但也面临治理负荷较为沉重、道德风险时有发生、处置效率存在一定不确定性与处置透明度有待提升等问题。应当建立起行政引导下的问题金融机构市场化处置的制度路径,从处置成本和收益的最佳配比、透明的信息公开机制与完善的问责机制三个方向对相关制度予以进一步完善。

The current risk resolution model of troubled financial institutions in China exhibits distinct administrative leadership characteristics in terms of resolution subjects,resolution concepts,resolution measures,and evaluation of resolution performance.The formation of this model is closely related to the superposition of many factors,such as the traditional power pattern and the concept of officials and the people,the related system of principle and fragmentation,and the governance logic of the central and local financial governance bodies,and has deep cultural and institutional roots.For a long time,although this model has played an important role in practice,it also faces challenges such as heavy governance burden,rampant moral risks,efficiency uncertainty,and low transparency.We should establish a market-oriented resolution system for troubled financial institutions under administrative guidance,and further improve the relevant systems from three directions:the optimal ratio of resolution costs and benefits,transparent information disclosure mechanisms,and sound accountability mechanisms.