金融市场自律管理的作用和边界问题

Functions and Limits of Self-Regulation in Financial Markets

竞争性的市场会自发地形成自律管理机制,金融市场也是如此。而在当前金融市场建设实践中,有人认为自律管理只是行政监管的附属性的补充。这种认识不仅与历史上先有自律管理后有行政监管的事实形成巨大反差,而且与成熟金融市场的建设经验不符,也易造成新兴金融市场步入发展阶段后在道路选择上的认识谬误。为此,本文从理论和实践上深入探讨了金融市场自律管理存在的原因、作用及其与行政监督的边界问题。

Self-regulation mechanisms will emerge in any competitive market, so as the financial market. Currently, some people argue that self-regulation could only supplement regulators oversight in the development of financial market. This, however, is not only a strong contrast from historical experience which suggests self-regulation normally comes before administrative regulation, but also a deviation from the experience of developed countries in developing their markets. Such understanding could be misleading for emerging financial markets when choosing their development path. Therefore, this paper thoroughly discusses the reason why financial market self-regulation exists, its functions and the boundary between statutory regulation and self-regulation from both theoretical and practical perspectives.