支付机构业务发展及中央银行监管研究

【作者】 郝雅红；

【导师】 王国刚；

【作者基本信息】 中国社会科学院研究生院 ， 金融学， 2014， 博士

【摘要】 支付机构，即取得人民银行颁发的《支付业务许可证》、提供支付服务的非金融机构，也称第三方支付机构，支付机构提供的支付服务通常被称为第三方支付服务。近年来，支付机构业务创新和拓展速度惊人，易观智库数据显示，2013年我国第三方支付业务的总体交易规模达到17.9万亿元，同比增长43.2%。随着支付机构业务快速发展，人民银行相关监管实践也处在不断地探索中。当前，人民银行面临着两个难题：其一是如何在防范风险的前提下，鼓励支付机构业务创新，防范其野蛮生长给经济、金融体系带来的冲击和风险？其二是如何做到对支付服务市场中各参与主体的监管一致性，创造公平、透明的监管环境，促进整个支付服务市场效率的提升？这两个问题实质是业务的创新与监管、风险与效率的平衡问题。本文对这两个问题的回答依赖于对支付机构业务微观运行机制和宏观经济影响的深入研究。在微观层面上，本文对支付机构开展的各主要业务类型进行剖析，阐述各类业务的发展状况、潜在风险和监管难点；对第三方支付服务市场进行组织结构分析。在宏观层面上，依托对支付机构业务数据的搜集和估算，论证支付机构客户备付金通过同业渠道进行货币创造的效应，以及通过支付机构实现货币基金直接支付对货币供应量的影响。本文对第一个问题的回答是从支付机构业务的特殊性出发，对支付业务创新实施功能监管，凡是涉及到支付业务的环节，都要综合考虑现有支付体系的安全性，牢牢守住不发生系统性风险的底线。本文对第二个问题的回答是转变当前以支付渠道、介质为依据划分业务类型分别监管的思路，对同质业务实施统一管理。同时，本文借鉴财务指标分析的相关内容，构建公开、透明的基于支付机构信息披露的监管指标体系，结合第三方支付服务市场特征，提出对重点支付机构实施非对称监管的理念。本文的主要创新点，一是首次完整论证支付机构开展业务产生的客户备付金存管导致的货币创造机制；二是结合我国第三方支付服务市场存在较高的市场集中度的事实，提出对重点支付机构实施非对称监管的政策建议；三是综合监管部门对支付机构的信息披露要求，构建了一整套可用于对支付机构进行非现场检查的指标体系，将有助于监管部门对支付机构日常经营状况和业务开展情况进行风险预警和评估；四是详细梳理了支付机构各业务类型的业务流程和潜在风险，并尝试给出一些针对性的监管政策建议。更多还原

【Abstract】 Payment institutions, known as third-party payment institutions as well, arenon-financial institutions which provide payment services with the license issued bythe People’s Bank of China. In recent years, innovations and business expansionfrom the side of payment institutions rocket up. According to EnfoDesk, transactionsinvolved by third-party payment institutions are with an amount of over RMB17.9trillion in2013, increased by43.2%. With the rapid development of third-partypayment business, regulatory practices of the People’s Bank of China are also inconstant exploration. The supervision department are facing up with two questions.One is how to encourage the innovation activities of payment institutions withminimized risks. The other one is how to promote efficiency of the payment marketin an impartial and transparent environment.The two questions is essentially two balance problems of innovation/regulationand risk/efficiency. The answers to these two questions depend on the study of themicro-mechanism and macro-economic impact. At the micro level, this thesisanalyses the operating mechanism of payment institutions and potential risks,applying industrial organization research to the market of payment services. At themacro level, this thesis demonstrates the process of money creation by paymentinstitutions as well as the impact on money supply of Monetary Fund achievingpayment function.The answer to the first question derives from the particularity of the paymentbusiness. In order to defend the bottom line of systematic risks, any payment activityshall not avoid the supervision of the central bank. The answer to the second questionis to construct an impartial and transparent indices system for payment institutions,based on the information disclosure exerted by commercial banks, encouragingpayment institutions to improve their governance structures and managementcapacities.This thesis has marginal contributions on the following four fields. First, itcomplete the logic mechanism and quantitative analysis of money creation broughtby payment institutions. Second, according to the fact that payment services havehigh market concentrations, it is essential to implement asymmetric supervision topayment institutions who are of systematic importance. Third, based on the currentinformation disclosure of payment institutions, this thesis constructs a comprehensive indices system for off-site inspections on payment institutions,which will provide early alerts for potential risks in their daily routines and thus willbe helpful to evaluate the business of payment institutions. And last but not the least,this thesis gives some detailed recommendations on specific regulatory policies,according to the type of business and particular risks related to their processes.更多还原