【作者】 梅世云；

【导师】 唐凯麟；

【作者基本信息】 湖南师范大学 ， 伦理学， 2009， 博士

【摘要】 道德风险虽然人们经常说起,但无论是伦理学还是经济学,在理论上的探索仍然不多,一直是困绕经济、金融管理的一个难题,也是伦理学研究的一个崭新领域。研究解决这个问题,是金融健康发展的基础,是增强金融企业核心竞争力、内部活力的核心因素,也是国家金融安全和企业风险防范的重要保障。从伦理学的角度看,道德风险的研究,不仅能丰富道德的内涵,而且对于道德的形成机制、发展规律以及道德建设规律的探索具有重要的理论意义。本文从伦理学、经济学等学科的角度,综合分析、深入研究金融领域的道德风险问题。论文首先介绍研究的背景和起因,对研究现状与国内外文献进行系统的综述分析。从金融学、伦理学、行为金融学、经济伦理学、金融道德风险等方面进行了系统的归纳和整理,基本把握了整个研究的总体状况和主要观点,并对其进行了研究性、总体性的述评。第二,主要研究了金融与道德的关系。首先论述金融的伦理属性,从伦理的视角论述金融的含义和本质,还重点论述了金融的内生伦理,包括金融、货币、信用的道德性和金融主体的伦理属性;其次是从金融人、金融机构、金融制度三个主体来分析金融伦理的基本关系,并分别探讨金融交换关系、契约(合同)关系(债务关系、委托与代理关系)和信用关系的道德内涵。第三,从伦理学的角度研究了金融道德风险的内涵。本文从风险的定义开始,明确了风险的基本含义,然后研究提出了金融风险的定义,再讨论研究道德风险的伦理学、经济学研究成果,从而得出金融道德风险的真正含义并进行了定义和内涵分析。在此基础上,从行为主体、行为类别、行为成因等角度分别论述了各类金融道德风险的基本特征,深入地把握金融道德风险的本质属性:即从发生主体看—风险人为化,表现为合谋性、本能性、互联性;从存在的状态来看—风险长期化,表现为金融价值观的无形性、动机的隐蔽性、累积性、加速性、传染性;从风险的结果看——风险社会化,表现为破坏性、不可转移性、负外部性等。第四,对金融道德风险的分类进行了初步探讨。论文从伦理学、信息经济学的角度对道德风险进行了分类综述,再结合金融的实际,从金融行业、风险源、道德标准等不同的视角,对金融道德风险进行初步的分类。根据道德规范的要求,对违反主要道德准则的风险行为,即失信风险、失公风险、失真风险、失职风险、失节风险、失序风险进行了详细的探讨,论述了各类风险的含义、特征和基本类型,为研究探讨金融道德风险的识别方法奠定了基础。第五,从伦理学、社会学、经济学的不同视角,深入探讨了金融道德风险的生成机理。首先是认为道德个体的人性诱发道德风险。这主要是因为存在人的自利性与道德的规范性、人的需要的无限性与资源的有限性、人类认识的有限性与道德的普遍性三大矛盾的存在,使人的物质利益、精神利益和政治利益三大利益需要不能得到满足。其次从金融行业的特性出发,分析了诱发道德风险的根源——金融的脆弱性,主要从金融市场、信用的脆弱性和金融伦理的冲突性的角度分别进行了论述。再次是探讨了金融制度诱发道德风险的原因,认为由于制度的缺失、错误、时空差、模糊、可操作性差以及执行力不够,形成了制度空间下的道德风险;还对权力失衡、机制缺限下的道德风险进行了原因分析。第六,专题论述了金融道德风险与政府金融监管之间的关系。首先分析了政府担保制度、金融监管体制、政策中的道德风险,再从政府特性和金融监管两个方面剖析了金融监管道德风险的根源。第七,如何规避道德风险,或将其减少到最低限度,尽力避免由此带来的危害,是经营管理者和产权所有者面临的一个重要课题。本文主要是从基本原理、具体方法、制度路径等方面入手,构建中国金融道德风险的防范体系。首先提出了防范金融道德风险的基本原理,认为应该树立成本最小化、制度人性化、手段合法化、防范意识经常化的理念,实现经营理念的“道德转向”,建立“教育——道德——自控力、制度——激励——吸引力、自律——监管——约束力”这样一个“三力并发”的防范模型;其次从金融职业道德操守、行为准则、评价、监控、预警等方面构建了金融职业道德体系;三是从共赢的利益机制、持续的激励机制、人事风险管理机制和纪检监察体制的建立和完善四个方面,构建符合现代金融伦理规则的金融规章制度体系;四是提出了建立全国信用信息系统、信用经营管理体系和约束体系的政策主张;五是根据我国金融业的实际,提出了合规管理框架、规章制度和合规文化建设中的主要构想;六是从自律组织的伦理原则、组织体系、职业素养、心理契约四个方面构建了金融自律体系;最后是提出了金融监管职能、体制的改革措施,就金融业准入价值、存款保险、资本管制、关闭等政策的完善提出了具体建议,以有效发挥其抑制道德风险的作用。更多还原

【Abstract】 Moral hazard, although often talked about, is still lack of theoretical discussions in both fields of ethics and economics. Such situation leads to a conundrum for both economic and financial management and herald for a brand new research topic. Solving for this problem is the foundation for healthy financial development, the nucleus to enhance core competence and internal energy of financial firms, and also an important guarantee for the national financial security and corporate risk prevention. In the sense of ethics, the study on moral hazard not only enriches the connotation, but also has important theoretical significance for the formation mechanism and development discipline of moralities, and the exploration on morality construction discipline.From the perspectives of ethics and economics, this paper gives a comprehensive analysis and intensive study on the issue of moral hazard in the field of finance.Firstly, for the aspects of finance, ethics, behavioral finance, economic ethics and financial moral hazard, this paper starts by introducing the background and origin of this research, gives a systematic review of current studies in domestic and foreign literature, covers the overall progress and main viewpoints of this area, and gives a theoretical and summative discussion.Secondly, this paper shows the relationship between finance and ethics. First of all, it discusses the ethical property of finance, covers the meaning and nature of finance from the perspective of ethics, and focuses on the financial endogenous ethics, including the morality of finance, currency and credit, and ethical property of finance. Then it analyzes the basic relation of financial ethics from the three main parties: financial individuals, financial institutions and financial system. It respectively studies the moral connotation of the financial exchange relationship, contract relationship (debt, principal and agency), and credit relationship.Thirdly, this paper studies the connotation of moral hazard from the aspect of ethics. Starting from the definition of risk, it clarifies the basic meaning of risk, provides the definition of financial risk, reviews the ethics and economics researches concerning moral hazard, concludes the real connotation of financial moral hazard, and analyzes the definition and connotation of financial moral hazard. Based on the analysis above, this paper discusses the fundamental characteristics of all kinds of financial moral hazards from the perspective of principal, category, and cause of the behavior, thoroughly grasping the essence of the financial moral hazard. For the principal of moral hazard, moral hazard is caused by human-beings, showing the properties of collusion, basic instinct and connectivity. From the perspective of existence, moral hazard is becoming more long term, showing properties of invisible financial value view, hidden motivation, accumulation, acceleration, and contagion. From the perspective of result, moral hazard is becoming more socialized, which means more disruptiveness, more non-transferable property, and more negative externalities.Fourthly, the categorization of financial moral hazards is preliminarily discussed. This paper starts from categorizing moral hazards from the perspective of ethics and information economics. From other perspectives of the financial market such as financial sectors, sources of risk, and ethical standards, financial moral hazards are preliminarily categorized. According to the ethical requirements, major hazardous activities against moral rules, such as dishonesty, unfairness, fakeness, distortion of duties, dishonor, disorder, etc., are all discussed in detail. Annotation, characteristic, and genre of all kinds of hazards are discussed, which paved the way for the identification methods of financial moral hazards.Fifthly, from different aspects of ethics, sociology, and economics, the origination of financial moral hazard is thoroughly discussed. First of all, Moral hazard is triggered by human nature of moral individuals. The existence of three contradictions, which are between selfishness of human beings and normative property of ethics, between insatiable human needs and limited natural resources, and between the limitations of human’s knowledge and universalities of moral standards, leads to the results that human beings’ material, spiritual and political requirement needs cannot be satisfied. Second, starting from the characteristics financial industry, fragility of finance is found to be the root of moral hazard, which is discussed from the perspectives of financial markets, fragility of credit, and the confliction of financial ethics. Last, the cause of financial institutions on moral hazard is discussed. Moral hazard could be systematically caused by institutional defects, mistakes, spatial and temporal variations, vagueness, lack of operability and execution. Moral hazard under power imbalances and institutional defects is also analyzed.Sixthly, the relationship between financial moral hazard and government financial regulation is discussed. At first, moral hazards within government policies, guarantee system and financial regulation institutions are analyzed. Then the sources of financial regulatory moral hazard are discussed from the perspective of both government characters and financial regulations.Seventhly, the avoidance and minimization of moral hazard, especially the avoidance of negative consequences, is an important issue faced by managers and equity holders. Starting from basic principles, specific methods and institutional routes, this paper sets out a moral hazard prevention system for the Chinese financial market. First, the basic principles for moral hazard prevention system are proposed as cost minimization, institutions humanization, methods legalization, frequent prevention awareness and the realization of "moral turn" in operational philosophy. "Three-joint-force" prevention model should be built, with the forced being "education- morality- self control", "system- incentive-attractiveness", and "discipline- regulation- binding force". Second, financial professional moral system should be built with financial professional moral conducts and behavior disciplines, evaluation, monitoring, and warning systems. Three, based on the building and improvements of win-win benefit mechanism, continuous incentive mechanism, human resources risk management mechanism, and discipline inspection and supervision system, construct a financial regulation system that is in line with modern financial ethic rules. Four, propose to set up national credit information system, credit operation and management system, and constraint system. Five, according to the realities of Chinese financial market, thoughts are provided on setting up compliance regulation framework, system, and culture building. Six, a financial disciplinary system is constructed on self-discipline organization ethic principles, organization system, professionalism, and psychological contract. At last, a set of reforming procedures of financial regulatory functioning and related system is suggested. Specific advices concerning financial industry market access, deposit insurance, capital control and closure are given to be used to curb moral hazards effectively.更多还原