【作者】 吴云峰；

【导师】 漆多俊；

【作者基本信息】 中南大学 ， 管理科学与工程， 2010， 博士

【副题名】以美国次贷危机教训为视角

【摘要】 美国次贷危机的爆发缘起于过度的金融创新,从体制上看则是因为低度的金融监管造成的,金融监管领域存在重叠和真空。因此吸取次贷危机的教训,完善金融创新监管的应主要从以下几个方面进行：完善危机前多头分业监管体制、加强对金融衍生品的监管和金融监管的国际合作。次贷危机中的金融创新从微观角度上讲,是MBS、CDO、CDS等结构化的资产证券化产品和金融衍生品,但这些产品的销售业已从宏观上改变了美国的金融体系,主要表现在以下几个方面：间接融资让位于直接融资；“影子银行”体系全面主导美国的金融业；进入高级混业阶段已经紧密融合在一起的美国金融业,使得触发流动性危机变得更加容易。次贷危机暴露出美国的金融监管的主要问题是监管重叠和监管真空。长期信奉市场力量和市场机制,不干预金融创新,是问题形成的思想根源。形成于上个世纪30年代分业理念下的多头分业监管体制,即便经过多次的缝缝补补,仍然不能适应已经高度混业经营的现实和控制已经进入混业高级阶段产生的新风险,是问题形成的体制原因。在监管体制上,要进一步完善原有的多头分业监管体制,把原来缺乏监管的投资银行、对冲基金和私募基金纳入监管体系之内,设置金融机构间的协调机构解决原有体制下监管重叠和冲突的问题,对具有系统重要性的金融机构加强日常的监管,并建立危及的处理机制和救援机制以回应对“太大而不能倒”现象的道德性质疑,构筑混业经营下的风险控制新机制防范系统性风险。在金融衍生品的监管上,建立强制性的信息披露规范保证金融衍生品交易的公平和保护普通投资者的利益,完善对抵押贷款发放、信用评级机构和资产证券化过程的监管,要加强对“表外业务”的信息披露和业务监管,控制风险的过度累积和交易杠杆率的无限放大,对于场外金融衍生品交易要逐步引进场内的交易制度,比如中央对手清算系统、保证金制度、信息披露制度、大额交易报告制度,以改变该领域内的缺乏监管的状况。在金融监管的国际合作层面,革新巴塞尔协议依靠传统资本充足率建立起来的监管标准,要加强各国的监管机构间信息共享,实施并表监管,有必要以新设的金融稳定委员会为基础,构建全球的金融监管国际合作。对照美国的次贷危机,我国的金融创新无论从发展阶段上,还是业务规模上,都存在着巨大的差距,但这些都不能影响次贷危机对我国开展金融混业模式和控制混业和创新的风险上的巨大参照意义。从监管体制上讲,我国短期内是要借鉴美国的金融监管改革法案的做法,立法构建金融监管委员会,长期目标仍应是建立单一监管体制。在控制混业和创新的风险上,要尽快颁布《金融控股公司法》,同时借鉴美国的金融监管改革法案的做法,加强对系统重要性金融机构的监管,同时建立“防火墙”隔离混业风险的传导。对于金融衍生品的发展,首先我们要坚持大力发展金融衍生品的信念,其次顺应目前世界范围内场外衍生品交易场内化的趋势,全面完善我国场内、场外金融衍生品交易制度和监管制度。在金融监管的国际合作层面,我国需要以更加积极和主动的态度,参与到国际规则的制定和执行活动中。更多还原

【Abstract】 The outbreak of the U.S. subprime mortgage crisis originated in the excessive financial innovation, from the institutional point of view it is because low levels of financial regulation performing with overlapping and vacuum. So the lessons of the subprime crisis and improvement supervision of financial innovation should be mainly from the following aspects:Improve the pre-crisis separate supervision system and strengthen supervision of financial derivatives, and international cooperation in financial supervision.Sub-prime crisis in the financial innovation from the micro perspective, is the MBS, CDO, CDS and other structured products, asset securitization and financial derivatives, but the sales of these products has been changed deeply the U.S. financial system from the macro angle, mainly in the following areas:transform the indirect financing to direct financing; "shadow banking" system leading financial sector of the United States; industry has been closely mixed together in the U.S. financial sector into the advanced stages, triggering more easily a liquidity crisis.U.S. subprime crisis has exposed the major problems of financial regulation is overlapping and vacuum. Believing in market forces and market mechanisms, no interfere with financial innovation with long-term, is the formation of the ideological roots of the crisis. Sub-sector regulatory regime formed in the 30’s of last century under the concept of separation, even after several mend, still can not adapt to the reality of already highly mixed operation and control of mixed industry.In the regulatory regime, we should further improve the existing system of separate supervision, bring investment banks, hedge funds and private equity lacking originaly of supervision into the supervision system, set up the financial institutions to resolve the existing inter-institutional coordination body, strengthen regulation on systemically important financial institutions, establish rescue mechanisms and handling mechanism of endangered financial institutions in response to the "too big to fail" phenomenon, and build the new mechanism to control mixed risk and prevent systemic risk.In the regulation of financial derivatives, the establishment of mandatory disclosure of financial derivatives trading ensure fairness and protect the interests of ordinary investors, we improve regulatory of the mortgage lending, credit rating agencies and process of asset securitization, strengthen information disclosure and business regulation of the "out-sheet business", control risk and trading leverage preventing from excessive accumulation and infinite magnification, introduce gradually the system to OTC derivatives trading market for changing the field’s lack of supervision conditions, such as the central counterparty clearing system, the margin system, information disclosure system, large trading reporting system.In international cooperation level of financial supervision, we should innovate Basel II capital adequacy ratio, establish t national information sharing system among regulatory authorities, implement consolidated supervision, it is necessary build international cooperation in the global financial regulation basing on the new Financial Stability Committee.Comparing with the U.S. subprime mortgage crisis, China’s financial innovation has a huge gap in terms of stage of development and business size, but these can not affect the huge significance of the sub-prime crisis to carry out financial business model reform and control mixed industry and innovation risk of China. From the regulatory system perspective, the short term is to legislate building the Financial Supervision Commission learning from U.S. practice of financial regulatory reform bill, the long-term goal should be to create a single regulatory regime. We should control risk of mixed industry and innovation and issue "Financial Holding Company Law" as soon as possible, strengthen regulation of systemically important financial institutions drawing lessons from the U.S. practice of financial regulatory reform bill, conduct "firewall" system for isolation risk of mixed industry. For the development of financial derivatives, we need to develop financial derivatives with adhering to the faith, following the current world-wide OTC derivatives trading reform trend, improve the trading system and regulatory system of OTC financial derivatives. Our country need a more positive and proactive attitude to participate in international rule-making and implementation activities in International cooperation in financial supervision.更多还原